SMarth-L: 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.
SMarth-L
Largest movements
- Cash +€10,306
up €10,306 (+30.2%), from €34,104 to €44,410
mainly Other debts (+€39,871) and Net result for the year (+€38,340)
- Tangible fixed assets -€3,426
down €3,426 (-9.6%), from €35,613 to €32,187
of which Furniture and vehicles: -€10,538
- Other debts +€39,871
up €39,871 (+421.7%), from €9,455 to €49,326
- Profit (loss) carried forward -€32,237
down €32,237 (-100.0%), from €32,237 to €0
- Debts after one year -€8,883
down €8,883 (-37.5%), from €23,709 to €14,825
- Trade debts +€6,330
up €6,330 (+239.5%), from €2,643 to €8,974
- Tax, wage and social debts +€914
up €914 (+21.8%), from €4,190 to €5,103
of which Taxes: +€914
- Gross operating margin +€11,723
up €11,723 (+22.9%), from €51,158 to €62,881
- Depreciation +€4,488
up €4,488 (+62.1%), from €7,226 to €11,714
- Taxes +€1,638
up €1,638 (+18.5%), from €8,831 to €10,469
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 | €82,763 | €89,112 | +€6,348 | +7.7% |
| Formation expenses | 20 | €49 | €0 | -€49 | -100.0% |
| Fixed assets | 21/28 | €35,613 | €32,187 | -€3,426 | -9.6% |
| Tangible fixed assets | 22/27 | €35,613 | €32,187 | -€3,426 | -9.6% |
| Furniture and vehicles | 24 | €35,613 | €25,075 | -€10,538 | -29.6% |
| Other tangible fixed assets | 26 | - | €7,112 | +€7,112 | |
| Current assets | 29/58 | €47,102 | €56,925 | +€9,824 | +20.9% |
| Amounts receivable within one year | 40/41 | €9,394 | €9,679 | +€285 | +3.0% |
| Trade receivables | 40 | €4,465 | €6,510 | +€2,045 | +45.8% |
| Other amounts receivable | 41 | €4,929 | €3,169 | -€1,760 | -35.7% |
| Cash at bank and in hand | 54/58 | €34,104 | €44,410 | +€10,306 | +30.2% |
| Deferred charges and accrued income | 490/1 | €3,603 | €2,836 | -€767 | -21.3% |
| Total equity and liabilities | 10/49 | €82,763 | €89,112 | +€6,348 | +7.7% |
| Equity | 10/15 | €34,237 | €2,000 | -€32,237 | -94.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €32,237 | €0 | -€32,237 | -100.0% |
| Amounts payable | 17/49 | €48,526 | €87,112 | +€38,586 | +79.5% |
| Amounts payable after more than one year | 17 | €23,709 | €14,825 | -€8,883 | -37.5% |
| Financial debts | 170/4 | €23,709 | €14,825 | -€8,883 | -37.5% |
| Amounts payable within one year | 42/48 | €24,817 | €72,286 | +€47,469 | +191.3% |
| Current portion of amounts payable after more than one year | 42 | €8,529 | €8,883 | +€354 | +4.1% |
| Trade debts | 44 | €2,643 | €8,974 | +€6,330 | +239.5% |
| Suppliers | 440/4 | €2,643 | €8,974 | +€6,330 | +239.5% |
| Taxes, remuneration and social security | 45 | €4,190 | €5,103 | +€914 | +21.8% |
| Taxes | 450/3 | €4,190 | €5,103 | +€914 | +21.8% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €9,455 | €49,326 | +€39,871 | +421.7% |
| Turnover | 70 | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,226 | €11,714 | +€4,488 | +62.1% |
| Other operating charges | 640/8 | €1,320 | €1,140 | -€180 | -13.6% |
| Gross operating margin | 9900 | €51,158 | €62,881 | +€11,723 | +22.9% |
| Operating profit (loss) | 9901 | €42,612 | €50,027 | +€7,415 | +17.4% |
| Financial charges | 65/66B | €1,544 | €1,219 | -€325 | -21.1% |
| Recurring financial charges | 65 | €1,544 | €1,219 | -€325 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | €41,069 | €48,809 | +€7,740 | +18.8% |
| Income taxes | 67/77 | €8,831 | €10,469 | +€1,638 | +18.5% |
| Profit (loss) for the period | 9904 | €32,237 | €38,340 | +€6,102 | +18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €32,237 | €38,340 | +€6,102 | +18.9% |
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 4 October 2026 via checked.be.