sMart Projects: 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 Projects
Largest movements
- Tangible fixed assets +€559,095
up €559,095 (+7,104%), from €7,870 to €566,965
of which Land and buildings: +€536,532
- Cash +€15,529
up €15,529 (+104%), from €14,996 to €30,525
mainly Debts after one year (+€410,867) and Other debts (+€92,683)
- Receivables within one year +€12,138
up €12,138 (+30.7%), from €39,580 to €51,719
of which Other amounts receivable: +€15,939
- Debts after one year +€410,867
new in 2025: €410,867
- Other debts +€92,683
up €92,683 (+1,708%), from €5,428 to €98,111
- Current portion of long-term debt +€55,497
new in 2025: €55,497
- Trade debts +€23,389
up €23,389 (+4,461%), from €524 to €23,914
- Reserves +€10,491
up €10,491 (+23.5%), from €44,661 to €55,152
- Depreciation +€22,419
up €22,419 (+14,906%), from €150 to €22,570
- Staff costs +€13,938
new in 2025: €13,938
- Financial charges +€13,526
up €13,526 (+1,300%), from €1,040 to €14,566
- Taxes -€11,215
down €11,215 (-64.4%), from €17,415 to €6,200
- Gross operating margin +€4,092
up €4,092 (+6.3%), from €65,180 to €69,272
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 | €65,173 | €658,186 | +€593,013 | +910% |
| Fixed assets | 21/28 | €7,870 | €566,965 | +€559,095 | +7,104% |
| Tangible fixed assets | 22/27 | €7,870 | €566,965 | +€559,095 | +7,104% |
| Land and buildings | 22 | - | €536,532 | +€536,532 | |
| Plant, machinery and equipment | 23 | €6,439 | €8,398 | +€1,958 | +30.4% |
| Furniture and vehicles | 24 | €1,431 | €22,036 | +€20,604 | +1,440% |
| Current assets | 29/58 | €57,303 | €91,221 | +€33,918 | +59.2% |
| Stocks and contracts in progress | 3 | €1,877 | €7,498 | +€5,620 | +299% |
| Stocks | 30/36 | €1,877 | €7,498 | +€5,620 | +299% |
| Amounts receivable within one year | 40/41 | €39,580 | €51,719 | +€12,138 | +30.7% |
| Trade receivables | 40 | €39,172 | €35,371 | -€3,801 | -9.7% |
| Other amounts receivable | 41 | €408 | €16,347 | +€15,939 | +3,903% |
| Cash at bank and in hand | 54/58 | €14,996 | €30,525 | +€15,529 | +104% |
| Deferred charges and accrued income | 490/1 | €849 | €1,479 | +€630 | +74.2% |
| Total equity and liabilities | 10/49 | €65,173 | €658,186 | +€593,013 | +910% |
| Equity | 10/15 | €49,661 | €60,152 | +€10,491 | +21.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €44,661 | €55,152 | +€10,491 | +23.5% |
| Distributable reserves | 133 | €44,661 | €55,152 | +€10,491 | +23.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €15,512 | €598,034 | +€582,522 | +3,755% |
| Amounts payable after more than one year | 17 | - | €410,867 | +€410,867 | |
| Financial debts | 170/4 | - | €410,867 | +€410,867 | |
| Amounts payable within one year | 42/48 | €15,512 | €187,167 | +€171,655 | +1,107% |
| Current portion of amounts payable after more than one year | 42 | - | €55,497 | +€55,497 | |
| Trade debts | 44 | €524 | €23,914 | +€23,389 | +4,461% |
| Suppliers | 440/4 | €524 | €23,914 | +€23,389 | +4,461% |
| Taxes, remuneration and social security | 45 | €9,559 | €9,645 | +€86 | +0.9% |
| Taxes | 450/3 | €9,155 | €9,645 | +€490 | +5.4% |
| Remuneration and social security | 454/9 | €404 | €0 | -€404 | -100% |
| Other amounts payable | 47/48 | €5,428 | €98,111 | +€92,683 | +1,708% |
| Remuneration, social security and pensions | 62 | - | €13,938 | +€13,938 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150 | €22,570 | +€22,419 | +14,906% |
| Other operating charges | 640/8 | €286 | €1,737 | +€1,451 | +507% |
| Gross operating margin | 9900 | €65,180 | €69,272 | +€4,092 | +6.3% |
| Operating profit (loss) | 9901 | €64,744 | €31,026 | -€33,717 | -52.1% |
| Financial income | 75/76B | €38 | €230 | +€192 | +498% |
| Recurring financial income | 75 | €38 | €230 | +€192 | +498% |
| Financial charges | 65/66B | €1,040 | €14,566 | +€13,526 | +1,300% |
| Recurring financial charges | 65 | €1,040 | €14,566 | +€13,526 | +1,300% |
| Profit (loss) for the period before taxes | 9903 | €63,742 | €16,691 | -€47,051 | -73.8% |
| Income taxes | 67/77 | €17,415 | €6,200 | -€11,215 | -64.4% |
| Profit (loss) for the period | 9904 | €46,327 | €10,491 | -€35,837 | -77.4% |
| Profit (loss) for the period to be appropriated | 9905 | €46,327 | €10,491 | -€35,837 | -77.4% |
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.