SMART HORIZON: 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 HORIZON
Largest movements
- Tangible fixed assets +€24,193
up €24,193 (+4,853%), from €498 to €24,691
- Receivables within one year -€14,459
down €14,459 (-52.0%), from €27,805 to €13,345
of which Trade receivables: -€16,240
- Cash -€3,730
down €3,730 (-6.6%), from €56,471 to €52,741
mainly Contributions, distributions and other (-€58,480) and Investment in fixed assets (net) (-€32,143)
- Other debts -€13,021
down €13,021 (-18.2%), from €71,501 to €58,480
- Debts after one year +€10,227
new in 2025: €10,227
- Current portion of long-term debt +€8,182
new in 2025: €8,182
- Trade debts +€1,019
up €1,019 (+624%), from €163 to €1,182
- Depreciation +€7,035
up €7,035 (+769%), from €915 to €7,950
- Gross operating margin +€850
up €850 (+1.0%), from €82,326 to €83,176
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 | €85,212 | €91,815 | +€6,603 | +7.7% |
| Fixed assets | 21/28 | €498 | €24,691 | +€24,193 | +4,853% |
| Tangible fixed assets | 22/27 | €498 | €24,691 | +€24,193 | +4,853% |
| Furniture and vehicles | 24 | €498 | €24,691 | +€24,193 | +4,853% |
| Current assets | 29/58 | €84,713 | €67,124 | -€17,590 | -20.8% |
| Stocks and contracts in progress | 3 | - | €650 | +€650 | |
| Stocks | 30/36 | - | €650 | +€650 | |
| Amounts receivable within one year | 40/41 | €27,805 | €13,345 | -€14,459 | -52.0% |
| Trade receivables | 40 | €26,440 | €10,200 | -€16,240 | -61.4% |
| Other amounts receivable | 41 | €1,365 | €3,145 | +€1,781 | +130% |
| Cash at bank and in hand | 54/58 | €56,471 | €52,741 | -€3,730 | -6.6% |
| Deferred charges and accrued income | 490/1 | €438 | €387 | -€50 | -11.5% |
| Total equity and liabilities | 10/49 | €85,212 | €91,815 | +€6,603 | +7.7% |
| Equity | 10/15 | €2,001 | €2,000 | -€1 | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Contributions outside capital | 11 | - | €2,000 | +€2,000 | |
| Other | 1109/19 | - | €2,000 | +€2,000 | |
| Profit (loss) carried forward | 14 | €1 | €0 | -€1 | -84.7% |
| Amounts payable | 17/49 | €83,211 | €89,815 | +€6,604 | +7.9% |
| Amounts payable after more than one year | 17 | - | €10,227 | +€10,227 | |
| Financial debts | 170/4 | - | €10,227 | +€10,227 | |
| Amounts payable within one year | 42/48 | €82,261 | €78,587 | -€3,674 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | - | €8,182 | +€8,182 | |
| Trade debts | 44 | €163 | €1,182 | +€1,019 | +624% |
| Suppliers | 440/4 | €163 | €1,182 | +€1,019 | +624% |
| Taxes, remuneration and social security | 45 | €10,597 | €10,744 | +€147 | +1.4% |
| Taxes | 450/3 | €10,597 | €10,744 | +€147 | +1.4% |
| Other amounts payable | 47/48 | €71,501 | €58,480 | -€13,021 | -18.2% |
| Accrued charges and deferred income | 492/3 | €950 | €1,000 | +€50 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €915 | €7,950 | +€7,035 | +769% |
| Other operating charges | 640/8 | €387 | €845 | +€458 | +118% |
| Gross operating margin | 9900 | €82,326 | €83,176 | +€850 | +1.0% |
| Operating profit (loss) | 9901 | €81,023 | €74,381 | -€6,642 | -8.2% |
| Financial income | 75/76B | €0 | €1 | +€1 | +380% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +380% |
| Financial charges | 65/66B | €133 | €96 | -€37 | -28.1% |
| Recurring financial charges | 65 | €133 | €96 | -€37 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €80,891 | €74,286 | -€6,604 | -8.2% |
| Income taxes | 67/77 | €16,635 | €15,807 | -€828 | -5.0% |
| Profit (loss) for the period | 9904 | €64,256 | €58,479 | -€5,776 | -9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €64,256 | €58,479 | -€5,776 | -9.0% |
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.