SmartXChange: 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.
SmartXChange
Largest movements
- Receivables within one year -€19,580
down €19,580 (-21.7%), from €90,078 to €70,498
of which Trade receivables: -€18,664
- Tangible fixed assets -€17,771
down €17,771 (-15.8%), from €112,502 to €94,731
of which Land and buildings: -€10,278
- Cash +€15,032
up €15,032 (+77.5%), from €19,387 to €34,419
mainly Net result for the year (+€24,091) and Other debts (+€24,091)
- Trade debts -€32,605
down €32,605 (-93.8%), from €34,752 to €2,148
- Other debts +€24,091
new in 2025: €24,091
- Tax, wage and social debts -€18,408
down €18,408 (-68.4%), from €26,931 to €8,523
- Advances received +€17,124
up €17,124 (+113.5%), from €15,082 to €32,206
- Debts after one year -€11,657
down €11,657 (-26.6%), from €43,904 to €32,247
of which Financial debts: -€43,904
- Gross operating margin +€2,469
up €2,469 (+4.7%), from €52,274 to €54,743
- Financial charges -€1,626
down €1,626 (-37.6%), from €4,319 to €2,693
- Taxes -€1,169
down €1,169 (-14.7%), from €7,973 to €6,804
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 | €221,967 | €200,578 | -€21,389 | -9.6% |
| Fixed assets | 21/28 | €112,502 | €94,731 | -€17,771 | -15.8% |
| Tangible fixed assets | 22/27 | €112,502 | €94,731 | -€17,771 | -15.8% |
| Land and buildings | 22 | €83,156 | €72,878 | -€10,278 | -12.4% |
| Plant, machinery and equipment | 23 | €573 | €2,767 | +€2,194 | +382.6% |
| Furniture and vehicles | 24 | €28,773 | €19,086 | -€9,686 | -33.7% |
| Current assets | 29/58 | €109,465 | €105,846 | -€3,618 | -3.3% |
| Amounts receivable within one year | 40/41 | €90,078 | €70,498 | -€19,580 | -21.7% |
| Trade receivables | 40 | €88,051 | €69,386 | -€18,664 | -21.2% |
| Other amounts receivable | 41 | €2,027 | €1,112 | -€915 | -45.1% |
| Cash at bank and in hand | 54/58 | €19,387 | €34,419 | +€15,032 | +77.5% |
| Deferred charges and accrued income | 490/1 | - | €929 | +€929 | |
| Total equity and liabilities | 10/49 | €221,967 | €200,578 | -€21,389 | -9.6% |
| Equity | 10/15 | €101,298 | €101,298 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €96,298 | €96,298 | = | 0.0% |
| Distributable reserves | 133 | €96,298 | €96,298 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €120,669 | €99,280 | -€21,389 | -17.7% |
| Amounts payable after more than one year | 17 | €43,904 | €32,247 | -€11,657 | -26.6% |
| Financial debts | 170/4 | €43,904 | €0 | -€43,904 | -100.0% |
| Other amounts payable | 178/9 | - | €32,247 | +€32,247 | |
| Amounts payable within one year | 42/48 | €76,765 | €66,968 | -€9,797 | -12.8% |
| Trade debts | 44 | €34,752 | €2,148 | -€32,605 | -93.8% |
| Suppliers | 440/4 | €34,752 | €2,148 | -€32,605 | -93.8% |
| Advances received on contracts in progress | 46 | €15,082 | €32,206 | +€17,124 | +113.5% |
| Taxes, remuneration and social security | 45 | €26,931 | €8,523 | -€18,408 | -68.4% |
| Taxes | 450/3 | €26,931 | €8,523 | -€18,408 | -68.4% |
| Other amounts payable | 47/48 | - | €24,091 | +€24,091 | |
| Accrued charges and deferred income | 492/3 | - | €65 | +€65 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,186 | €20,715 | +€529 | +2.6% |
| Other operating charges | 640/8 | €63 | €518 | +€455 | +721.6% |
| Gross operating margin | 9900 | €52,274 | €54,743 | +€2,469 | +4.7% |
| Operating profit (loss) | 9901 | €32,024 | €33,509 | +€1,485 | +4.6% |
| Financial income | 75/76B | €0 | €79 | +€79 | +788100.0% |
| Recurring financial income | 75 | €0 | €79 | +€79 | +788100.0% |
| Non-recurring financial income | 76B | €0 | €79 | +€79 | +788100.0% |
| Financial charges | 65/66B | €4,319 | €2,693 | -€1,626 | -37.6% |
| Recurring financial charges | 65 | €4,319 | €2,693 | -€1,626 | -37.6% |
| Profit (loss) for the period before taxes | 9903 | €27,706 | €30,895 | +€3,190 | +11.5% |
| Income taxes | 67/77 | €7,973 | €6,804 | -€1,169 | -14.7% |
| Profit (loss) for the period | 9904 | €19,733 | €24,091 | +€4,358 | +22.1% |
| Profit (loss) for the period to be appropriated | 9905 | €19,733 | €24,091 | +€4,358 | +22.1% |
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 4 October 2026 via checked.be.