SMART 2 Consult: 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 2 Consult
Largest movements
- Cash -€88,849
down €88,849 (-38.9%), from €228,669 to €139,820
mainly Debts after one year (-€89,832) and Current investments (-€36,000)
- Current investments +€36,000
up €36,000 (+240%), from €15,000 to €51,000
- Receivables within one year -€15,355
down €15,355 (-45.4%), from €33,810 to €18,455
of which Trade receivables: -€31,223
- Tangible fixed assets -€7,766
down €7,766 (-3.9%), from €196,941 to €189,176
of which Land and buildings: -€7,361
- Debts after one year -€89,832
down €89,832 (-100%), from €89,832 to €0
- Reserves +€21,522
up €21,522 (+6.5%), from €332,349 to €353,871
of which Distributable reserves: +€21,522
- Current portion of long-term debt -€12,767
down €12,767 (-100%), from €12,767 to €0
- Trade debts +€10,884
up €10,884 (+597%), from €1,823 to €12,707
- Gross operating margin -€104,570
down €104,570 (-63.2%), from €165,343 to €60,773
- Taxes -€19,962
down €19,962 (-50.7%), from €39,412 to €19,450
- Other operating charges -€8,897
down €8,897 (-68.1%), from €13,055 to €4,158
- Financial charges -€5,680
down €5,680 (-48.0%), from €11,845 to €6,164
- Depreciation -€1,671
down €1,671 (-17.7%), from €9,436 to €7,766
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 | €474,640 | €398,760 | -€75,880 | -16.0% |
| Fixed assets | 21/28 | €196,941 | €189,176 | -€7,766 | -3.9% |
| Tangible fixed assets | 22/27 | €196,941 | €189,176 | -€7,766 | -3.9% |
| Land and buildings | 22 | €195,963 | €188,602 | -€7,361 | -3.8% |
| Plant, machinery and equipment | 23 | €978 | €574 | -€404 | -41.3% |
| Current assets | 29/58 | €277,699 | €209,584 | -€68,114 | -24.5% |
| Amounts receivable within one year | 40/41 | €33,810 | €18,455 | -€15,355 | -45.4% |
| Trade receivables | 40 | €33,810 | €2,586 | -€31,223 | -92.4% |
| Other amounts receivable | 41 | - | €15,868 | +€15,868 | |
| Current investments | 50/53 | €15,000 | €51,000 | +€36,000 | +240% |
| Cash at bank and in hand | 54/58 | €228,669 | €139,820 | -€88,849 | -38.9% |
| Deferred charges and accrued income | 490/1 | €220 | €310 | +€90 | +40.7% |
| Total equity and liabilities | 10/49 | €474,640 | €398,760 | -€75,880 | -16.0% |
| Equity | 10/15 | €350,949 | €372,471 | +€21,522 | +6.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €332,349 | €353,871 | +€21,522 | +6.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €332,349 | €353,871 | +€21,522 | +6.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €123,691 | €26,289 | -€97,402 | -78.7% |
| Amounts payable after more than one year | 17 | €89,832 | €0 | -€89,832 | -100% |
| Financial debts | 170/4 | €89,832 | €0 | -€89,832 | -100% |
| Amounts payable within one year | 42/48 | €33,816 | €26,289 | -€7,527 | -22.3% |
| Current portion of amounts payable after more than one year | 42 | €12,767 | €0 | -€12,767 | -100% |
| Trade debts | 44 | €1,823 | €12,707 | +€10,884 | +597% |
| Suppliers | 440/4 | €1,823 | €12,707 | +€10,884 | +597% |
| Taxes, remuneration and social security | 45 | €16,514 | €12,380 | -€4,134 | -25.0% |
| Taxes | 450/3 | €16,514 | €10,275 | -€6,239 | -37.8% |
| Remuneration and social security | 454/9 | - | €2,105 | +€2,105 | |
| Other amounts payable | 47/48 | €2,712 | €1,203 | -€1,509 | -55.7% |
| Accrued charges and deferred income | 492/3 | €42 | €0 | -€42 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,436 | €7,766 | -€1,671 | -17.7% |
| Other operating charges | 640/8 | €13,055 | €4,158 | -€8,897 | -68.1% |
| Gross operating margin | 9900 | €165,343 | €60,773 | -€104,570 | -63.2% |
| Operating profit (loss) | 9901 | €142,852 | €48,850 | -€94,003 | -65.8% |
| Financial income | 75/76B | €1,575 | €4 | -€1,571 | -99.8% |
| Recurring financial income | 75 | €1,575 | €4 | -€1,571 | -99.8% |
| Financial charges | 65/66B | €11,845 | €6,164 | -€5,680 | -48.0% |
| Recurring financial charges | 65 | €11,845 | €6,164 | -€5,680 | -48.0% |
| Profit (loss) for the period before taxes | 9903 | €132,582 | €42,689 | -€89,893 | -67.8% |
| Income taxes | 67/77 | €39,412 | €19,450 | -€19,962 | -50.7% |
| Profit (loss) for the period | 9904 | €93,170 | €23,240 | -€69,931 | -75.1% |
| Profit (loss) for the period to be appropriated | 9905 | €93,170 | €23,240 | -€69,931 | -75.1% |
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 28 October 2026 via checked.be.