Smartex: 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.
Smartex
Largest movements
- Receivables within one year -€68,385
down €68,385 (-46.0%), from €148,809 to €80,424
of which Trade receivables: -€58,814
- Tangible fixed assets -€21,845
down €21,845 (-30.4%), from €71,789 to €49,944
of which Furniture and vehicles: -€12,257
- Intangible fixed assets -€4,389
down €4,389 (-100%), from €4,389 to €0
- Trade debts -€62,793
down €62,793 (-85.1%), from €73,799 to €11,006
- Other debts +€48,139
up €48,139 (+368%), from €13,081 to €61,220
- Tax, wage and social debts -€43,396
down €43,396 (-94.4%), from €45,985 to €2,588
of which Taxes: -€32,449
- Debts after one year -€18,922
down €18,922 (-41.1%), from €45,995 to €27,073
- Profit (loss) carried forward -€18,554
down €18,554 (-89.4%), from €20,762 to €2,208
- Gross operating margin -€69,340
down €69,340 (-38.4%), from €180,523 to €111,183
- Staff costs -€33,478
down €33,478 (-26.0%), from €128,730 to €95,252
- Other operating charges -€17,290
down €17,290 (-84.2%), from €20,539 to €3,250
- Financial charges -€6,367
down €6,367 (-57.6%), from €11,049 to €4,682
of which Non-recurring financial charges: -€6,521
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 | €229,108 | €133,647 | -€95,461 | -41.7% |
| Fixed assets | 21/28 | €76,439 | €49,944 | -€26,495 | -34.7% |
| Intangible fixed assets | 21 | €4,389 | €0 | -€4,389 | -100% |
| Tangible fixed assets | 22/27 | €71,789 | €49,944 | -€21,845 | -30.4% |
| Plant, machinery and equipment | 23 | - | €123 | +€123 | |
| Furniture and vehicles | 24 | €47,891 | €35,634 | -€12,257 | -25.6% |
| Leasing and similar rights | 25 | €8,264 | €1,777 | -€6,487 | -78.5% |
| Other tangible fixed assets | 26 | €15,635 | €12,409 | -€3,225 | -20.6% |
| Financial fixed assets | 28 | €260 | €0 | -€260 | -100% |
| Current assets | 29/58 | €152,669 | €83,703 | -€68,966 | -45.2% |
| Amounts receivable within one year | 40/41 | €148,809 | €80,424 | -€68,385 | -46.0% |
| Trade receivables | 40 | €138,886 | €80,072 | -€58,814 | -42.3% |
| Other amounts receivable | 41 | €9,923 | €352 | -€9,571 | -96.5% |
| Cash at bank and in hand | 54/58 | €3,860 | €3,279 | -€581 | -15.1% |
| Total equity and liabilities | 10/49 | €229,108 | €133,647 | -€95,461 | -41.7% |
| Equity | 10/15 | €21,762 | €3,208 | -€18,554 | -85.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,762 | €2,208 | -€18,554 | -89.4% |
| Amounts payable | 17/49 | €207,345 | €130,439 | -€76,907 | -37.1% |
| Amounts payable after more than one year | 17 | €45,995 | €27,073 | -€18,922 | -41.1% |
| Financial debts | 170/4 | €45,995 | €27,073 | -€18,922 | -41.1% |
| Amounts payable within one year | 42/48 | €160,747 | €102,781 | -€57,966 | -36.1% |
| Current portion of amounts payable after more than one year | 42 | €19,781 | €18,922 | -€859 | -4.3% |
| Financial debts | 43 | €8,102 | €9,045 | +€943 | +11.6% |
| Credit institutions | 430/8 | €8,102 | €9,045 | +€943 | +11.6% |
| Trade debts | 44 | €73,799 | €11,006 | -€62,793 | -85.1% |
| Suppliers | 440/4 | €73,799 | €11,006 | -€62,793 | -85.1% |
| Taxes, remuneration and social security | 45 | €45,985 | €2,588 | -€43,396 | -94.4% |
| Taxes | 450/3 | €33,038 | €588 | -€32,449 | -98.2% |
| Remuneration and social security | 454/9 | €12,947 | €2,000 | -€10,947 | -84.6% |
| Other amounts payable | 47/48 | €13,081 | €61,220 | +€48,139 | +368% |
| Accrued charges and deferred income | 492/3 | €603 | €584 | -€19 | -3.1% |
| Remuneration, social security and pensions | 62 | €128,730 | €95,252 | -€33,478 | -26.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,072 | €26,415 | +€1,343 | +5.4% |
| Other operating charges | 640/8 | €20,539 | €3,250 | -€17,290 | -84.2% |
| Gross operating margin | 9900 | €180,523 | €111,183 | -€69,340 | -38.4% |
| Operating profit (loss) | 9901 | €6,182 | -€13,733 | -€19,915 | |
| Financial charges | 65/66B | €11,049 | €4,682 | -€6,367 | -57.6% |
| Recurring financial charges | 65 | €4,528 | €4,682 | +€154 | +3.4% |
| Non-recurring financial charges | 66B | €6,521 | €0 | -€6,521 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€4,867 | -€18,415 | -€13,548 | -278% |
| Income taxes | 67/77 | €215 | €139 | -€76 | -35.5% |
| Profit (loss) for the period | 9904 | -€5,083 | -€18,554 | -€13,472 | -265% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,083 | -€18,554 | -€13,472 | -265% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.