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.
Smart
Largest movements
- Formation expenses -€44
no longer reported in 2025 (was €44)
- Profit (loss) carried forward -€444
down €444 (-7.7%), from -€5,780 to -€6,224
- Other debts +€400
up €400 (+21.9%), from €1,825 to €2,224
- Gross operating margin +€1,238
no longer reported in 2025 (was -€1,238)
- Depreciation -€120
down €120 (-73.0%), from €164 to €44
- Other operating charges +€12
up €12 (+3.2%), from €387 to €400
From the 31-12-2024 result to the 31-12-2025 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
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 | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €44 | - | -€44 | |
| Formation expenses | 20 | €44 | - | -€44 | |
| Total equity and liabilities | 10/49 | €44 | - | -€44 | |
| Equity | 10/15 | -€1,780 | -€2,224 | -€444 | -24.9% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,780 | -€6,224 | -€444 | -7.7% |
| Amounts payable | 17/49 | €1,825 | €2,224 | +€400 | +21.9% |
| Amounts payable within one year | 42/48 | €1,825 | €2,224 | +€400 | +21.9% |
| Other amounts payable | 47/48 | €1,825 | €2,224 | +€400 | +21.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €164 | €44 | -€120 | -73.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€1,238 | - | +€1,238 | |
| Operating profit (loss) | 9901 | -€1,789 | -€444 | +€1,345 | +75.2% |
| Profit (loss) for the period before taxes | 9903 | -€1,789 | -€444 | +€1,345 | +75.2% |
| Profit (loss) for the period | 9904 | -€1,789 | -€444 | +€1,345 | +75.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,789 | -€444 | +€1,345 | +75.2% |
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 30 September 2026 via checked.be.