SMART A.C.: 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 A.C.
Largest movements
- Cash -€300,775
down €300,775 (-61.5%), from €488,829 to €188,054
mainly Receivables within one year (-€240,900) and Investment in fixed assets (net) (-€207,201)
- Receivables within one year +€240,900
up €240,900 (+107.5%), from €223,995 to €464,895
of which Other amounts receivable: +€259,649
- Tangible fixed assets +€108,860
up €108,860 (+176.9%), from €61,548 to €170,407
of which Furniture and vehicles: +€68,962
- Financial fixed assets +€59,063
up €59,063 (+9.6%), from €617,270 to €676,333
- Debts after one year +€70,500
up €70,500 (+22.9%), from €307,500 to €378,000
- Reserves +€55,000
up €55,000 (+11.1%), from €496,200 to €551,200
of which Distributable reserves: +€55,000
- Trade debts -€25,658
down €25,658 (-70.4%), from €36,446 to €10,788
- Gross operating margin -€62,775
down €62,775 (-24.6%), from €255,619 to €192,845
- Financial charges +€59,281
up €59,281 (+14389.6%), from €412 to €59,693
- Taxes -€40,098
down €40,098 (-67.8%), from €59,179 to €19,081
- Depreciation +€15,507
up €15,507 (+65.2%), from €23,772 to €39,279
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 | €1,412,855 | €1,520,901 | +€108,047 | +7.6% |
| Fixed assets | 21/28 | €678,818 | €846,740 | +€167,922 | +24.7% |
| Tangible fixed assets | 22/27 | €61,548 | €170,407 | +€108,860 | +176.9% |
| Land and buildings | 22 | - | €39,897 | +€39,897 | |
| Furniture and vehicles | 24 | €57,894 | €126,857 | +€68,962 | +119.1% |
| Other tangible fixed assets | 26 | €3,653 | €3,653 | = | 0.0% |
| Financial fixed assets | 28 | €617,270 | €676,333 | +€59,063 | +9.6% |
| Current assets | 29/58 | €734,037 | €674,161 | -€59,876 | -8.2% |
| Stocks and contracts in progress | 3 | €21,213 | €21,213 | = | 0.0% |
| Stocks | 30/36 | €21,213 | €21,213 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €223,995 | €464,895 | +€240,900 | +107.5% |
| Trade receivables | 40 | €26,956 | €8,206 | -€18,750 | -69.6% |
| Other amounts receivable | 41 | €197,040 | €456,689 | +€259,649 | +131.8% |
| Cash at bank and in hand | 54/58 | €488,829 | €188,054 | -€300,775 | -61.5% |
| Total equity and liabilities | 10/49 | €1,412,855 | €1,520,901 | +€108,047 | +7.6% |
| Equity | 10/15 | €1,058,283 | €1,113,526 | +€55,242 | +5.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €470,000 | €470,000 | = | 0.0% |
| Reserves | 13 | €496,200 | €551,200 | +€55,000 | +11.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €490,000 | €545,000 | +€55,000 | +11.2% |
| Profit (loss) carried forward | 14 | €30,083 | €30,326 | +€242 | +0.8% |
| Amounts payable | 17/49 | €354,571 | €407,376 | +€52,804 | +14.9% |
| Amounts payable after more than one year | 17 | €307,500 | €378,000 | +€70,500 | +22.9% |
| Other amounts payable | 178/9 | €307,500 | €378,000 | +€70,500 | +22.9% |
| Amounts payable within one year | 42/48 | €47,071 | €29,376 | -€17,696 | -37.6% |
| Trade debts | 44 | €36,446 | €10,788 | -€25,658 | -70.4% |
| Suppliers | 440/4 | €36,446 | €10,788 | -€25,658 | -70.4% |
| Taxes, remuneration and social security | 45 | €8,649 | €16,910 | +€8,260 | +95.5% |
| Taxes | 450/3 | €8,649 | €16,910 | +€8,260 | +95.5% |
| Other amounts payable | 47/48 | €1,976 | €1,678 | -€298 | -15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,772 | €39,279 | +€15,507 | +65.2% |
| Other operating charges | 640/8 | €3,616 | €2,488 | -€1,128 | -31.2% |
| Non-recurring operating charges | 66A | - | €21,596 | +€21,596 | |
| Gross operating margin | 9900 | €255,619 | €192,845 | -€62,775 | -24.6% |
| Operating profit (loss) | 9901 | €228,231 | €129,482 | -€98,749 | -43.3% |
| Financial income | 75/76B | €6,846 | €4,535 | -€2,311 | -33.8% |
| Recurring financial income | 75 | €6,846 | €4,535 | -€2,311 | -33.8% |
| Financial charges | 65/66B | €412 | €59,693 | +€59,281 | +14389.6% |
| Recurring financial charges | 65 | €412 | €59,693 | +€59,281 | +14389.6% |
| Profit (loss) for the period before taxes | 9903 | €234,665 | €74,324 | -€160,341 | -68.3% |
| Income taxes | 67/77 | €59,179 | €19,081 | -€40,098 | -67.8% |
| Profit (loss) for the period | 9904 | €175,486 | €55,242 | -€120,243 | -68.5% |
| Profit (loss) for the period to be appropriated | 9905 | €175,486 | €55,242 | -€120,243 | -68.5% |
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.