Smart Management: 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 Management
Largest movements
- Receivables within one year +€768,375
up €768,375 (+85.9%), from €894,545 to €1.7m
of which Trade receivables: +€719,577
- Stocks and contracts -€455,105
down €455,105 (-100.0%), from €455,105 to €0
of which Contracts in progress: -€333,806
- Deferred charges and accrued income -€278,127
down €278,127 (-95.6%), from €290,802 to €12,675
- Cash +€143,820
up €143,820 (+557.7%), from €25,788 to €169,608
mainly Net result for the year (+€712,157) and Advances received (+€511,861)
- Tangible fixed assets -€77,318
down €77,318 (-97.9%), from €78,960 to €1,642
- Profit (loss) carried forward +€712,157
up €712,157 (+58.4%), from -€1.2m to -€506,960
- Trade debts -€629,129
down €629,129 (-61.2%), from €1.0m to €399,274
- Advances received +€511,861
new in 2025: €511,861
- Tax, wage and social debts -€280,795
down €280,795 (-82.1%), from €342,019 to €61,224
of which Remuneration and social security: -€251,848
- Other debts -€139,456
down €139,456 (-25.0%), from €557,413 to €417,957
- Gross operating margin +€658,843
up €658,843 (+195.5%), from €336,930 to €995,772
- Staff costs -€506,123
down €506,123 (-76.2%), from €664,205 to €158,081
- Financial charges +€45,546
up €45,546 (+67.8%), from €67,154 to €112,701
- Depreciation -€22,087
down €22,087 (-73.8%), from €29,943 to €7,856
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 | €1,785,870 | €1,881,516 | +€95,646 | +5.4% |
| Fixed assets | 21/28 | €95,630 | €18,312 | -€77,318 | -80.9% |
| Tangible fixed assets | 22/27 | €78,960 | €1,642 | -€77,318 | -97.9% |
| Land and buildings | 22 | €20,401 | €0 | -€20,401 | -100.0% |
| Plant, machinery and equipment | 23 | €27,957 | €1,642 | -€26,315 | -94.1% |
| Furniture and vehicles | 24 | €30,602 | €0 | -€30,602 | -100.0% |
| Financial fixed assets | 28 | €16,670 | €16,670 | = | 0.0% |
| Current assets | 29/58 | €1,690,240 | €1,863,203 | +€172,964 | +10.2% |
| Amounts receivable after more than one year | 29 | €24,000 | €18,000 | -€6,000 | -25.0% |
| Other amounts receivable | 291 | €24,000 | €18,000 | -€6,000 | -25.0% |
| Stocks and contracts in progress | 3 | €455,105 | €0 | -€455,105 | -100.0% |
| Stocks | 30/36 | €121,299 | €0 | -€121,299 | -100.0% |
| Contracts in progress | 37 | €333,806 | €0 | -€333,806 | -100.0% |
| Amounts receivable within one year | 40/41 | €894,545 | €1,662,920 | +€768,375 | +85.9% |
| Trade receivables | 40 | €801,369 | €1,520,946 | +€719,577 | +89.8% |
| Other amounts receivable | 41 | €93,176 | €141,974 | +€48,798 | +52.4% |
| Cash at bank and in hand | 54/58 | €25,788 | €169,608 | +€143,820 | +557.7% |
| Deferred charges and accrued income | 490/1 | €290,802 | €12,675 | -€278,127 | -95.6% |
| Total equity and liabilities | 10/49 | €1,785,870 | €1,881,516 | +€95,646 | +5.4% |
| Equity | 10/15 | -€769,217 | -€57,060 | +€712,157 | +92.6% |
| Contributions | 10/11 | €449,900 | €449,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,219,117 | -€506,960 | +€712,157 | +58.4% |
| Amounts payable | 17/49 | €2,555,087 | €1,938,576 | -€616,511 | -24.1% |
| Amounts payable after more than one year | 17 | €608,281 | €514,363 | -€93,917 | -15.4% |
| Financial debts | 170/4 | €608,281 | €514,363 | -€93,917 | -15.4% |
| Amounts payable within one year | 42/48 | €1,927,835 | €1,390,316 | -€537,519 | -27.9% |
| Trade debts | 44 | €1,028,403 | €399,274 | -€629,129 | -61.2% |
| Suppliers | 440/4 | €1,028,403 | €399,274 | -€629,129 | -61.2% |
| Advances received on contracts in progress | 46 | - | €511,861 | +€511,861 | |
| Taxes, remuneration and social security | 45 | €342,019 | €61,224 | -€280,795 | -82.1% |
| Taxes | 450/3 | €64,165 | €35,218 | -€28,947 | -45.1% |
| Remuneration and social security | 454/9 | €277,854 | €26,006 | -€251,848 | -90.6% |
| Other amounts payable | 47/48 | €557,413 | €417,957 | -€139,456 | -25.0% |
| Accrued charges and deferred income | 492/3 | €18,971 | €33,896 | +€14,925 | +78.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €664,205 | €158,081 | -€506,123 | -76.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,943 | €7,856 | -€22,087 | -73.8% |
| Other operating charges | 640/8 | €12,987 | €10,552 | -€2,436 | -18.8% |
| Non-recurring operating charges | 66A | - | €0 | +€0 | |
| Gross operating margin | 9900 | €336,930 | €995,772 | +€658,843 | +195.5% |
| Operating profit (loss) | 9901 | -€370,205 | €819,283 | +€1.2m | |
| Financial income | 75/76B | €8,493 | €5,676 | -€2,817 | -33.2% |
| Recurring financial income | 75 | €8,493 | €5,676 | -€2,817 | -33.2% |
| Financial charges | 65/66B | €67,154 | €112,701 | +€45,546 | +67.8% |
| Recurring financial charges | 65 | €67,154 | €112,701 | +€45,546 | +67.8% |
| Profit (loss) for the period before taxes | 9903 | -€428,866 | €712,259 | +€1.1m | |
| Income taxes | 67/77 | €6,282 | €102 | -€6,180 | -98.4% |
| Profit (loss) for the period | 9904 | -€435,148 | €712,157 | +€1.1m | |
| Profit (loss) for the period to be appropriated | 9905 | -€435,148 | €712,157 | +€1.1m |
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 8 October 2026 via checked.be.