SMART CERTIFIED: 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 CERTIFIED
Largest movements
- Cash +€38,968
up €38,968 (+63.2%), from €61,691 to €100,659
mainly Other debts (+€75,766) and Net result for the year (+€47,930)
- Tangible fixed assets -€11,577
down €11,577 (-25.3%), from €45,765 to €34,189
- Receivables within one year +€9,088
up €9,088 (+43.6%), from €20,834 to €29,923
of which Other amounts receivable: +€13,557
- Other debts +€75,766
up €75,766, from €0 to €75,766
- Profit (loss) carried forward -€47,070
down €47,070 (-74.1%), from €63,543 to €16,473
- Reserves +€20,000
new in 2025: €20,000
- Debts after one year -€13,993
down €13,993 (-65.9%), from €21,222 to €7,229
- Tax, wage and social debts +€3,582
up €3,582 (+15.5%), from €23,118 to €26,700
- Gross operating margin +€6,493
up €6,493 (+8.9%), from €73,198 to €79,690
- Taxes +€5,584
up €5,584 (+48.3%), from €11,567 to €17,151
- Depreciation +€4,724
up €4,724 (+71.8%), from €6,576 to €11,299
- Other operating charges -€1,685
down €1,685 (-52.1%), from €3,232 to €1,546
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 | €131,553 | €167,795 | +€36,242 | +27.5% |
| Fixed assets | 21/28 | €45,765 | €34,189 | -€11,577 | -25.3% |
| Tangible fixed assets | 22/27 | €45,765 | €34,189 | -€11,577 | -25.3% |
| Furniture and vehicles | 24 | €45,765 | €34,189 | -€11,577 | -25.3% |
| Current assets | 29/58 | €85,788 | €133,607 | +€47,819 | +55.7% |
| Amounts receivable within one year | 40/41 | €20,834 | €29,923 | +€9,088 | +43.6% |
| Trade receivables | 40 | €20,803 | €16,335 | -€4,468 | -21.5% |
| Other amounts receivable | 41 | €31 | €13,588 | +€13,557 | +43284.2% |
| Cash at bank and in hand | 54/58 | €61,691 | €100,659 | +€38,968 | +63.2% |
| Deferred charges and accrued income | 490/1 | €3,262 | €3,025 | -€237 | -7.3% |
| Total equity and liabilities | 10/49 | €131,553 | €167,795 | +€36,242 | +27.5% |
| Equity | 10/15 | €69,543 | €42,473 | -€27,070 | -38.9% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | - | €20,000 | +€20,000 | |
| Distributable reserves | 133 | - | €20,000 | +€20,000 | |
| Profit (loss) carried forward | 14 | €63,543 | €16,473 | -€47,070 | -74.1% |
| Amounts payable | 17/49 | €62,010 | €125,323 | +€63,312 | +102.1% |
| Amounts payable after more than one year | 17 | €21,222 | €7,229 | -€13,993 | -65.9% |
| Financial debts | 170/4 | €21,222 | €7,229 | -€13,993 | -65.9% |
| Amounts payable within one year | 42/48 | €40,789 | €118,027 | +€77,238 | +189.4% |
| Current portion of amounts payable after more than one year | 42 | €13,396 | €13,993 | +€597 | +4.5% |
| Trade debts | 44 | €4,275 | €1,568 | -€2,707 | -63.3% |
| Suppliers | 440/4 | €4,275 | €1,568 | -€2,707 | -63.3% |
| Taxes, remuneration and social security | 45 | €23,118 | €26,700 | +€3,582 | +15.5% |
| Taxes | 450/3 | €23,118 | €26,700 | +€3,582 | +15.5% |
| Other amounts payable | 47/48 | €0 | €75,766 | +€75,766 | |
| Accrued charges and deferred income | 492/3 | €0 | €67 | +€67 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,576 | €11,299 | +€4,724 | +71.8% |
| Other operating charges | 640/8 | €3,232 | €1,546 | -€1,685 | -52.1% |
| Non-recurring operating charges | 66A | - | €277 | +€277 | |
| Gross operating margin | 9900 | €73,198 | €79,690 | +€6,493 | +8.9% |
| Operating profit (loss) | 9901 | €63,390 | €66,567 | +€3,177 | +5.0% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €1,018 | €1,486 | +€468 | +46.0% |
| Recurring financial charges | 65 | €1,018 | €1,486 | +€468 | +46.0% |
| Profit (loss) for the period before taxes | 9903 | €62,372 | €65,081 | +€2,709 | +4.3% |
| Income taxes | 67/77 | €11,567 | €17,151 | +€5,584 | +48.3% |
| Profit (loss) for the period | 9904 | €50,805 | €47,930 | -€2,875 | -5.7% |
| Profit (loss) for the period to be appropriated | 9905 | €50,805 | €47,930 | -€2,875 | -5.7% |
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 11 October 2026 via checked.be.