SMART: 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.
What changed
SMART
NACE 32.400, Other manufacturing
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
€1.3m
2023 · €2.1m-€876,117
Equity
€9.4m
2023 · €8.1m+€1.3m
Cash
€801,728
2023 · €2.2m-€1.4m
Balance sheet total
€22.1m
2023 · €20.8m+€1.3m
Largest movements
Assets
- Cash -€1.4m
down €1.4m (-63.0%), from €2.2m to €801,728
mainly Investment in fixed assets (net) (-€1.9m) and Receivables within one year (-€1.1m)
- Receivables within one year +€1.1m
up €1.1m (+13.3%), from €8.6m to €9.7m
of which Other amounts receivable: +€680,089
- Tangible fixed assets +€678,213
up €678,213 (+30.6%), from €2.2m to €2.9m
of which Plant, machinery and equipment: +€345,971
- Stocks and contracts +€620,641
up €620,641 (+11.2%), from €5.5m to €6.2m
Equity and liabilities
- Profit (loss) carried forward +€716,182
up €716,182 (+147.9%), from €484,190 to €1.2m
- Trade debts +€552,700
up €552,700 (+7.5%), from €7.3m to €7.9m
- Reserves +€534,670
up €534,670 (+8.0%), from €6.7m to €7.2m
of which Distributable reserves: +€563,131
- Debts after one year -€283,820
down €283,820 (-7.9%), from €3.6m to €3.3m
Income statement
- Write-downs -€1.4m
down €1.4m, from €494,082 to -€914,996
- Services and other goods +€1.3m
up €1.3m (+13.3%), from €9.9m to €11.2m
- Goods and materials +€589,571
up €589,571 (+3.3%), from €17.7m to €18.3m
of which Purchases: +€1.1m
- Staff costs +€566,105
up €566,105 (+26.1%), from €2.2m to €2.7m
- Other operating charges +€403,360
up €403,360 (+1524.2%), from €26,463 to €429,823
From the 2023 result to the 2024 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.
Result 2023
€2.1m
Turnover
+€284,328
Other operating income
+€140,167
Goods and materials
-€589,571
Services and other goods
-€1.3m
Staff costs
-€566,105
Depreciation
-€46,410
Write-downs
+€1.4m
Other operating charges
-€403,360
Other operating items
+€43,728
Financial income
+€265,918
Financial charges
-€236,038
Taxes
+€101,329
Deferred taxes and other
+€28,749
Result 2024
€1.3m
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€969,720
Investment
-€1.9m
Financing
-€449,986
Cash 2023
€2.2m
From operations (derived)
+€969,720
Net result for the year
+€1.3m
Depreciation
+€1.1m
Stocks and contracts
-€620,641
Receivables within one year
-€1.1m
Deferred charges and accrued income
-€100,540
Trade debts
+€552,700
Tax, wage and social debts
-€26,220
Other debts
+€1,625
Investment (derived)
-€1.9m
Investment in fixed assets (net)
-€1.9m
Financing
-€449,986
Debts after one year
-€283,820
Current portion of long-term debt
-€31,032
Short-term financial debts
-€135,134
Cash 2024
€801,728
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,810,949 | €22,139,920 | +€1.3m | +6.4% |
| Fixed assets | 21/28 | €4,437,276 | €5,273,340 | +€836,064 | +18.8% |
| Intangible fixed assets | 21 | €2,198,655 | €2,356,505 | +€157,851 | +7.2% |
| Tangible fixed assets | 22/27 | €2,218,272 | €2,896,485 | +€678,213 | +30.6% |
| Land and buildings | 22 | €1,010,700 | €1,112,954 | +€102,253 | +10.1% |
| Plant, machinery and equipment | 23 | €1,051,758 | €1,397,729 | +€345,971 | +32.9% |
| Furniture and vehicles | 24 | €89,819 | €85,519 | -€4,300 | -4.8% |
| Leasing and similar rights | 25 | €65,994 | €300,283 | +€234,289 | +355.0% |
| Financial fixed assets | 28 | €20,350 | €20,350 | = | 0.0% |
| Other financial fixed assets | 284/8 | €20,350 | €20,350 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €20,350 | €20,350 | = | 0.0% |
| Current assets | 29/58 | €16,373,673 | €16,866,580 | +€492,907 | +3.0% |
| Stocks and contracts in progress | 3 | €5,549,907 | €6,170,547 | +€620,641 | +11.2% |
| Stocks | 30/36 | €5,549,907 | €6,170,547 | +€620,641 | +11.2% |
| Goods purchased for resale | 34 | €5,549,907 | €6,170,547 | +€620,641 | +11.2% |
| Amounts receivable within one year | 40/41 | €8,553,478 | €9,692,799 | +€1.1m | +13.3% |
| Trade receivables | 40 | €8,298,750 | €8,757,983 | +€459,232 | +5.5% |
| Other amounts receivable | 41 | €254,727 | €934,816 | +€680,089 | +267.0% |
| Cash at bank and in hand | 54/58 | €2,169,323 | €801,728 | -€1.4m | -63.0% |
| Deferred charges and accrued income | 490/1 | €100,966 | €201,506 | +€100,540 | +99.6% |
| Total equity and liabilities | 10/49 | €20,810,949 | €22,139,920 | +€1.3m | +6.4% |
