SMART-SELECT: 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-SELECT
Largest movements
- Stocks and contracts +€410,000
up €410,000 (+91.1%), from €449,898 to €859,898
- Receivables within one year -€112,371
down €112,371 (-24.3%), from €462,767 to €350,396
of which Trade receivables: -€123,346
- Cash +€87,624
up €87,624 (+179.6%), from €48,789 to €136,413
mainly Other debts (+€189,000) and Advances received (+€150,000)
- Intangible fixed assets -€17,857
no longer reported in 2025 (was €17,857)
- Other debts +€189,000
up €189,000 (+42.5%), from €444,515 to €633,515
- Advances received +€150,000
up €150,000 (+11387.6%), from €1,317 to €151,317
- Trade debts +€32,266
up €32,266 (+20.2%), from €159,872 to €192,137
- Profit (loss) carried forward +€18,070
up €18,070 (+9.4%), from €192,459 to €210,529
- Gross operating margin -€23,510
down €23,510 (-35.2%), from €66,812 to €43,302
- Taxes -€5,095
down €5,095 (-43.6%), from €11,674 to €6,579
- Financial income +€4,447
up €4,447 (+314.5%), from €1,414 to €5,860
of which Financial income: +€4,447
- Staff costs -€1,920
no longer reported in 2025 (was €1,920)
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 | €982,792 | €1,348,105 | +€365,312 | +37.2% |
| Fixed assets | 21/28 | €19,450 | €1,023 | -€18,428 | -94.7% |
| Intangible fixed assets | 21 | €17,857 | - | -€17,857 | |
| Tangible fixed assets | 22/27 | €1,593 | €1,023 | -€571 | -35.8% |
| Plant, machinery and equipment | 23 | €1,593 | €1,023 | -€571 | -35.8% |
| Current assets | 29/58 | €963,342 | €1,347,082 | +€383,740 | +39.8% |
| Stocks and contracts in progress | 3 | €449,898 | €859,898 | +€410,000 | +91.1% |
| Stocks | 30/36 | €449,898 | €859,898 | +€410,000 | +91.1% |
| Amounts receivable within one year | 40/41 | €462,767 | €350,396 | -€112,371 | -24.3% |
| Trade receivables | 40 | €444,581 | €321,235 | -€123,346 | -27.7% |
| Other amounts receivable | 41 | €18,186 | €29,161 | +€10,975 | +60.3% |
| Current investments | 50/53 | €376 | €376 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €48,789 | €136,413 | +€87,624 | +179.6% |
| Deferred charges and accrued income | 490/1 | €1,513 | - | -€1,513 | |
| Total equity and liabilities | 10/49 | €982,792 | €1,348,105 | +€365,312 | +37.2% |
| Equity | 10/15 | €212,919 | €230,989 | +€18,070 | +8.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €192,459 | €210,529 | +€18,070 | +9.4% |
| Amounts payable | 17/49 | €769,873 | €1,117,116 | +€347,242 | +45.1% |
| Amounts payable after more than one year | 17 | €81,134 | €71,394 | -€9,740 | -12.0% |
| Financial debts | 170/4 | €81,134 | €71,394 | -€9,740 | -12.0% |
| Amounts payable within one year | 42/48 | €688,739 | €1,044,963 | +€356,223 | +51.7% |
| Current portion of amounts payable after more than one year | 42 | €17,235 | €9,740 | -€7,495 | -43.5% |
| Financial debts | 43 | €40,000 | €40,000 | = | 0.0% |
| Other loans | 439 | €40,000 | €40,000 | = | 0.0% |
| Trade debts | 44 | €159,872 | €192,137 | +€32,266 | +20.2% |
| Suppliers | 440/4 | €159,872 | €192,137 | +€32,266 | +20.2% |
| Advances received on contracts in progress | 46 | €1,317 | €151,317 | +€150,000 | +11387.6% |
| Taxes, remuneration and social security | 45 | €25,800 | €18,253 | -€7,547 | -29.3% |
| Taxes | 450/3 | €25,800 | €18,253 | -€7,547 | -29.3% |
| Other amounts payable | 47/48 | €444,515 | €633,515 | +€189,000 | +42.5% |
| Accrued charges and deferred income | 492/3 | - | €759 | +€759 | |
| Remuneration, social security and pensions | 62 | €1,920 | - | -€1,920 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,216 | €18,428 | +€211 | +1.2% |
| Gross operating margin | 9900 | €66,812 | €43,302 | -€23,510 | -35.2% |
| Operating profit (loss) | 9901 | €46,676 | €24,875 | -€21,801 | -46.7% |
| Financial income | 75/76B | €1,414 | €5,860 | +€4,447 | +314.5% |
| Recurring financial income | 75 | €1,354 | €5,800 | +€4,447 | +328.5% |
| Non-recurring financial income | 76B | €60 | €60 | = | 0.0% |
| Financial charges | 65/66B | €5,501 | €6,086 | +€585 | +10.6% |
| Recurring financial charges | 65 | €5,501 | €6,086 | +€585 | +10.6% |
| Profit (loss) for the period before taxes | 9903 | €42,588 | €24,649 | -€17,940 | -42.1% |
| Income taxes | 67/77 | €11,674 | €6,579 | -€5,095 | -43.6% |
| Profit (loss) for the period | 9904 | €30,914 | €18,070 | -€12,844 | -41.5% |
| Profit (loss) for the period to be appropriated | 9905 | €30,914 | €18,070 | -€12,844 | -41.5% |
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 1 October 2026 via checked.be.