SMART MINDS: 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 MINDS
Largest movements
- Receivables within one year +€55,028
up €55,028 (+76.9%), from €71,563 to €126,591
of which Trade receivables: +€56,709
- Cash -€17,008
down €17,008 (-10.3%), from €165,717 to €148,708
mainly Contributions, distributions and other (-€240,000) and Receivables within one year (-€55,028)
- Tangible fixed assets -€9,714
down €9,714 (-18.4%), from €52,671 to €42,957
of which Furniture and vehicles: -€15,345
- Deferred charges and accrued income -€3,592
down €3,592 (-14.9%), from €24,028 to €20,437
- Other debts +€110,836
up €110,836 (+69.3%), from €160,009 to €270,845
- Reserves -€74,749
down €74,749 (-86.5%), from €86,434 to €11,685
- Debts after one year -€12,944
down €12,944 (-44.0%), from €29,436 to €16,492
- Financial charges +€21,643
up €21,643 (+69.3%), from €31,239 to €52,882
- Gross operating margin +€15,463
up €15,463 (+5.7%), from €271,448 to €286,911
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 | €313,979 | €338,693 | +€24,714 | +7.9% |
| Fixed assets | 21/28 | €52,671 | €42,957 | -€9,714 | -18.4% |
| Tangible fixed assets | 22/27 | €52,671 | €42,957 | -€9,714 | -18.4% |
| Plant, machinery and equipment | 23 | €2,204 | €1,959 | -€245 | -11.1% |
| Furniture and vehicles | 24 | €47,386 | €32,041 | -€15,345 | -32.4% |
| Other tangible fixed assets | 26 | €3,081 | €8,957 | +€5,876 | +190.7% |
| Current assets | 29/58 | €261,308 | €295,735 | +€34,428 | +13.2% |
| Amounts receivable within one year | 40/41 | €71,563 | €126,591 | +€55,028 | +76.9% |
| Trade receivables | 40 | €69,881 | €126,591 | +€56,709 | +81.2% |
| Other amounts receivable | 41 | €1,682 | €0 | -€1,682 | -100.0% |
| Cash at bank and in hand | 54/58 | €165,717 | €148,708 | -€17,008 | -10.3% |
| Deferred charges and accrued income | 490/1 | €24,028 | €20,437 | -€3,592 | -14.9% |
| Total equity and liabilities | 10/49 | €313,979 | €338,693 | +€24,714 | +7.9% |
| Equity | 10/15 | €96,434 | €21,685 | -€74,749 | -77.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €86,434 | €11,685 | -€74,749 | -86.5% |
| Distributable reserves | 133 | €86,434 | €11,685 | -€74,749 | -86.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €217,545 | €317,008 | +€99,463 | +45.7% |
| Amounts payable after more than one year | 17 | €29,436 | €16,492 | -€12,944 | -44.0% |
| Financial debts | 170/4 | €29,436 | €16,492 | -€12,944 | -44.0% |
| Amounts payable within one year | 42/48 | €188,109 | €299,364 | +€111,255 | +59.1% |
| Current portion of amounts payable after more than one year | 42 | €13,211 | €12,944 | -€268 | -2.0% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €582 | €1,777 | +€1,195 | +205.2% |
| Suppliers | 440/4 | €582 | €1,777 | +€1,195 | +205.2% |
| Taxes, remuneration and social security | 45 | €14,306 | €13,798 | -€508 | -3.6% |
| Taxes | 450/3 | €14,306 | €13,798 | -€508 | -3.6% |
| Other amounts payable | 47/48 | €160,009 | €270,845 | +€110,836 | +69.3% |
| Accrued charges and deferred income | 492/3 | - | €1,152 | +€1,152 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,065 | €16,672 | +€607 | +3.8% |
| Other operating charges | 640/8 | €1,222 | €791 | -€431 | -35.3% |
| Gross operating margin | 9900 | €271,448 | €286,911 | +€15,463 | +5.7% |
| Operating profit (loss) | 9901 | €254,161 | €269,447 | +€15,286 | +6.0% |
| Financial income | 75/76B | €15 | €1 | -€14 | -92.9% |
| Recurring financial income | 75 | €15 | €1 | -€14 | -92.9% |
| Financial charges | 65/66B | €31,239 | €52,882 | +€21,643 | +69.3% |
| Recurring financial charges | 65 | €31,239 | €52,882 | +€21,643 | +69.3% |
| Profit (loss) for the period before taxes | 9903 | €222,936 | €216,566 | -€6,370 | -2.9% |
| Income taxes | 67/77 | €53,226 | €51,316 | -€1,910 | -3.6% |
| Profit (loss) for the period | 9904 | €169,711 | €165,251 | -€4,460 | -2.6% |
| Profit (loss) for the period to be appropriated | 9905 | €169,711 | €165,251 | -€4,460 | -2.6% |
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 10 October 2026 via checked.be.