SMART GRID FRIENDLY: what changed
Two fiscal 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 GRID FRIENDLY
Largest movements
- Stocks and contracts +€61,341
up €61,341 (+82.7%), from €74,140 to €135,482
of which Contracts in progress: +€68,093
- Receivables within one year +€13,126
up €13,126 (+37.4%), from €35,114 to €48,240
of which Trade receivables: +€13,190
- Cash -€4,665
no longer reported in 2025 (was €4,665)
mainly Stocks and contracts (-€61,341) and Trade debts (-€40,199)
- Advances received +€117,171
up €117,171 (+682.1%), from €17,178 to €134,349
- Trade debts -€40,199
down €40,199 (-76.7%), from €52,396 to €12,197
- Tax, wage and social debts -€30,052
no longer reported in 2025 (was €30,052)
- Short-term financial debts +€17,019
new in 2025: €17,019
- Other debts +€13,055
up €13,055 (+667.6%), from €1,956 to €15,011
- Gross operating margin -€14,731
down €14,731, from €12,074 to -€2,657
- Other operating charges -€5,055
down €5,055 (-56.2%), from €9,003 to €3,948
- Taxes -€2,218
no longer reported in 2025 (was €2,218)
- Financial charges +€1,483
up €1,483 (+783.5%), from €189 to €1,672
- Write-downs -€1,267
new in 2025: -€1,267
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 | €143,193 | €213,273 | +€70,080 | +48.9% |
| Current assets | 29/58 | €143,193 | €213,273 | +€70,080 | +48.9% |
| Amounts receivable after more than one year | 29 | €28,767 | €28,490 | -€277 | -1.0% |
| Other amounts receivable | 291 | €28,767 | €28,490 | -€277 | -1.0% |
| Stocks and contracts in progress | 3 | €74,140 | €135,482 | +€61,341 | +82.7% |
| Stocks | 30/36 | €11,864 | €5,113 | -€6,751 | -56.9% |
| Contracts in progress | 37 | €62,276 | €130,369 | +€68,093 | +109.3% |
| Amounts receivable within one year | 40/41 | €35,114 | €48,240 | +€13,126 | +37.4% |
| Trade receivables | 40 | €35,045 | €48,235 | +€13,190 | +37.6% |
| Other amounts receivable | 41 | €70 | €5 | -€64 | -92.5% |
| Cash at bank and in hand | 54/58 | €4,665 | - | -€4,665 | |
| Deferred charges and accrued income | 490/1 | €506 | €1,062 | +€555 | +109.6% |
| Total equity and liabilities | 10/49 | €143,193 | €213,273 | +€70,080 | +48.9% |
| Equity | 10/15 | €41,611 | €34,699 | -€6,913 | -16.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €22,289 | €15,289 | -€7,000 | -31.4% |
| Tax-exempt reserves | 132 | €14,289 | €14,289 | = | 0.0% |
| Distributable reserves | 133 | €8,000 | €1,000 | -€7,000 | -87.5% |
| Profit (loss) carried forward | 14 | €722 | €810 | +€87 | +12.1% |
| Amounts payable | 17/49 | €101,582 | €178,575 | +€76,993 | +75.8% |
| Amounts payable within one year | 42/48 | €101,582 | €178,575 | +€76,993 | +75.8% |
| Financial debts | 43 | - | €17,019 | +€17,019 | |
| Credit institutions | 430/8 | - | €17,019 | +€17,019 | |
| Trade debts | 44 | €52,396 | €12,197 | -€40,199 | -76.7% |
| Suppliers | 440/4 | €52,396 | €12,197 | -€40,199 | -76.7% |
| Advances received on contracts in progress | 46 | €17,178 | €134,349 | +€117,171 | +682.1% |
| Taxes, remuneration and social security | 45 | €30,052 | - | -€30,052 | |
| Taxes | 450/3 | €30,052 | - | -€30,052 | |
| Other amounts payable | 47/48 | €1,956 | €15,011 | +€13,055 | +667.6% |
| Remuneration, social security and pensions | 62 | - | €43 | +€43 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€1,267 | -€1,267 | |
| Other operating charges | 640/8 | €9,003 | €3,948 | -€5,055 | -56.2% |
| Gross operating margin | 9900 | €12,074 | -€2,657 | -€14,731 | |
| Operating profit (loss) | 9901 | €3,072 | -€5,381 | -€8,452 | |
| Financial income | 75/76B | €388 | €140 | -€248 | -63.9% |
| Recurring financial income | 75 | €388 | €140 | -€248 | -63.9% |
| Financial charges | 65/66B | €189 | €1,672 | +€1,483 | +783.5% |
| Recurring financial charges | 65 | €189 | €1,672 | +€1,483 | +783.5% |
| Profit (loss) for the period before taxes | 9903 | €3,271 | -€6,913 | -€10,183 | |
| Income taxes | 67/77 | €2,218 | - | -€2,218 | |
| Profit (loss) for the period | 9904 | €1,052 | -€6,913 | -€7,965 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,052 | -€6,913 | -€7,965 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.