SMARTWHEELS: 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.
SMARTWHEELS
Largest movements
- Tangible fixed assets -€41,254
down €41,254 (-11.4%), from €360,857 to €319,602
- Stocks and contracts +€10,090
up €10,090 (+2.5%), from €410,833 to €420,923
- Other debts -€41,792
down €41,792 (-32.8%), from €127,250 to €85,459
- Tax, wage and social debts +€24,660
up €24,660 (+55.5%), from €44,467 to €69,127
of which Taxes: +€24,703
- Reserves +€16,256
up €16,256 (+4.7%), from €343,614 to €359,869
- Advances received -€12,412
down €12,412 (-55.0%), from €22,551 to €10,139
- Trade debts -€11,967
down €11,967 (-10.6%), from €113,296 to €101,329
- Gross operating margin +€34,656
up €34,656 (+14.7%), from €235,807 to €270,462
- Depreciation -€27,339
down €27,339 (-39.9%), from €68,594 to €41,254
- Staff costs +€15,023
up €15,023 (+27.9%), from €53,864 to €68,886
- Taxes +€12,770
up €12,770 (+61.1%), from €20,909 to €33,679
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 | €958,829 | €930,272 | -€28,557 | -3.0% |
| Fixed assets | 21/28 | €360,857 | €319,602 | -€41,254 | -11.4% |
| Tangible fixed assets | 22/27 | €360,857 | €319,602 | -€41,254 | -11.4% |
| Land and buildings | 22 | €292,761 | €275,320 | -€17,440 | -6.0% |
| Plant, machinery and equipment | 23 | €12,592 | €760 | -€11,833 | -94.0% |
| Furniture and vehicles | 24 | €447 | €0 | -€447 | -100.0% |
| Leasing and similar rights | 25 | €55,057 | €43,522 | -€11,535 | -21.0% |
| Current assets | 29/58 | €597,973 | €610,669 | +€12,697 | +2.1% |
| Stocks and contracts in progress | 3 | €410,833 | €420,923 | +€10,090 | +2.5% |
| Stocks | 30/36 | €410,833 | €420,923 | +€10,090 | +2.5% |
| Amounts receivable within one year | 40/41 | €15,389 | €20,080 | +€4,691 | +30.5% |
| Trade receivables | 40 | €6,298 | €10,989 | +€4,691 | +74.5% |
| Other amounts receivable | 41 | €9,091 | €9,091 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €170,451 | €165,065 | -€5,386 | -3.2% |
| Deferred charges and accrued income | 490/1 | €1,300 | €4,602 | +€3,302 | +254.0% |
| Total equity and liabilities | 10/49 | €958,829 | €930,272 | -€28,557 | -3.0% |
| Equity | 10/15 | €362,214 | €378,469 | +€16,256 | +4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €343,614 | €359,869 | +€16,256 | +4.7% |
| Distributable reserves | 133 | €343,614 | €359,869 | +€16,256 | +4.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €596,615 | €551,802 | -€44,813 | -7.5% |
| Amounts payable after more than one year | 17 | €247,600 | €237,995 | -€9,604 | -3.9% |
| Financial debts | 170/4 | €247,600 | €207,995 | -€39,604 | -16.0% |
| Other amounts payable | 178/9 | - | €30,000 | +€30,000 | |
| Amounts payable within one year | 42/48 | €349,016 | €313,807 | -€35,209 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €41,452 | €47,754 | +€6,302 | +15.2% |
| Trade debts | 44 | €113,296 | €101,329 | -€11,967 | -10.6% |
| Suppliers | 440/4 | €113,296 | €101,329 | -€11,967 | -10.6% |
| Advances received on contracts in progress | 46 | €22,551 | €10,139 | -€12,412 | -55.0% |
| Taxes, remuneration and social security | 45 | €44,467 | €69,127 | +€24,660 | +55.5% |
| Taxes | 450/3 | €35,459 | €60,162 | +€24,703 | +69.7% |
| Remuneration and social security | 454/9 | €9,009 | €8,965 | -€44 | -0.5% |
| Other amounts payable | 47/48 | €127,250 | €85,459 | -€41,792 | -32.8% |
| Remuneration, social security and pensions | 62 | €53,864 | €68,886 | +€15,023 | +27.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,594 | €41,254 | -€27,339 | -39.9% |
| Other operating charges | 640/8 | €3,628 | €3,778 | +€150 | +4.1% |
| Gross operating margin | 9900 | €235,807 | €270,462 | +€34,656 | +14.7% |
| Operating profit (loss) | 9901 | €109,721 | €156,544 | +€46,822 | +42.7% |
| Financial charges | 65/66B | €5,812 | €6,609 | +€797 | +13.7% |
| Recurring financial charges | 65 | €5,812 | €6,609 | +€797 | +13.7% |
| Profit (loss) for the period before taxes | 9903 | €103,909 | €149,935 | +€46,025 | +44.3% |
| Income taxes | 67/77 | €20,909 | €33,679 | +€12,770 | +61.1% |
| Profit (loss) for the period | 9904 | €83,000 | €116,256 | +€33,256 | +40.1% |
| Profit (loss) for the period to be appropriated | 9905 | €83,000 | €116,256 | +€33,256 | +40.1% |
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 8 October 2026 via checked.be.