SMART AVIATION: 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 AVIATION
Largest movements
- Receivables within one year +€544,014
up €544,014 (+199.2%), from €273,154 to €817,168
of which Other amounts receivable: +€500,519
- Cash +€31,402
up €31,402 (+18.9%), from €165,810 to €197,212
mainly Net result for the year (+€832,111) and Other debts (+€592,818)
- Other debts +€592,818
up €592,818 (+7901.3%), from €7,503 to €600,321
- Reserves +€571,427
up €571,427 (+30721.9%), from €1,860 to €573,287
- Profit (loss) carried forward -€426,369
no longer reported in 2025 (was €426,369)
- Trade debts -€201,869
down €201,869 (-59.7%), from €337,885 to €136,016
- Tax, wage and social debts +€68,991
up €68,991 (+601.5%), from €11,470 to €80,461
- Financial income +€500,651
up €500,651 (+71924.4%), from €696 to €501,347
- Gross operating margin +€304,881
up €304,881 (+204.5%), from €149,109 to €453,989
- Taxes +€79,494
up €79,494 (+208.2%), from €38,180 to €117,674
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 | €964,764 | €1,534,269 | +€569,506 | +59.0% |
| Fixed assets | 21/28 | €521,988 | €519,889 | -€2,099 | -0.4% |
| Intangible fixed assets | 21 | €2,904 | €736 | -€2,168 | -74.6% |
| Tangible fixed assets | 22/27 | €684 | €253 | -€431 | -63.0% |
| Plant, machinery and equipment | 23 | €684 | €253 | -€431 | -63.0% |
| Financial fixed assets | 28 | €518,400 | €518,900 | +€500 | +0.1% |
| Current assets | 29/58 | €442,776 | €1,014,380 | +€571,604 | +129.1% |
| Amounts receivable within one year | 40/41 | €273,154 | €817,168 | +€544,014 | +199.2% |
| Trade receivables | 40 | €180,035 | €223,530 | +€43,495 | +24.2% |
| Other amounts receivable | 41 | €93,119 | €593,638 | +€500,519 | +537.5% |
| Cash at bank and in hand | 54/58 | €165,810 | €197,212 | +€31,402 | +18.9% |
| Deferred charges and accrued income | 490/1 | €3,812 | - | -€3,812 | |
| Total equity and liabilities | 10/49 | €964,764 | €1,534,269 | +€569,506 | +59.0% |
| Equity | 10/15 | €446,829 | €591,887 | +€145,058 | +32.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €573,287 | +€571,427 | +30721.9% |
| Distributable reserves | 133 | €1,860 | €573,287 | +€571,427 | +30721.9% |
| Profit (loss) carried forward | 14 | €426,369 | - | -€426,369 | |
| Amounts payable | 17/49 | €517,935 | €942,382 | +€424,447 | +81.9% |
| Amounts payable after more than one year | 17 | €125,082 | €89,089 | -€35,993 | -28.8% |
| Financial debts | 170/4 | €125,082 | €89,089 | -€35,993 | -28.8% |
| Amounts payable within one year | 42/48 | €392,853 | €853,293 | +€460,440 | +117.2% |
| Current portion of amounts payable after more than one year | 42 | €35,893 | €36,393 | +€500 | +1.4% |
| Trade debts | 44 | €337,885 | €136,016 | -€201,869 | -59.7% |
| Suppliers | 440/4 | €337,885 | €136,016 | -€201,869 | -59.7% |
| Advances received on contracts in progress | 46 | €102 | €102 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €11,470 | €80,461 | +€68,991 | +601.5% |
| Taxes | 450/3 | €11,470 | €80,461 | +€68,991 | +601.5% |
| Other amounts payable | 47/48 | €7,503 | €600,321 | +€592,818 | +7901.3% |
| Remuneration, social security and pensions | 62 | €510 | -€36 | -€546 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,552 | €2,599 | -€953 | -26.8% |
| Other operating charges | 640/8 | €56 | €64 | +€8 | +14.7% |
| Gross operating margin | 9900 | €149,109 | €453,989 | +€304,881 | +204.5% |
| Operating profit (loss) | 9901 | €144,992 | €451,363 | +€306,371 | +211.3% |
| Financial income | 75/76B | €696 | €501,347 | +€500,651 | +71924.4% |
| Recurring financial income | 75 | €696 | €501,347 | +€500,651 | +71924.4% |
| Financial charges | 65/66B | €3,353 | €2,925 | -€428 | -12.8% |
| Recurring financial charges | 65 | €3,353 | €2,925 | -€428 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | €142,334 | €949,785 | +€807,451 | +567.3% |
| Income taxes | 67/77 | €38,180 | €117,674 | +€79,494 | +208.2% |
| Profit (loss) for the period | 9904 | €104,154 | €832,111 | +€727,957 | +698.9% |
| Profit (loss) for the period to be appropriated | 9905 | €104,154 | €832,111 | +€727,957 | +698.9% |
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 9 October 2026 via checked.be.