Smart Invest: 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 Invest
Largest movements
- Cash +€190,667
up €190,667 (+923%), from €20,651 to €211,318
mainly Other debts (+€115,794) and Debts after one year (+€83,891)
- Tangible fixed assets +€116,092
up €116,092 (+476%), from €24,400 to €140,492
of which Furniture and vehicles: +€118,033
- Receivables within one year -€77,640
down €77,640 (-81.7%), from €94,987 to €17,346
of which Trade receivables: -€72,239
- Other debts +€115,794
up €115,794 (+1,128%), from €10,264 to €126,058
- Debts after one year +€83,891
new in 2025: €83,891
- Current portion of long-term debt +€19,388
new in 2025: €19,388
- Reserves +€15,439
up €15,439 (+33.5%), from €46,076 to €61,515
- Trade debts -€14,321
down €14,321 (-55.3%), from €25,902 to €11,581
- Gross operating margin -€74,836
down €74,836 (-85.9%), from €87,125 to €12,289
- Write-downs -€61,983
down €61,983, from €41,322 to -€20,661
- Depreciation +€3,394
up €3,394 (+242%), from €1,401 to €4,794
- Financial charges +€1,058
up €1,058 (+835%), from €127 to €1,185
of which Non-recurring financial charges: +€908
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 | €143,823 | €375,051 | +€231,228 | +161% |
| Fixed assets | 21/28 | €27,500 | €143,592 | +€116,092 | +422% |
| Tangible fixed assets | 22/27 | €24,400 | €140,492 | +€116,092 | +476% |
| Plant, machinery and equipment | 23 | €1,337 | €904 | -€433 | -32.4% |
| Furniture and vehicles | 24 | €9,451 | €127,485 | +€118,033 | +1,249% |
| Other tangible fixed assets | 26 | €13,612 | €12,103 | -€1,509 | -11.1% |
| Financial fixed assets | 28 | €3,100 | €3,100 | = | 0.0% |
| Current assets | 29/58 | €116,323 | €231,459 | +€115,136 | +99.0% |
| Amounts receivable within one year | 40/41 | €94,987 | €17,346 | -€77,640 | -81.7% |
| Trade receivables | 40 | €89,585 | €17,346 | -€72,239 | -80.6% |
| Other amounts receivable | 41 | €5,402 | €0 | -€5,402 | -100% |
| Cash at bank and in hand | 54/58 | €20,651 | €211,318 | +€190,667 | +923% |
| Deferred charges and accrued income | 490/1 | €686 | €2,795 | +€2,109 | +308% |
| Total equity and liabilities | 10/49 | €143,823 | €375,051 | +€231,228 | +161% |
| Equity | 10/15 | €64,676 | €80,115 | +€15,439 | +23.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €46,076 | €61,515 | +€15,439 | +33.5% |
| Distributable reserves | 133 | €46,076 | €61,515 | +€15,439 | +33.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €79,147 | €294,936 | +€215,789 | +273% |
| Amounts payable after more than one year | 17 | - | €83,891 | +€83,891 | |
| Financial debts | 170/4 | - | €83,891 | +€83,891 | |
| Amounts payable within one year | 42/48 | €79,147 | €211,045 | +€131,898 | +167% |
| Current portion of amounts payable after more than one year | 42 | - | €19,388 | +€19,388 | |
| Trade debts | 44 | €25,902 | €11,581 | -€14,321 | -55.3% |
| Suppliers | 440/4 | €25,902 | €11,581 | -€14,321 | -55.3% |
| Taxes, remuneration and social security | 45 | €42,981 | €54,018 | +€11,037 | +25.7% |
| Taxes | 450/3 | €15,077 | €24,501 | +€9,424 | +62.5% |
| Remuneration and social security | 454/9 | €27,904 | €29,517 | +€1,613 | +5.8% |
| Other amounts payable | 47/48 | €10,264 | €126,058 | +€115,794 | +1,128% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,401 | €4,794 | +€3,394 | +242% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €41,322 | -€20,661 | -€61,983 | |
| Other operating charges | 640/8 | €118 | €181 | +€63 | +53.2% |
| Gross operating margin | 9900 | €87,125 | €12,289 | -€74,836 | -85.9% |
| Operating profit (loss) | 9901 | €44,284 | €27,975 | -€16,309 | -36.8% |
| Financial charges | 65/66B | €127 | €1,185 | +€1,058 | +835% |
| Recurring financial charges | 65 | €127 | €277 | +€151 | +119% |
| Non-recurring financial charges | 66B | - | €908 | +€908 | |
| Profit (loss) for the period before taxes | 9903 | €44,158 | €26,791 | -€17,367 | -39.3% |
| Income taxes | 67/77 | €10,875 | €11,352 | +€477 | +4.4% |
| Profit (loss) for the period | 9904 | €33,283 | €15,439 | -€17,844 | -53.6% |
| Profit (loss) for the period to be appropriated | 9905 | €33,283 | €15,439 | -€17,844 | -53.6% |
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 1 November 2026 via checked.be.