Smart Retail Development: 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 Retail Development
Largest movements
- Cash +€1.7m
up €1.7m (+454.7%), from €380,653 to €2.1m
mainly Current investments (+€1.6m) and Debts after one year (+€1.3m)
- Current investments -€1.6m
no longer reported in 2025 (was €1.6m)
- Intangible fixed assets -€200,000
down €200,000 (-13.7%), from €1.5m to €1.3m
- Tangible fixed assets -€106,070
down €106,070 (-10.3%), from €1.0m to €927,015
- Trade debts -€1.5m
down €1.5m (-80.4%), from €1.9m to €363,492
- Debts after one year +€1.3m
up €1.3m (+111.1%), from €1.1m to €2.4m
of which Trade debts: +€1.5m
- Reserves +€105,995
up €105,995 (+14.9%), from €710,000 to €815,995
of which Distributable reserves: +€105,995
- Accrued charges and deferred income -€93,143
down €93,143 (-15.9%), from €586,477 to €493,333
- Financial income +€74,060
up €74,060 (+218.8%), from €33,849 to €107,908
- Staff costs +€69,262
up €69,262 (+9.3%), from €747,627 to €816,889
- Taxes -€29,020
down €29,020 (-38.9%), from €74,505 to €45,485
- Gross operating margin -€25,104
down €25,104 (-1.7%), from €1.5m to €1.5m
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 | €5,485,098 | €5,282,375 | -€202,723 | -3.7% |
| Fixed assets | 21/28 | €2,503,619 | €2,197,549 | -€306,070 | -12.2% |
| Intangible fixed assets | 21 | €1,457,534 | €1,257,534 | -€200,000 | -13.7% |
| Tangible fixed assets | 22/27 | €1,033,085 | €927,015 | -€106,070 | -10.3% |
| Plant, machinery and equipment | 23 | €701,018 | €658,856 | -€42,161 | -6.0% |
| Furniture and vehicles | 24 | €108,106 | €74,022 | -€34,084 | -31.5% |
| Other tangible fixed assets | 26 | €223,961 | €194,136 | -€29,825 | -13.3% |
| Financial fixed assets | 28 | €13,000 | €13,000 | = | 0.0% |
| Current assets | 29/58 | €2,981,479 | €3,084,826 | +€103,347 | +3.5% |
| Stocks and contracts in progress | 3 | €681,861 | €682,792 | +€931 | +0.1% |
| Stocks | 30/36 | €681,861 | €682,792 | +€931 | +0.1% |
| Amounts receivable within one year | 40/41 | €312,619 | €272,414 | -€40,205 | -12.9% |
| Trade receivables | 40 | €300,307 | €172,396 | -€127,911 | -42.6% |
| Other amounts receivable | 41 | €12,313 | €100,019 | +€87,706 | +712.3% |
| Current investments | 50/53 | €1,575,514 | - | -€1.6m | |
| Cash at bank and in hand | 54/58 | €380,653 | €2,111,412 | +€1.7m | +454.7% |
| Deferred charges and accrued income | 490/1 | €30,832 | €18,208 | -€12,624 | -40.9% |
| Total equity and liabilities | 10/49 | €5,485,098 | €5,282,375 | -€202,723 | -3.7% |
| Equity | 10/15 | €1,133,592 | €1,236,784 | +€103,192 | +9.1% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €710,000 | €815,995 | +€105,995 | +14.9% |
| Non-distributable reserves | 130/1 | €40,000 | €40,000 | = | 0.0% |
| Legal reserve | 130 | €40,000 | €40,000 | = | 0.0% |
| Distributable reserves | 133 | €670,000 | €775,995 | +€105,995 | +15.8% |
| Profit (loss) carried forward | 14 | €1,169 | €1,169 | = | 0.0% |
| Investment grants | 15 | €22,422 | €19,620 | -€2,803 | -12.5% |
| Amounts payable | 17/49 | €4,351,507 | €4,045,591 | -€305,916 | -7.0% |
| Amounts payable after more than one year | 17 | €1,138,329 | €2,402,751 | +€1.3m | +111.1% |
| Financial debts | 170/4 | €1,138,329 | €946,432 | -€191,897 | -16.9% |
| Trade debts | 175 | - | €1,456,319 | +€1.5m | |
| Amounts payable within one year | 42/48 | €2,626,701 | €1,149,506 | -€1.5m | -56.2% |
| Current portion of amounts payable after more than one year | 42 | €191,224 | €191,897 | +€672 | +0.4% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €1,857,573 | €363,492 | -€1.5m | -80.4% |
| Suppliers | 440/4 | €1,857,573 | €363,492 | -€1.5m | -80.4% |
| Taxes, remuneration and social security | 45 | €145,123 | €194,035 | +€48,912 | +33.7% |
| Taxes | 450/3 | €15,596 | €38,874 | +€23,278 | +149.3% |
| Remuneration and social security | 454/9 | €129,527 | €155,162 | +€25,634 | +19.8% |
| Other amounts payable | 47/48 | €432,781 | €400,082 | -€32,698 | -7.6% |
| Accrued charges and deferred income | 492/3 | €586,477 | €493,333 | -€93,143 | -15.9% |
| Non-recurring operating income | 76A | €82,222 | - | -€82,222 | |
| Remuneration, social security and pensions | 62 | €747,627 | €816,889 | +€69,262 | +9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €354,960 | €354,685 | -€275 | -0.1% |
| Other operating charges | 640/8 | €11,770 | €9,291 | -€2,479 | -21.1% |
| Gross operating margin | 9900 | €1,489,097 | €1,463,993 | -€25,104 | -1.7% |
| Operating profit (loss) | 9901 | €374,740 | €283,128 | -€91,612 | -24.4% |
| Financial income | 75/76B | €33,849 | €107,908 | +€74,060 | +218.8% |
| Recurring financial income | 75 | €33,849 | €107,908 | +€74,060 | +218.8% |
| Financial charges | 65/66B | €40,746 | €39,555 | -€1,190 | -2.9% |
| Recurring financial charges | 65 | €40,746 | €39,555 | -€1,190 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | €367,843 | €351,480 | -€16,362 | -4.4% |
| Income taxes | 67/77 | €74,505 | €45,485 | -€29,020 | -38.9% |
| Profit (loss) for the period | 9904 | €293,338 | €305,995 | +€12,657 | +4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €293,338 | €305,995 | +€12,657 | +4.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.