SMART GROUP: 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 GROUP
Largest movements
- Receivables within one year +€391,589
up €391,589 (+96.9%), from €404,251 to €795,840
of which Other amounts receivable: +€214,663
- Financial fixed assets +€364,000
up €364,000 (+516.4%), from €70,489 to €434,488
- Intangible fixed assets -€207,008
down €207,008 (-16.6%), from €1.2m to €1.0m
- Deferred charges and accrued income -€56,381
down €56,381 (-46.9%), from €120,281 to €63,900
- Current investments +€45,740
up €45,740 (+823.3%), from €5,556 to €51,296
- Profit (loss) carried forward +€360,992
up €360,992 (+74.9%), from €482,066 to €843,058
- Debts after one year +€124,467
up €124,467 (+15.9%), from €785,072 to €909,539
- Other debts -€106,904
down €106,904 (-20.8%), from €513,191 to €406,287
- Trade debts +€74,952
up €74,952 (+13.8%), from €541,434 to €616,386
- Tax, wage and social debts +€44,172
up €44,172 (+23.0%), from €191,873 to €236,045
of which Taxes: +€47,154
- Gross operating margin +€546,249
up €546,249 (+25.0%), from €2.2m to €2.7m
- Staff costs +€255,427
up €255,427 (+26.1%), from €980,256 to €1.2m
- Depreciation +€86,367
up €86,367 (+27.8%), from €310,586 to €396,953
- Taxes +€55,653
up €55,653 (+23.3%), from €238,732 to €294,384
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 | €3,073,678 | €3,617,037 | +€543,358 | +17.7% |
| Fixed assets | 21/28 | €2,107,570 | €2,277,225 | +€169,655 | +8.0% |
| Intangible fixed assets | 21 | €1,249,319 | €1,042,311 | -€207,008 | -16.6% |
| Tangible fixed assets | 22/27 | €787,763 | €800,426 | +€12,663 | +1.6% |
| Land and buildings | 22 | €174,667 | €177,613 | +€2,947 | +1.7% |
| Plant, machinery and equipment | 23 | €334,178 | €364,311 | +€30,133 | +9.0% |
| Furniture and vehicles | 24 | €263,531 | €247,792 | -€15,739 | -6.0% |
| Other tangible fixed assets | 26 | €15,387 | €10,709 | -€4,678 | -30.4% |
| Financial fixed assets | 28 | €70,489 | €434,488 | +€364,000 | +516.4% |
| Current assets | 29/58 | €966,108 | €1,339,812 | +€373,704 | +38.7% |
| Amounts receivable within one year | 40/41 | €404,251 | €795,840 | +€391,589 | +96.9% |
| Trade receivables | 40 | €390,822 | €567,748 | +€176,926 | +45.3% |
| Other amounts receivable | 41 | €13,430 | €228,092 | +€214,663 | +1598.4% |
| Current investments | 50/53 | €5,556 | €51,296 | +€45,740 | +823.3% |
| Cash at bank and in hand | 54/58 | €436,020 | €428,775 | -€7,245 | -1.7% |
| Deferred charges and accrued income | 490/1 | €120,281 | €63,900 | -€56,381 | -46.9% |
| Total equity and liabilities | 10/49 | €3,073,678 | €3,617,037 | +€543,358 | +17.7% |
| Equity | 10/15 | €777,066 | €1,138,058 | +€360,992 | +46.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €195,000 | €195,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €185,000 | €185,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €482,066 | €843,058 | +€360,992 | +74.9% |
| Amounts payable | 17/49 | €2,296,612 | €2,478,978 | +€182,366 | +7.9% |
| Amounts payable after more than one year | 17 | €785,072 | €909,539 | +€124,467 | +15.9% |
| Financial debts | 170/4 | €785,072 | €909,539 | +€124,467 | +15.9% |
| Amounts payable within one year | 42/48 | €1,511,541 | €1,567,443 | +€55,902 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €265,042 | €308,725 | +€43,682 | +16.5% |
| Trade debts | 44 | €541,434 | €616,386 | +€74,952 | +13.8% |
| Suppliers | 440/4 | €541,434 | €616,386 | +€74,952 | +13.8% |
| Taxes, remuneration and social security | 45 | €191,873 | €236,045 | +€44,172 | +23.0% |
| Taxes | 450/3 | €45,824 | €92,978 | +€47,154 | +102.9% |
| Remuneration and social security | 454/9 | €146,049 | €143,067 | -€2,982 | -2.0% |
| Other amounts payable | 47/48 | €513,191 | €406,287 | -€106,904 | -20.8% |
| Accrued charges and deferred income | 492/3 | - | €1,997 | +€1,997 | |
| Remuneration, social security and pensions | 62 | €980,256 | €1,235,682 | +€255,427 | +26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €310,586 | €396,953 | +€86,367 | +27.8% |
| Other operating charges | 640/8 | €17,648 | €15,804 | -€1,844 | -10.4% |
| Gross operating margin | 9900 | €2,187,605 | €2,733,854 | +€546,249 | +25.0% |
| Operating profit (loss) | 9901 | €879,116 | €1,085,415 | +€206,299 | +23.5% |
| Financial income | 75/76B | €7,891 | €2,632 | -€5,259 | -66.6% |
| Recurring financial income | 75 | €7,891 | €2,632 | -€5,259 | -66.6% |
| Financial charges | 65/66B | €22,725 | €32,670 | +€9,946 | +43.8% |
| Recurring financial charges | 65 | €22,725 | €32,670 | +€9,946 | +43.8% |
| Profit (loss) for the period before taxes | 9903 | €864,282 | €1,055,377 | +€191,095 | +22.1% |
| Income taxes | 67/77 | €238,732 | €294,384 | +€55,653 | +23.3% |
| Profit (loss) for the period | 9904 | €625,550 | €760,992 | +€135,442 | +21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €625,550 | €760,992 | +€135,442 | +21.7% |
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.