SMART PROGRESS: 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 PROGRESS
Largest movements
- Tangible fixed assets -€10,395
down €10,395 (-20.4%), from €50,970 to €40,575
of which Plant, machinery and equipment: -€9,334
- Intangible fixed assets -€9,812
down €9,812 (-28.6%), from €34,329 to €24,517
- Cash +€7,851
up €7,851 (+5.6%), from €140,510 to €148,361
mainly Other debts (+€124,088) and Net result for the year (+€40,681)
- Receivables within one year +€3,432
up €3,432 (+13.8%), from €24,839 to €28,270
of which Trade receivables: +€3,809
- Other debts +€124,088
up €124,088 (+5288.1%), from €2,347 to €126,435
- Reserves -€112,455
down €112,455 (-65.5%), from €171,770 to €59,315
of which Distributable reserves: -€112,455
- Current portion of long-term debt -€14,518
down €14,518 (-78.5%), from €18,488 to €3,970
- Debts after one year -€4,782
down €4,782 (-87.8%), from €5,449 to €667
of which Financial debts: -€3,970
- Gross operating margin -€66,351
down €66,351 (-40.8%), from €162,724 to €96,373
- Staff costs -€64,038
down €64,038 (-79.1%), from €80,995 to €16,957
- Depreciation -€3,001
down €3,001 (-11.8%), from €25,333 to €22,331
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 | €250,654 | €242,626 | -€8,028 | -3.2% |
| Fixed assets | 21/28 | €85,299 | €65,092 | -€20,207 | -23.7% |
| Intangible fixed assets | 21 | €34,329 | €24,517 | -€9,812 | -28.6% |
| Tangible fixed assets | 22/27 | €50,970 | €40,575 | -€10,395 | -20.4% |
| Plant, machinery and equipment | 23 | €48,191 | €38,857 | -€9,334 | -19.4% |
| Furniture and vehicles | 24 | €2,780 | €1,718 | -€1,062 | -38.2% |
| Current assets | 29/58 | €165,355 | €177,534 | +€12,179 | +7.4% |
| Amounts receivable within one year | 40/41 | €24,839 | €28,270 | +€3,432 | +13.8% |
| Trade receivables | 40 | €24,162 | €27,972 | +€3,809 | +15.8% |
| Other amounts receivable | 41 | €677 | €299 | -€378 | -55.8% |
| Current investments | 50/53 | €6 | - | -€6 | |
| Cash at bank and in hand | 54/58 | €140,510 | €148,361 | +€7,851 | +5.6% |
| Deferred charges and accrued income | 490/1 | - | €902 | +€902 | |
| Total equity and liabilities | 10/49 | €250,654 | €242,626 | -€8,028 | -3.2% |
| Equity | 10/15 | €206,770 | €94,315 | -€112,455 | -54.4% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €171,770 | €59,315 | -€112,455 | -65.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €169,910 | €57,455 | -€112,455 | -66.2% |
| Amounts payable | 17/49 | €43,884 | €148,311 | +€104,427 | +238.0% |
| Amounts payable after more than one year | 17 | €5,449 | €667 | -€4,782 | -87.8% |
| Financial debts | 170/4 | €4,637 | €667 | -€3,970 | -85.6% |
| Other amounts payable | 178/9 | €812 | - | -€812 | |
| Amounts payable within one year | 42/48 | €38,435 | €147,644 | +€109,209 | +284.1% |
| Current portion of amounts payable after more than one year | 42 | €18,488 | €3,970 | -€14,518 | -78.5% |
| Trade debts | 44 | €11,626 | €10,571 | -€1,055 | -9.1% |
| Suppliers | 440/4 | €11,626 | €10,571 | -€1,055 | -9.1% |
| Taxes, remuneration and social security | 45 | €5,974 | €6,668 | +€693 | +11.6% |
| Taxes | 450/3 | - | €6,668 | +€6,668 | |
| Remuneration and social security | 454/9 | €5,974 | - | -€5,974 | |
| Other amounts payable | 47/48 | €2,347 | €126,435 | +€124,088 | +5288.1% |
| Remuneration, social security and pensions | 62 | €80,995 | €16,957 | -€64,038 | -79.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,333 | €22,331 | -€3,001 | -11.8% |
| Other operating charges | 640/8 | €687 | €770 | +€83 | +12.0% |
| Gross operating margin | 9900 | €162,724 | €96,373 | -€66,351 | -40.8% |
| Operating profit (loss) | 9901 | €55,709 | €56,315 | +€606 | +1.1% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €1,128 | €933 | -€195 | -17.3% |
| Recurring financial charges | 65 | €1,128 | €933 | -€195 | -17.3% |
| Profit (loss) for the period before taxes | 9903 | €54,583 | €55,382 | +€800 | +1.5% |
| Income taxes | 67/77 | €14,742 | €14,701 | -€41 | -0.3% |
| Profit (loss) for the period | 9904 | €39,840 | €40,681 | +€841 | +2.1% |
| Profit (loss) for the period to be appropriated | 9905 | €39,840 | €40,681 | +€841 | +2.1% |
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 28 September 2026 via checked.be.