SMART OFFICES: 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 OFFICES
Largest movements
- Tangible fixed assets -€464,061
down €464,061 (-20.8%), from €2.2m to €1.8m
of which Land and buildings: -€463,447
- Receivables within one year -€230,939
down €230,939 (-87.1%), from €265,264 to €34,325
of which Trade receivables: -€196,870
- Debts after one year -€431,691
down €431,691 (-21.2%), from €2.0m to €1.6m
of which Financial debts: -€452,621
- Profit (loss) carried forward -€189,248
down €189,248 (-37.1%), from -€509,738 to -€698,987
- Current portion of long-term debt -€51,904
down €51,904 (-62.4%), from €83,124 to €31,220
- Other debts -€36,691
down €36,691 (-4.8%), from €764,132 to €727,441
- Trade debts +€35,275
up €35,275 (+902.9%), from €3,907 to €39,182
- Gross operating margin -€211,963
down €211,963 (-58.6%), from €361,735 to €149,772
- Staff costs -€50,187
down €50,187 (-17.6%), from €285,513 to €235,326
- Financial charges +€39,386
up €39,386 (+104.0%), from €37,870 to €77,256
- Other operating charges +€7,917
up €7,917 (+62.9%), from €12,590 to €20,506
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 | €2,493,367 | €1,810,858 | -€682,509 | -27.4% |
| Fixed assets | 21/28 | €2,225,735 | €1,761,674 | -€464,061 | -20.8% |
| Tangible fixed assets | 22/27 | €2,225,735 | €1,761,674 | -€464,061 | -20.8% |
| Land and buildings | 22 | €2,222,816 | €1,759,369 | -€463,447 | -20.8% |
| Plant, machinery and equipment | 23 | €396 | €0 | -€396 | -100.0% |
| Furniture and vehicles | 24 | €2,523 | €2,305 | -€218 | -8.6% |
| Current assets | 29/58 | €267,632 | €49,183 | -€218,448 | -81.6% |
| Amounts receivable within one year | 40/41 | €265,264 | €34,325 | -€230,939 | -87.1% |
| Trade receivables | 40 | €231,138 | €34,268 | -€196,870 | -85.2% |
| Other amounts receivable | 41 | €34,125 | €57 | -€34,069 | -99.8% |
| Cash at bank and in hand | 54/58 | €1,216 | €14,788 | +€13,572 | +1116.4% |
| Deferred charges and accrued income | 490/1 | €1,152 | €71 | -€1,081 | -93.8% |
| Total equity and liabilities | 10/49 | €2,493,367 | €1,810,858 | -€682,509 | -27.4% |
| Equity | 10/15 | -€422,753 | -€612,001 | -€189,248 | -44.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €25,485 | €25,485 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Distributable reserves | 133 | €18,048 | €18,048 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€509,738 | -€698,987 | -€189,248 | -37.1% |
| Amounts payable | 17/49 | €2,916,120 | €2,422,859 | -€493,261 | -16.9% |
| Amounts payable after more than one year | 17 | €2,032,928 | €1,601,237 | -€431,691 | -21.2% |
| Financial debts | 170/4 | €637,605 | €184,985 | -€452,621 | -71.0% |
| Other amounts payable | 178/9 | €1,395,323 | €1,416,253 | +€20,930 | +1.5% |
| Amounts payable within one year | 42/48 | €883,192 | €821,622 | -€61,570 | -7.0% |
| Current portion of amounts payable after more than one year | 42 | €83,124 | €31,220 | -€51,904 | -62.4% |
| Trade debts | 44 | €3,907 | €39,182 | +€35,275 | +902.9% |
| Suppliers | 440/4 | €3,907 | €39,182 | +€35,275 | +902.9% |
| Taxes, remuneration and social security | 45 | €32,030 | €23,779 | -€8,251 | -25.8% |
| Taxes | 450/3 | €1,296 | €3,986 | +€2,689 | +207.4% |
| Remuneration and social security | 454/9 | €30,733 | €19,793 | -€10,940 | -35.6% |
| Other amounts payable | 47/48 | €764,132 | €727,441 | -€36,691 | -4.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €285,513 | €235,326 | -€50,187 | -17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,084 | €5,276 | -€809 | -13.3% |
| Other operating charges | 640/8 | €12,590 | €20,506 | +€7,917 | +62.9% |
| Gross operating margin | 9900 | €361,735 | €149,772 | -€211,963 | -58.6% |
| Operating profit (loss) | 9901 | €57,548 | -€111,336 | -€168,884 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €37,870 | €77,256 | +€39,386 | +104.0% |
| Recurring financial charges | 65 | €37,870 | €77,256 | +€39,386 | +104.0% |
| Profit (loss) for the period before taxes | 9903 | €19,677 | -€188,592 | -€208,270 | |
| Income taxes | 67/77 | €576 | €656 | +€81 | +14.0% |
| Profit (loss) for the period | 9904 | €19,102 | -€189,248 | -€208,350 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,102 | -€189,248 | -€208,350 |
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 6 October 2026 via checked.be.