SMARTKEYS: 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.
SMARTKEYS
Largest movements
- Cash -€74,973
down €74,973 (-78.4%), from €95,646 to €20,673
mainly Trade debts (-€73,526) and Receivables within one year (-€49,721)
- Receivables within one year +€49,721
up €49,721 (+24.9%), from €200,021 to €249,742
of which Trade receivables: +€49,808
- Stocks and contracts +€27,086
up €27,086 (+326%), from €8,305 to €35,391
- Tangible fixed assets -€3,680
down €3,680 (-40.4%), from €9,098 to €5,418
- Short-term financial debts +€100,000
up €100,000 (+200%), from €50,000 to €150,000
- Trade debts -€73,526
down €73,526 (-43.4%), from €169,282 to €95,755
- Advances received -€21,541
no longer reported in 2025 (was €21,541)
- Reserves -€17,413
down €17,413 (-63.5%), from €27,413 to €10,000
- Accrued charges and deferred income +€10,913
up €10,913 (+200%), from €5,451 to €16,364
- Staff costs +€65,883
up €65,883 (+66.6%), from €98,858 to €164,741
- Gross operating margin +€10,245
up €10,245 (+6.9%), from €147,731 to €157,976
- Taxes -€7,666
down €7,666 (-94.5%), from €8,116 to €450
- Financial income +€5,502
up €5,502 (+6,158%), from €89 to €5,591
of which Non-recurring financial income: +€5,547
- Depreciation +€1,935
up €1,935 (+52.7%), from €3,671 to €5,607
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 | €321,235 | €320,231 | -€1,003 | -0.3% |
| Fixed assets | 21/28 | €13,455 | €8,915 | -€4,541 | -33.7% |
| Intangible fixed assets | 21 | €2,823 | €897 | -€1,927 | -68.2% |
| Tangible fixed assets | 22/27 | €9,098 | €5,418 | -€3,680 | -40.4% |
| Furniture and vehicles | 24 | €9,098 | €5,418 | -€3,680 | -40.4% |
| Financial fixed assets | 28 | €1,534 | €2,600 | +€1,066 | +69.5% |
| Current assets | 29/58 | €307,779 | €311,317 | +€3,537 | +1.1% |
| Stocks and contracts in progress | 3 | €8,305 | €35,391 | +€27,086 | +326% |
| Stocks | 30/36 | €8,305 | €35,391 | +€27,086 | +326% |
| Amounts receivable within one year | 40/41 | €200,021 | €249,742 | +€49,721 | +24.9% |
| Trade receivables | 40 | €172,022 | €221,830 | +€49,808 | +29.0% |
| Other amounts receivable | 41 | €27,999 | €27,912 | -€87 | -0.3% |
| Cash at bank and in hand | 54/58 | €95,646 | €20,673 | -€74,973 | -78.4% |
| Deferred charges and accrued income | 490/1 | €3,808 | €5,511 | +€1,703 | +44.7% |
| Total equity and liabilities | 10/49 | €321,235 | €320,231 | -€1,003 | -0.3% |
| Equity | 10/15 | €30,413 | €13,765 | -€16,648 | -54.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €27,413 | €10,000 | -€17,413 | -63.5% |
| Distributable reserves | 133 | €27,413 | €10,000 | -€17,413 | -63.5% |
| Profit (loss) carried forward | 14 | - | €765 | +€765 | |
| Amounts payable | 17/49 | €290,821 | €306,466 | +€15,645 | +5.4% |
| Amounts payable after more than one year | 17 | €5,235 | €3,730 | -€1,505 | -28.8% |
| Financial debts | 170/4 | €5,235 | €3,730 | -€1,505 | -28.8% |
| Amounts payable within one year | 42/48 | €280,136 | €286,372 | +€6,237 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €1,870 | €1,505 | -€365 | -19.5% |
| Financial debts | 43 | €50,000 | €150,000 | +€100,000 | +200% |
| Credit institutions | 430/8 | €50,000 | €150,000 | +€100,000 | +200% |
| Trade debts | 44 | €169,282 | €95,755 | -€73,526 | -43.4% |
| Suppliers | 440/4 | €169,282 | €95,755 | -€73,526 | -43.4% |
| Advances received on contracts in progress | 46 | €21,541 | - | -€21,541 | |
| Taxes, remuneration and social security | 45 | €16,546 | €23,537 | +€6,991 | +42.3% |
| Taxes | 450/3 | €8,806 | €8,566 | -€239 | -2.7% |
| Remuneration and social security | 454/9 | €7,741 | €14,971 | +€7,230 | +93.4% |
| Other amounts payable | 47/48 | €20,897 | €15,575 | -€5,322 | -25.5% |
| Accrued charges and deferred income | 492/3 | €5,451 | €16,364 | +€10,913 | +200% |
| Remuneration, social security and pensions | 62 | €98,858 | €164,741 | +€65,883 | +66.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,671 | €5,607 | +€1,935 | +52.7% |
| Other operating charges | 640/8 | €2,149 | €1,072 | -€1,076 | -50.1% |
| Gross operating margin | 9900 | €147,731 | €157,976 | +€10,245 | +6.9% |
| Operating profit (loss) | 9901 | €43,053 | -€13,444 | -€56,498 | |
| Financial income | 75/76B | €89 | €5,591 | +€5,502 | +6,158% |
| Recurring financial income | 75 | €89 | €44 | -€45 | -50.6% |
| Non-recurring financial income | 76B | - | €5,547 | +€5,547 | |
| Financial charges | 65/66B | €7,280 | €8,345 | +€1,065 | +14.6% |
| Recurring financial charges | 65 | €7,280 | €8,345 | +€1,065 | +14.6% |
| Profit (loss) for the period before taxes | 9903 | €35,863 | -€16,198 | -€52,061 | |
| Income taxes | 67/77 | €8,116 | €450 | -€7,666 | -94.5% |
| Profit (loss) for the period | 9904 | €27,746 | -€16,648 | -€44,394 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,746 | -€16,648 | -€44,394 |
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 31 October 2026 via checked.be.