SMASH: what changed
Two financial 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.
SMASH
Largest movements
- Cash +€52,603
up €52,603 (+34.8%), from €151,359 to €203,961
mainly Net result for the year (+€65,349) and Depreciation (+€48,642)
- Tangible fixed assets -€20,538
down €20,538 (-12.2%), from €167,705 to €147,166
of which Plant, machinery and equipment: -€26,860
- Receivables within one year -€4,399
down €4,399 (-17.2%), from €25,571 to €21,172
of which Other amounts receivable: -€5,590
- Reserves +€47,557
up €47,557 (+30.0%), from €158,467 to €206,024
- Trade debts -€42,868
down €42,868 (-68.6%), from €62,469 to €19,601
- Debts after one year +€17,659
up €17,659 (+2,125%), from €831 to €18,490
- Gross operating margin +€44,162
up €44,162 (+39.5%), from €111,732 to €155,894
- Taxes +€11,359
up €11,359 (+55.2%), from €20,559 to €31,918
- Depreciation +€4,235
up €4,235 (+9.5%), from €44,407 to €48,642
- Staff costs +€2,103
up €2,103 (+63.4%), from €3,317 to €5,420
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.
Derived cash bridge
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 | €352,907 | €378,278 | +€25,371 | +7.2% |
| Fixed assets | 21/28 | €167,705 | €147,166 | -€20,538 | -12.2% |
| Tangible fixed assets | 22/27 | €167,705 | €147,166 | -€20,538 | -12.2% |
| Plant, machinery and equipment | 23 | €103,257 | €76,397 | -€26,860 | -26.0% |
| Furniture and vehicles | 24 | €21,884 | €33,146 | +€11,262 | +51.5% |
| Other tangible fixed assets | 26 | €42,563 | €37,623 | -€4,941 | -11.6% |
| Current assets | 29/58 | €185,202 | €231,111 | +€45,909 | +24.8% |
| Stocks and contracts in progress | 3 | €2,974 | €3,143 | +€169 | +5.7% |
| Stocks | 30/36 | €2,974 | €3,143 | +€169 | +5.7% |
| Amounts receivable within one year | 40/41 | €25,571 | €21,172 | -€4,399 | -17.2% |
| Trade receivables | 40 | €4,810 | €6,002 | +€1,191 | +24.8% |
| Other amounts receivable | 41 | €20,761 | €15,171 | -€5,590 | -26.9% |
| Cash at bank and in hand | 54/58 | €151,359 | €203,961 | +€52,603 | +34.8% |
| Deferred charges and accrued income | 490/1 | €5,298 | €2,834 | -€2,463 | -46.5% |
| Total equity and liabilities | 10/49 | €352,907 | €378,278 | +€25,371 | +7.2% |
| Equity | 10/15 | €278,067 | €325,624 | +€47,557 | +17.1% |
| Contributions | 10/11 | €119,600 | €119,600 | = | 0.0% |
| Reserves | 13 | €158,467 | €206,024 | +€47,557 | +30.0% |
| Distributable reserves | 133 | €158,467 | €206,024 | +€47,557 | +30.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €74,839 | €52,653 | -€22,186 | -29.6% |
| Amounts payable after more than one year | 17 | €831 | €18,490 | +€17,659 | +2,125% |
| Other amounts payable | 178/9 | €831 | €18,490 | +€17,659 | +2,125% |
| Amounts payable within one year | 42/48 | €74,008 | €34,163 | -€39,845 | -53.8% |
| Trade debts | 44 | €62,469 | €19,601 | -€42,868 | -68.6% |
| Suppliers | 440/4 | €62,469 | €19,601 | -€42,868 | -68.6% |
| Taxes, remuneration and social security | 45 | €10,938 | €14,192 | +€3,255 | +29.8% |
| Taxes | 450/3 | €10,466 | €11,929 | +€1,463 | +14.0% |
| Remuneration and social security | 454/9 | €472 | €2,264 | +€1,791 | +379% |
| Other amounts payable | 47/48 | €601 | €370 | -€231 | -38.5% |
| Non-recurring operating income | 76A | - | €2,024 | +€2,024 | |
| Remuneration, social security and pensions | 62 | €3,317 | €5,420 | +€2,103 | +63.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,407 | €48,642 | +€4,235 | +9.5% |
| Other operating charges | 640/8 | €3,929 | €3,924 | -€5 | -0.1% |
| Gross operating margin | 9900 | €111,732 | €155,894 | +€44,162 | +39.5% |
| Operating profit (loss) | 9901 | €60,079 | €97,909 | +€37,829 | +63.0% |
| Financial income | 75/76B | €426 | €716 | +€289 | +67.9% |
| Recurring financial income | 75 | €426 | €716 | +€289 | +67.9% |
| Financial charges | 65/66B | €870 | €1,357 | +€487 | +56.0% |
| Recurring financial charges | 65 | €870 | €1,357 | +€487 | +56.0% |
| Profit (loss) for the period before taxes | 9903 | €59,636 | €97,267 | +€37,632 | +63.1% |
| Income taxes | 67/77 | €20,559 | €31,918 | +€11,359 | +55.2% |
| Profit (loss) for the period | 9904 | €39,076 | €65,349 | +€26,273 | +67.2% |
| Profit (loss) for the period to be appropriated | 9905 | €39,076 | €65,349 | +€26,273 | +67.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.