Smartfin Capital III: what changed
Smartfin Capital III
Largest movements
- Current investments +€17.9m
up €17.9m (+1,230%), from €1.5m to €19.3m
- Financial fixed assets +€10.9m
up €10.9m (+37.6%), from €29.1m to €40.0m
- Cash +€10.8m
up €10.8m (+18,469%), from €58,405 to €10.8m
mainly Contributions, distributions and other (+€26.3m) and Other debts (+€9.2m)
- Receivables within one year -€5.9m
down €5.9m (-89.7%), from €6.6m to €679,805
of which Other amounts receivable: -€6.0m
- Contributions +€26.3m
up €26.3m (+67.7%), from €38.8m to €65.0m
- Other debts +€9.2m
new in 2025: €9.2m
- Profit (loss) carried forward -€1.9m
down €1.9m (-140%), from -€1.4m to -€3.3m
- Gross operating margin -€781,126
down €781,126 (-68.3%), from -€1.1m to -€1.9m
- Financial income -€119,976
down €119,976 (-50.3%), from €238,452 to €118,477
- Financial charges +€47,994
up €47,994 (+3,535%), from €1,358 to €49,351
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €37,716,582 | €71,419,194 | +€33.7m | +89.4% |
| Formation expenses | 20 | €236,239 | €178,422 | -€57,817 | -24.5% |
| Fixed assets | 21/28 | €29,057,958 | €39,979,650 | +€10.9m | +37.6% |
| Financial fixed assets | 28 | €29,057,958 | €39,979,650 | +€10.9m | +37.6% |
| Current assets | 29/58 | €8,422,385 | €31,261,122 | +€22.8m | +271% |
| Amounts receivable after more than one year | 29 | €336,205 | €389,870 | +€53,665 | +16.0% |
| Trade receivables | 290 | €330,000 | €383,000 | +€53,000 | +16.1% |
| Other amounts receivable | 291 | €6,205 | €6,870 | +€665 | +10.7% |
| Amounts receivable within one year | 40/41 | €6,572,775 | €679,805 | -€5.9m | -89.7% |
| Trade receivables | 40 | - | €57,680 | +€57,680 | |
| Other amounts receivable | 41 | €6,572,775 | €622,125 | -€6.0m | -90.5% |
| Current investments | 50/53 | €1,455,000 | €19,346,000 | +€17.9m | +1,230% |
| Cash at bank and in hand | 54/58 | €58,405 | €10,845,446 | +€10.8m | +18,469% |
| Total equity and liabilities | 10/49 | €37,716,582 | €71,419,194 | +€33.7m | +89.4% |
| Equity | 10/15 | €37,370,703 | €61,696,077 | +€24.3m | +65.1% |
| Contributions | 10/11 | €38,750,000 | €65,000,000 | +€26.3m | +67.7% |
| Profit (loss) carried forward | 14 | -€1,379,297 | -€3,303,923 | -€1.9m | -140% |
| Amounts payable | 17/49 | €345,879 | €9,723,117 | +€9.4m | +2,711% |
| Amounts payable within one year | 42/48 | €345,879 | €9,723,117 | +€9.4m | +2,711% |
| Trade debts | 44 | €344,028 | €528,819 | +€184,791 | +53.7% |
| Suppliers | 440/4 | €344,028 | €528,819 | +€184,791 | +53.7% |
| Taxes, remuneration and social security | 45 | €1,851 | €10,524 | +€8,673 | +469% |
| Taxes | 450/3 | €1,851 | €10,524 | +€8,673 | +469% |
| Other amounts payable | 47/48 | - | €9,183,774 | +€9.2m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,250 | €58,142 | +€16,892 | +41.0% |
| Other operating charges | 640/8 | - | €219 | +€219 | |
| Gross operating margin | 9900 | -€1,143,741 | -€1,924,867 | -€781,126 | -68.3% |
| Operating profit (loss) | 9901 | -€1,184,991 | -€1,983,228 | -€798,237 | -67.4% |
| Financial income | 75/76B | €238,452 | €118,477 | -€119,976 | -50.3% |
| Recurring financial income | 75 | €238,452 | €118,477 | -€119,976 | -50.3% |
| Financial charges | 65/66B | €1,358 | €49,351 | +€47,994 | +3,535% |
| Recurring financial charges | 65 | €1,358 | €49,351 | +€47,994 | +3,535% |
| Profit (loss) for the period before taxes | 9903 | -€947,896 | -€1,914,102 | -€966,206 | -102% |
| Income taxes | 67/77 | €1,851 | €10,524 | +€8,673 | +469% |
| Profit (loss) for the period | 9904 | -€949,747 | -€1,924,626 | -€974,879 | -103% |
| Profit (loss) for the period to be appropriated | 9905 | -€949,747 | -€1,924,626 | -€974,879 | -103% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.