SMART BUILD: 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 BUILD
Largest movements
- Receivables within one year -€137,543
down €137,543 (-17.0%), from €806,849 to €669,305
of which Trade receivables: -€116,670
- Stocks and contracts -€31,153
no longer reported in 2025 (was €31,153)
- Cash -€24,181
down €24,181 (-81.2%), from €29,781 to €5,600
mainly Trade debts (-€126,753) and Other debts (-€81,413)
- Trade debts -€126,753
no longer reported in 2025 (was €126,753)
- Other debts -€81,413
down €81,413 (-12.5%), from €653,905 to €572,492
- Profit (loss) carried forward +€9,607
up €9,607 (+20.6%), from €46,654 to €56,261
- Depreciation -€16,646
down €16,646 (-90.7%), from €18,359 to €1,713
- Provisions -€13,756
no longer reported in 2025 (was €13,756)
- Gross operating margin -€8,165
down €8,165 (-36.9%), from €22,138 to €13,973
- Other operating charges -€642
down €642 (-35.1%), from €1,829 to €1,187
- Financial income -€401
no longer reported in 2025 (was €401)
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 | €875,618 | €678,530 | -€197,088 | -22.5% |
| Fixed assets | 21/28 | €7,631 | €3,624 | -€4,007 | -52.5% |
| Tangible fixed assets | 22/27 | €6,970 | €2,964 | -€4,007 | -57.5% |
| Plant, machinery and equipment | 23 | €5,967 | €2,108 | -€3,859 | -64.7% |
| Furniture and vehicles | 24 | €1,003 | €856 | -€148 | -14.7% |
| Financial fixed assets | 28 | €661 | €661 | = | 0.0% |
| Current assets | 29/58 | €867,987 | €674,905 | -€193,081 | -22.2% |
| Stocks and contracts in progress | 3 | €31,153 | - | -€31,153 | |
| Stocks | 30/36 | €31,153 | - | -€31,153 | |
| Amounts receivable within one year | 40/41 | €806,849 | €669,305 | -€137,543 | -17.0% |
| Trade receivables | 40 | €783,371 | €666,701 | -€116,670 | -14.9% |
| Other amounts receivable | 41 | €23,477 | €2,604 | -€20,873 | -88.9% |
| Cash at bank and in hand | 54/58 | €29,781 | €5,600 | -€24,181 | -81.2% |
| Deferred charges and accrued income | 490/1 | €203 | - | -€203 | |
| Total equity and liabilities | 10/49 | €875,618 | €678,530 | -€197,088 | -22.5% |
| Equity | 10/15 | €94,960 | €104,568 | +€9,607 | +10.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €29,706 | €29,706 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €27,846 | €27,846 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,654 | €56,261 | +€9,607 | +20.6% |
| Amounts payable | 17/49 | €780,657 | €573,962 | -€206,695 | -26.5% |
| Amounts payable within one year | 42/48 | €780,657 | €573,962 | -€206,695 | -26.5% |
| Trade debts | 44 | €126,753 | - | -€126,753 | |
| Suppliers | 440/4 | €126,753 | - | -€126,753 | |
| Taxes, remuneration and social security | 45 | - | €1,470 | +€1,470 | |
| Taxes | 450/3 | - | €1,470 | +€1,470 | |
| Other amounts payable | 47/48 | €653,905 | €572,492 | -€81,413 | -12.5% |
| Non-recurring operating income | 76A | €2,200 | €13,311 | +€11,111 | +505% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,359 | €1,713 | -€16,646 | -90.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €13,756 | - | -€13,756 | |
| Other operating charges | 640/8 | €1,829 | €1,187 | -€642 | -35.1% |
| Gross operating margin | 9900 | €22,138 | €13,973 | -€8,165 | -36.9% |
| Operating profit (loss) | 9901 | -€11,806 | €11,073 | +€22,879 | |
| Financial income | 75/76B | €401 | - | -€401 | |
| Recurring financial income | 75 | €401 | - | -€401 | |
| Financial charges | 65/66B | €892 | €1,162 | +€270 | +30.3% |
| Recurring financial charges | 65 | €892 | €1,162 | +€270 | +30.3% |
| Profit (loss) for the period before taxes | 9903 | -€12,297 | €9,911 | +€22,208 | |
| Income taxes | 67/77 | €341 | €304 | -€38 | -11.0% |
| Profit (loss) for the period | 9904 | -€12,638 | €9,607 | +€22,246 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,638 | €9,607 | +€22,246 |
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 15 October 2026 via checked.be.