SMART WAY: 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 WAY
Largest movements
- Receivables within one year +€12,259
up €12,259 (+22.5%), from €54,588 to €66,847
of which Trade receivables: +€11,786
- Deferred charges and accrued income +€1,720
new in 2025: €1,720
- Tangible fixed assets -€1,000
down €1,000 (-27.7%), from €3,611 to €2,611
- Trade debts +€20,508
up €20,508 (+618.4%), from €3,316 to €23,824
- Other debts -€6,474
no longer reported in 2025 (was €6,474)
- Tax, wage and social debts -€2,288
down €2,288 (-16.6%), from €13,819 to €11,531
of which Remuneration and social security: -€4,290
- Gross operating margin -€36,930
down €36,930 (-76.4%), from €48,314 to €11,384
- Taxes -€6,617
down €6,617 (-84.6%), from €7,819 to €1,202
- Other operating charges +€6,026
up €6,026 (+255.5%), from €2,359 to €8,384
- Staff costs -€5,638
no longer reported in 2025 (was €5,638)
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 | €63,413 | €75,741 | +€12,328 | +19.4% |
| Fixed assets | 21/28 | €3,611 | €2,611 | -€1,000 | -27.7% |
| Tangible fixed assets | 22/27 | €3,611 | €2,611 | -€1,000 | -27.7% |
| Furniture and vehicles | 24 | €3,611 | €2,611 | -€1,000 | -27.7% |
| Current assets | 29/58 | €59,802 | €73,130 | +€13,328 | +22.3% |
| Amounts receivable within one year | 40/41 | €54,588 | €66,847 | +€12,259 | +22.5% |
| Trade receivables | 40 | €51,640 | €63,426 | +€11,786 | +22.8% |
| Other amounts receivable | 41 | €2,948 | €3,421 | +€473 | +16.0% |
| Cash at bank and in hand | 54/58 | €5,215 | €4,563 | -€651 | -12.5% |
| Deferred charges and accrued income | 490/1 | - | €1,720 | +€1,720 | |
| Total equity and liabilities | 10/49 | €63,413 | €75,741 | +€12,328 | +19.4% |
| Equity | 10/15 | €39,804 | €40,386 | +€583 | +1.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,804 | €30,386 | +€583 | +2.0% |
| Amounts payable | 17/49 | €23,609 | €35,355 | +€11,745 | +49.7% |
| Amounts payable within one year | 42/48 | €23,609 | €35,355 | +€11,745 | +49.7% |
| Trade debts | 44 | €3,316 | €23,824 | +€20,508 | +618.4% |
| Suppliers | 440/4 | €3,316 | €23,824 | +€20,508 | +618.4% |
| Taxes, remuneration and social security | 45 | €13,819 | €11,531 | -€2,288 | -16.6% |
| Taxes | 450/3 | €7,819 | €9,821 | +€2,002 | +25.6% |
| Remuneration and social security | 454/9 | €6,000 | €1,710 | -€4,290 | -71.5% |
| Other amounts payable | 47/48 | €6,474 | - | -€6,474 | |
| Remuneration, social security and pensions | 62 | €5,638 | - | -€5,638 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,389 | €1,000 | -€389 | -28.0% |
| Other operating charges | 640/8 | €2,359 | €8,384 | +€6,026 | +255.5% |
| Gross operating margin | 9900 | €48,314 | €11,384 | -€36,930 | -76.4% |
| Operating profit (loss) | 9901 | €38,928 | €2,000 | -€36,928 | -94.9% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €305 | €216 | -€89 | -29.2% |
| Recurring financial charges | 65 | €305 | €216 | -€89 | -29.2% |
| Profit (loss) for the period before taxes | 9903 | €38,622 | €1,785 | -€36,838 | -95.4% |
| Income taxes | 67/77 | €7,819 | €1,202 | -€6,617 | -84.6% |
| Profit (loss) for the period | 9904 | €30,803 | €583 | -€30,220 | -98.1% |
| Profit (loss) for the period to be appropriated | 9905 | €30,803 | €583 | -€30,220 | -98.1% |
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 5 October 2026 via checked.be.