Smart Windows: 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 Windows
Largest movements
- Stocks and contracts +€23,450
up €23,450 (+469.0%), from €5,000 to €28,450
of which Contracts in progress: +€20,950
- Tangible fixed assets -€15,235
down €15,235 (-46.0%), from €33,098 to €17,862
- Receivables within one year -€8,169
down €8,169 (-23.7%), from €34,542 to €26,373
of which Other amounts receivable: -€14,299
- Cash -€8,000
down €8,000 (-6.6%), from €121,142 to €113,142
mainly Contributions, distributions and other (-€48,236) and Stocks and contracts (-€23,450)
- Deferred charges and accrued income -€4,228
down €4,228 (-17.3%), from €24,418 to €20,190
- Profit (loss) carried forward -€48,049
no longer reported in 2025 (was €48,049)
- Trade debts +€23,435
up €23,435 (+108.7%), from €21,561 to €44,996
- Reserves +€20,381
up €20,381 (+22.3%), from €91,461 to €111,842
- Debts after one year -€11,114
down €11,114 (-73.5%), from €15,117 to €4,002
- Other debts +€7,994
new in 2025: €7,994
- Gross operating margin -€87,845
down €87,845 (-65.8%), from €133,540 to €45,694
- Taxes -€19,183
down €19,183 (-76.9%), from €24,939 to €5,756
- Financial charges +€2,397
up €2,397 (+187.7%), from €1,277 to €3,674
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 | €220,600 | €208,417 | -€12,182 | -5.5% |
| Fixed assets | 21/28 | €35,498 | €20,262 | -€15,235 | -42.9% |
| Tangible fixed assets | 22/27 | €33,098 | €17,862 | -€15,235 | -46.0% |
| Plant, machinery and equipment | 23 | €6,676 | €3,603 | -€3,073 | -46.0% |
| Furniture and vehicles | 24 | €14,404 | €8,928 | -€5,476 | -38.0% |
| Leasing and similar rights | 25 | €12,018 | €5,331 | -€6,687 | -55.6% |
| Financial fixed assets | 28 | €2,400 | €2,400 | = | 0.0% |
| Current assets | 29/58 | €185,102 | €188,155 | +€3,053 | +1.6% |
| Stocks and contracts in progress | 3 | €5,000 | €28,450 | +€23,450 | +469.0% |
| Stocks | 30/36 | €5,000 | €7,500 | +€2,500 | +50.0% |
| Contracts in progress | 37 | - | €20,950 | +€20,950 | |
| Amounts receivable within one year | 40/41 | €34,542 | €26,373 | -€8,169 | -23.7% |
| Trade receivables | 40 | €2,418 | €8,547 | +€6,130 | +253.5% |
| Other amounts receivable | 41 | €32,124 | €17,825 | -€14,299 | -44.5% |
| Cash at bank and in hand | 54/58 | €121,142 | €113,142 | -€8,000 | -6.6% |
| Deferred charges and accrued income | 490/1 | €24,418 | €20,190 | -€4,228 | -17.3% |
| Total equity and liabilities | 10/49 | €220,600 | €208,417 | -€12,182 | -5.5% |
| Equity | 10/15 | €142,010 | €114,342 | -€27,668 | -19.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €91,461 | €111,842 | +€20,381 | +22.3% |
| Distributable reserves | 133 | €91,461 | €111,842 | +€20,381 | +22.3% |
| Profit (loss) carried forward | 14 | €48,049 | - | -€48,049 | |
| Amounts payable | 17/49 | €78,590 | €94,075 | +€15,486 | +19.7% |
| Amounts payable after more than one year | 17 | €15,117 | €4,002 | -€11,114 | -73.5% |
| Financial debts | 170/4 | €15,117 | €4,002 | -€11,114 | -73.5% |
| Amounts payable within one year | 42/48 | €63,473 | €90,073 | +€26,600 | +41.9% |
| Current portion of amounts payable after more than one year | 42 | €11,376 | €11,114 | -€261 | -2.3% |
| Trade debts | 44 | €21,561 | €44,996 | +€23,435 | +108.7% |
| Suppliers | 440/4 | €21,561 | €44,996 | +€23,435 | +108.7% |
| Taxes, remuneration and social security | 45 | €30,536 | €25,969 | -€4,567 | -15.0% |
| Taxes | 450/3 | €29,536 | €24,796 | -€4,740 | -16.0% |
| Remuneration and social security | 454/9 | €1,000 | €1,173 | +€173 | +17.3% |
| Other amounts payable | 47/48 | - | €7,994 | +€7,994 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,328 | €15,235 | -€93 | -0.6% |
| Other operating charges | 640/8 | €1,012 | €1,371 | +€359 | +35.5% |
| Gross operating margin | 9900 | €133,540 | €45,694 | -€87,845 | -65.8% |
| Operating profit (loss) | 9901 | €117,200 | €29,087 | -€88,112 | -75.2% |
| Financial income | 75/76B | €477 | €911 | +€433 | +90.8% |
| Recurring financial income | 75 | €477 | €911 | +€433 | +90.8% |
| Financial charges | 65/66B | €1,277 | €3,674 | +€2,397 | +187.7% |
| Recurring financial charges | 65 | €1,277 | €3,674 | +€2,397 | +187.7% |
| Profit (loss) for the period before taxes | 9903 | €116,400 | €26,324 | -€90,076 | -77.4% |
| Income taxes | 67/77 | €24,939 | €5,756 | -€19,183 | -76.9% |
| Profit (loss) for the period | 9904 | €91,461 | €20,568 | -€70,893 | -77.5% |
| Profit (loss) for the period to be appropriated | 9905 | €91,461 | €20,568 | -€70,893 | -77.5% |
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 10 October 2026 via checked.be.