SMARD: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
SMARD
Largest movements
- Receivables within one year -€32,618
down €32,618 (-6.9%), from €473,585 to €440,967
of which Trade receivables: -€48,057
- Profit (loss) carried forward -€81,370
down €81,370 (-29.3%), from €277,533 to €196,163
- Tax, wage and social debts +€40,928
up €40,928 (+82.4%), from €49,661 to €90,588
of which Remuneration and social security: +€50,053
- Trade debts +€20,703
up €20,703 (+1714.9%), from €1,207 to €21,910
- Other debts -€12,479
down €12,479 (-9.9%), from €125,828 to €113,349
- Gross operating margin -€130,713
down €130,713 (-23.8%), from €548,491 to €417,778
- Staff costs +€63,140
up €63,140 (+15.0%), from €421,780 to €484,921
- Taxes -€36,747
down €36,747 (-99.6%), from €36,878 to €131
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €823,645 | €786,434 | -€37,211 | -4.5% |
| Fixed assets | 21/28 | €10,413 | €10,605 | +€192 | +1.8% |
| Tangible fixed assets | 22/27 | €10,413 | €10,605 | +€192 | +1.8% |
| Plant, machinery and equipment | 23 | €926 | €1,450 | +€524 | +56.6% |
| Furniture and vehicles | 24 | €9,487 | €9,155 | -€333 | -3.5% |
| Current assets | 29/58 | €813,232 | €775,829 | -€37,403 | -4.6% |
| Amounts receivable within one year | 40/41 | €473,585 | €440,967 | -€32,618 | -6.9% |
| Trade receivables | 40 | €468,162 | €420,105 | -€48,057 | -10.3% |
| Other amounts receivable | 41 | €5,423 | €20,862 | +€15,439 | +284.7% |
| Cash at bank and in hand | 54/58 | €330,627 | €333,108 | +€2,481 | +0.8% |
| Deferred charges and accrued income | 490/1 | €9,020 | €1,754 | -€7,266 | -80.6% |
| Total equity and liabilities | 10/49 | €823,645 | €786,434 | -€37,211 | -4.5% |
| Equity | 10/15 | €628,902 | €547,532 | -€81,370 | -12.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €332,769 | €332,769 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €330,909 | €330,909 | = | 0.0% |
| Profit (loss) carried forward | 14 | €277,533 | €196,163 | -€81,370 | -29.3% |
| Amounts payable | 17/49 | €194,743 | €238,902 | +€44,159 | +22.7% |
| Amounts payable within one year | 42/48 | €194,743 | €238,902 | +€44,159 | +22.7% |
| Financial debts | 43 | €18,047 | €13,054 | -€4,993 | -27.7% |
| Credit institutions | 430/8 | €18,047 | €13,054 | -€4,993 | -27.7% |
| Trade debts | 44 | €1,207 | €21,910 | +€20,703 | +1714.9% |
| Suppliers | 440/4 | €1,207 | €21,910 | +€20,703 | +1714.9% |
| Taxes, remuneration and social security | 45 | €49,661 | €90,588 | +€40,928 | +82.4% |
| Taxes | 450/3 | €9,878 | €752 | -€9,126 | -92.4% |
| Remuneration and social security | 454/9 | €39,783 | €89,836 | +€50,053 | +125.8% |
| Other amounts payable | 47/48 | €125,828 | €113,349 | -€12,479 | -9.9% |
| Remuneration, social security and pensions | 62 | €421,780 | €484,921 | +€63,140 | +15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,728 | €7,164 | -€564 | -7.3% |
| Other operating charges | 640/8 | €1,805 | €5,077 | +€3,272 | +181.3% |
| Gross operating margin | 9900 | €548,491 | €417,778 | -€130,713 | -23.8% |
| Operating profit (loss) | 9901 | €117,177 | -€79,383 | -€196,561 | |
| Financial income | 75/76B | €5,065 | €0 | -€5,065 | -100.0% |
| Recurring financial income | 75 | €5,065 | €0 | -€5,065 | -100.0% |
| Financial charges | 65/66B | €2,209 | €1,855 | -€354 | -16.0% |
| Recurring financial charges | 65 | €2,209 | €1,855 | -€354 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €120,034 | -€81,238 | -€201,272 | |
| Income taxes | 67/77 | €36,878 | €131 | -€36,747 | -99.6% |
| Profit (loss) for the period | 9904 | €83,156 | -€81,370 | -€164,525 | |
| Profit (loss) for the period to be appropriated | 9905 | €83,156 | -€81,370 | -€164,525 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.