SMARTEFACT: 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.
SMARTEFACT
Largest movements
- Cash -€120,104
down €120,104 (-67.0%), from €179,168 to €59,064
mainly Net result for the year (-€82,579) and Tax, wage and social debts (-€32,746)
- Tangible fixed assets -€10,896
down €10,896 (-7.6%), from €142,620 to €131,724
of which Land and buildings: -€7,800
- Profit (loss) carried forward -€82,578
down €82,578 (-52.7%), from €156,789 to €74,211
- Tax, wage and social debts -€32,746
down €32,746 (-99.4%), from €32,955 to €209
- Debts after one year -€15,021
down €15,021 (-18.3%), from €82,235 to €67,214
- Gross operating margin -€123,013
down €123,013, from €54,454 to -€68,559
- Taxes -€8,270
down €8,270 (-97.5%), from €8,479 to €209
- Financial charges -€2,310
down €2,310 (-64.3%), from €3,593 to €1,283
- Other operating charges -€1,446
down €1,446 (-47.0%), from €3,079 to €1,633
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 | €327,801 | €198,404 | -€129,397 | -39.5% |
| Fixed assets | 21/28 | €143,820 | €132,924 | -€10,896 | -7.6% |
| Tangible fixed assets | 22/27 | €142,620 | €131,724 | -€10,896 | -7.6% |
| Land and buildings | 22 | €126,510 | €118,710 | -€7,800 | -6.2% |
| Plant, machinery and equipment | 23 | €15,692 | €12,799 | -€2,893 | -18.4% |
| Furniture and vehicles | 24 | €418 | €215 | -€203 | -48.5% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €183,981 | €65,480 | -€118,501 | -64.4% |
| Amounts receivable within one year | 40/41 | €1,759 | €4,731 | +€2,972 | +169.0% |
| Trade receivables | 40 | €1,759 | €2,775 | +€1,016 | +57.8% |
| Other amounts receivable | 41 | - | €1,956 | +€1,956 | |
| Cash at bank and in hand | 54/58 | €179,168 | €59,064 | -€120,104 | -67.0% |
| Deferred charges and accrued income | 490/1 | €3,054 | €1,685 | -€1,369 | -44.8% |
| Total equity and liabilities | 10/49 | €327,801 | €198,404 | -€129,397 | -39.5% |
| Equity | 10/15 | €186,789 | €104,211 | -€82,578 | -44.2% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €156,789 | €74,211 | -€82,578 | -52.7% |
| Amounts payable | 17/49 | €141,012 | €94,193 | -€46,819 | -33.2% |
| Amounts payable after more than one year | 17 | €82,235 | €67,214 | -€15,021 | -18.3% |
| Financial debts | 170/4 | €82,235 | €67,214 | -€15,021 | -18.3% |
| Amounts payable within one year | 42/48 | €58,777 | €26,979 | -€31,798 | -54.1% |
| Current portion of amounts payable after more than one year | 42 | €14,842 | €15,021 | +€179 | +1.2% |
| Trade debts | 44 | €3,293 | €4,563 | +€1,270 | +38.6% |
| Suppliers | 440/4 | €3,293 | €4,563 | +€1,270 | +38.6% |
| Taxes, remuneration and social security | 45 | €32,955 | €209 | -€32,746 | -99.4% |
| Taxes | 450/3 | €32,955 | €209 | -€32,746 | -99.4% |
| Other amounts payable | 47/48 | €7,687 | €7,186 | -€501 | -6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,884 | €10,896 | +€12 | +0.1% |
| Other operating charges | 640/8 | €3,079 | €1,633 | -€1,446 | -47.0% |
| Gross operating margin | 9900 | €54,454 | -€68,559 | -€123,013 | |
| Operating profit (loss) | 9901 | €40,491 | -€81,088 | -€121,579 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €3,593 | €1,283 | -€2,310 | -64.3% |
| Recurring financial charges | 65 | €3,593 | €1,283 | -€2,310 | -64.3% |
| Profit (loss) for the period before taxes | 9903 | €36,898 | -€82,371 | -€119,269 | |
| Income taxes | 67/77 | €8,479 | €209 | -€8,270 | -97.5% |
| Profit (loss) for the period | 9904 | €28,419 | -€82,579 | -€110,998 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,419 | -€82,579 | -€110,998 |
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 2 October 2026 via checked.be.