Smartware: 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.
Smartware
Largest movements
- Receivables within one year -€9,225
down €9,225 (-40.5%), from €22,771 to €13,546
of which Trade receivables: -€9,225
- Cash +€7,274
up €7,274 (+6.3%), from €115,700 to €122,974
mainly Receivables within one year (+€9,225)
- Profit (loss) carried forward -€1,951
down €1,951 (-3.3%), from €58,261 to €56,310
- Taxes -€2,150
no longer reported in 2025 (was €2,150)
- Depreciation -€2,006
no longer reported in 2025 (was €2,006)
- Gross operating margin -€1,045
down €1,045 (-297.7%), from -€351 to -€1,397
- Other operating charges +€19
up €19 (+3.7%), from €502 to €521
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 | €138,472 | €136,520 | -€1,951 | -1.4% |
| Current assets | 29/58 | €138,472 | €136,520 | -€1,951 | -1.4% |
| Amounts receivable within one year | 40/41 | €22,771 | €13,546 | -€9,225 | -40.5% |
| Trade receivables | 40 | €22,008 | €12,782 | -€9,225 | -41.9% |
| Other amounts receivable | 41 | €764 | €764 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €115,700 | €122,974 | +€7,274 | +6.3% |
| Total equity and liabilities | 10/49 | €138,472 | €136,520 | -€1,951 | -1.4% |
| Equity | 10/15 | €126,461 | €124,510 | -€1,951 | -1.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,261 | €56,310 | -€1,951 | -3.3% |
| Amounts payable | 17/49 | €12,010 | €12,010 | = | 0.0% |
| Amounts payable within one year | 42/48 | €12,010 | €12,010 | = | 0.0% |
| Trade debts | 44 | €12,010 | €12,010 | = | 0.0% |
| Suppliers | 440/4 | €12,010 | €12,010 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,006 | - | -€2,006 | |
| Other operating charges | 640/8 | €502 | €521 | +€19 | +3.7% |
| Gross operating margin | 9900 | -€351 | -€1,397 | -€1,045 | -297.7% |
| Operating profit (loss) | 9901 | -€2,860 | -€1,918 | +€942 | +32.9% |
| Financial charges | 65/66B | €45 | €34 | -€11 | -25.0% |
| Recurring financial charges | 65 | €45 | €34 | -€11 | -25.0% |
| Profit (loss) for the period before taxes | 9903 | -€2,905 | -€1,951 | +€953 | +32.8% |
| Income taxes | 67/77 | €2,150 | - | -€2,150 | |
| Profit (loss) for the period | 9904 | -€5,054 | -€1,951 | +€3,103 | +61.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,054 | -€1,951 | +€3,103 | +61.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.