SMARDEN: what changed
Two financial 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.
SMARDEN
Largest movements
- Cash -€72,204
down €72,204 (-27.0%), from €266,930 to €194,726
mainly Investment in fixed assets (net) (-€44,915) and Other debts (-€19,168)
- Tangible fixed assets +€28,209
up €28,209 (+47.4%), from €59,566 to €87,775
of which Furniture and vehicles: +€29,143
- Receivables within one year +€12,857
up €12,857 (+216%), from €5,942 to €18,799
of which Trade receivables: +€13,404
- Other debts -€19,168
down €19,168 (-99.6%), from €19,253 to €85
- Profit (loss) carried forward -€16,091
down €16,091 (-2,963%), from -€543 to -€16,634
- Depreciation +€8,635
up €8,635 (+107%), from €8,071 to €16,706
- Gross operating margin -€6,221
down €6,221 (-48.1%), from €12,945 to €6,724
- Financial charges +€4,862
up €4,862 (+1,118%), from €435 to €5,297
- Taxes -€4,026
down €4,026 (-93.4%), from €4,312 to €286
- Other operating charges -€147
down €147 (-21.8%), from €673 to €526
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.
Derived cash bridge
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 | €332,438 | €301,844 | -€30,594 | -9.2% |
| Fixed assets | 21/28 | €59,566 | €87,775 | +€28,209 | +47.4% |
| Tangible fixed assets | 22/27 | €59,566 | €87,775 | +€28,209 | +47.4% |
| Furniture and vehicles | 24 | €55,162 | €84,305 | +€29,143 | +52.8% |
| Other tangible fixed assets | 26 | €4,404 | €3,470 | -€934 | -21.2% |
| Current assets | 29/58 | €272,872 | €214,069 | -€58,803 | -21.5% |
| Amounts receivable within one year | 40/41 | €5,942 | €18,799 | +€12,857 | +216% |
| Trade receivables | 40 | - | €13,404 | +€13,404 | |
| Other amounts receivable | 41 | €5,942 | €5,395 | -€547 | -9.2% |
| Cash at bank and in hand | 54/58 | €266,930 | €194,726 | -€72,204 | -27.0% |
| Deferred charges and accrued income | 490/1 | - | €544 | +€544 | |
| Total equity and liabilities | 10/49 | €332,438 | €301,844 | -€30,594 | -9.2% |
| Equity | 10/15 | €308,823 | €292,732 | -€16,091 | -5.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €289,366 | €289,366 | = | 0.0% |
| Distributable reserves | 133 | €289,366 | €289,366 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€543 | -€16,634 | -€16,091 | -2,963% |
| Amounts payable | 17/49 | €23,615 | €9,112 | -€14,503 | -61.4% |
| Amounts payable within one year | 42/48 | €23,615 | €9,112 | -€14,503 | -61.4% |
| Trade debts | 44 | €50 | €1,938 | +€1,888 | +3,776% |
| Suppliers | 440/4 | €50 | €1,938 | +€1,888 | +3,776% |
| Taxes, remuneration and social security | 45 | €4,312 | €7,089 | +€2,777 | +64.4% |
| Taxes | 450/3 | €4,312 | €7,089 | +€2,777 | +64.4% |
| Other amounts payable | 47/48 | €19,253 | €85 | -€19,168 | -99.6% |
| Non-recurring operating income | 76A | €2,500 | - | -€2,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,071 | €16,706 | +€8,635 | +107% |
| Other operating charges | 640/8 | €673 | €526 | -€147 | -21.8% |
| Gross operating margin | 9900 | €12,945 | €6,724 | -€6,221 | -48.1% |
| Operating profit (loss) | 9901 | €4,201 | -€10,508 | -€14,709 | |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €435 | €5,297 | +€4,862 | +1,118% |
| Recurring financial charges | 65 | €435 | €5,297 | +€4,862 | +1,118% |
| Profit (loss) for the period before taxes | 9903 | €3,769 | -€15,805 | -€19,574 | |
| Income taxes | 67/77 | €4,312 | €286 | -€4,026 | -93.4% |
| Profit (loss) for the period | 9904 | -€543 | -€16,091 | -€15,548 | -2,863% |
| Profit (loss) for the period to be appropriated | 9905 | -€543 | -€16,091 | -€15,548 | -2,863% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.