Smart-HMC: 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-HMC
Largest movements
- Cash +€66,095
up €66,095 (+135%), from €49,020 to €115,115
mainly Other debts (+€105,801) and Current investments (+€50,060)
- Current investments -€50,060
down €50,060 (-55.6%), from €90,000 to €39,940
- Tangible fixed assets -€22,122
down €22,122 (-4.6%), from €482,062 to €459,940
- Other debts +€105,801
up €105,801 (+103%), from €102,692 to €208,493
- Reserves -€77,021
down €77,021 (-38.6%), from €199,386 to €122,365
of which Distributable reserves: -€77,021
- Debts after one year -€23,885
down €23,885 (-16.1%), from €148,324 to €124,439
- Current portion of long-term debt -€6,729
down €6,729 (-20.1%), from €33,429 to €26,700
- Gross operating margin -€18,460
down €18,460 (-17.0%), from €108,674 to €90,214
- Taxes -€6,162
down €6,162 (-28.6%), from €21,564 to €15,402
- Financial charges +€3,703
up €3,703 (+41.4%), from €8,951 to €12,654
- Depreciation +€1,339
up €1,339 (+5.0%), from €26,585 to €27,925
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 | €651,154 | €648,251 | -€2,903 | -0.4% |
| Fixed assets | 21/28 | €482,312 | €460,190 | -€22,122 | -4.6% |
| Tangible fixed assets | 22/27 | €482,062 | €459,940 | -€22,122 | -4.6% |
| Land and buildings | 22 | €336,669 | €328,594 | -€8,075 | -2.4% |
| Furniture and vehicles | 24 | €13,345 | €9,274 | -€4,070 | -30.5% |
| Other tangible fixed assets | 26 | €132,049 | €122,072 | -€9,977 | -7.6% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €168,841 | €188,061 | +€19,219 | +11.4% |
| Amounts receivable within one year | 40/41 | €25,411 | €26,769 | +€1,359 | +5.3% |
| Trade receivables | 40 | €25,411 | €26,769 | +€1,359 | +5.3% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €90,000 | €39,940 | -€50,060 | -55.6% |
| Cash at bank and in hand | 54/58 | €49,020 | €115,115 | +€66,095 | +135% |
| Deferred charges and accrued income | 490/1 | €4,411 | €6,237 | +€1,826 | +41.4% |
| Total equity and liabilities | 10/49 | €651,154 | €648,251 | -€2,903 | -0.4% |
| Equity | 10/15 | €341,402 | €262,715 | -€78,687 | -23.0% |
| Contributions | 10/11 | €118,600 | €118,600 | = | 0.0% |
| Reserves | 13 | €199,386 | €122,365 | -€77,021 | -38.6% |
| Non-distributable reserves | 130/1 | €2,910 | €2,910 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,910 | €2,910 | = | 0.0% |
| Distributable reserves | 133 | €196,477 | €119,456 | -€77,021 | -39.2% |
| Profit (loss) carried forward | 14 | €23,416 | €21,750 | -€1,666 | -7.1% |
| Amounts payable | 17/49 | €309,751 | €385,535 | +€75,784 | +24.5% |
| Amounts payable after more than one year | 17 | €148,324 | €124,439 | -€23,885 | -16.1% |
| Financial debts | 170/4 | €148,324 | €124,439 | -€23,885 | -16.1% |
| Amounts payable within one year | 42/48 | €161,225 | €256,279 | +€95,055 | +59.0% |
| Current portion of amounts payable after more than one year | 42 | €33,429 | €26,700 | -€6,729 | -20.1% |
| Trade debts | 44 | €1,552 | €3,521 | +€1,968 | +127% |
| Suppliers | 440/4 | €1,552 | €3,521 | +€1,968 | +127% |
| Taxes, remuneration and social security | 45 | €23,551 | €17,565 | -€5,986 | -25.4% |
| Taxes | 450/3 | €19,731 | €13,745 | -€5,986 | -30.3% |
| Remuneration and social security | 454/9 | €3,820 | €3,820 | = | 0.0% |
| Other amounts payable | 47/48 | €102,692 | €208,493 | +€105,801 | +103% |
| Accrued charges and deferred income | 492/3 | €203 | €4,817 | +€4,614 | +2,278% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,585 | €27,925 | +€1,339 | +5.0% |
| Other operating charges | 640/8 | €3,690 | €2,800 | -€890 | -24.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €108,674 | €90,214 | -€18,460 | -17.0% |
| Operating profit (loss) | 9901 | €78,399 | €59,489 | -€18,910 | -24.1% |
| Financial income | 75/76B | €1,910 | €1,361 | -€549 | -28.7% |
| Recurring financial income | 75 | €1,910 | €1,361 | -€549 | -28.7% |
| Financial charges | 65/66B | €8,951 | €12,654 | +€3,703 | +41.4% |
| Recurring financial charges | 65 | €8,951 | €12,654 | +€3,703 | +41.4% |
| Profit (loss) for the period before taxes | 9903 | €71,359 | €48,197 | -€23,162 | -32.5% |
| Income taxes | 67/77 | €21,564 | €15,402 | -€6,162 | -28.6% |
| Profit (loss) for the period | 9904 | €49,795 | €32,795 | -€17,000 | -34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €49,795 | €32,795 | -€17,000 | -34.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.