SMART V: 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 V
Largest movements
- Tangible fixed assets +€9,564
up €9,564 (+71.5%), from €13,380 to €22,944
- Cash -€4,072
down €4,072 (-91.1%), from €4,470 to €398
mainly Investment in fixed assets (net) (-€22,922) and Net result for the year (-€6,006)
- Receivables within one year +€260
up €260 (+57.8%), from €450 to €710
- Other debts +€10,418
up €10,418 (+331.3%), from €3,144 to €13,562
- Profit (loss) carried forward -€6,006
down €6,006, from €644 to -€5,362
- Trade debts +€1,968
new in 2025: €1,968
- Debts after one year -€1,068
down €1,068 (-33.7%), from €3,169 to €2,102
- Tax, wage and social debts +€388
up €388 (+118.4%), from €327 to €715
- Depreciation +€7,225
up €7,225 (+117.8%), from €6,133 to €13,358
- Other operating charges -€384
no longer reported in 2025 (was €384)
- Gross operating margin +€296
up €296 (+4.0%), from €7,380 to €7,677
- Financial charges +€268
up €268 (+457.7%), from €59 to €327
- Taxes -€161
no longer reported in 2025 (was €161)
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 | €18,300 | €24,052 | +€5,752 | +31.4% |
| Fixed assets | 21/28 | €13,380 | €22,944 | +€9,564 | +71.5% |
| Tangible fixed assets | 22/27 | €13,380 | €22,944 | +€9,564 | +71.5% |
| Plant, machinery and equipment | 23 | €13,380 | €22,944 | +€9,564 | +71.5% |
| Current assets | 29/58 | €4,920 | €1,108 | -€3,812 | -77.5% |
| Amounts receivable within one year | 40/41 | €450 | €710 | +€260 | +57.8% |
| Trade receivables | 40 | €450 | €710 | +€260 | +57.8% |
| Cash at bank and in hand | 54/58 | €4,470 | €398 | -€4,072 | -91.1% |
| Total equity and liabilities | 10/49 | €18,300 | €24,052 | +€5,752 | +31.4% |
| Equity | 10/15 | €10,644 | €4,638 | -€6,006 | -56.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €644 | -€5,362 | -€6,006 | |
| Amounts payable | 17/49 | €7,657 | €19,414 | +€11,758 | +153.6% |
| Amounts payable after more than one year | 17 | €3,169 | €2,102 | -€1,068 | -33.7% |
| Financial debts | 170/4 | €3,169 | €2,102 | -€1,068 | -33.7% |
| Amounts payable within one year | 42/48 | €4,487 | €17,313 | +€12,825 | +285.8% |
| Current portion of amounts payable after more than one year | 42 | €1,016 | €1,068 | +€52 | +5.1% |
| Trade debts | 44 | - | €1,968 | +€1,968 | |
| Suppliers | 440/4 | - | €1,968 | +€1,968 | |
| Taxes, remuneration and social security | 45 | €327 | €715 | +€388 | +118.4% |
| Taxes | 450/3 | €327 | €715 | +€388 | +118.4% |
| Other amounts payable | 47/48 | €3,144 | €13,562 | +€10,418 | +331.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,133 | €13,358 | +€7,225 | +117.8% |
| Other operating charges | 640/8 | €384 | - | -€384 | |
| Gross operating margin | 9900 | €7,380 | €7,677 | +€296 | +4.0% |
| Operating profit (loss) | 9901 | €863 | -€5,682 | -€6,545 | |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €59 | €327 | +€268 | +457.7% |
| Recurring financial charges | 65 | €59 | €327 | +€268 | +457.7% |
| Profit (loss) for the period before taxes | 9903 | €805 | -€6,006 | -€6,811 | |
| Income taxes | 67/77 | €161 | - | -€161 | |
| Profit (loss) for the period | 9904 | €644 | -€6,006 | -€6,650 | |
| Profit (loss) for the period to be appropriated | 9905 | €644 | -€6,006 | -€6,650 |
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 30 September 2026 via checked.be.