SMARTMAX: 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.
SMARTMAX
Largest movements
- Tangible fixed assets -€5.2m
down €5.2m (-91.5%), from €5.7m to €479,879
of which Assets under construction and advance payments: -€4.6m
- Short-term financial debts -€4.3m
no longer reported in 2025 (was €4.3m)
- Other debts -€863,965
down €863,965 (-99.0%), from €872,401 to €8,436
- Debts after one year +€282,181
up €282,181 (+59.8%), from €471,879 to €754,060
- Profit (loss) carried forward -€205,525
down €205,525 (-242%), from -€85,096 to -€290,621
- Trade debts -€60,874
down €60,874 (-94.9%), from €64,159 to €3,285
- Gross operating margin -€311,300
down €311,300, from €204,865 to -€106,434
- Financial charges -€250,353
down €250,353 (-87.1%), from €287,279 to €36,926
- Depreciation -€22,356
no longer reported in 2025 (was €22,356)
- Other operating charges +€5,550
up €5,550 (+48.8%), from €11,370 to €16,920
- Staff costs +€4,476
up €4,476 (+11.0%), from €40,768 to €45,244
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 | €5,693,557 | €537,442 | -€5.2m | -90.6% |
| Fixed assets | 21/28 | €5,669,595 | €479,879 | -€5.2m | -91.5% |
| Tangible fixed assets | 22/27 | €5,669,595 | €479,879 | -€5.2m | -91.5% |
| Land and buildings | 22 | €1,044,375 | €479,879 | -€564,496 | -54.1% |
| Assets under construction and advance payments | 27 | €4,625,220 | - | -€4.6m | |
| Current assets | 29/58 | €23,961 | €57,563 | +€33,602 | +140% |
| Amounts receivable within one year | 40/41 | €4,159 | €45,703 | +€41,544 | +999% |
| Trade receivables | 40 | €4,159 | €4,612 | +€454 | +10.9% |
| Other amounts receivable | 41 | - | €41,091 | +€41,091 | |
| Cash at bank and in hand | 54/58 | €19,803 | €11,860 | -€7,942 | -40.1% |
| Total equity and liabilities | 10/49 | €5,693,557 | €537,442 | -€5.2m | -90.6% |
| Equity | 10/15 | -€64,636 | -€270,161 | -€205,525 | -318% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€85,096 | -€290,621 | -€205,525 | -242% |
| Amounts payable | 17/49 | €5,758,192 | €807,603 | -€5.0m | -86.0% |
| Amounts payable after more than one year | 17 | €471,879 | €754,060 | +€282,181 | +59.8% |
| Financial debts | 170/4 | €471,879 | €754,060 | +€282,181 | +59.8% |
| Amounts payable within one year | 42/48 | €5,286,313 | €53,542 | -€5.2m | -99.0% |
| Current portion of amounts payable after more than one year | 42 | €18,599 | €27,754 | +€9,155 | +49.2% |
| Financial debts | 43 | €4,322,000 | - | -€4.3m | |
| Credit institutions | 430/8 | €4,322,000 | - | -€4.3m | |
| Trade debts | 44 | €64,159 | €3,285 | -€60,874 | -94.9% |
| Suppliers | 440/4 | €64,159 | €3,285 | -€60,874 | -94.9% |
| Taxes, remuneration and social security | 45 | €9,154 | €14,068 | +€4,913 | +53.7% |
| Taxes | 450/3 | €3,557 | €7,988 | +€4,431 | +125% |
| Remuneration and social security | 454/9 | €5,598 | €6,080 | +€482 | +8.6% |
| Other amounts payable | 47/48 | €872,401 | €8,436 | -€863,965 | -99.0% |
| Remuneration, social security and pensions | 62 | €40,768 | €45,244 | +€4,476 | +11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,356 | - | -€22,356 | |
| Other operating charges | 640/8 | €11,370 | €16,920 | +€5,550 | +48.8% |
| Gross operating margin | 9900 | €204,865 | -€106,434 | -€311,300 | |
| Operating profit (loss) | 9901 | €130,372 | -€168,598 | -€298,970 | |
| Financial charges | 65/66B | €287,279 | €36,926 | -€250,353 | -87.1% |
| Recurring financial charges | 65 | €287,279 | €36,926 | -€250,353 | -87.1% |
| Profit (loss) for the period before taxes | 9903 | -€156,907 | -€205,525 | -€48,618 | -31.0% |
| Profit (loss) for the period | 9904 | -€156,907 | -€205,525 | -€48,618 | -31.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€156,907 | -€205,525 | -€48,618 | -31.0% |
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 20 October 2026 via checked.be.