SMART2INVEST: 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.
SMART2INVEST
Largest movements
- Receivables within one year +€156,385
up €156,385 (+52.1%), from €300,217 to €456,602
- Intangible fixed assets -€146,469
down €146,469 (-11.2%), from €1.3m to €1.2m
- Short-term financial debts +€110,839
new in 2025: €110,839
- Debts after one year -€105,364
down €105,364 (-10.8%), from €973,223 to €867,859
- Other debts -€21,075
down €21,075 (-5.4%), from €391,875 to €370,800
- Trade debts +€19,895
up €19,895 (+21.1%), from €94,433 to €114,328
- Gross operating margin -€184,466
down €184,466 (-17.0%), from €1.1m to €898,575
- Staff costs -€151,086
down €151,086 (-31.9%), from €473,785 to €322,699
- Depreciation -€12,297
down €12,297 (-7.7%), from €160,320 to €148,023
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 | €1,625,964 | €1,622,383 | -€3,582 | -0.2% |
| Fixed assets | 21/28 | €1,312,140 | €1,164,117 | -€148,023 | -11.3% |
| Intangible fixed assets | 21 | €1,305,816 | €1,159,347 | -€146,469 | -11.2% |
| Tangible fixed assets | 22/27 | €6,324 | €4,770 | -€1,554 | -24.6% |
| Plant, machinery and equipment | 23 | €6,324 | €4,770 | -€1,554 | -24.6% |
| Current assets | 29/58 | €313,824 | €458,266 | +€144,441 | +46.0% |
| Amounts receivable within one year | 40/41 | €300,217 | €456,602 | +€156,385 | +52.1% |
| Trade receivables | 40 | €300,217 | €456,602 | +€156,385 | +52.1% |
| Cash at bank and in hand | 54/58 | €12,924 | - | -€12,924 | |
| Deferred charges and accrued income | 490/1 | €684 | €1,664 | +€980 | +143% |
| Total equity and liabilities | 10/49 | €1,625,964 | €1,622,383 | -€3,582 | -0.2% |
| Equity | 10/15 | €10,656 | €11,460 | +€804 | +7.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €656 | €1,460 | +€804 | +123% |
| Distributable reserves | 133 | €656 | €1,460 | +€804 | +123% |
| Amounts payable | 17/49 | €1,615,308 | €1,610,923 | -€4,385 | -0.3% |
| Amounts payable after more than one year | 17 | €973,223 | €867,859 | -€105,364 | -10.8% |
| Financial debts | 170/4 | €973,223 | €867,859 | -€105,364 | -10.8% |
| Amounts payable within one year | 42/48 | €642,085 | €742,584 | +€100,498 | +15.7% |
| Current portion of amounts payable after more than one year | 42 | €101,244 | €105,364 | +€4,119 | +4.1% |
| Financial debts | 43 | - | €110,839 | +€110,839 | |
| Credit institutions | 430/8 | - | €110,839 | +€110,839 | |
| Trade debts | 44 | €94,433 | €114,328 | +€19,895 | +21.1% |
| Suppliers | 440/4 | €94,433 | €114,328 | +€19,895 | +21.1% |
| Taxes, remuneration and social security | 45 | €54,533 | €41,252 | -€13,281 | -24.4% |
| Taxes | 450/3 | €3,721 | €7,478 | +€3,758 | +101% |
| Remuneration and social security | 454/9 | €50,812 | €33,774 | -€17,038 | -33.5% |
| Other amounts payable | 47/48 | €391,875 | €370,800 | -€21,075 | -5.4% |
| Accrued charges and deferred income | 492/3 | - | €480 | +€480 | |
| Remuneration, social security and pensions | 62 | €473,785 | €322,699 | -€151,086 | -31.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €160,320 | €148,023 | -€12,297 | -7.7% |
| Other operating charges | 640/8 | €1,190 | €3,236 | +€2,046 | +172% |
| Gross operating margin | 9900 | €1,083,041 | €898,575 | -€184,466 | -17.0% |
| Operating profit (loss) | 9901 | €447,746 | €424,618 | -€23,128 | -5.2% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €46,495 | €43,036 | -€3,458 | -7.4% |
| Recurring financial charges | 65 | €46,495 | €43,036 | -€3,458 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €401,252 | €381,582 | -€19,670 | -4.9% |
| Income taxes | 67/77 | €8,721 | €9,978 | +€1,258 | +14.4% |
| Profit (loss) for the period | 9904 | €392,531 | €371,604 | -€20,927 | -5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €392,531 | €371,604 | -€20,927 | -5.3% |
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 29 October 2026 via checked.be.