SMART PACKAGING SOLUTIONS: 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.
What changed
SMART PACKAGING SOLUTIONS
NACE 17.210, Manufacture of paper and paper products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.7m
2024 · €1.3m+€329,261
Equity
€7.2m
2024 · €5.5m+€1.7m
Cash
€298
2024 · €298
Balance sheet total
€24.0m
2024 · €21.5m+€2.5m
Largest movements
Assets
- Tangible fixed assets +€1.3m
up €1.3m (+8.7%), from €14.6m to €15.9m
of which Assets under construction and advance payments: +€636,457
- Receivables within one year +€886,939
up €886,939 (+18.1%), from €4.9m to €5.8m
of which Trade receivables: +€1.8m
- Stocks and contracts +€290,253
up €290,253 (+15.9%), from €1.8m to €2.1m
Equity and liabilities
- Profit (loss) carried forward +€1.6m
up €1.6m (+55.7%), from €2.9m to €4.4m
- Other debts +€1.5m
new in 2025: €1.5m
- Trade debts -€667,763
down €667,763 (-13.1%), from €5.1m to €4.4m
Income statement
- Turnover +€4.3m
up €4.3m (+7.8%), from €55.4m to €59.7m
- Goods and materials +€3.1m
up €3.1m (+8.0%), from €39.4m to €42.5m
of which Purchases: +€3.1m
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.
Result 2024
€1.3m
Turnover
+€4.3m
Other operating income
+€140,906
Goods and materials
-€3.1m
Services and other goods
-€345,550
Staff costs
-€558,059
Depreciation
-€213,649
Write-downs
-€24,000
Provisions
-€37,800
Other operating charges
-€2,307
Other operating items
+€195,526
Financial income
-€33,547
Financial charges
+€91,895
Taxes
-€91,338
Result 2025
€1.7m
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.
From operations
+€3.0m
Investment
-€3.0m
Financing
€0
Cash 2024
€298
From operations (derived)
+€3.0m
Net result for the year
+€1.7m
Depreciation
+€1.7m
Stocks and contracts
-€290,253
Receivables within one year
-€886,939
Deferred charges and accrued income
-€15,799
Provisions
+€26,541
Trade debts
-€667,763
Tax, wage and social debts
-€6,928
Other debts
+€1.5m
Investment (derived)
-€3.0m
Investment in fixed assets (net)
-€3.0m
Cash 2025
€298
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,487,791 | €23,986,754 | +€2.5m | +11.6% |
| Fixed assets | 21/28 | €14,732,093 | €16,038,065 | +€1.3m | +8.9% |
| Intangible fixed assets | 21 | €145,452 | €184,646 | +€39,194 | +26.9% |
| Tangible fixed assets | 22/27 | €14,585,897 | €15,852,676 | +€1.3m | +8.7% |
| Land and buildings | 22 | €4,560,657 | €5,064,314 | +€503,658 | +11.0% |
| Plant, machinery and equipment | 23 | €8,765,572 | €8,575,742 | -€189,830 | -2.2% |
| Furniture and vehicles | 24 | €306,262 | €622,756 | +€316,495 | +103.3% |
| Assets under construction and advance payments | 27 | €953,407 | €1,589,863 | +€636,457 | +66.8% |
| Financial fixed assets | 28 | €744 | €744 | = | 0.0% |
| Other financial fixed assets | 284/8 | €744 | €744 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €744 | €744 | = | 0.0% |
| Current assets | 29/58 | €6,755,699 | €7,948,689 | +€1.2m | +17.7% |
| Stocks and contracts in progress | 3 | €1,822,827 | €2,113,080 | +€290,253 | +15.9% |
| Stocks | 30/36 | €1,822,827 | €2,113,080 | +€290,253 | +15.9% |
| Raw materials and consumables | 30/31 | €528,215 | €369,353 | -€158,862 | -30.1% |
| Work in progress | 32 | €1,294,612 | €1,743,727 | +€449,115 | +34.7% |
| Amounts receivable within one year | 40/41 | €4,908,367 | €5,795,306 | +€886,939 | +18.1% |
| Trade receivables | 40 | €4,039,208 | €5,791,142 | +€1.8m | +43.4% |
| Other amounts receivable | 41 | €869,159 | €4,164 | -€864,996 | -99.5% |
| Cash at bank and in hand | 54/58 | €298 | €298 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €24,207 | €40,006 | +€15,799 | +65.3% |
| Total equity and liabilities | 10/49 | €21,487,791 | €23,986,754 | +€2.5m | +11.6% |
| Equity | 10/15 | €5,527,802 | €7,190,106 | +€1.7m | +30.1% |
| Contributions | 10/11 | €2,500,000 | €2,500,000 | = | 0.0% |
