SMARTEL: 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.
SMARTEL
Largest movements
- Cash +€61,862
up €61,862 (+131.0%), from €47,211 to €109,072
mainly Net result for the year (+€75,373) and Receivables within one year (+€40,766)
- Receivables within one year -€40,766
down €40,766 (-64.1%), from €63,625 to €22,858
of which Other amounts receivable: -€25,129
- Current investments +€29,832
up €29,832 (+20.3%), from €146,710 to €176,542
- Stocks and contracts -€8,175
down €8,175 (-50.2%), from €16,298 to €8,123
- Tangible fixed assets -€6,143
down €6,143 (-58.1%), from €10,576 to €4,433
of which Furniture and vehicles: -€3,806
- Reserves +€43,000
up €43,000 (+17.8%), from €241,000 to €284,000
- Tax, wage and social debts -€7,635
down €7,635 (-32.8%), from €23,273 to €15,637
of which Taxes: -€8,035
- Gross operating margin -€19,769
down €19,769 (-15.6%), from €126,971 to €107,202
- Taxes -€5,491
down €5,491 (-16.1%), from €34,041 to €28,550
- Financial income +€1,501
up €1,501 (+75.8%), from €1,981 to €3,482
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 | €285,728 | €322,266 | +€36,538 | +12.8% |
| Fixed assets | 21/28 | €11,167 | €4,882 | -€6,285 | -56.3% |
| Intangible fixed assets | 21 | €591 | €449 | -€143 | -24.1% |
| Tangible fixed assets | 22/27 | €10,576 | €4,433 | -€6,143 | -58.1% |
| Plant, machinery and equipment | 23 | €3,016 | €679 | -€2,337 | -77.5% |
| Furniture and vehicles | 24 | €7,560 | €3,754 | -€3,806 | -50.3% |
| Current assets | 29/58 | €274,561 | €317,384 | +€42,823 | +15.6% |
| Stocks and contracts in progress | 3 | €16,298 | €8,123 | -€8,175 | -50.2% |
| Stocks | 30/36 | €16,298 | €8,123 | -€8,175 | -50.2% |
| Amounts receivable within one year | 40/41 | €63,625 | €22,858 | -€40,766 | -64.1% |
| Trade receivables | 40 | €36,015 | €20,378 | -€15,637 | -43.4% |
| Other amounts receivable | 41 | €27,609 | €2,480 | -€25,129 | -91.0% |
| Current investments | 50/53 | €146,710 | €176,542 | +€29,832 | +20.3% |
| Cash at bank and in hand | 54/58 | €47,211 | €109,072 | +€61,862 | +131.0% |
| Deferred charges and accrued income | 490/1 | €717 | €788 | +€71 | +9.9% |
| Total equity and liabilities | 10/49 | €285,728 | €322,266 | +€36,538 | +12.8% |
| Equity | 10/15 | €253,080 | €298,453 | +€45,373 | +17.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €241,000 | €284,000 | +€43,000 | +17.8% |
| Distributable reserves | 133 | €241,000 | €284,000 | +€43,000 | +17.8% |
| Profit (loss) carried forward | 14 | €5,880 | €8,253 | +€2,373 | +40.4% |
| Amounts payable | 17/49 | €32,648 | €23,812 | -€8,835 | -27.1% |
| Amounts payable within one year | 42/48 | €32,644 | €23,812 | -€8,832 | -27.1% |
| Trade debts | 44 | €4,413 | €2,856 | -€1,557 | -35.3% |
| Suppliers | 440/4 | €4,413 | €2,856 | -€1,557 | -35.3% |
| Taxes, remuneration and social security | 45 | €23,273 | €15,637 | -€7,635 | -32.8% |
| Taxes | 450/3 | €21,473 | €13,437 | -€8,035 | -37.4% |
| Remuneration and social security | 454/9 | €1,800 | €2,200 | +€400 | +22.2% |
| Other amounts payable | 47/48 | €4,958 | €5,319 | +€360 | +7.3% |
| Accrued charges and deferred income | 492/3 | €3 | - | -€3 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,458 | €5,200 | -€1,258 | -19.5% |
| Other operating charges | 640/8 | €887 | €918 | +€31 | +3.5% |
| Gross operating margin | 9900 | €126,971 | €107,202 | -€19,769 | -15.6% |
| Operating profit (loss) | 9901 | €119,626 | €101,083 | -€18,542 | -15.5% |
| Financial income | 75/76B | €1,981 | €3,482 | +€1,501 | +75.8% |
| Recurring financial income | 75 | €1,981 | €3,482 | +€1,501 | +75.8% |
| Financial charges | 65/66B | €1,272 | €643 | -€629 | -49.5% |
| Recurring financial charges | 65 | €1,272 | €643 | -€629 | -49.5% |
| Profit (loss) for the period before taxes | 9903 | €120,335 | €103,923 | -€16,412 | -13.6% |
| Income taxes | 67/77 | €34,041 | €28,550 | -€5,491 | -16.1% |
| Profit (loss) for the period | 9904 | €86,294 | €75,373 | -€10,921 | -12.7% |
| Profit (loss) for the period to be appropriated | 9905 | €86,294 | €75,373 | -€10,921 | -12.7% |
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 1 October 2026 via checked.be.