SMART ACT: 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 ACT
Largest movements
- Cash -€16,846
down €16,846 (-9.6%), from €175,849 to €159,003
mainly Other debts (-€27,805) and Deferred charges and accrued income (-€8,095)
- Deferred charges and accrued income +€8,095
up €8,095 (+894.2%), from €905 to €9,000
- Receivables within one year +€6,879
up €6,879 (+11.3%), from €60,952 to €67,831
of which Trade receivables: +€21,160
- Tangible fixed assets +€2,404
up €2,404 (+932.1%), from €258 to €2,662
- Reserves +€34,548
up €34,548 (+25.9%), from €133,578 to €168,126
- Other debts -€27,805
down €27,805 (-55.6%), from €49,991 to €22,185
- Tax, wage and social debts -€6,940
down €6,940 (-42.7%), from €16,272 to €9,332
- Financial charges -€5,523
down €5,523 (-14.2%), from €39,014 to €33,491
- Taxes +€1,282
up €1,282 (+9.5%), from €13,513 to €14,795
- Depreciation +€1,043
up €1,043 (+170.7%), from €611 to €1,653
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 | €237,964 | €238,496 | +€532 | +0.2% |
| Fixed assets | 21/28 | €258 | €2,662 | +€2,404 | +932.1% |
| Tangible fixed assets | 22/27 | €258 | €2,662 | +€2,404 | +932.1% |
| Furniture and vehicles | 24 | €258 | €2,662 | +€2,404 | +932.1% |
| Current assets | 29/58 | €237,706 | €235,834 | -€1,873 | -0.8% |
| Amounts receivable within one year | 40/41 | €60,952 | €67,831 | +€6,879 | +11.3% |
| Trade receivables | 40 | €45,665 | €66,826 | +€21,160 | +46.3% |
| Other amounts receivable | 41 | €15,287 | €1,005 | -€14,282 | -93.4% |
| Cash at bank and in hand | 54/58 | €175,849 | €159,003 | -€16,846 | -9.6% |
| Deferred charges and accrued income | 490/1 | €905 | €9,000 | +€8,095 | +894.2% |
| Total equity and liabilities | 10/49 | €237,964 | €238,496 | +€532 | +0.2% |
| Equity | 10/15 | €138,578 | €173,126 | +€34,548 | +24.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €133,578 | €168,126 | +€34,548 | +25.9% |
| Distributable reserves | 133 | €133,578 | €168,126 | +€34,548 | +25.9% |
| Provisions and deferred taxes | 16 | €32,127 | €33,143 | +€1,016 | +3.2% |
| Provisions for liabilities and charges | 160/5 | €32,127 | €33,143 | +€1,016 | +3.2% |
| Other liabilities and charges | 164/5 | €32,127 | €33,143 | +€1,016 | +3.2% |
| Amounts payable | 17/49 | €67,259 | €32,227 | -€35,033 | -52.1% |
| Amounts payable within one year | 42/48 | €67,259 | €32,227 | -€35,033 | -52.1% |
| Trade debts | 44 | €996 | €709 | -€287 | -28.8% |
| Suppliers | 440/4 | €996 | €709 | -€287 | -28.8% |
| Taxes, remuneration and social security | 45 | €16,272 | €9,332 | -€6,940 | -42.7% |
| Taxes | 450/3 | €16,272 | €9,332 | -€6,940 | -42.7% |
| Other amounts payable | 47/48 | €49,991 | €22,185 | -€27,805 | -55.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €611 | €1,653 | +€1,043 | +170.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €784 | €1,016 | +€233 | +29.7% |
| Other operating charges | 640/8 | €507 | €704 | +€197 | +38.9% |
| Gross operating margin | 9900 | €86,003 | €86,309 | +€306 | +0.4% |
| Operating profit (loss) | 9901 | €84,102 | €82,935 | -€1,166 | -1.4% |
| Financial income | 75/76B | - | €732 | +€732 | |
| Recurring financial income | 75 | - | €732 | +€732 | |
| Financial charges | 65/66B | €39,014 | €33,491 | -€5,523 | -14.2% |
| Recurring financial charges | 65 | €39,014 | €33,491 | -€5,523 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €45,087 | €50,176 | +€5,089 | +11.3% |
| Income taxes | 67/77 | €13,513 | €14,795 | +€1,282 | +9.5% |
| Profit (loss) for the period | 9904 | €31,574 | €35,381 | +€3,807 | +12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €31,574 | €35,381 | +€3,807 | +12.1% |
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 9 October 2026 via checked.be.