| Equity | 10/15 | €8,134,821 | €9,385,673 | +€1.3m | +15.4% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €6,650,631 | €7,185,301 | +€534,670 | +8.0% |
| Non-distributable reserves | 130/1 | €100,000 | €100,000 | = | 0.0% |
| Legal reserve | 130 | €100,000 | €100,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,194,631 | €1,166,170 | -€28,461 | -2.4% |
| Distributable reserves | 133 | €5,356,000 | €5,919,131 | +€563,131 | +10.5% |
| Profit (loss) carried forward | 14 | €484,190 | €1,200,372 | +€716,182 | +147.9% |
| Provisions and deferred taxes | 16 | €28,749 | €28,749 | = | 0.0% |
| Deferred taxes | 168 | €28,749 | €28,749 | = | 0.0% |
| Amounts payable | 17/49 | €12,647,379 | €12,725,498 | +€78,119 | +0.6% |
| Amounts payable after more than one year | 17 | €3,605,390 | €3,321,570 | -€283,820 | -7.9% |
| Financial debts | 170/4 | €3,605,390 | €3,321,570 | -€283,820 | -7.9% |
| Leasing and similar obligations | 172 | €51,498 | €235,265 | +€183,767 | +356.8% |
| Credit institutions | 173 | €3,553,892 | €3,086,305 | -€467,587 | -13.2% |
| Amounts payable within one year | 42/48 | €9,021,832 | €9,383,770 | +€361,938 | +4.0% |
| Current portion of amounts payable after more than one year | 42 | €1,070,503 | €1,039,471 | -€31,032 | -2.9% |
| Financial debts | 43 | €135,134 | - | -€135,134 | |
| Credit institutions | 430/8 | €135,134 | - | -€135,134 | |
| Trade debts | 44 | €7,346,224 | €7,898,924 | +€552,700 | +7.5% |
| Suppliers | 440/4 | €7,346,224 | €7,898,924 | +€552,700 | +7.5% |
| Taxes, remuneration and social security | 45 | €469,182 | €442,962 | -€26,220 | -5.6% |
| Taxes | 450/3 | €219,728 | €227,724 | +€7,996 | +3.6% |
| Remuneration and social security | 454/9 | €249,455 | €215,238 | -€34,217 | -13.7% |
| Other amounts payable | 47/48 | €788 | €2,413 | +€1,625 | +206.3% |
| Accrued charges and deferred income | 492/3 | €20,158 | €20,158 | = | 0.0% |
| Operating income | 70/76A | €34,102,518 | €34,527,013 | +€424,495 | +1.2% |
| Turnover | 70 | €34,045,699 | €34,330,027 | +€284,328 | +0.8% |
| Other operating income | 74 | €56,819 | €196,986 | +€140,167 | +246.7% |
| Operating charges | 60/66A | €31,276,475 | €32,737,044 | +€1.5m | +4.7% |
| Goods for resale, raw materials and consumables | 60 | €17,679,544 | €18,269,116 | +€589,571 | +3.3% |
| Purchases | 600/8 | €17,230,427 | €18,366,942 | +€1.1m | +6.6% |
| Change in stocks: decrease (increase) | 609 | €449,117 | -€97,827 | -€546,944 | |
| Services and other goods | 61 | €9,856,312 | €11,164,240 | +€1.3m | +13.3% |
| Remuneration, social security and pensions | 62 | €2,171,490 | €2,737,595 | +€566,105 | +26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,004,855 | €1,051,265 | +€46,410 | +4.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €494,082 | -€914,996 | -€1.4m | |
| Other operating charges | 640/8 | €26,463 | €429,823 | +€403,360 | +1524.2% |
| Non-recurring operating charges | 66A | €43,728 | - | -€43,728 | |
| Operating profit (loss) | 9901 | €2,826,043 | €1,789,969 | -€1.0m | -36.7% |
| Financial income | 75/76B | €115,225 | €381,143 | +€265,918 | +230.8% |
| Recurring financial income | 75 | €115,225 | €381,143 | +€265,918 | +230.8% |
| Other financial income | 752/9 | €115,225 | €381,143 | +€265,918 | +230.8% |
| Financial charges | 65/66B | €235,282 | €471,320 | +€236,038 | +100.3% |
| Recurring financial charges | 65 | €235,282 | €471,320 | +€236,038 | +100.3% |
| Debt charges | 650 | €129,730 | €140,889 | +€11,160 | +8.6% |
| Other financial charges | 652/9 | €105,552 | €330,431 | +€224,879 | +213.0% |
| Profit (loss) for the period before taxes | 9903 | €2,705,987 | €1,699,792 | -€1.0m | -37.2% |
| Transfer to deferred taxes | 680 | €28,749 | - | -€28,749 | |
| Income taxes | 67/77 | €550,269 | €448,941 | -€101,329 | -18.4% |
| Taxes | 670/3 | €550,269 | €448,941 | -€101,329 | -18.4% |
| Profit (loss) for the period | 9904 | €2,126,968 | €1,250,852 | -€876,117 | -41.2% |
| Transfer from tax-exempt reserves | 789 | €356,000 | €563,131 | +€207,131 | +58.2% |
| Transfer to tax-exempt reserves | 689 | €773,631 | €534,670 | -€238,961 | -30.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,709,337 | €1,279,313 | -€430,025 | -25.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.