SMARTORTHO: 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.
SMARTORTHO
Largest movements
- Cash +€63,234
up €63,234 (+20.7%), from €305,701 to €368,935
mainly Net result for the year (+€87,365) and Receivables within one year (+€61,270)
- Receivables within one year -€61,270
down €61,270 (-27.7%), from €220,792 to €159,523
of which Trade receivables: -€31,050
- Current investments -€56,736
down €56,736 (-24.5%), from €231,589 to €174,853
- Tangible fixed assets -€37,925
down €37,925 (-39.0%), from €97,208 to €59,283
of which Land and buildings: -€36,037
- Reserves -€52,539
down €52,539 (-6.7%), from €788,176 to €735,638
of which Distributable reserves: -€52,539
- Tax, wage and social debts -€39,833
down €39,833 (-99.8%), from €39,914 to €82
- Gross operating margin -€133,043
down €133,043 (-41.5%), from €320,288 to €187,245
- Taxes -€28,422
down €28,422 (-33.0%), from €86,193 to €57,771
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 | €855,291 | €762,595 | -€92,696 | -10.8% |
| Fixed assets | 21/28 | €97,208 | €59,283 | -€37,925 | -39.0% |
| Tangible fixed assets | 22/27 | €97,208 | €59,283 | -€37,925 | -39.0% |
| Land and buildings | 22 | €74,551 | €38,514 | -€36,037 | -48.3% |
| Plant, machinery and equipment | 23 | €3,478 | €2,400 | -€1,078 | -31.0% |
| Furniture and vehicles | 24 | €19,180 | €18,369 | -€811 | -4.2% |
| Current assets | 29/58 | €758,083 | €703,312 | -€54,771 | -7.2% |
| Amounts receivable within one year | 40/41 | €220,792 | €159,523 | -€61,270 | -27.7% |
| Trade receivables | 40 | €70,544 | €39,494 | -€31,050 | -44.0% |
| Other amounts receivable | 41 | €150,249 | €120,029 | -€30,220 | -20.1% |
| Current investments | 50/53 | €231,589 | €174,853 | -€56,736 | -24.5% |
| Cash at bank and in hand | 54/58 | €305,701 | €368,935 | +€63,234 | +20.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €855,291 | €762,595 | -€92,696 | -10.8% |
| Equity | 10/15 | €806,776 | €754,238 | -€52,539 | -6.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €788,176 | €735,638 | -€52,539 | -6.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €788,176 | €735,638 | -€52,539 | -6.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €48,515 | €8,357 | -€40,158 | -82.8% |
| Amounts payable within one year | 42/48 | €48,515 | €8,357 | -€40,158 | -82.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €7,264 | €6,939 | -€325 | -4.5% |
| Suppliers | 440/4 | €7,264 | €6,939 | -€325 | -4.5% |
| Taxes, remuneration and social security | 45 | €39,914 | €82 | -€39,833 | -99.8% |
| Taxes | 450/3 | €39,914 | €82 | -€39,833 | -99.8% |
| Other amounts payable | 47/48 | €1,337 | €1,337 | = | 0.0% |
| Non-recurring operating income | 76A | €10,956 | €0 | -€10,956 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,604 | €45,792 | +€2,188 | +5.0% |
| Other operating charges | 640/8 | €1,951 | €2,775 | +€824 | +42.2% |
| Gross operating margin | 9900 | €320,288 | €187,245 | -€133,043 | -41.5% |
| Operating profit (loss) | 9901 | €274,733 | €138,679 | -€136,054 | -49.5% |
| Financial income | 75/76B | €10,969 | €8,231 | -€2,738 | -25.0% |
| Recurring financial income | 75 | €10,969 | €8,231 | -€2,738 | -25.0% |
| Financial charges | 65/66B | €1,206 | €1,773 | +€568 | +47.1% |
| Recurring financial charges | 65 | €1,206 | €1,773 | +€568 | +47.1% |
| Profit (loss) for the period before taxes | 9903 | €284,496 | €145,136 | -€139,360 | -49.0% |
| Income taxes | 67/77 | €86,193 | €57,771 | -€28,422 | -33.0% |
| Profit (loss) for the period | 9904 | €198,303 | €87,365 | -€110,938 | -55.9% |
| Profit (loss) for the period to be appropriated | 9905 | €198,303 | €87,365 | -€110,938 | -55.9% |
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 1 October 2026 via checked.be.