Smart renovaTions: 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.
What changed
Smart renovaTions
NACE 41.003, General construction of other non-residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€5,376
2024 · €386-€5,762
Equity
€342,839
2024 · €348,215-€5,376
Cash
€47,034
2024 · €42,743+€4,291
Balance sheet total
€2.8m
2024 · €2.8m-€5,392
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Other debts -€585,950
down €585,950 (-49.4%), from €1.2m to €600,451
- Short-term financial debts +€453,546
up €453,546 (+211%), from €215,000 to €668,546
- Debts after one year +€151,953
up €151,953 (+16.3%), from €932,495 to €1.1m
Income statement
- Gross operating margin -€8,975
down €8,975 (-9.6%), from €93,632 to €84,657
- Financial charges -€6,867
down €6,867 (-18.8%), from €36,498 to €29,631
- Depreciation +€3,353
up €3,353 (+7.3%), from €45,896 to €49,249
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
€386
Gross operating margin
-€8,975
Depreciation
-€3,353
Other operating charges
-€491
Financial income
+€696
Financial charges
+€6,867
Taxes
-€506
Result 2025
-€5,376
raises the resultlowers the result
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.
From operations
-€562,740
Investment
-€42,667
Financing
+€609,698
Cash 2024
€42,743
From operations (derived)
-€562,740
Net result for the year
-€5,376
Depreciation
+€49,249
Stocks and contracts
-€15,982
Receivables within one year
+€19,083
Trade debts
-€25,264
Tax, wage and social debts
+€1,500
Other debts
-€585,950
Investment (derived)
-€42,667
Investment in fixed assets (net)
-€42,667
Financing
+€609,698
Debts after one year
+€151,953
Current portion of long-term debt
+€4,199
Short-term financial debts
+€453,546
Cash 2025
€47,034
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,810,377 | €2,804,985 | -€5,392 | -0.2% |
| Fixed assets | 21/28 | €1,590,720 | €1,584,138 | -€6,582 | -0.4% |
| Intangible fixed assets | 21 | €105,241 | €93,547 | -€11,693 | -11.1% |
| Tangible fixed assets | 22/27 | €1,485,479 | €1,490,590 | +€5,111 | +0.3% |
| Land and buildings | 22 | €1,113,925 | €1,489,128 | +€375,203 | +33.7% |
| Plant, machinery and equipment | 23 | €519 | €336 | -€183 | -35.2% |
| Furniture and vehicles | 24 | €1,688 | €1,126 | -€563 | -33.3% |
| Assets under construction and advance payments | 27 | €369,346 | - | -€369,346 | |
| Current assets | 29/58 | €1,219,657 | €1,220,847 | +€1,190 | +0.1% |
| Stocks and contracts in progress | 3 | €1,146,740 | €1,162,722 | +€15,982 | +1.4% |
| Stocks | 30/36 | €1,146,740 | €1,162,722 | +€15,982 | +1.4% |
| Amounts receivable within one year | 40/41 | €30,174 | €11,091 | -€19,083 | -63.2% |
| Trade receivables | 40 | €19,718 | - | -€19,718 | |
| Other amounts receivable | 41 | €10,456 | €11,091 | +€635 | +6.1% |
| Cash at bank and in hand | 54/58 | €42,743 | €47,034 | +€4,291 | +10.0% |
| Total equity and liabilities | 10/49 | €2,810,377 | €2,804,985 | -€5,392 | -0.2% |
| Equity | 10/15 | €348,215 | €342,839 | -€5,376 | -1.5% |
| 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 | €281,150 | €281,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €275,000 | €275,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,565 | €189 | -€5,376 | -96.6% |
| Amounts payable | 17/49 | €2,462,162 | €2,462,146 | -€16 | 0.0% |
| Amounts payable after more than one year | 17 | €932,495 | €1,084,448 | +€151,953 | +16.3% |
| Financial debts | 170/4 | €932,495 | €1,084,448 | +€151,953 | +16.3% |
| Amounts payable within one year | 42/48 | €1,529,667 | €1,377,698 | -€151,969 | -9.9% |
| Current portion of amounts payable after more than one year | 42 | €82,988 | €87,187 | +€4,199 | +5.1% |
| Financial debts | 43 | €215,000 | €668,546 | +€453,546 | +211% |
| Credit institutions | 430/8 | €215,000 | €668,546 | +€453,546 | +211% |
| Trade debts | 44 | €45,279 | €20,015 | -€25,264 | -55.8% |
| Suppliers | 440/4 | €45,279 | €20,015 | -€25,264 | -55.8% |
| Taxes, remuneration and social security | 45 | - | €1,500 | +€1,500 | |
| Taxes | 450/3 | - | €1,500 | +€1,500 | |
| Other amounts payable | 47/48 | €1,186,400 | €600,451 | -€585,950 | -49.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,896 | €49,249 | +€3,353 | +7.3% |
| Other operating charges | 640/8 | €8,885 | €9,377 | +€491 | +5.5% |
| Gross operating margin | 9900 | €93,632 | €84,657 | -€8,975 | -9.6% |
| Operating profit (loss) | 9901 | €38,850 | €26,031 | -€12,819 | -33.0% |
| Financial income | 75/76B | €534 | €1,230 | +€696 | +130% |
| Recurring financial income | 75 | €534 | €1,230 | +€696 | +130% |
| Financial charges | 65/66B | €36,498 | €29,631 | -€6,867 | -18.8% |
| Recurring financial charges | 65 | €36,498 | €29,631 | -€6,867 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €2,886 | -€2,370 | -€5,256 | |
| Income taxes | 67/77 | €2,500 | €3,006 | +€506 | +20.2% |
| Profit (loss) for the period | 9904 | €386 | -€5,376 | -€5,762 | |
| Profit (loss) for the period to be appropriated | 9905 | €386 | -€5,376 | -€5,762 |
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 22 October 2026 via checked.be.