Smartfin Ventures II: 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.
Smartfin Ventures II
Largest movements
- Cash -€1.9m
down €1.9m (-82.8%), from €2.2m to €386,026
mainly Net result for the year (-€2.6m) and Investment in fixed assets (net) (-€1.4m)
- Financial fixed assets +€1.4m
up €1.4m (+5.2%), from €27.1m to €28.6m
- Profit (loss) carried forward -€2.6m
down €2.6m (-24.0%), from €10.7m to €8.1m
- Contributions +€2.1m
up €2.1m (+11.1%), from €18.7m to €20.8m
- Financial income -€22.6m
down €22.6m (-99.8%), from €22.7m to €43,900
of which Non-recurring financial income: -€21.7m
- Financial charges -€938,961
down €938,961 (-30.5%), from €3.1m to €2.1m
of which Non-recurring financial charges: -€939,119
- Gross operating margin -€50,388
down €50,388 (-12.5%), from -€403,347 to -€453,735
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 | €29,515,316 | €29,051,405 | -€463,911 | -1.6% |
| Formation expenses | 20 | €13,626 | €188 | -€13,439 | -98.6% |
| Fixed assets | 21/28 | €27,147,480 | €28,560,415 | +€1.4m | +5.2% |
| Financial fixed assets | 28 | €27,147,480 | €28,560,415 | +€1.4m | +5.2% |
| Current assets | 29/58 | €2,354,210 | €490,802 | -€1.9m | -79.2% |
| Amounts receivable after more than one year | 29 | €109,613 | €104,777 | -€4,836 | -4.4% |
| Trade receivables | 290 | €100,000 | €95,000 | -€5,000 | -5.0% |
| Other amounts receivable | 291 | €9,613 | €9,777 | +€164 | +1.7% |
| Amounts receivable within one year | 40/41 | €2,500 | €0 | -€2,500 | -100% |
| Other amounts receivable | 41 | €2,500 | €0 | -€2,500 | -100% |
| Cash at bank and in hand | 54/58 | €2,242,097 | €386,026 | -€1.9m | -82.8% |
| Total equity and liabilities | 10/49 | €29,515,316 | €29,051,405 | -€463,911 | -1.6% |
| Equity | 10/15 | €29,430,557 | €28,944,921 | -€485,637 | -1.7% |
| Contributions | 10/11 | €18,720,000 | €20,800,000 | +€2.1m | +11.1% |
| Profit (loss) carried forward | 14 | €10,710,557 | €8,144,921 | -€2.6m | -24.0% |
| Amounts payable | 17/49 | €84,759 | €106,484 | +€21,726 | +25.6% |
| Amounts payable within one year | 42/48 | €84,759 | €106,484 | +€21,726 | +25.6% |
| Trade debts | 44 | €83,968 | €103,801 | +€19,833 | +23.6% |
| Suppliers | 440/4 | €83,968 | €103,801 | +€19,833 | +23.6% |
| Taxes, remuneration and social security | 45 | €790 | €2,683 | +€1,893 | +239% |
| Taxes | 450/3 | €790 | €2,683 | +€1,893 | +239% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,764 | €13,439 | -€325 | -2.4% |
| Other operating charges | 640/8 | €968 | €1,097 | +€130 | +13.4% |
| Gross operating margin | 9900 | -€403,347 | -€453,735 | -€50,388 | -12.5% |
| Operating profit (loss) | 9901 | -€418,079 | -€468,271 | -€50,193 | -12.0% |
| Financial income | 75/76B | €22,687,984 | €43,900 | -€22.6m | -99.8% |
| Recurring financial income | 75 | €982,718 | €43,489 | -€939,229 | -95.6% |
| Non-recurring financial income | 76B | €21,705,265 | €411 | -€21.7m | -100.0% |
| Financial charges | 65/66B | €3,077,543 | €2,138,582 | -€938,961 | -30.5% |
| Recurring financial charges | 65 | €1,308 | €1,466 | +€158 | +12.1% |
| Non-recurring financial charges | 66B | €3,076,235 | €2,137,116 | -€939,119 | -30.5% |
| Profit (loss) for the period before taxes | 9903 | €19,192,362 | -€2,562,953 | -€21.8m | |
| Income taxes | 67/77 | €790 | €2,683 | +€1,893 | +239% |
| Profit (loss) for the period | 9904 | €19,191,571 | -€2,565,637 | -€21.8m | |
| Profit (loss) for the period to be appropriated | 9905 | €19,191,571 | -€2,565,637 | -€21.8m |
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 26 October 2026 via checked.be.