SMART ESTATE: 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 ESTATE
Largest movements
- Cash -€50,695
down €50,695 (-73.0%), from €69,465 to €18,770
mainly Other debts (-€112,940) and Receivables within one year (-€9,208)
- Financial fixed assets -€11,167
no longer reported in 2025 (was €11,167)
- Receivables within one year +€9,208
up €9,208 (+122%), from €7,578 to €16,786
of which Trade receivables: +€7,472
- Tangible fixed assets -€9,156
down €9,156 (-21.3%), from €43,080 to €33,924
- Other debts -€112,940
down €112,940 (-97.0%), from €116,469 to €3,529
- Profit (loss) carried forward +€47,366
up €47,366 (+618%), from €7,659 to €55,025
- Tax, wage and social debts +€2,493
up €2,493 (+50.7%), from €4,917 to €7,410
- Gross operating margin +€43,169
up €43,169 (+143%), from €30,155 to €73,324
- Taxes +€8,533
up €8,533 (+229%), from €3,730 to €12,263
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 | €134,575 | €71,767 | -€62,808 | -46.7% |
| Fixed assets | 21/28 | €54,247 | €33,924 | -€20,323 | -37.5% |
| Tangible fixed assets | 22/27 | €43,080 | €33,924 | -€9,156 | -21.3% |
| Furniture and vehicles | 24 | €43,080 | €33,924 | -€9,156 | -21.3% |
| Financial fixed assets | 28 | €11,167 | - | -€11,167 | |
| Current assets | 29/58 | €80,328 | €37,843 | -€42,485 | -52.9% |
| Amounts receivable within one year | 40/41 | €7,578 | €16,786 | +€9,208 | +122% |
| Trade receivables | 40 | €5,275 | €12,747 | +€7,472 | +142% |
| Other amounts receivable | 41 | €2,303 | €4,039 | +€1,736 | +75.4% |
| Cash at bank and in hand | 54/58 | €69,465 | €18,770 | -€50,695 | -73.0% |
| Deferred charges and accrued income | 490/1 | €3,285 | €2,287 | -€998 | -30.4% |
| Total equity and liabilities | 10/49 | €134,575 | €71,767 | -€62,808 | -46.7% |
| Equity | 10/15 | €10,659 | €58,025 | +€47,366 | +444% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,659 | €55,025 | +€47,366 | +618% |
| Amounts payable | 17/49 | €123,916 | €13,742 | -€110,174 | -88.9% |
| Amounts payable within one year | 42/48 | €123,916 | €13,742 | -€110,174 | -88.9% |
| Trade debts | 44 | €2,530 | €2,803 | +€273 | +10.8% |
| Suppliers | 440/4 | €2,530 | €2,803 | +€273 | +10.8% |
| Taxes, remuneration and social security | 45 | €4,917 | €7,410 | +€2,493 | +50.7% |
| Taxes | 450/3 | €4,917 | €7,410 | +€2,493 | +50.7% |
| Other amounts payable | 47/48 | €116,469 | €3,529 | -€112,940 | -97.0% |
| Non-recurring operating income | 76A | - | €6,334 | +€6,334 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,148 | €12,704 | +€556 | +4.6% |
| Other operating charges | 640/8 | €848 | €1,259 | +€411 | +48.5% |
| Gross operating margin | 9900 | €30,155 | €73,324 | +€43,169 | +143% |
| Operating profit (loss) | 9901 | €17,159 | €59,361 | +€42,202 | +246% |
| Financial income | 75/76B | €109 | €577 | +€468 | +429% |
| Recurring financial income | 75 | €109 | €577 | +€468 | +429% |
| Financial charges | 65/66B | €281 | €309 | +€28 | +10.0% |
| Recurring financial charges | 65 | €281 | €309 | +€28 | +10.0% |
| Profit (loss) for the period before taxes | 9903 | €16,987 | €59,629 | +€42,642 | +251% |
| Income taxes | 67/77 | €3,730 | €12,263 | +€8,533 | +229% |
| Profit (loss) for the period | 9904 | €13,257 | €47,366 | +€34,109 | +257% |
| Profit (loss) for the period to be appropriated | 9905 | €13,257 | €47,366 | +€34,109 | +257% |
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 17 October 2026 via checked.be.