SMARTWATT: 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.
SMARTWATT
Largest movements
- Receivables within one year -€72,444
down €72,444 (-17.2%), from €422,134 to €349,690
of which Trade receivables: -€76,505
- Stocks and contracts +€15,359
up €15,359 (+33.9%), from €45,343 to €60,703
- Tangible fixed assets +€13,315
up €13,315 (+58.3%), from €22,822 to €36,137
of which Furniture and vehicles: +€11,737
- Cash +€11,013
up €11,013 (+103.7%), from €10,616 to €21,629
mainly Receivables within one year (+€72,444) and Depreciation (+€18,868)
- Trade debts -€60,873
down €60,873 (-63.1%), from €96,532 to €35,659
- Debts after one year +€13,000
new in 2025: €13,000
- Gross operating margin -€357,329
down €357,329 (-67.9%), from €526,013 to €168,684
- Taxes -€77,209
down €77,209 (-98.8%), from €78,152 to €943
- Staff costs -€31,481
down €31,481 (-17.0%), from €184,952 to €153,471
- Depreciation -€11,037
down €11,037 (-36.9%), from €29,905 to €18,868
- Financial income +€7,524
up €7,524 (+218.4%), from €3,444 to €10,968
of which Financial income: +€8,017
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 | €508,176 | €470,477 | -€37,699 | -7.4% |
| Fixed assets | 21/28 | €24,817 | €38,132 | +€13,315 | +53.7% |
| Tangible fixed assets | 22/27 | €22,822 | €36,137 | +€13,315 | +58.3% |
| Plant, machinery and equipment | 23 | €3,873 | €2,948 | -€925 | -23.9% |
| Furniture and vehicles | 24 | €18,950 | €30,687 | +€11,737 | +61.9% |
| Other tangible fixed assets | 26 | - | €2,502 | +€2,502 | |
| Financial fixed assets | 28 | €1,995 | €1,995 | = | 0.0% |
| Current assets | 29/58 | €483,359 | €432,345 | -€51,014 | -10.6% |
| Stocks and contracts in progress | 3 | €45,343 | €60,703 | +€15,359 | +33.9% |
| Stocks | 30/36 | €45,343 | €60,703 | +€15,359 | +33.9% |
| Amounts receivable within one year | 40/41 | €422,134 | €349,690 | -€72,444 | -17.2% |
| Trade receivables | 40 | €160,576 | €84,071 | -€76,505 | -47.6% |
| Other amounts receivable | 41 | €261,558 | €265,619 | +€4,061 | +1.6% |
| Cash at bank and in hand | 54/58 | €10,616 | €21,629 | +€11,013 | +103.7% |
| Deferred charges and accrued income | 490/1 | €5,266 | €324 | -€4,942 | -93.8% |
| Total equity and liabilities | 10/49 | €508,176 | €470,477 | -€37,699 | -7.4% |
| Equity | 10/15 | €411,277 | €412,860 | +€1,583 | +0.4% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €9,796 | €9,796 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,796 | €9,796 | = | 0.0% |
| Profit (loss) carried forward | 14 | €393,421 | €395,004 | +€1,583 | +0.4% |
| Amounts payable | 17/49 | €96,899 | €57,617 | -€39,282 | -40.5% |
| Amounts payable after more than one year | 17 | - | €13,000 | +€13,000 | |
| Financial debts | 170/4 | - | €13,000 | +€13,000 | |
| Amounts payable within one year | 42/48 | €96,899 | €44,617 | -€52,282 | -54.0% |
| Current portion of amounts payable after more than one year | 42 | - | €4,000 | +€4,000 | |
| Trade debts | 44 | €96,532 | €35,659 | -€60,873 | -63.1% |
| Suppliers | 440/4 | €96,532 | €35,659 | -€60,873 | -63.1% |
| Taxes, remuneration and social security | 45 | €366 | €4,957 | +€4,591 | +1252.8% |
| Taxes | 450/3 | €366 | €3,013 | +€2,647 | +722.3% |
| Remuneration and social security | 454/9 | - | €1,944 | +€1,944 | |
| Remuneration, social security and pensions | 62 | €184,952 | €153,471 | -€31,481 | -17.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,905 | €18,868 | -€11,037 | -36.9% |
| Other operating charges | 640/8 | €5,107 | €4,179 | -€927 | -18.2% |
| Non-recurring operating charges | 66A | €86 | - | -€86 | |
| Gross operating margin | 9900 | €526,013 | €168,684 | -€357,329 | -67.9% |
| Operating profit (loss) | 9901 | €305,964 | -€7,835 | -€313,798 | |
| Financial income | 75/76B | €3,444 | €10,968 | +€7,524 | +218.4% |
| Recurring financial income | 75 | €2,952 | €10,968 | +€8,017 | +271.6% |
| Non-recurring financial income | 76B | €493 | - | -€493 | |
| Financial charges | 65/66B | €74 | €608 | +€534 | +721.1% |
| Recurring financial charges | 65 | €74 | €608 | +€534 | +721.1% |
| Profit (loss) for the period before taxes | 9903 | €309,334 | €2,526 | -€306,808 | -99.2% |
| Income taxes | 67/77 | €78,152 | €943 | -€77,209 | -98.8% |
| Profit (loss) for the period | 9904 | €231,182 | €1,583 | -€229,599 | -99.3% |
| Profit (loss) for the period to be appropriated | 9905 | €231,182 | €1,583 | -€229,599 | -99.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.