SMART-LINK: 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-LINK
Largest movements
- Cash -€65,394
down €65,394 (-88.3%), from €74,030 to €8,636
mainly Other debts (-€50,520) and Trade debts (-€20,855)
- Receivables within one year +€10,477
up €10,477 (+9.0%), from €116,173 to €126,650
of which Trade receivables: +€15,157
- Tangible fixed assets -€6,300
down €6,300 (-41.6%), from €15,155 to €8,855
- Other debts -€50,520
down €50,520 (-43.3%), from €116,620 to €66,100
- Trade debts -€20,855
down €20,855 (-80.5%), from €25,894 to €5,039
- Reserves +€10,000
up €10,000 (+20.0%), from €50,000 to €60,000
- Gross operating margin +€4,416
up €4,416 (+27.9%), from €15,818 to €20,235
- Depreciation +€2,427
up €2,427 (+62.6%), from €3,873 to €6,300
- Other operating charges +€549
up €549 (+17.2%), from €3,200 to €3,749
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 | €223,487 | €160,340 | -€63,147 | -28.3% |
| Fixed assets | 21/28 | €15,155 | €8,855 | -€6,300 | -41.6% |
| Tangible fixed assets | 22/27 | €15,155 | €8,855 | -€6,300 | -41.6% |
| Furniture and vehicles | 24 | €15,155 | €8,855 | -€6,300 | -41.6% |
| Current assets | 29/58 | €208,332 | €151,485 | -€56,847 | -27.3% |
| Stocks and contracts in progress | 3 | €16,116 | €15,196 | -€919 | -5.7% |
| Stocks | 30/36 | €16,116 | €15,196 | -€919 | -5.7% |
| Amounts receivable within one year | 40/41 | €116,173 | €126,650 | +€10,477 | +9.0% |
| Trade receivables | 40 | €107,011 | €122,168 | +€15,157 | +14.2% |
| Other amounts receivable | 41 | €9,162 | €4,482 | -€4,680 | -51.1% |
| Cash at bank and in hand | 54/58 | €74,030 | €8,636 | -€65,394 | -88.3% |
| Deferred charges and accrued income | 490/1 | €2,014 | €1,003 | -€1,011 | -50.2% |
| Total equity and liabilities | 10/49 | €223,487 | €160,340 | -€63,147 | -28.3% |
| Equity | 10/15 | €75,490 | €85,168 | +€9,678 | +12.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €50,000 | €60,000 | +€10,000 | +20.0% |
| Distributable reserves | 133 | €50,000 | €60,000 | +€10,000 | +20.0% |
| Profit (loss) carried forward | 14 | €6,890 | €6,568 | -€322 | -4.7% |
| Amounts payable | 17/49 | €147,996 | €75,172 | -€72,825 | -49.2% |
| Amounts payable within one year | 42/48 | €147,996 | €75,172 | -€72,825 | -49.2% |
| Trade debts | 44 | €25,894 | €5,039 | -€20,855 | -80.5% |
| Suppliers | 440/4 | €25,894 | €5,039 | -€20,855 | -80.5% |
| Taxes, remuneration and social security | 45 | €5,482 | €4,033 | -€1,449 | -26.4% |
| Taxes | 450/3 | €5,482 | €4,033 | -€1,449 | -26.4% |
| Other amounts payable | 47/48 | €116,620 | €66,100 | -€50,520 | -43.3% |
| Non-recurring operating income | 76A | €7,951 | - | -€7,951 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,873 | €6,300 | +€2,427 | +62.6% |
| Other operating charges | 640/8 | €3,200 | €3,749 | +€549 | +17.2% |
| Gross operating margin | 9900 | €15,818 | €20,235 | +€4,416 | +27.9% |
| Operating profit (loss) | 9901 | €8,745 | €10,186 | +€1,440 | +16.5% |
| Financial income | 75/76B | €65 | €2 | -€63 | -97.3% |
| Recurring financial income | 75 | €65 | €2 | -€63 | -97.3% |
| Financial charges | 65/66B | €564 | €510 | -€54 | -9.6% |
| Recurring financial charges | 65 | €564 | €510 | -€54 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €8,246 | €9,678 | +€1,432 | +17.4% |
| Profit (loss) for the period | 9904 | €8,246 | €9,678 | +€1,432 | +17.4% |
| Profit (loss) for the period to be appropriated | 9905 | €8,246 | €9,678 | +€1,432 | +17.4% |
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 7 October 2026 via checked.be.