SMART CAPITAL: 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 CAPITAL
Largest movements
- Receivables within one year -€3,787
down €3,787 (-23.8%), from €15,891 to €12,104
of which Trade receivables: -€8,912
- Tangible fixed assets -€660
down €660 (-62.0%), from €1,065 to €405
- Tax, wage and social debts -€4,451
no longer reported in 2025 (was €4,451)
- Other debts +€4,054
up €4,054 (+346.3%), from €1,171 to €5,225
- Current portion of long-term debt -€2,970
no longer reported in 2025 (was €2,970)
- Reserves -€2,286
no longer reported in 2025 (was €2,286)
of which Non-distributable reserves: -€1,860
- Contributions +€1,860
up €1,860 (+30.0%), from €6,200 to €8,060
- Staff costs -€31,324
down €31,324, from €31,317 to -€8
- Gross operating margin -€30,736
down €30,736, from €30,351 to -€385
- Depreciation -€2,287
down €2,287 (-77.6%), from €2,946 to €660
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 | €17,079 | €12,579 | -€4,499 | -26.3% |
| Fixed assets | 21/28 | €1,065 | €405 | -€660 | -62.0% |
| Tangible fixed assets | 22/27 | €1,065 | €405 | -€660 | -62.0% |
| Furniture and vehicles | 24 | €1,065 | €405 | -€660 | -62.0% |
| Current assets | 29/58 | €16,014 | €12,174 | -€3,840 | -24.0% |
| Amounts receivable within one year | 40/41 | €15,891 | €12,104 | -€3,787 | -23.8% |
| Trade receivables | 40 | €8,912 | - | -€8,912 | |
| Other amounts receivable | 41 | €6,979 | €12,104 | +€5,125 | +73.4% |
| Cash at bank and in hand | 54/58 | €123 | €71 | -€52 | -42.5% |
| Total equity and liabilities | 10/49 | €17,079 | €12,579 | -€4,499 | -26.3% |
| Equity | 10/15 | €8,486 | €7,355 | -€1,132 | -13.3% |
| Contributions | 10/11 | €6,200 | €8,060 | +€1,860 | +30.0% |
| Reserves | 13 | €2,286 | - | -€2,286 | |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €426 | - | -€426 | |
| Profit (loss) carried forward | 14 | - | -€706 | -€706 | |
| Amounts payable | 17/49 | €8,592 | €5,225 | -€3,367 | -39.2% |
| Amounts payable within one year | 42/48 | €8,592 | €5,225 | -€3,367 | -39.2% |
| Current portion of amounts payable after more than one year | 42 | €2,970 | - | -€2,970 | |
| Taxes, remuneration and social security | 45 | €4,451 | - | -€4,451 | |
| Remuneration and social security | 454/9 | €4,451 | - | -€4,451 | |
| Other amounts payable | 47/48 | €1,171 | €5,225 | +€4,054 | +346.3% |
| Remuneration, social security and pensions | 62 | €31,317 | -€8 | -€31,324 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,946 | €660 | -€2,287 | -77.6% |
| Non-recurring operating charges | 66A | €9,443 | - | -€9,443 | |
| Gross operating margin | 9900 | €30,351 | -€385 | -€30,736 | |
| Operating profit (loss) | 9901 | -€13,355 | -€1,037 | +€12,317 | +92.2% |
| Financial charges | 65/66B | €268 | €95 | -€173 | -64.6% |
| Recurring financial charges | 65 | €268 | €95 | -€173 | -64.6% |
| Profit (loss) for the period before taxes | 9903 | -€13,622 | -€1,132 | +€12,490 | +91.7% |
| Income taxes | 67/77 | €0 | - | -€0 | |
| Profit (loss) for the period | 9904 | -€13,623 | -€1,132 | +€12,491 | +91.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,623 | -€1,132 | +€12,491 | +91.7% |
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 1 October 2026 via checked.be.