SMART ENERGY SYSTEMS: 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 ENERGY SYSTEMS
Largest movements
- Cash +€131,754
up €131,754 (+147%), from €89,868 to €221,623
mainly Net result for the year (+€232,125) and Receivables within one year (+€74,022)
- Receivables within one year -€74,022
down €74,022 (-39.7%), from €186,244 to €112,222
of which Other amounts receivable: -€96,313
- Stocks and contracts +€26,167
up €26,167 (+14.4%), from €181,852 to €208,019
- Tangible fixed assets -€18,774
down €18,774 (-3.9%), from €479,100 to €460,326
of which Land and buildings: -€37,464
- Reserves +€83,678
up €83,678 (+15.6%), from €534,907 to €618,585
of which Distributable reserves: +€83,678
- Debts after one year -€44,355
down €44,355 (-18.2%), from €244,071 to €199,716
- Advances received +€38,081
up €38,081 (+136%), from €27,992 to €66,073
- Trade debts -€22,047
down €22,047 (-39.2%), from €56,231 to €34,185
- Gross operating margin +€290,496
up €290,496 (+304%), from €95,452 to €385,948
- Taxes +€73,187
up €73,187 (+1,369%), from €5,344 to €78,531
- Staff costs +€8,048
up €8,048 (+75.3%), from €10,691 to €18,739
- Financial income +€7,416
up €7,416 (+27,206%), from €27 to €7,444
- Depreciation +€5,368
up €5,368 (+11.5%), from €46,719 to €52,087
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 | €939,140 | €1,003,696 | +€64,557 | +6.9% |
| Fixed assets | 21/28 | €479,100 | €460,326 | -€18,774 | -3.9% |
| Tangible fixed assets | 22/27 | €479,100 | €460,326 | -€18,774 | -3.9% |
| Land and buildings | 22 | €438,078 | €400,613 | -€37,464 | -8.6% |
| Plant, machinery and equipment | 23 | €11,288 | €8,647 | -€2,642 | -23.4% |
| Furniture and vehicles | 24 | €29,734 | €51,066 | +€21,332 | +71.7% |
| Current assets | 29/58 | €460,040 | €543,370 | +€83,331 | +18.1% |
| Stocks and contracts in progress | 3 | €181,852 | €208,019 | +€26,167 | +14.4% |
| Stocks | 30/36 | €181,852 | €208,019 | +€26,167 | +14.4% |
| Amounts receivable within one year | 40/41 | €186,244 | €112,222 | -€74,022 | -39.7% |
| Trade receivables | 40 | €81,908 | €104,199 | +€22,291 | +27.2% |
| Other amounts receivable | 41 | €104,336 | €8,023 | -€96,313 | -92.3% |
| Cash at bank and in hand | 54/58 | €89,868 | €221,623 | +€131,754 | +147% |
| Deferred charges and accrued income | 490/1 | €2,075 | €1,507 | -€568 | -27.4% |
| Total equity and liabilities | 10/49 | €939,140 | €1,003,696 | +€64,557 | +6.9% |
| Equity | 10/15 | €564,907 | €648,585 | +€83,678 | +14.8% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €534,907 | €618,585 | +€83,678 | +15.6% |
| Tax-exempt reserves | 132 | €15,975 | €15,975 | = | 0.0% |
| Distributable reserves | 133 | €518,931 | €602,609 | +€83,678 | +16.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €374,233 | €355,112 | -€19,121 | -5.1% |
| Amounts payable after more than one year | 17 | €244,071 | €199,716 | -€44,355 | -18.2% |
| Financial debts | 170/4 | €244,071 | €199,716 | -€44,355 | -18.2% |
| Amounts payable within one year | 42/48 | €130,162 | €155,395 | +€25,233 | +19.4% |
| Current portion of amounts payable after more than one year | 42 | €43,455 | €44,355 | +€899 | +2.1% |
| Trade debts | 44 | €56,231 | €34,185 | -€22,047 | -39.2% |
| Suppliers | 440/4 | €56,231 | €34,185 | -€22,047 | -39.2% |
| Advances received on contracts in progress | 46 | €27,992 | €66,073 | +€38,081 | +136% |
| Taxes, remuneration and social security | 45 | €1,469 | €3,124 | +€1,656 | +113% |
| Taxes | 450/3 | €11 | €0 | -€11 | -100% |
| Remuneration and social security | 454/9 | €1,458 | €3,124 | +€1,666 | +114% |
| Other amounts payable | 47/48 | €1,016 | €7,659 | +€6,644 | +654% |
| Remuneration, social security and pensions | 62 | €10,691 | €18,739 | +€8,048 | +75.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,719 | €52,087 | +€5,368 | +11.5% |
| Other operating charges | 640/8 | €5,548 | €5,630 | +€82 | +1.5% |
| Non-recurring operating charges | 66A | - | €39 | +€39 | |
| Gross operating margin | 9900 | €95,452 | €385,948 | +€290,496 | +304% |
| Operating profit (loss) | 9901 | €32,495 | €309,454 | +€276,959 | +852% |
| Financial income | 75/76B | €27 | €7,444 | +€7,416 | +27,206% |
| Recurring financial income | 75 | €27 | €7,444 | +€7,416 | +27,206% |
| Financial charges | 65/66B | €7,834 | €6,242 | -€1,591 | -20.3% |
| Recurring financial charges | 65 | €7,834 | €6,242 | -€1,591 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €24,688 | €310,655 | +€285,967 | +1,158% |
| Income taxes | 67/77 | €5,344 | €78,531 | +€73,187 | +1,369% |
| Profit (loss) for the period | 9904 | €19,344 | €232,125 | +€212,780 | +1,100% |
| Profit (loss) for the period to be appropriated | 9905 | €19,344 | €232,125 | +€212,780 | +1,100% |
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 24 October 2026 via checked.be.