smartSD: 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.
What changed
smartSD
NACE 46.643, Wholesale of electrical equipment, including installation materials
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€8.0m
2024 · -€8.0m+€16.0m
Equity
€9.1m
2024 · €1.2m+€8.0m
Cash
€1.1m
2024 · €1.3m-€135,546
Balance sheet total
€13.2m
2024 · €20.1m-€6.9m
Largest movements
Assets
- Receivables within one year -€6.7m
down €6.7m (-36.2%), from €18.5m to €11.8m
of which Other amounts receivable: -€7.2m
Equity and liabilities
- Debts after one year -€15.1m
down €15.1m (-100%), from €15.1m to €0
- Reserves +€8.0m
up €8.0m (+727%), from €1.1m to €9.1m
of which Distributable reserves: +€8.0m
- Tax, wage and social debts +€809,539
up €809,539 (+66.3%), from €1.2m to €2.0m
of which Taxes: +€799,696
- Trade debts -€444,454
down €444,454 (-28.0%), from €1.6m to €1.1m
Income statement
- Turnover +€11.7m
up €11.7m (+21.7%), from €53.7m to €65.4m
- Goods and materials +€7.3m
up €7.3m (+18.4%), from €39.4m to €46.7m
of which Purchases: +€7.3m
- Services and other goods +€729,169
up €729,169 (+14.4%), from €5.1m to €5.8m
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.
Result 2024
-€8.0m
Turnover
+€11.7m
Other operating income
+€9,556
Goods and materials
-€7.3m
Services and other goods
-€729,169
Staff costs
-€312,750
Depreciation
+€3,731
Write-downs
-€10,263
Other operating charges
+€49,378
Other operating items
+€13.2m
Financial income
+€46,508
Financial charges
-€84,993
Taxes
-€623,177
Result 2025
€8.0m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€15.0m
Investment
-€14,335
Financing
-€15.1m
Cash 2024
€1.3m
From operations (derived)
+€15.0m
Net result for the year
+€8.0m
Depreciation
+€68,370
Smaller working-capital items
+€25,603
Receivables within one year
+€6.7m
Trade debts
-€444,454
Tax, wage and social debts
+€809,539
Other debts
-€95,731
Investment (derived)
-€14,335
Investment in fixed assets (net)
-€14,335
Financing
-€15.1m
Debts after one year
-€15.1m
Cash 2025
€1.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,076,685 | €13,186,699 | -€6.9m | -34.3% |
| Fixed assets | 21/28 | €264,331 | €210,296 | -€54,035 | -20.4% |
| Tangible fixed assets | 22/27 | €261,475 | €207,440 | -€54,035 | -20.7% |
| Plant, machinery and equipment | 23 | €39,391 | €22,503 | -€16,888 | -42.9% |
| Furniture and vehicles | 24 | €17,362 | €13,660 | -€3,702 | -21.3% |
| Other tangible fixed assets | 26 | €204,722 | €171,277 | -€33,446 | -16.3% |
| Financial fixed assets | 28 | €2,856 | €2,856 | = | 0.0% |
| Other financial fixed assets | 284/8 | €2,856 | €2,856 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €2,856 | €2,856 | = | 0.0% |
| Current assets | 29/58 | €19,812,354 | €12,976,404 | -€6.8m | -34.5% |
| Stocks and contracts in progress | 3 | €9,230 | €13,580 | +€4,350 | +47.1% |
| Stocks | 30/36 | €9,230 | €13,580 | +€4,350 | +47.1% |
| Goods purchased for resale | 34 | €9,230 | €13,580 | +€4,350 | +47.1% |
| Amounts receivable within one year | 40/41 | €18,483,813 | €11,785,038 | -€6.7m | -36.2% |
| Trade receivables | 40 | €8,719,137 | €9,221,522 | +€502,385 | +5.8% |
| Other amounts receivable | 41 | €9,764,676 | €2,563,516 | -€7.2m | -73.7% |
| Cash at bank and in hand | 54/58 | €1,274,187 | €1,138,641 | -€135,546 | -10.6% |
| Deferred charges and accrued income | 490/1 | €45,124 | €39,145 | -€5,979 | -13.2% |
