SMARTOBJECTS: 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.
SMARTOBJECTS
Largest movements
- Cash +€44,403
up €44,403 (+32.7%), from €135,875 to €180,278
mainly Net result for the year (+€57,638) and Depreciation (+€24,120)
- Tangible fixed assets -€20,093
down €20,093 (-5.2%), from €387,109 to €367,016
of which Land and buildings: -€13,726
- Current investments +€11,215
up €11,215 (+4.8%), from €235,896 to €247,110
- Reserves +€57,500
up €57,500 (+11.3%), from €509,800 to €567,300
- Debts after one year -€23,363
down €23,363 (-14.4%), from €162,550 to €139,187
- Financial charges -€17,446
down €17,446 (-68.6%), from €25,446 to €7,999
of which Non-recurring financial charges: -€16,997
- Financial income +€17,046
up €17,046 (+558.8%), from €3,050 to €20,097
of which Non-recurring financial income: +€14,397
- Gross operating margin -€3,564
down €3,564 (-3.7%), from €95,322 to €91,758
- Taxes +€2,478
up €2,478 (+15.6%), from €15,883 to €18,361
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 | €781,399 | €813,456 | +€32,056 | +4.1% |
| Fixed assets | 21/28 | €387,109 | €367,016 | -€20,093 | -5.2% |
| Tangible fixed assets | 22/27 | €387,109 | €367,016 | -€20,093 | -5.2% |
| Land and buildings | 22 | €374,324 | €360,598 | -€13,726 | -3.7% |
| Furniture and vehicles | 24 | €12,785 | €6,419 | -€6,367 | -49.8% |
| Current assets | 29/58 | €394,290 | €446,439 | +€52,150 | +13.2% |
| Amounts receivable within one year | 40/41 | €18,798 | €15,246 | -€3,552 | -18.9% |
| Trade receivables | 40 | €17,364 | €15,246 | -€2,118 | -12.2% |
| Other amounts receivable | 41 | €1,435 | - | -€1,435 | |
| Current investments | 50/53 | €235,896 | €247,110 | +€11,215 | +4.8% |
| Cash at bank and in hand | 54/58 | €135,875 | €180,278 | +€44,403 | +32.7% |
| Deferred charges and accrued income | 490/1 | €3,721 | €3,804 | +€83 | +2.2% |
| Total equity and liabilities | 10/49 | €781,399 | €813,456 | +€32,056 | +4.1% |
| Equity | 10/15 | €569,558 | €627,196 | +€57,638 | +10.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €509,800 | €567,300 | +€57,500 | +11.3% |
| Distributable reserves | 133 | €509,800 | €567,300 | +€57,500 | +11.3% |
| Profit (loss) carried forward | 14 | €47,358 | €47,496 | +€138 | +0.3% |
| Amounts payable | 17/49 | €211,841 | €186,260 | -€25,581 | -12.1% |
| Amounts payable after more than one year | 17 | €162,550 | €139,187 | -€23,363 | -14.4% |
| Financial debts | 170/4 | €162,550 | €139,187 | -€23,363 | -14.4% |
| Amounts payable within one year | 42/48 | €47,853 | €46,233 | -€1,619 | -3.4% |
| Current portion of amounts payable after more than one year | 42 | €26,980 | €25,266 | -€1,714 | -6.4% |
| Financial debts | 43 | €52 | €79 | +€28 | +53.8% |
| Credit institutions | 430/8 | €52 | €79 | +€28 | +53.8% |
| Trade debts | 44 | €2,511 | €7,393 | +€4,881 | +194.4% |
| Suppliers | 440/4 | €2,511 | €7,393 | +€4,881 | +194.4% |
| Taxes, remuneration and social security | 45 | €14,570 | €8,452 | -€6,117 | -42.0% |
| Taxes | 450/3 | €14,570 | €8,452 | -€6,117 | -42.0% |
| Other amounts payable | 47/48 | €3,740 | €5,043 | +€1,303 | +34.8% |
| Accrued charges and deferred income | 492/3 | €1,438 | €840 | -€599 | -41.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,567 | €24,120 | +€552 | +2.3% |
| Other operating charges | 640/8 | €3,621 | €3,737 | +€116 | +3.2% |
| Gross operating margin | 9900 | €95,322 | €91,758 | -€3,564 | -3.7% |
| Operating profit (loss) | 9901 | €68,134 | €63,901 | -€4,232 | -6.2% |
| Financial income | 75/76B | €3,050 | €20,097 | +€17,046 | +558.8% |
| Recurring financial income | 75 | €3,050 | €5,700 | +€2,650 | +86.9% |
| Non-recurring financial income | 76B | - | €14,397 | +€14,397 | |
| Financial charges | 65/66B | €25,446 | €7,999 | -€17,446 | -68.6% |
| Recurring financial charges | 65 | €8,449 | €7,999 | -€450 | -5.3% |
| Non-recurring financial charges | 66B | €16,997 | - | -€16,997 | |
| Profit (loss) for the period before taxes | 9903 | €45,739 | €75,999 | +€30,260 | +66.2% |
| Income taxes | 67/77 | €15,883 | €18,361 | +€2,478 | +15.6% |
| Profit (loss) for the period | 9904 | €29,855 | €57,638 | +€27,782 | +93.1% |
| Profit (loss) for the period to be appropriated | 9905 | €29,855 | €57,638 | +€27,782 | +93.1% |
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 5 October 2026 via checked.be.