Smart MSquare: 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 MSquare
Largest movements
- Receivables within one year -€161,324
down €161,324 (-52.1%), from €309,508 to €148,184
of which Trade receivables: -€94,183
- Cash -€107,378
down €107,378 (-44.1%), from €243,696 to €136,318
mainly Contributions, distributions and other (-€645,504) and Investment in fixed assets (net) (-€70,230)
- Current investments +€65,856
up €65,856 (+29.6%), from €222,342 to €288,198
- Tangible fixed assets +€13,655
up €13,655 (+5.9%), from €232,299 to €245,954
of which Assets under construction and advance payments: +€22,144
- Profit (loss) carried forward -€269,586
no longer reported in 2025 (was €269,586)
- Other debts +€199,137
up €199,137 (+173%), from €114,855 to €313,992
- Reserves -€97,041
down €97,041 (-19.6%), from €495,087 to €398,047
- Tax, wage and social debts -€39,846
down €39,846 (-43.7%), from €91,282 to €51,436
of which Taxes: -€35,302
- Debts after one year +€23,134
new in 2025: €23,134
- Gross operating margin +€20,280
up €20,280 (+4.0%), from €507,179 to €527,460
- Staff costs -€18,219
down €18,219 (-15.8%), from €115,041 to €96,822
- Depreciation +€14,860
up €14,860 (+35.6%), from €41,715 to €56,575
- Taxes +€5,956
up €5,956 (+6.5%), from €91,237 to €97,194
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 | €1,013,304 | €824,830 | -€188,474 | -18.6% |
| Fixed assets | 21/28 | €232,449 | €246,104 | +€13,655 | +5.9% |
| Tangible fixed assets | 22/27 | €232,299 | €245,954 | +€13,655 | +5.9% |
| Plant, machinery and equipment | 23 | €2,582 | €1,126 | -€1,456 | -56.4% |
| Furniture and vehicles | 24 | €118,152 | €111,706 | -€6,446 | -5.5% |
| Other tangible fixed assets | 26 | €807 | €219 | -€588 | -72.8% |
| Assets under construction and advance payments | 27 | €110,758 | €132,902 | +€22,144 | +20.0% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €780,855 | €578,726 | -€202,128 | -25.9% |
| Amounts receivable within one year | 40/41 | €309,508 | €148,184 | -€161,324 | -52.1% |
| Trade receivables | 40 | €212,460 | €118,277 | -€94,183 | -44.3% |
| Other amounts receivable | 41 | €97,048 | €29,907 | -€67,140 | -69.2% |
| Current investments | 50/53 | €222,342 | €288,198 | +€65,856 | +29.6% |
| Cash at bank and in hand | 54/58 | €243,696 | €136,318 | -€107,378 | -44.1% |
| Deferred charges and accrued income | 490/1 | €5,309 | €6,026 | +€718 | +13.5% |
| Total equity and liabilities | 10/49 | €1,013,304 | €824,830 | -€188,474 | -18.6% |
| Equity | 10/15 | €783,223 | €416,597 | -€366,626 | -46.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €495,087 | €398,047 | -€97,041 | -19.6% |
| Distributable reserves | 133 | €495,087 | €398,047 | -€97,041 | -19.6% |
| Profit (loss) carried forward | 14 | €269,586 | - | -€269,586 | |
| Amounts payable | 17/49 | €230,080 | €408,233 | +€178,153 | +77.4% |
| Amounts payable after more than one year | 17 | - | €23,134 | +€23,134 | |
| Financial debts | 170/4 | - | €23,134 | +€23,134 | |
| Amounts payable within one year | 42/48 | €230,080 | €385,099 | +€155,019 | +67.4% |
| Current portion of amounts payable after more than one year | 42 | - | €9,754 | +€9,754 | |
| Trade debts | 44 | €23,943 | €9,917 | -€14,026 | -58.6% |
| Suppliers | 440/4 | €23,943 | €9,917 | -€14,026 | -58.6% |
| Taxes, remuneration and social security | 45 | €91,282 | €51,436 | -€39,846 | -43.7% |
| Taxes | 450/3 | €75,849 | €40,546 | -€35,302 | -46.5% |
| Remuneration and social security | 454/9 | €15,433 | €10,889 | -€4,544 | -29.4% |
| Other amounts payable | 47/48 | €114,855 | €313,992 | +€199,137 | +173% |
| Non-recurring operating income | 76A | - | €494 | +€494 | |
| Remuneration, social security and pensions | 62 | €115,041 | €96,822 | -€18,219 | -15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,715 | €56,575 | +€14,860 | +35.6% |
| Other operating charges | 640/8 | €1,087 | €3,994 | +€2,906 | +267% |
| Gross operating margin | 9900 | €507,179 | €527,460 | +€20,280 | +4.0% |
| Operating profit (loss) | 9901 | €349,336 | €370,069 | +€20,733 | +5.9% |
| Financial income | 75/76B | €13,255 | €9,126 | -€4,129 | -31.1% |
| Recurring financial income | 75 | €13,255 | €9,126 | -€4,129 | -31.1% |
| Financial charges | 65/66B | €102 | €3,124 | +€3,022 | +2,957% |
| Recurring financial charges | 65 | €102 | €3,124 | +€3,022 | +2,957% |
| Profit (loss) for the period before taxes | 9903 | €362,489 | €376,071 | +€13,582 | +3.7% |
| Income taxes | 67/77 | €91,237 | €97,194 | +€5,956 | +6.5% |
| Profit (loss) for the period | 9904 | €271,252 | €278,877 | +€7,625 | +2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €271,252 | €278,877 | +€7,625 | +2.8% |
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 19 October 2026 via checked.be.