| Total equity and liabilities | 10/49 | €20,076,685 | €13,186,699 | -€6.9m | -34.3% |
| Equity | 10/15 | €1,156,380 | €9,116,411 | +€8.0m | +688% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,094,880 | €9,054,911 | +€8.0m | +727% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €1,088,730 | €9,048,761 | +€8.0m | +731% |
| Amounts payable | 17/49 | €18,920,305 | €4,070,289 | -€14.9m | -78.5% |
| Amounts payable after more than one year | 17 | €15,143,345 | €0 | -€15.1m | -100% |
| Other amounts payable | 178/9 | €15,143,345 | €0 | -€15.1m | -100% |
| Amounts payable within one year | 42/48 | €3,745,027 | €4,014,382 | +€269,355 | +7.2% |
| Trade debts | 44 | €1,586,318 | €1,141,864 | -€444,454 | -28.0% |
| Suppliers | 440/4 | €1,586,318 | €1,141,864 | -€444,454 | -28.0% |
| Taxes, remuneration and social security | 45 | €1,220,931 | €2,030,471 | +€809,539 | +66.3% |
| Taxes | 450/3 | €834,180 | €1,633,875 | +€799,696 | +95.9% |
| Remuneration and social security | 454/9 | €386,752 | €396,596 | +€9,844 | +2.5% |
| Other amounts payable | 47/48 | €937,778 | €842,048 | -€95,731 | -10.2% |
| Accrued charges and deferred income | 492/3 | €31,932 | €55,907 | +€23,974 | +75.1% |
| Operating income | 70/76A | €53,840,136 | €65,515,437 | +€11.7m | +21.7% |
| Turnover | 70 | €53,695,746 | €65,361,492 | +€11.7m | +21.7% |
| Other operating income | 74 | €144,390 | €153,946 | +€9,556 | +6.6% |
| Operating charges | 60/66A | €61,140,899 | €56,187,968 | -€5.0m | -8.1% |
| Goods for resale, raw materials and consumables | 60 | €39,399,752 | €46,654,672 | +€7.3m | +18.4% |
| Purchases | 600/8 | €39,396,739 | €46,659,022 | +€7.3m | +18.4% |
| Change in stocks: decrease (increase) | 609 | €3,013 | -€4,350 | -€7,362 | |
| Services and other goods | 61 | €5,065,337 | €5,794,506 | +€729,169 | +14.4% |
| Remuneration, social security and pensions | 62 | €3,278,197 | €3,590,947 | +€312,750 | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,102 | €68,370 | -€3,731 | -5.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,638 | €17,901 | +€10,263 | +134% |
| Other operating charges | 640/8 | €110,949 | €61,571 | -€49,378 | -44.5% |
| Non-recurring operating charges | 66A | €13,206,924 | €0 | -€13.2m | -100% |
| Operating profit (loss) | 9901 | -€7,300,763 | €9,327,469 | +€16.6m | |
| Financial income | 75/76B | €101,379 | €147,887 | +€46,508 | +45.9% |
| Recurring financial income | 75 | €101,379 | €147,887 | +€46,508 | +45.9% |
| Income from current assets | 751 | €100,652 | €147,887 | +€47,234 | +46.9% |
| Other financial income | 752/9 | €727 | €0 | -€727 | -100% |
| Financial charges | 65/66B | €798,207 | €883,200 | +€84,993 | +10.6% |
| Recurring financial charges | 65 | €798,207 | €883,200 | +€84,993 | +10.6% |
| Debt charges | 650 | €725,943 | €798,488 | +€72,545 | +10.0% |
| Other financial charges | 652/9 | €72,264 | €84,712 | +€12,448 | +17.2% |
| Profit (loss) for the period before taxes | 9903 | -€7,997,591 | €8,592,155 | +€16.6m | |
| Income taxes | 67/77 | €8,948 | €632,125 | +€623,177 | +6,964% |
| Taxes | 670/3 | €11,000 | €632,125 | +€621,125 | +5,647% |
| Tax adjustments and reversals of tax provisions | 77 | €2,052 | €0 | -€2,052 | -100% |
| Profit (loss) for the period | 9904 | -€8,006,539 | €7,960,030 | +€16.0m | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,006,539 | €7,960,030 | +€16.0m |
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 15 October 2026 via checked.be.