SMART 21: 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 21
Largest movements
- Receivables within one year +€43,802
up €43,802 (+35.7%), from €122,804 to €166,606
of which Other amounts receivable: +€39,300
- Cash +€36,673
up €36,673 (+100.6%), from €36,459 to €73,132
mainly Other debts (+€251,618) and Trade debts (+€85,892)
- Profit (loss) carried forward -€255,210
down €255,210 (-37.5%), from -€680,377 to -€935,587
- Other debts +€251,618
up €251,618 (+19.3%), from €1.3m to €1.6m
- Trade debts +€85,892
up €85,892 (+357.0%), from €24,060 to €109,952
- Gross operating margin +€300,696
no longer reported in 2025 (was -€300,696)
- Services and other goods +€239,054
new in 2025: €239,054
- Turnover +€42,000
new in 2025: €42,000
- Financial charges +€14,587
up €14,587 (+34.3%), from €42,495 to €57,081
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.
Cash bridge derived
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 | €659,738 | €742,037 | +€82,299 | +12.5% |
| Fixed assets | 21/28 | €500,475 | €501,299 | +€824 | +0.2% |
| Tangible fixed assets | 22/27 | €475 | €1,299 | +€824 | +173.5% |
| Plant, machinery and equipment | 23 | €475 | €1,299 | +€824 | +173.5% |
| Financial fixed assets | 28 | €500,000 | €500,000 | = | 0.0% |
| Affiliated companies | 280/1 | - | €500,000 | +€500,000 | |
| Participating interests | 280 | - | €500,000 | +€500,000 | |
| Current assets | 29/58 | €159,263 | €240,738 | +€81,475 | +51.2% |
| Amounts receivable within one year | 40/41 | €122,804 | €166,606 | +€43,802 | +35.7% |
| Trade receivables | 40 | €8,470 | €12,972 | +€4,502 | +53.2% |
| Other amounts receivable | 41 | €114,334 | €153,634 | +€39,300 | +34.4% |
| Cash at bank and in hand | 54/58 | €36,459 | €73,132 | +€36,673 | +100.6% |
| Deferred charges and accrued income | 490/1 | - | €1,000 | +€1,000 | |
| Total equity and liabilities | 10/49 | €659,738 | €742,037 | +€82,299 | +12.5% |
| Equity | 10/15 | -€668,377 | -€923,587 | -€255,210 | -38.2% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€680,377 | -€935,587 | -€255,210 | -37.5% |
| Amounts payable | 17/49 | €1,328,115 | €1,665,625 | +€337,509 | +25.4% |
| Amounts payable within one year | 42/48 | €1,328,115 | €1,665,625 | +€337,509 | +25.4% |
| Trade debts | 44 | €24,060 | €109,952 | +€85,892 | +357.0% |
| Suppliers | 440/4 | €24,060 | €109,952 | +€85,892 | +357.0% |
| Other amounts payable | 47/48 | €1,304,055 | €1,555,673 | +€251,618 | +19.3% |
| Operating income | 70/76A | - | €42,000 | +€42,000 | |
| Turnover | 70 | - | €42,000 | +€42,000 | |
| Operating charges | 60/66A | - | €240,129 | +€240,129 | |
| Services and other goods | 61 | - | €239,054 | +€239,054 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €428 | €548 | +€120 | +28.1% |
| Other operating charges | 640/8 | €647 | €526 | -€121 | -18.7% |
| Gross operating margin | 9900 | -€300,696 | - | +€300,696 | |
| Operating profit (loss) | 9901 | -€301,771 | -€198,129 | +€103,642 | +34.3% |
| Financial charges | 65/66B | €42,495 | €57,081 | +€14,587 | +34.3% |
| Recurring financial charges | 65 | €42,495 | €57,081 | +€14,587 | +34.3% |
| Debt charges | 650 | - | €57,081 | +€57,081 | |
| Profit (loss) for the period before taxes | 9903 | -€344,266 | -€255,210 | +€89,055 | +25.9% |
| Profit (loss) for the period | 9904 | -€344,266 | -€255,210 | +€89,055 | +25.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€344,266 | -€255,210 | +€89,055 | +25.9% |
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 11 October 2026 via checked.be.