SmartBe: 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.
SmartBe
Largest movements
- Cash -€1.2m
down €1.2m (-67.2%), from €1.7m to €563,197
mainly Net result for the year (-€2.4m) and Debts within one year (-€504,269)
- Receivables within one year -€893,679
down €893,679 (-9.2%), from €9.7m to €8.8m
of which Other amounts receivable: -€1.0m
- Financial fixed assets -€807,225
down €807,225 (-11.2%), from €7.2m to €6.4m
of which Affiliated companies: -€807,225
- Profit (loss) carried forward -€2.4m
down €2.4m (-12.7%), from -€19.2m to -€21.6m
- Debts within one year -€504,269
down €504,269 (-1.7%), from €30.4m to €29.9m
of which Trade debts: -€434,554
- Financial income -€3.0m
down €3.0m (-86.5%), from €3.5m to €474,479
of which Non-recurring financial income: -€2.1m
- Services and other goods -€343,615
down €343,615 (-45.8%), from €749,741 to €406,126
- Taxes -€329,335
down €329,335 (-76.3%), from €431,719 to €102,384
- Financial charges -€286,042
down €286,042 (-8.8%), from €3.2m to €3.0m
of which Non-recurring financial charges: -€1.2m
- Other operating income -€244,242
down €244,242 (-9.2%), from €2.6m to €2.4m
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 | €19,677,249 | €16,733,787 | -€2.9m | -15.0% |
| Fixed assets | 21/28 | €8,270,372 | €7,376,112 | -€894,260 | -10.8% |
| Intangible fixed assets | 21 | €609,494 | €522,688 | -€86,806 | -14.2% |
| Tangible fixed assets | 22/27 | €435,063 | €434,834 | -€229 | -0.1% |
| Plant, machinery and equipment | 23 | €734 | €505 | -€229 | -31.2% |
| Other tangible fixed assets | 26 | €434,329 | €434,329 | = | 0.0% |
| Financial fixed assets | 28 | €7,225,815 | €6,418,590 | -€807,225 | -11.2% |
| Affiliated companies | 280/1 | €7,223,375 | €6,416,150 | -€807,225 | -11.2% |
| Participating interests | 280 | €4,993,875 | €4,359,150 | -€634,725 | -12.7% |
| Amounts receivable | 281 | €2,229,500 | €2,057,000 | -€172,500 | -7.7% |
| Other financial fixed assets | 284/8 | €2,440 | €2,440 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €2,440 | €2,440 | = | 0.0% |
| Current assets | 29/58 | €11,406,877 | €9,357,675 | -€2.0m | -18.0% |
| Amounts receivable after more than one year | 29 | €6,726 | €6,726 | = | 0.0% |
| Other amounts receivable | 291 | €6,726 | €6,726 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €9,671,330 | €8,777,651 | -€893,679 | -9.2% |
| Trade receivables | 40 | €580,659 | €730,594 | +€149,935 | +25.8% |
| Other amounts receivable | 41 | €9,090,671 | €8,047,057 | -€1.0m | -11.5% |
| Cash at bank and in hand | 54/58 | €1,717,013 | €563,197 | -€1.2m | -67.2% |
| Deferred charges and accrued income | 490/1 | €11,808 | €10,101 | -€1,707 | -14.5% |
| Total equity and liabilities | 10/49 | €19,677,249 | €16,733,787 | -€2.9m | -15.0% |
| Equity | 10/15 | -€10,696,782 | -€13,135,774 | -€2.4m | -22.8% |
| Reserves | 13 | €8,465,248 | €8,465,248 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,162,030 | -€21,601,022 | -€2.4m | -12.7% |
| Amounts payable | 17/49 | €30,374,031 | €29,869,561 | -€504,470 | -1.7% |
| Amounts payable after more than one year | 17 | €930 | €840 | -€90 | -9.7% |
| Other amounts payable | 178/9 | €930 | €840 | -€90 | -9.7% |
| Amounts payable within one year | 42/48 | €30,372,633 | €29,868,364 | -€504,269 | -1.7% |
| Trade debts | 44 | €818,552 | €383,998 | -€434,554 | -53.1% |
| Suppliers | 440/4 | €818,552 | €383,998 | -€434,554 | -53.1% |
| Taxes, remuneration and social security | 45 | €268,656 | €268,471 | -€185 | -0.1% |
| Taxes | 450/3 | €132,567 | €125,927 | -€6,640 | -5.0% |
| Remuneration and social security | 454/9 | €136,089 | €142,544 | +€6,455 | +4.7% |
| Accrued charges and deferred income | 492/3 | €468 | €357 | -€111 | -23.7% |
| Operating income | 70/76A | €2,857,186 | €2,613,689 | -€243,497 | -8.5% |
| Turnover | 70 | €4,694 | €463 | -€4,231 | -90.1% |
| Own construction capitalised | 72 | €184,219 | €143,764 | -€40,455 | -22.0% |
| Other operating income | 74 | €2,641,295 | €2,397,053 | -€244,242 | -9.2% |
| Non-recurring operating income | 76A | €6,884 | €61,968 | +€55,084 | +800.2% |
| Operating charges | 60/66A | €2,801,762 | €2,469,536 | -€332,226 | -11.9% |
| Services and other goods | 61 | €749,741 | €406,126 | -€343,615 | -45.8% |
| Remuneration, social security and pensions | 62 | €1,652,759 | €1,690,834 | +€38,075 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €270,921 | €230,799 | -€40,122 | -14.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,480 | -€4,680 | -€6,160 | |
| Other operating charges | 640/8 | €215 | €76,956 | +€76,741 | +35693.5% |
| Non-recurring operating charges | 66A | €126,646 | €69,501 | -€57,145 | -45.1% |
| Operating profit (loss) | 9901 | €55,424 | €144,153 | +€88,729 | +160.1% |
| Financial income | 75/76B | €3,502,407 | €474,479 | -€3.0m | -86.5% |
| Recurring financial income | 75 | €1,449,426 | €474,479 | -€974,947 | -67.3% |
| Income from current assets | 751 | €8,108 | €11,910 | +€3,802 | +46.9% |
| Other financial income | 752/9 | €1,441,318 | €462,569 | -€978,749 | -67.9% |
| Non-recurring financial income | 76B | €2,052,981 | - | -€2.1m | |
| Financial charges | 65/66B | €3,241,282 | €2,955,240 | -€286,042 | -8.8% |
| Recurring financial charges | 65 | €1,084,459 | €1,960,523 | +€876,064 | +80.8% |
| Debt charges | 650 | €54 | - | -€54 | |
| Other financial charges | 652/9 | €1,084,405 | €1,960,523 | +€876,118 | +80.8% |
| Non-recurring financial charges | 66B | €2,156,823 | €994,717 | -€1.2m | -53.9% |
| Profit (loss) for the period before taxes | 9903 | €316,549 | -€2,336,608 | -€2.7m | |
| Income taxes | 67/77 | €431,719 | €102,384 | -€329,335 | -76.3% |
| Taxes | 670/3 | €431,719 | €102,384 | -€329,335 | -76.3% |
| Profit (loss) for the period | 9904 | -€115,170 | -€2,438,992 | -€2.3m | -2017.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€115,170 | -€2,438,992 | -€2.3m | -2017.7% |
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 28 September 2026 via checked.be.