Smart Ends: 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 Ends
Largest movements
- Receivables within one year +€944,303
up €944,303 (+101.4%), from €931,169 to €1.9m
of which Trade receivables: +€941,269
- Intangible fixed assets +€226,916
up €226,916 (+138.6%), from €163,769 to €390,685
- Stocks and contracts -€174,338
down €174,338 (-35.8%), from €486,385 to €312,047
- Cash +€51,165
up €51,165 (+237.6%), from €21,536 to €72,700
mainly Trade debts (+€1.1m) and Net result for the year (+€228,170)
- Trade debts +€1.1m
up €1.1m (+333.1%), from €330,976 to €1.4m
- Reserves +€228,170
up €228,170 (+173.7%), from €131,370 to €359,540
- Debts after one year -€138,659
down €138,659 (-40.9%), from €338,659 to €200,000
- Current portion of long-term debt -€111,599
down €111,599 (-43.7%), from €255,258 to €143,659
- Gross operating margin +€30,855
up €30,855 (+8.3%), from €371,391 to €402,246
- Staff costs -€28,506
down €28,506 (-26.5%), from €107,544 to €79,039
- Financial income +€24,465
up €24,465 (+9133.4%), from €268 to €24,733
- Depreciation +€22,461
up €22,461 (+69.4%), from €32,356 to €54,817
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 | €1,604,919 | €2,652,905 | +€1.0m | +65.3% |
| Fixed assets | 21/28 | €165,769 | €392,685 | +€226,916 | +136.9% |
| Intangible fixed assets | 21 | €163,769 | €390,685 | +€226,916 | +138.6% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €1,439,150 | €2,260,220 | +€821,070 | +57.1% |
| Stocks and contracts in progress | 3 | €486,385 | €312,047 | -€174,338 | -35.8% |
| Stocks | 30/36 | €486,385 | €312,047 | -€174,338 | -35.8% |
| Amounts receivable within one year | 40/41 | €931,169 | €1,875,472 | +€944,303 | +101.4% |
| Trade receivables | 40 | €924,578 | €1,865,847 | +€941,269 | +101.8% |
| Other amounts receivable | 41 | €6,591 | €9,625 | +€3,034 | +46.0% |
| Cash at bank and in hand | 54/58 | €21,536 | €72,700 | +€51,165 | +237.6% |
| Deferred charges and accrued income | 490/1 | €60 | €0 | -€60 | -100.0% |
| Total equity and liabilities | 10/49 | €1,604,919 | €2,652,905 | +€1.0m | +65.3% |
| Equity | 10/15 | €397,374 | €625,544 | +€228,170 | +57.4% |
| Contributions | 10/11 | €266,004 | €266,004 | = | 0.0% |
| Reserves | 13 | €131,370 | €359,540 | +€228,170 | +173.7% |
| Distributable reserves | 133 | €131,370 | €359,540 | +€228,170 | +173.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,207,545 | €2,027,361 | +€819,816 | +67.9% |
| Amounts payable after more than one year | 17 | €338,659 | €200,000 | -€138,659 | -40.9% |
| Financial debts | 170/4 | €338,659 | €200,000 | -€138,659 | -40.9% |
| Amounts payable within one year | 42/48 | €849,286 | €1,827,361 | +€978,075 | +115.2% |
| Current portion of amounts payable after more than one year | 42 | €255,258 | €143,659 | -€111,599 | -43.7% |
| Financial debts | 43 | €228,020 | €225,000 | -€3,020 | -1.3% |
| Credit institutions | 430/8 | €228,020 | €225,000 | -€3,020 | -1.3% |
| Trade debts | 44 | €330,976 | €1,433,543 | +€1.1m | +333.1% |
| Suppliers | 440/4 | €330,976 | €1,433,543 | +€1.1m | +333.1% |
| Taxes, remuneration and social security | 45 | €34,479 | €24,578 | -€9,900 | -28.7% |
| Taxes | 450/3 | €12,935 | €14,241 | +€1,306 | +10.1% |
| Remuneration and social security | 454/9 | €21,544 | €10,337 | -€11,207 | -52.0% |
| Other amounts payable | 47/48 | €554 | €581 | +€27 | +5.0% |
| Accrued charges and deferred income | 492/3 | €19,600 | €0 | -€19,600 | -100.0% |
| Non-recurring operating income | 76A | €0 | €23,827 | +€23,827 | |
| Remuneration, social security and pensions | 62 | €107,544 | €79,039 | -€28,506 | -26.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,356 | €54,817 | +€22,461 | +69.4% |
| Other operating charges | 640/8 | €2,044 | €1,844 | -€200 | -9.8% |
| Non-recurring operating charges | 66A | €3,010 | €0 | -€3,010 | -100.0% |
| Gross operating margin | 9900 | €371,391 | €402,246 | +€30,855 | +8.3% |
| Operating profit (loss) | 9901 | €226,436 | €266,546 | +€40,110 | +17.7% |
| Financial income | 75/76B | €268 | €24,733 | +€24,465 | +9133.4% |
| Recurring financial income | 75 | €268 | €24,733 | +€24,465 | +9133.4% |
| Financial charges | 65/66B | €66,904 | €63,109 | -€3,795 | -5.7% |
| Recurring financial charges | 65 | €66,904 | €63,109 | -€3,795 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €159,801 | €228,170 | +€68,369 | +42.8% |
| Profit (loss) for the period | 9904 | €159,801 | €228,170 | +€68,369 | +42.8% |
| Profit (loss) for the period to be appropriated | 9905 | €159,801 | €228,170 | +€68,369 | +42.8% |
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.