SMASH MANAGEMENT: 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 MANAGEMENT
Largest movements
- Tangible fixed assets +€121,691
up €121,691 (+94.6%), from €128,673 to €250,364
of which Plant, machinery and equipment: +€135,181
- Receivables within one year -€20,226
down €20,226 (-8.7%), from €231,777 to €211,551
of which Other amounts receivable: -€16,447
- Cash +€7,663
up €7,663 (+166%), from €4,621 to €12,284
mainly Debts after one year (+€79,557) and Other debts (+€27,250)
- Debts after one year +€79,557
up €79,557 (+129%), from €61,843 to €141,400
- Other debts +€27,250
up €27,250 (+38.1%), from €71,550 to €98,800
- Profit (loss) carried forward -€24,873
down €24,873 (-19.6%), from €126,827 to €101,954
- Trade debts +€14,333
up €14,333 (+143%), from €10,029 to €24,362
- Current portion of long-term debt +€11,155
up €11,155 (+26.5%), from €42,016 to €53,171
- Gross operating margin -€26,997
down €26,997 (-68.1%), from €39,670 to €12,673
- Depreciation +€8,943
up €8,943 (+53.2%), from €16,825 to €25,768
- Other operating charges +€5,549
up €5,549 (+1,445%), from €384 to €5,933
- Taxes -€4,713
down €4,713 (-91.0%), from €5,178 to €465
- Provisions +€2,780
no longer reported in 2025 (was -€2,780)
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 | €365,188 | €474,319 | +€109,131 | +29.9% |
| Fixed assets | 21/28 | €128,673 | €250,364 | +€121,691 | +94.6% |
| Tangible fixed assets | 22/27 | €128,673 | €250,364 | +€121,691 | +94.6% |
| Plant, machinery and equipment | 23 | €115,183 | €250,364 | +€135,181 | +117% |
| Other tangible fixed assets | 26 | €13,490 | - | -€13,490 | |
| Current assets | 29/58 | €236,515 | €223,955 | -€12,560 | -5.3% |
| Amounts receivable within one year | 40/41 | €231,777 | €211,551 | -€20,226 | -8.7% |
| Trade receivables | 40 | €49,785 | €46,006 | -€3,779 | -7.6% |
| Other amounts receivable | 41 | €181,992 | €165,545 | -€16,447 | -9.0% |
| Cash at bank and in hand | 54/58 | €4,621 | €12,284 | +€7,663 | +166% |
| Deferred charges and accrued income | 490/1 | €117 | €120 | +€3 | +2.6% |
| Total equity and liabilities | 10/49 | €365,188 | €474,319 | +€109,131 | +29.9% |
| Equity | 10/15 | €168,437 | €141,884 | -€26,553 | -15.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €7,890 | €7,890 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €6,030 | €6,030 | = | 0.0% |
| Profit (loss) carried forward | 14 | €126,827 | €101,954 | -€24,873 | -19.6% |
| Investment grants | 15 | €15,120 | €13,440 | -€1,680 | -11.1% |
| Amounts payable | 17/49 | €196,751 | €332,435 | +€135,684 | +69.0% |
| Amounts payable after more than one year | 17 | €61,843 | €141,400 | +€79,557 | +129% |
| Financial debts | 170/4 | €61,843 | €141,400 | +€79,557 | +129% |
| Amounts payable within one year | 42/48 | €134,908 | €191,035 | +€56,127 | +41.6% |
| Current portion of amounts payable after more than one year | 42 | €42,016 | €53,171 | +€11,155 | +26.5% |
| Financial debts | 43 | €11,313 | €14,702 | +€3,389 | +30.0% |
| Credit institutions | 430/8 | €11,313 | €14,702 | +€3,389 | +30.0% |
| Trade debts | 44 | €10,029 | €24,362 | +€14,333 | +143% |
| Suppliers | 440/4 | €10,029 | €24,362 | +€14,333 | +143% |
| Other amounts payable | 47/48 | €71,550 | €98,800 | +€27,250 | +38.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,825 | €25,768 | +€8,943 | +53.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€2,780 | - | +€2,780 | |
| Other operating charges | 640/8 | €384 | €5,933 | +€5,549 | +1,445% |
| Gross operating margin | 9900 | €39,670 | €12,673 | -€26,997 | -68.1% |
| Operating profit (loss) | 9901 | €25,241 | -€19,028 | -€44,269 | |
| Financial income | 75/76B | €1,680 | €1,680 | = | 0.0% |
| Recurring financial income | 75 | €1,680 | €1,680 | = | 0.0% |
| Financial charges | 65/66B | €4,347 | €7,060 | +€2,713 | +62.4% |
| Recurring financial charges | 65 | €4,347 | €7,060 | +€2,713 | +62.4% |
| Profit (loss) for the period before taxes | 9903 | €22,574 | -€24,408 | -€46,982 | |
| Income taxes | 67/77 | €5,178 | €465 | -€4,713 | -91.0% |
| Profit (loss) for the period | 9904 | €17,396 | -€24,873 | -€42,269 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,396 | -€24,873 | -€42,269 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.