| Capital | 10 | €2,500,000 | €2,500,000 | = | 0.0% |
| Issued capital | 100 | €2,500,000 | €2,500,000 | = | 0.0% |
| Reserves | 13 | €175,577 | €250,000 | +€74,423 | +42.4% |
| Non-distributable reserves | 130/1 | €175,577 | €250,000 | +€74,423 | +42.4% |
| Legal reserve | 130 | €175,577 | €250,000 | +€74,423 | +42.4% |
| Profit (loss) carried forward | 14 | €2,852,225 | €4,440,106 | +€1.6m | +55.7% |
| Provisions and deferred taxes | 16 | €27,838 | €54,379 | +€26,541 | +95.3% |
| Provisions for liabilities and charges | 160/5 | €27,838 | €54,379 | +€26,541 | +95.3% |
| Pensions and similar obligations | 160 | €27,838 | €54,379 | +€26,541 | +95.3% |
| Amounts payable | 17/49 | €15,932,151 | €16,742,269 | +€810,118 | +5.1% |
| Amounts payable after more than one year | 17 | €9,000,000 | €9,000,000 | = | 0.0% |
| Financial debts | 170/4 | €9,000,000 | €9,000,000 | = | 0.0% |
| Other loans | 174 | €9,000,000 | €9,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €6,932,151 | €7,742,269 | +€810,118 | +11.7% |
| Trade debts | 44 | €5,080,980 | €4,413,217 | -€667,763 | -13.1% |
| Suppliers | 440/4 | €5,080,980 | €4,413,217 | -€667,763 | -13.1% |
| Taxes, remuneration and social security | 45 | €1,851,171 | €1,844,243 | -€6,928 | -0.4% |
| Taxes | 450/3 | €511,794 | €594,232 | +€82,438 | +16.1% |
| Remuneration and social security | 454/9 | €1,339,377 | €1,250,012 | -€89,365 | -6.7% |
| Other amounts payable | 47/48 | - | €1,484,808 | +€1.5m | |
| Operating income | 70/76A | €57,103,683 | €61,775,903 | +€4.7m | +8.2% |
| Turnover | 70 | €55,366,378 | €59,702,166 | +€4.3m | +7.8% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €250,589 | €446,115 | +€195,526 | +78.0% |
| Other operating income | 74 | €1,486,716 | €1,627,622 | +€140,906 | +9.5% |
| Operating charges | 60/66A | €54,832,538 | €59,142,506 | +€4.3m | +7.9% |
| Goods for resale, raw materials and consumables | 60 | €39,352,293 | €42,480,896 | +€3.1m | +8.0% |
| Purchases | 600/8 | €39,233,491 | €42,337,034 | +€3.1m | +7.9% |
| Change in stocks: decrease (increase) | 609 | €118,802 | €143,862 | +€25,061 | +21.1% |
| Services and other goods | 61 | €4,846,576 | €5,192,125 | +€345,550 | +7.1% |
| Remuneration, social security and pensions | 62 | €9,091,976 | €9,650,036 | +€558,059 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,494,756 | €1,708,405 | +€213,649 | +14.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€12,000 | €12,000 | +€24,000 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€11,259 | €26,541 | +€37,800 | |
| Other operating charges | 640/8 | €70,196 | €72,503 | +€2,307 | +3.3% |
| Operating profit (loss) | 9901 | €2,271,145 | €2,633,397 | +€362,252 | +16.0% |
| Financial income | 75/76B | €78,746 | €45,198 | -€33,547 | -42.6% |
| Recurring financial income | 75 | €71,246 | €45,198 | -€26,047 | -36.6% |
| Other financial income | 752/9 | €71,246 | €45,198 | -€26,047 | -36.6% |
| Non-recurring financial income | 76B | €7,500 | - | -€7,500 | |
| Financial charges | 65/66B | €492,033 | €400,138 | -€91,895 | -18.7% |
| Recurring financial charges | 65 | €492,033 | €400,138 | -€91,895 | -18.7% |
| Debt charges | 650 | €489,357 | €396,012 | -€93,346 | -19.1% |
| Other financial charges | 652/9 | €2,676 | €4,127 | +€1,451 | +54.2% |
| Profit (loss) for the period before taxes | 9903 | €1,857,858 | €2,278,457 | +€420,599 | +22.6% |
| Income taxes | 67/77 | €524,815 | €616,153 | +€91,338 | +17.4% |
| Taxes | 670/3 | €530,493 | €616,153 | +€85,660 | +16.1% |
| Tax adjustments and reversals of tax provisions | 77 | €5,678 | - | -€5,678 | |
| Profit (loss) for the period | 9904 | €1,333,043 | €1,662,304 | +€329,261 | +24.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,333,043 | €1,662,304 | +€329,261 | +24.7% |
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.