SmartChange: 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.
SmartChange
Largest movements
- Tangible fixed assets -€27,027
down €27,027 (-24.9%), from €108,337 to €81,311
of which Furniture and vehicles: -€24,253
- Cash -€6,880
down €6,880 (-29.6%), from €23,281 to €16,401
mainly Contributions, distributions and other (-€17,976) and Current portion of long-term debt (-€10,409)
- Receivables within one year +€4,242
up €4,242 (+14.1%), from €30,052 to €34,294
of which Other amounts receivable: +€7,163
- Deferred charges and accrued income +€3,222
up €3,222 (+18.5%), from €17,386 to €20,608
- Current portion of long-term debt -€10,409
down €10,409 (-52.8%), from €19,709 to €9,300
- Debts after one year -€9,300
down €9,300 (-19.3%), from €48,275 to €38,975
- Tax, wage and social debts -€4,889
down €4,889 (-49.0%), from €9,973 to €5,085
- Other debts -€3,731
down €3,731 (-4.9%), from €76,880 to €73,150
- Gross operating margin -€48,979
down €48,979 (-45.9%), from €106,625 to €57,646
- Taxes -€9,615
down €9,615 (-55.1%), from €17,457 to €7,842
- Depreciation +€5,876
up €5,876 (+27.8%), from €21,150 to €27,027
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 | €185,056 | €158,614 | -€26,442 | -14.3% |
| Fixed assets | 21/28 | €114,337 | €87,311 | -€27,027 | -23.6% |
| Tangible fixed assets | 22/27 | €108,337 | €81,311 | -€27,027 | -24.9% |
| Plant, machinery and equipment | 23 | €6,291 | €3,518 | -€2,773 | -44.1% |
| Furniture and vehicles | 24 | €102,046 | €77,792 | -€24,253 | -23.8% |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €70,719 | €71,303 | +€584 | +0.8% |
| Amounts receivable within one year | 40/41 | €30,052 | €34,294 | +€4,242 | +14.1% |
| Trade receivables | 40 | €29,005 | €26,084 | -€2,921 | -10.1% |
| Other amounts receivable | 41 | €1,047 | €8,211 | +€7,163 | +684% |
| Cash at bank and in hand | 54/58 | €23,281 | €16,401 | -€6,880 | -29.6% |
| Deferred charges and accrued income | 490/1 | €17,386 | €20,608 | +€3,222 | +18.5% |
| Total equity and liabilities | 10/49 | €185,056 | €158,614 | -€26,442 | -14.3% |
| Equity | 10/15 | €20,460 | €20,460 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €164,596 | €138,154 | -€26,442 | -16.1% |
| Amounts payable after more than one year | 17 | €48,275 | €38,975 | -€9,300 | -19.3% |
| Financial debts | 170/4 | €48,275 | €38,975 | -€9,300 | -19.3% |
| Amounts payable within one year | 42/48 | €114,503 | €97,102 | -€17,401 | -15.2% |
| Current portion of amounts payable after more than one year | 42 | €19,709 | €9,300 | -€10,409 | -52.8% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €7,941 | €9,567 | +€1,627 | +20.5% |
| Suppliers | 440/4 | €7,941 | €9,567 | +€1,627 | +20.5% |
| Taxes, remuneration and social security | 45 | €9,973 | €5,085 | -€4,889 | -49.0% |
| Taxes | 450/3 | €9,973 | €5,085 | -€4,889 | -49.0% |
| Other amounts payable | 47/48 | €76,880 | €73,150 | -€3,731 | -4.9% |
| Accrued charges and deferred income | 492/3 | €1,818 | €2,077 | +€259 | +14.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,150 | €27,027 | +€5,876 | +27.8% |
| Other operating charges | 640/8 | €840 | €1,008 | +€168 | +20.1% |
| Non-recurring operating charges | 66A | €1,918 | €0 | -€1,918 | -100% |
| Gross operating margin | 9900 | €106,625 | €57,646 | -€48,979 | -45.9% |
| Operating profit (loss) | 9901 | €82,717 | €29,611 | -€53,106 | -64.2% |
| Financial income | 75/76B | €11 | €3 | -€8 | -76.2% |
| Recurring financial income | 75 | €11 | €3 | -€8 | -76.2% |
| Financial charges | 65/66B | €4,389 | €3,796 | -€593 | -13.5% |
| Recurring financial charges | 65 | €4,389 | €3,796 | -€593 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €78,339 | €25,818 | -€52,521 | -67.0% |
| Income taxes | 67/77 | €17,457 | €7,842 | -€9,615 | -55.1% |
| Profit (loss) for the period | 9904 | €60,882 | €17,976 | -€42,906 | -70.5% |
| Profit (loss) for the period to be appropriated | 9905 | €60,882 | €17,976 | -€42,906 | -70.5% |
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 13 October 2026 via checked.be.