SMARTBRANDS: 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.
SMARTBRANDS
Largest movements
- Receivables after one year -€241,500
no longer reported in 2025 (was €241,500)
- Receivables within one year +€124,495
up €124,495 (+426.4%), from €29,199 to €153,694
of which Trade receivables: +€94,495
- Cash -€31,620
down €31,620 (-9.7%), from €325,175 to €293,556
mainly Other debts (-€257,884) and Receivables within one year (-€124,495)
- Current investments +€12,000
up €12,000 (+34.3%), from €35,000 to €47,000
- Other debts -€257,884
down €257,884 (-76.1%), from €338,938 to €81,054
- Advances received +€84,700
new in 2025: €84,700
- Trade debts +€15,959
up €15,959 (+239.3%), from €6,669 to €22,627
- Tax, wage and social debts +€15,753
up €15,753 (+49.8%), from €31,612 to €47,365
- Financial charges +€223,539
up €223,539 (+10481.0%), from €2,133 to €225,671
- Gross operating margin +€85,791
up €85,791 (+54.3%), from €157,852 to €243,643
- Taxes -€48,397
down €48,397 (-91.5%), from €52,897 to €4,500
- Other operating charges +€4,719
up €4,719 (+134.3%), from €3,513 to €8,232
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 | €631,919 | €496,683 | -€135,237 | -21.4% |
| Fixed assets | 21/28 | €804 | €2,433 | +€1,629 | +202.6% |
| Tangible fixed assets | 22/27 | €804 | €2,433 | +€1,629 | +202.6% |
| Land and buildings | 22 | €320 | €160 | -€160 | -50.0% |
| Plant, machinery and equipment | 23 | - | €2,273 | +€2,273 | |
| Furniture and vehicles | 24 | €484 | - | -€484 | |
| Current assets | 29/58 | €631,115 | €494,249 | -€136,866 | -21.7% |
| Amounts receivable after more than one year | 29 | €241,500 | - | -€241,500 | |
| Other amounts receivable | 291 | €241,500 | - | -€241,500 | |
| Amounts receivable within one year | 40/41 | €29,199 | €153,694 | +€124,495 | +426.4% |
| Trade receivables | 40 | €29,199 | €123,694 | +€94,495 | +323.6% |
| Other amounts receivable | 41 | - | €30,000 | +€30,000 | |
| Current investments | 50/53 | €35,000 | €47,000 | +€12,000 | +34.3% |
| Cash at bank and in hand | 54/58 | €325,175 | €293,556 | -€31,620 | -9.7% |
| Deferred charges and accrued income | 490/1 | €242 | - | -€242 | |
| Total equity and liabilities | 10/49 | €631,919 | €496,683 | -€135,237 | -21.4% |
| Equity | 10/15 | €225,547 | €230,937 | +€5,390 | +2.4% |
| Reserves | 13 | €225,547 | €225,547 | = | 0.0% |
| Distributable reserves | 133 | €225,547 | €225,547 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €5,390 | +€5,390 | |
| Amounts payable | 17/49 | €406,373 | €265,746 | -€140,627 | -34.6% |
| Amounts payable within one year | 42/48 | €406,373 | €265,746 | -€140,627 | -34.6% |
| Current portion of amounts payable after more than one year | 42 | €29,155 | €30,000 | +€845 | +2.9% |
| Trade debts | 44 | €6,669 | €22,627 | +€15,959 | +239.3% |
| Suppliers | 440/4 | €6,669 | €22,627 | +€15,959 | +239.3% |
| Advances received on contracts in progress | 46 | - | €84,700 | +€84,700 | |
| Taxes, remuneration and social security | 45 | €31,612 | €47,365 | +€15,753 | +49.8% |
| Taxes | 450/3 | €31,612 | €47,365 | +€15,753 | +49.8% |
| Other amounts payable | 47/48 | €338,938 | €81,054 | -€257,884 | -76.1% |
| Remuneration, social security and pensions | 62 | €1,250 | - | -€1,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €764 | €1,178 | +€414 | +54.1% |
| Other operating charges | 640/8 | €3,513 | €8,232 | +€4,719 | +134.3% |
| Gross operating margin | 9900 | €157,852 | €243,643 | +€85,791 | +54.3% |
| Operating profit (loss) | 9901 | €152,325 | €234,234 | +€81,909 | +53.8% |
| Financial income | 75/76B | - | €1,328 | +€1,328 | |
| Recurring financial income | 75 | - | €1,328 | +€1,328 | |
| Financial charges | 65/66B | €2,133 | €225,671 | +€223,539 | +10481.0% |
| Recurring financial charges | 65 | €2,133 | €225,671 | +€223,539 | +10481.0% |
| Profit (loss) for the period before taxes | 9903 | €150,192 | €9,890 | -€140,302 | -93.4% |
| Income taxes | 67/77 | €52,897 | €4,500 | -€48,397 | -91.5% |
| Profit (loss) for the period | 9904 | €97,295 | €5,390 | -€91,905 | -94.5% |
| Profit (loss) for the period to be appropriated | 9905 | €97,295 | €5,390 | -€91,905 | -94.5% |
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 4 October 2026 via checked.be.