Smart Construct: 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 Construct
Largest movements
- Cash -€118,865
down €118,865 (-91.8%), from €129,535 to €10,670
mainly Receivables within one year (-€58,932) and Tax, wage and social debts (-€32,935)
- Receivables within one year +€58,932
up €58,932 (+19.2%), from €306,929 to €365,860
of which Other amounts receivable: +€61,684
- Tangible fixed assets -€6,814
down €6,814 (-63.8%), from €10,672 to €3,858
of which Furniture and vehicles: -€5,515
- Tax, wage and social debts -€32,935
down €32,935 (-71.8%), from €45,854 to €12,920
of which Taxes: -€32,935
- Reserves -€30,200
down €30,200 (-8.0%), from €376,300 to €346,100
- Trade debts -€4,969
down €4,969 (-85.2%), from €5,833 to €864
- Gross operating margin -€250,925
down €250,925, from €207,957 to -€42,968
- Staff costs -€142,296
down €142,296 (-100.0%), from €142,296 to €0
- Taxes -€11,785
down €11,785, from €11,704 to -€80
- Financial income +€6,842
up €6,842 (+48.6%), from €14,078 to €20,920
- Depreciation -€5,715
down €5,715 (-44.3%), from €12,909 to €7,194
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 | €448,734 | €381,735 | -€66,999 | -14.9% |
| Fixed assets | 21/28 | €12,009 | €4,816 | -€7,194 | -59.9% |
| Intangible fixed assets | 21 | €1,338 | €958 | -€380 | -28.4% |
| Tangible fixed assets | 22/27 | €10,672 | €3,858 | -€6,814 | -63.8% |
| Furniture and vehicles | 24 | €8,741 | €3,225 | -€5,515 | -63.1% |
| Other tangible fixed assets | 26 | €1,931 | €632 | -€1,299 | -67.3% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €436,725 | €376,919 | -€59,805 | -13.7% |
| Amounts receivable within one year | 40/41 | €306,929 | €365,860 | +€58,932 | +19.2% |
| Trade receivables | 40 | €4,383 | €1,630 | -€2,753 | -62.8% |
| Other amounts receivable | 41 | €302,546 | €364,230 | +€61,684 | +20.4% |
| Cash at bank and in hand | 54/58 | €129,535 | €10,670 | -€118,865 | -91.8% |
| Deferred charges and accrued income | 490/1 | €261 | €389 | +€128 | +49.1% |
| Total equity and liabilities | 10/49 | €448,734 | €381,735 | -€66,999 | -14.9% |
| Equity | 10/15 | €394,850 | €364,650 | -€30,200 | -7.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €376,300 | €346,100 | -€30,200 | -8.0% |
| Distributable reserves | 133 | €376,300 | €346,100 | -€30,200 | -8.0% |
| Amounts payable | 17/49 | €53,884 | €17,085 | -€36,799 | -68.3% |
| Amounts payable within one year | 42/48 | €51,688 | €15,335 | -€36,353 | -70.3% |
| Trade debts | 44 | €5,833 | €864 | -€4,969 | -85.2% |
| Suppliers | 440/4 | €5,833 | €864 | -€4,969 | -85.2% |
| Taxes, remuneration and social security | 45 | €45,854 | €12,920 | -€32,935 | -71.8% |
| Taxes | 450/3 | €45,854 | €12,920 | -€32,935 | -71.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €1,551 | +€1,551 | |
| Accrued charges and deferred income | 492/3 | €2,196 | €1,750 | -€446 | -20.3% |
| Non-recurring operating income | 76A | €70,423 | €0 | -€70,423 | -100.0% |
| Remuneration, social security and pensions | 62 | €142,296 | €0 | -€142,296 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,909 | €7,194 | -€5,715 | -44.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,169 | €537 | -€632 | -54.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €207,957 | -€42,968 | -€250,925 | |
| Operating profit (loss) | 9901 | €51,583 | -€50,699 | -€102,282 | |
| Financial income | 75/76B | €14,078 | €20,920 | +€6,842 | +48.6% |
| Recurring financial income | 75 | €14,078 | €20,920 | +€6,842 | +48.6% |
| Financial charges | 65/66B | €566 | €501 | -€65 | -11.5% |
| Recurring financial charges | 65 | €566 | €501 | -€65 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €65,095 | -€30,280 | -€95,375 | |
| Income taxes | 67/77 | €11,704 | -€80 | -€11,785 | |
| Profit (loss) for the period | 9904 | €53,390 | -€30,200 | -€83,590 | |
| Profit (loss) for the period to be appropriated | 9905 | €53,390 | -€30,200 | -€83,590 |
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.