Smartvalue Distribution: 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.
Smartvalue Distribution
Largest movements
- Tangible fixed assets -€15,478
no longer reported in 2026 (was €15,478)
- Intangible fixed assets +€12,467
new in 2026: €12,467
- Receivables within one year +€3,061
up €3,061 (+18.4%), from €16,646 to €19,708
of which Other amounts receivable: +€2,011
- Stocks and contracts -€2,854
down €2,854 (-10.5%), from €27,195 to €24,342
- Trade debts -€14,734
down €14,734 (-35.8%), from €41,119 to €26,385
- Short-term financial debts +€8,202
new in 2026: €8,202
- Profit (loss) carried forward +€4,195
up €4,195 (+13.0%), from -€32,266 to -€28,071
- Tax, wage and social debts -€599
no longer reported in 2026 (was €599)
- Gross operating margin +€38,804
up €38,804, from -€30,765 to €8,039
- Depreciation +€3,010
new in 2026: €3,010
- Other operating charges -€1,445
no longer reported in 2026 (was €1,445)
- Financial charges +€817
up €817 (+1470.4%), from €56 to €873
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €59,806 | €56,516 | -€3,290 | -5.5% |
| Fixed assets | 21/28 | €15,478 | €12,467 | -€3,010 | -19.5% |
| Intangible fixed assets | 21 | - | €12,467 | +€12,467 | |
| Tangible fixed assets | 22/27 | €15,478 | - | -€15,478 | |
| Assets under construction and advance payments | 27 | €15,478 | - | -€15,478 | |
| Current assets | 29/58 | €44,328 | €44,049 | -€279 | -0.6% |
| Stocks and contracts in progress | 3 | €27,195 | €24,342 | -€2,854 | -10.5% |
| Stocks | 30/36 | €27,195 | €24,342 | -€2,854 | -10.5% |
| Amounts receivable within one year | 40/41 | €16,646 | €19,708 | +€3,061 | +18.4% |
| Trade receivables | 40 | €16,646 | €17,696 | +€1,050 | +6.3% |
| Other amounts receivable | 41 | - | €2,011 | +€2,011 | |
| Cash at bank and in hand | 54/58 | €487 | - | -€487 | |
| Total equity and liabilities | 10/49 | €59,806 | €56,516 | -€3,290 | -5.5% |
| Equity | 10/15 | €17,734 | €21,929 | +€4,195 | +23.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,266 | -€28,071 | +€4,195 | +13.0% |
| Amounts payable | 17/49 | €42,072 | €34,587 | -€7,484 | -17.8% |
| Amounts payable within one year | 42/48 | €41,718 | €34,587 | -€7,130 | -17.1% |
| Financial debts | 43 | - | €8,202 | +€8,202 | |
| Credit institutions | 430/8 | - | €8,202 | +€8,202 | |
| Trade debts | 44 | €41,119 | €26,385 | -€14,734 | -35.8% |
| Suppliers | 440/4 | €41,119 | €26,385 | -€14,734 | -35.8% |
| Taxes, remuneration and social security | 45 | €599 | - | -€599 | |
| Taxes | 450/3 | €599 | - | -€599 | |
| Accrued charges and deferred income | 492/3 | €354 | - | -€354 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €3,010 | +€3,010 | |
| Other operating charges | 640/8 | €1,445 | - | -€1,445 | |
| Gross operating margin | 9900 | -€30,765 | €8,039 | +€38,804 | |
| Operating profit (loss) | 9901 | -€32,210 | €5,028 | +€37,239 | |
| Financial income | 75/76B | €0 | €39 | +€39 | +390000.0% |
| Recurring financial income | 75 | €0 | €39 | +€39 | +390000.0% |
| Financial charges | 65/66B | €56 | €873 | +€817 | +1470.4% |
| Recurring financial charges | 65 | €56 | €873 | +€817 | +1470.4% |
| Profit (loss) for the period before taxes | 9903 | -€32,266 | €4,195 | +€36,461 | |
| Profit (loss) for the period | 9904 | -€32,266 | €4,195 | +€36,461 | |
| Profit (loss) for the period to be appropriated | 9905 | -€32,266 | €4,195 | +€36,461 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.