SMARTBUS: 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.
SMARTBUS
Largest movements
- Stocks and contracts -€238,271
down €238,271 (-100%), from €238,271 to €0
- Tangible fixed assets +€119,344
up €119,344 (+77.6%), from €153,762 to €273,106
of which Leasing and similar rights: +€162,746
- Receivables within one year +€70,937
up €70,937 (+300%), from €23,660 to €94,598
of which Other amounts receivable: +€60,142
- Cash -€59,017
down €59,017 (-99.1%), from €59,557 to €540
mainly Investment in fixed assets (net) (-€161,069) and Other debts (-€89,464)
- Financial fixed assets -€13,040
down €13,040 (-70.0%), from €18,620 to €5,580
- Other debts -€89,464
down €89,464 (-89.1%), from €100,464 to €11,000
- Short-term financial debts -€80,000
down €80,000 (-100%), from €80,000 to €0
- Debts after one year +€73,379
up €73,379 (+57.3%), from €128,072 to €201,451
- Profit (loss) carried forward -€61,292
down €61,292, from €20,981 to -€40,311
- Current portion of long-term debt +€41,940
up €41,940 (+86.7%), from €48,377 to €90,317
- Gross operating margin -€99,270
down €99,270 (-98.5%), from €100,771 to €1,501
- Staff costs -€31,090
down €31,090, from €30,744 to -€346
- Depreciation +€24,001
up €24,001 (+73.7%), from €32,565 to €56,566
- Financial charges -€6,524
down €6,524 (-42.7%), from €15,290 to €8,766
- Provisions -€2,009
down €2,009 (-226%), from -€888 to -€2,897
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 | €499,887 | €381,239 | -€118,648 | -23.7% |
| Fixed assets | 21/28 | €174,616 | €279,120 | +€104,504 | +59.8% |
| Intangible fixed assets | 21 | €2,234 | €434 | -€1,800 | -80.6% |
| Tangible fixed assets | 22/27 | €153,762 | €273,106 | +€119,344 | +77.6% |
| Furniture and vehicles | 24 | €153,762 | €110,360 | -€43,402 | -28.2% |
| Leasing and similar rights | 25 | - | €162,746 | +€162,746 | |
| Financial fixed assets | 28 | €18,620 | €5,580 | -€13,040 | -70.0% |
| Current assets | 29/58 | €325,270 | €102,119 | -€223,152 | -68.6% |
| Stocks and contracts in progress | 3 | €238,271 | €0 | -€238,271 | -100% |
| Stocks | 30/36 | €238,271 | €0 | -€238,271 | -100% |
| Amounts receivable within one year | 40/41 | €23,660 | €94,598 | +€70,937 | +300% |
| Trade receivables | 40 | €20,891 | €31,686 | +€10,795 | +51.7% |
| Other amounts receivable | 41 | €2,770 | €62,912 | +€60,142 | +2,171% |
| Cash at bank and in hand | 54/58 | €59,557 | €540 | -€59,017 | -99.1% |
| Deferred charges and accrued income | 490/1 | €3,783 | €6,982 | +€3,199 | +84.6% |
| Total equity and liabilities | 10/49 | €499,887 | €381,239 | -€118,648 | -23.7% |
| Equity | 10/15 | €51,690 | -€9,601 | -€61,292 | |
| Contributions | 10/11 | €30,709 | €30,709 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,981 | -€40,311 | -€61,292 | |
| Provisions and deferred taxes | 16 | €5,312 | €2,415 | -€2,897 | -54.5% |
| Provisions for liabilities and charges | 160/5 | €5,312 | €2,415 | -€2,897 | -54.5% |
| Other liabilities and charges | 164/5 | €5,312 | €2,415 | -€2,897 | -54.5% |
| Amounts payable | 17/49 | €442,884 | €388,425 | -€54,459 | -12.3% |
| Amounts payable after more than one year | 17 | €128,072 | €201,451 | +€73,379 | +57.3% |
| Financial debts | 170/4 | €128,072 | €201,451 | +€73,379 | +57.3% |
| Amounts payable within one year | 42/48 | €280,053 | €176,852 | -€103,201 | -36.9% |
| Current portion of amounts payable after more than one year | 42 | €48,377 | €90,317 | +€41,940 | +86.7% |
| Financial debts | 43 | €80,000 | €0 | -€80,000 | -100% |
| Credit institutions | 430/8 | €80,000 | €0 | -€80,000 | -100% |
| Trade debts | 44 | €49,970 | €63,739 | +€13,769 | +27.6% |
| Suppliers | 440/4 | €49,970 | €63,739 | +€13,769 | +27.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €1,243 | €11,797 | +€10,554 | +849% |
| Taxes | 450/3 | €1,088 | €11,642 | +€10,554 | +970% |
| Remuneration and social security | 454/9 | €155 | €155 | = | 0.0% |
| Other amounts payable | 47/48 | €100,464 | €11,000 | -€89,464 | -89.1% |
| Accrued charges and deferred income | 492/3 | €34,759 | €10,122 | -€24,638 | -70.9% |
| Remuneration, social security and pensions | 62 | €30,744 | -€346 | -€31,090 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,565 | €56,566 | +€24,001 | +73.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€888 | -€2,897 | -€2,009 | -226% |
| Other operating charges | 640/8 | €1,178 | €744 | -€435 | -36.9% |
| Gross operating margin | 9900 | €100,771 | €1,501 | -€99,270 | -98.5% |
| Operating profit (loss) | 9901 | €37,172 | -€52,566 | -€89,738 | |
| Financial income | 75/76B | €173 | €40 | -€133 | -76.8% |
| Recurring financial income | 75 | €173 | €40 | -€133 | -76.8% |
| Financial charges | 65/66B | €15,290 | €8,766 | -€6,524 | -42.7% |
| Recurring financial charges | 65 | €15,290 | €8,766 | -€6,524 | -42.7% |
| Profit (loss) for the period before taxes | 9903 | €22,054 | -€61,292 | -€83,346 | |
| Income taxes | 67/77 | €1,073 | €0 | -€1,073 | -100% |
| Profit (loss) for the period | 9904 | €20,981 | -€61,292 | -€82,273 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,981 | -€61,292 | -€82,273 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.