SMART SECURE WAREHOUSING: 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 SECURE WAREHOUSING
Largest movements
- Tangible fixed assets +€667,204
up €667,204 (+49.6%), from €1.3m to €2.0m
of which Land and buildings: +€861,255
- Receivables within one year -€146,878
down €146,878 (-36.0%), from €408,467 to €261,589
of which Trade receivables: -€126,280
- Revaluation surpluses +€895,000
new in 2025: €895,000
- Trade debts -€181,609
down €181,609 (-47.7%), from €380,534 to €198,925
- Short-term financial debts -€172,169
down €172,169 (-86.8%), from €198,396 to €26,227
- Debts after one year +€52,656
up €52,656 (+5.9%), from €892,622 to €945,277
- Other debts -€45,090
down €45,090 (-73.4%), from €61,423 to €16,333
- Gross operating margin -€97,883
down €97,883 (-11.7%), from €837,914 to €740,031
- Staff costs -€22,840
down €22,840 (-4.2%), from €548,423 to €525,583
- Depreciation -€21,964
down €21,964 (-15.9%), from €137,728 to €115,764
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 | €1,811,511 | €2,315,649 | +€504,138 | +27.8% |
| Fixed assets | 21/28 | €1,346,047 | €2,013,251 | +€667,204 | +49.6% |
| Tangible fixed assets | 22/27 | €1,346,047 | €2,013,251 | +€667,204 | +49.6% |
| Land and buildings | 22 | €885,377 | €1,746,632 | +€861,255 | +97.3% |
| Plant, machinery and equipment | 23 | €60,769 | €55,485 | -€5,284 | -8.7% |
| Furniture and vehicles | 24 | €6,288 | €12,492 | +€6,204 | +98.7% |
| Leasing and similar rights | 25 | €393,614 | €198,642 | -€194,972 | -49.5% |
| Current assets | 29/58 | €465,464 | €302,398 | -€163,066 | -35.0% |
| Amounts receivable within one year | 40/41 | €408,467 | €261,589 | -€146,878 | -36.0% |
| Trade receivables | 40 | €376,991 | €250,712 | -€126,280 | -33.5% |
| Other amounts receivable | 41 | €31,476 | €10,877 | -€20,599 | -65.4% |
| Current investments | 50/53 | €500 | €3,909 | +€3,409 | +681% |
| Cash at bank and in hand | 54/58 | €1,000 | €0 | -€1,000 | -100% |
| Deferred charges and accrued income | 490/1 | €55,496 | €36,900 | -€18,596 | -33.5% |
| Total equity and liabilities | 10/49 | €1,811,511 | €2,315,649 | +€504,138 | +27.8% |
| Equity | 10/15 | €32,260 | €894,629 | +€862,369 | +2,673% |
| Contributions | 10/11 | €110,000 | €110,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €895,000 | +€895,000 | |
| Profit (loss) carried forward | 14 | -€77,740 | -€110,371 | -€32,631 | -42.0% |
| Amounts payable | 17/49 | €1,779,251 | €1,421,020 | -€358,231 | -20.1% |
| Amounts payable after more than one year | 17 | €892,622 | €945,277 | +€52,656 | +5.9% |
| Financial debts | 170/4 | €892,622 | €945,277 | +€52,656 | +5.9% |
| Amounts payable within one year | 42/48 | €886,629 | €475,743 | -€410,887 | -46.3% |
| Current portion of amounts payable after more than one year | 42 | €157,461 | €164,512 | +€7,052 | +4.5% |
| Financial debts | 43 | €198,396 | €26,227 | -€172,169 | -86.8% |
| Credit institutions | 430/8 | €198,396 | €26,227 | -€172,169 | -86.8% |
| Trade debts | 44 | €380,534 | €198,925 | -€181,609 | -47.7% |
| Suppliers | 440/4 | €380,534 | €198,925 | -€181,609 | -47.7% |
| Taxes, remuneration and social security | 45 | €88,815 | €69,745 | -€19,070 | -21.5% |
| Taxes | 450/3 | €31,697 | €11,908 | -€19,789 | -62.4% |
| Remuneration and social security | 454/9 | €57,118 | €57,837 | +€719 | +1.3% |
| Other amounts payable | 47/48 | €61,423 | €16,333 | -€45,090 | -73.4% |
| Remuneration, social security and pensions | 62 | €548,423 | €525,583 | -€22,840 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,728 | €115,764 | -€21,964 | -15.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €79,481 | €75,225 | -€4,256 | -5.4% |
| Gross operating margin | 9900 | €837,914 | €740,031 | -€97,883 | -11.7% |
| Operating profit (loss) | 9901 | €72,281 | €23,458 | -€48,823 | -67.5% |
| Financial income | 75/76B | €0 | €2,004 | +€2,004 | |
| Recurring financial income | 75 | €0 | €2,004 | +€2,004 | |
| Financial charges | 65/66B | €56,968 | €57,351 | +€383 | +0.7% |
| Recurring financial charges | 65 | €56,968 | €57,351 | +€383 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €15,313 | -€31,889 | -€47,202 | |
| Income taxes | 67/77 | €3,612 | €742 | -€2,870 | -79.5% |
| Profit (loss) for the period | 9904 | €11,701 | -€32,631 | -€44,332 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,701 | -€32,631 | -€44,332 |
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 27 October 2026 via checked.be.