Smart.Fish: 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.Fish
Largest movements
- Tangible fixed assets +€78,018
up €78,018 (+47.6%), from €163,869 to €241,887
of which Land and buildings: +€96,290
- Receivables within one year +€26,430
up €26,430 (+91.7%), from €28,824 to €55,254
of which Trade receivables: +€42,658
- Cash -€15,978
down €15,978 (-5.6%), from €286,362 to €270,383
mainly Investment in fixed assets (net) (-€112,285) and Receivables within one year (-€26,430)
- Debts after one year +€65,487
up €65,487 (+74.5%), from €87,891 to €153,378
- Reserves +€19,326
up €19,326 (+6.2%), from €312,268 to €331,594
- Current portion of long-term debt +€8,592
up €8,592 (+47.5%), from €18,085 to €26,676
- Gross operating margin -€35,687
down €35,687 (-33.1%), from €107,697 to €72,010
- Taxes -€5,214
down €5,214 (-31.8%), from €16,409 to €11,196
- Depreciation +€5,206
up €5,206 (+17.9%), from €29,061 to €34,267
- Other operating charges -€1,915
down €1,915 (-69.1%), from €2,770 to €855
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 | €510,475 | €603,402 | +€92,927 | +18.2% |
| Fixed assets | 21/28 | €164,619 | €242,637 | +€78,018 | +47.4% |
| Tangible fixed assets | 22/27 | €163,869 | €241,887 | +€78,018 | +47.6% |
| Land and buildings | 22 | €65,000 | €161,290 | +€96,290 | +148% |
| Plant, machinery and equipment | 23 | €29,613 | €24,154 | -€5,459 | -18.4% |
| Furniture and vehicles | 24 | €53,301 | €43,659 | -€9,642 | -18.1% |
| Other tangible fixed assets | 26 | €15,956 | €12,784 | -€3,171 | -19.9% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €345,856 | €360,765 | +€14,909 | +4.3% |
| Amounts receivable within one year | 40/41 | €28,824 | €55,254 | +€26,430 | +91.7% |
| Trade receivables | 40 | €7,545 | €50,203 | +€42,658 | +565% |
| Other amounts receivable | 41 | €21,280 | €5,052 | -€16,228 | -76.3% |
| Current investments | 50/53 | €28,844 | €28,844 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €286,362 | €270,383 | -€15,978 | -5.6% |
| Deferred charges and accrued income | 490/1 | €1,827 | €6,284 | +€4,457 | +244% |
| Total equity and liabilities | 10/49 | €510,475 | €603,402 | +€92,927 | +18.2% |
| Equity | 10/15 | €330,868 | €350,194 | +€19,326 | +5.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €312,268 | €331,594 | +€19,326 | +6.2% |
| Distributable reserves | 133 | €312,268 | €331,594 | +€19,326 | +6.2% |
| Amounts payable | 17/49 | €179,607 | €253,208 | +€73,601 | +41.0% |
| Amounts payable after more than one year | 17 | €87,891 | €153,378 | +€65,487 | +74.5% |
| Financial debts | 170/4 | €87,891 | €153,378 | +€65,487 | +74.5% |
| Amounts payable within one year | 42/48 | €89,437 | €93,664 | +€4,227 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €18,085 | €26,676 | +€8,592 | +47.5% |
| Financial debts | 43 | €9 | €0 | -€9 | -100% |
| Credit institutions | 430/8 | €9 | €0 | -€9 | -100% |
| Trade debts | 44 | €22,247 | €21,192 | -€1,056 | -4.7% |
| Suppliers | 440/4 | €22,247 | €21,192 | -€1,056 | -4.7% |
| Taxes, remuneration and social security | 45 | €7,638 | €10,223 | +€2,584 | +33.8% |
| Taxes | 450/3 | €7,638 | €10,223 | +€2,584 | +33.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €41,458 | €35,574 | -€5,884 | -14.2% |
| Accrued charges and deferred income | 492/3 | €2,279 | €6,166 | +€3,887 | +171% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,061 | €34,267 | +€5,206 | +17.9% |
| Other operating charges | 640/8 | €2,770 | €855 | -€1,915 | -69.1% |
| Gross operating margin | 9900 | €107,697 | €72,010 | -€35,687 | -33.1% |
| Operating profit (loss) | 9901 | €75,866 | €36,888 | -€38,978 | -51.4% |
| Financial income | 75/76B | €1,507 | €2,077 | +€571 | +37.9% |
| Recurring financial income | 75 | €1,507 | €2,077 | +€571 | +37.9% |
| Financial charges | 65/66B | €7,419 | €8,444 | +€1,025 | +13.8% |
| Recurring financial charges | 65 | €7,419 | €8,444 | +€1,025 | +13.8% |
| Profit (loss) for the period before taxes | 9903 | €69,954 | €30,522 | -€39,433 | -56.4% |
| Income taxes | 67/77 | €16,409 | €11,196 | -€5,214 | -31.8% |
| Profit (loss) for the period | 9904 | €53,545 | €19,326 | -€34,219 | -63.9% |
| Profit (loss) for the period to be appropriated | 9905 | €53,545 | €19,326 | -€34,219 | -63.9% |
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 13 October 2026 via checked.be.