SMART LOGISTICS: 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 LOGISTICS
Largest movements
- Cash -€14,766
down €14,766 (-36.7%), from €40,282 to €25,516
mainly Receivables within one year (-€10,058) and Current investments (-€4,606)
- Receivables within one year +€10,058
up €10,058 (+171.5%), from €5,866 to €15,923
of which Trade receivables: +€7,502
- Current investments +€4,606
up €4,606 (+3.1%), from €148,981 to €153,587
- Tangible fixed assets -€2,113
down €2,113 (-36.6%), from €5,777 to €3,664
of which Furniture and vehicles: -€1,411
- Tax, wage and social debts -€2,134
down €2,134 (-100.0%), from €2,134 to €0
- Gross operating margin -€53,969
down €53,969 (-91.3%), from €59,140 to €5,171
- Taxes -€12,130
down €12,130 (-82.4%), from €14,715 to €2,584
- Depreciation +€813
up €813 (+62.5%), from €1,300 to €2,113
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 | €201,459 | €198,691 | -€2,769 | -1.4% |
| Fixed assets | 21/28 | €5,777 | €3,664 | -€2,113 | -36.6% |
| Tangible fixed assets | 22/27 | €5,777 | €3,664 | -€2,113 | -36.6% |
| Plant, machinery and equipment | 23 | €1,271 | €804 | -€467 | -36.7% |
| Furniture and vehicles | 24 | €4,271 | €2,860 | -€1,411 | -33.0% |
| Other tangible fixed assets | 26 | €235 | €0 | -€235 | -100.0% |
| Current assets | 29/58 | €195,683 | €195,027 | -€656 | -0.3% |
| Amounts receivable within one year | 40/41 | €5,866 | €15,923 | +€10,058 | +171.5% |
| Trade receivables | 40 | €5,385 | €12,887 | +€7,502 | +139.3% |
| Other amounts receivable | 41 | €481 | €3,037 | +€2,556 | +531.2% |
| Current investments | 50/53 | €148,981 | €153,587 | +€4,606 | +3.1% |
| Cash at bank and in hand | 54/58 | €40,282 | €25,516 | -€14,766 | -36.7% |
| Deferred charges and accrued income | 490/1 | €553 | €0 | -€553 | -100.0% |
| Total equity and liabilities | 10/49 | €201,459 | €198,691 | -€2,769 | -1.4% |
| Equity | 10/15 | €192,628 | €192,703 | +€76 | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €174,028 | €174,103 | +€76 | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €172,168 | €172,243 | +€76 | 0.0% |
| Amounts payable | 17/49 | €8,832 | €5,987 | -€2,845 | -32.2% |
| Amounts payable within one year | 42/48 | €8,832 | €5,987 | -€2,845 | -32.2% |
| Trade debts | 44 | €776 | €1,105 | +€329 | +42.4% |
| Suppliers | 440/4 | €776 | €1,105 | +€329 | +42.4% |
| Taxes, remuneration and social security | 45 | €2,134 | €0 | -€2,134 | -100.0% |
| Taxes | 450/3 | €2,134 | €0 | -€2,134 | -100.0% |
| Other amounts payable | 47/48 | €5,922 | €4,882 | -€1,039 | -17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,300 | €2,113 | +€813 | +62.5% |
| Other operating charges | 640/8 | €505 | €952 | +€446 | +88.3% |
| Gross operating margin | 9900 | €59,140 | €5,171 | -€53,969 | -91.3% |
| Operating profit (loss) | 9901 | €57,334 | €2,106 | -€55,228 | -96.3% |
| Financial income | 75/76B | €652 | €727 | +€75 | +11.5% |
| Recurring financial income | 75 | €652 | €727 | +€75 | +11.5% |
| Financial charges | 65/66B | €264 | €173 | -€91 | -34.6% |
| Recurring financial charges | 65 | €264 | €173 | -€91 | -34.6% |
| Profit (loss) for the period before taxes | 9903 | €57,722 | €2,660 | -€55,062 | -95.4% |
| Income taxes | 67/77 | €14,715 | €2,584 | -€12,130 | -82.4% |
| Profit (loss) for the period | 9904 | €43,008 | €76 | -€42,932 | -99.8% |
| Profit (loss) for the period to be appropriated | 9905 | €43,008 | €76 | -€42,932 | -99.8% |
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 3 October 2026 via checked.be.