SMART: 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.
SMART
Largest movements
- Receivables within one year +€178,979
up €178,979 (+646%), from €27,720 to €206,699
of which Other amounts receivable: +€178,874
- Stocks and contracts -€89,560
down €89,560 (-30.0%), from €298,455 to €208,895
- Deferred charges and accrued income -€29,728
down €29,728 (-87.4%), from €34,022 to €4,294
- Tangible fixed assets +€5,000
up €5,000 (+266%), from €1,880 to €6,880
of which Furniture and vehicles: +€4,532
- Profit (loss) carried forward +€157,237
up €157,237 (+52.0%), from -€302,316 to -€145,079
- Other debts -€118,349
down €118,349 (-46.4%), from €255,086 to €136,736
- Trade debts +€45,449
up €45,449 (+32.4%), from €140,128 to €185,578
- Tax, wage and social debts -€34,201
down €34,201 (-49.7%), from €68,822 to €34,621
of which Taxes: -€53,586
- Short-term financial debts +€14,555
up €14,555 (+74.3%), from €19,585 to €34,141
- Gross operating margin -€90,790
down €90,790 (-15.8%), from €574,424 to €483,635
- Other operating charges -€24,200
down €24,200 (-88.0%), from €27,504 to €3,304
- Depreciation -€22,002
down €22,002 (-87.2%), from €25,227 to €3,225
- Staff costs +€19,099
up €19,099 (+6.5%), from €291,789 to €310,887
- Taxes -€6,027
new in 2025: -€6,027
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €391,342 | €456,033 | +€64,691 | +16.5% |
| Fixed assets | 21/28 | €31,145 | €36,145 | +€5,000 | +16.1% |
| Tangible fixed assets | 22/27 | €1,880 | €6,880 | +€5,000 | +266% |
| Plant, machinery and equipment | 23 | €1,788 | €2,256 | +€468 | +26.2% |
| Furniture and vehicles | 24 | €92 | €4,623 | +€4,532 | +4,951% |
| Financial fixed assets | 28 | €29,265 | €29,265 | = | 0.0% |
| Current assets | 29/58 | €360,197 | €419,889 | +€59,691 | +16.6% |
| Stocks and contracts in progress | 3 | €298,455 | €208,895 | -€89,560 | -30.0% |
| Stocks | 30/36 | €298,455 | €208,895 | -€89,560 | -30.0% |
| Amounts receivable within one year | 40/41 | €27,720 | €206,699 | +€178,979 | +646% |
| Trade receivables | 40 | - | €106 | +€106 | |
| Other amounts receivable | 41 | €27,720 | €206,594 | +€178,874 | +645% |
| Deferred charges and accrued income | 490/1 | €34,022 | €4,294 | -€29,728 | -87.4% |
| Total equity and liabilities | 10/49 | €391,342 | €456,033 | +€64,691 | +16.5% |
| Equity | 10/15 | -€212,279 | -€55,042 | +€157,237 | +74.1% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €28,064 | €28,064 | = | 0.0% |
| Distributable reserves | 133 | €28,064 | €28,064 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€302,316 | -€145,079 | +€157,237 | +52.0% |
| Amounts payable | 17/49 | €603,621 | €511,075 | -€92,546 | -15.3% |
| Amounts payable after more than one year | 17 | €120,000 | €120,000 | = | 0.0% |
| Financial debts | 170/4 | €120,000 | €120,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €483,621 | €391,075 | -€92,546 | -19.1% |
| Financial debts | 43 | €19,585 | €34,141 | +€14,555 | +74.3% |
| Credit institutions | 430/8 | €19,585 | €34,141 | +€14,555 | +74.3% |
| Trade debts | 44 | €140,128 | €185,578 | +€45,449 | +32.4% |
| Suppliers | 440/4 | €140,128 | €185,578 | +€45,449 | +32.4% |
| Taxes, remuneration and social security | 45 | €68,822 | €34,621 | -€34,201 | -49.7% |
| Taxes | 450/3 | €62,724 | €9,138 | -€53,586 | -85.4% |
| Remuneration and social security | 454/9 | €6,098 | €25,483 | +€19,385 | +318% |
| Other amounts payable | 47/48 | €255,086 | €136,736 | -€118,349 | -46.4% |
| Remuneration, social security and pensions | 62 | €291,789 | €310,887 | +€19,099 | +6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,227 | €3,225 | -€22,002 | -87.2% |
| Other operating charges | 640/8 | €27,504 | €3,304 | -€24,200 | -88.0% |
| Non-recurring operating charges | 66A | €22,623 | - | -€22,623 | |
| Gross operating margin | 9900 | €574,424 | €483,635 | -€90,790 | -15.8% |
| Operating profit (loss) | 9901 | €207,282 | €166,219 | -€41,063 | -19.8% |
| Financial income | 75/76B | €30 | €0 | -€30 | -99.9% |
| Recurring financial income | 75 | €30 | €0 | -€30 | -99.9% |
| Financial charges | 65/66B | €15,374 | €15,009 | -€365 | -2.4% |
| Recurring financial charges | 65 | €15,374 | €15,009 | -€365 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €191,938 | €151,210 | -€40,728 | -21.2% |
| Income taxes | 67/77 | - | -€6,027 | -€6,027 | |
| Profit (loss) for the period | 9904 | €191,938 | €157,237 | -€34,701 | -18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €191,938 | €157,237 | -€34,701 | -18.1% |
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 14 October 2026 via checked.be.