SMILE OAK: 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.
SMILE OAK
Largest movements
- Cash -€49,957
down €49,957 (-94.5%), from €52,876 to €2,919
mainly Contributions, distributions and other (-€95,000) and Debts after one year (-€57,551)
- Receivables within one year -€38,070
down €38,070 (-25.0%), from €152,007 to €113,937
of which Other amounts receivable: -€78,211
- Debts after one year -€57,551
down €57,551 (-49.3%), from €116,740 to €59,188
- Other debts -€56,616
down €56,616 (-10.5%), from €538,616 to €482,000
- Reserves +€50,021
up €50,021 (+6.0%), from €835,087 to €885,108
- Gross operating margin +€38,436
up €38,436 (+32.2%), from €119,406 to €157,842
- Taxes +€14,953
up €14,953 (+48.0%), from €31,133 to €46,086
- Depreciation -€6,512
down €6,512 (-33.1%), from €19,675 to €13,163
- Financial charges -€2,805
down €2,805 (-10.7%), from €26,150 to €23,345
- Financial income -€1,866
down €1,866 (-2.5%), from €75,163 to €73,297
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 | €1,689,829 | €1,590,818 | -€99,011 | -5.9% |
| Fixed assets | 21/28 | €1,483,683 | €1,470,520 | -€13,163 | -0.9% |
| Tangible fixed assets | 22/27 | €30,343 | €17,180 | -€13,163 | -43.4% |
| Furniture and vehicles | 24 | €15,960 | €11,861 | -€4,099 | -25.7% |
| Leasing and similar rights | 25 | €7,403 | - | -€7,403 | |
| Other tangible fixed assets | 26 | €6,980 | €5,319 | -€1,661 | -23.8% |
| Financial fixed assets | 28 | €1,453,340 | €1,453,340 | = | 0.0% |
| Current assets | 29/58 | €206,146 | €120,298 | -€85,848 | -41.6% |
| Amounts receivable within one year | 40/41 | €152,007 | €113,937 | -€38,070 | -25.0% |
| Trade receivables | 40 | €56,738 | €96,879 | +€40,141 | +70.7% |
| Other amounts receivable | 41 | €95,269 | €17,058 | -€78,211 | -82.1% |
| Cash at bank and in hand | 54/58 | €52,876 | €2,919 | -€49,957 | -94.5% |
| Deferred charges and accrued income | 490/1 | €1,264 | €3,443 | +€2,179 | +172% |
| Total equity and liabilities | 10/49 | €1,689,829 | €1,590,818 | -€99,011 | -5.9% |
| Equity | 10/15 | €895,087 | €945,108 | +€50,021 | +5.6% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €835,087 | €885,108 | +€50,021 | +6.0% |
| Distributable reserves | 133 | €835,087 | €885,108 | +€50,021 | +6.0% |
| Amounts payable | 17/49 | €794,742 | €645,710 | -€149,033 | -18.8% |
| Amounts payable after more than one year | 17 | €116,740 | €59,188 | -€57,551 | -49.3% |
| Financial debts | 170/4 | €116,740 | €59,188 | -€57,551 | -49.3% |
| Amounts payable within one year | 42/48 | €678,003 | €586,521 | -€91,482 | -13.5% |
| Current portion of amounts payable after more than one year | 42 | €70,248 | €57,551 | -€12,697 | -18.1% |
| Financial debts | 43 | €15,918 | €1,166 | -€14,752 | -92.7% |
| Credit institutions | 430/8 | €15,918 | €1,166 | -€14,752 | -92.7% |
| Trade debts | 44 | €4,719 | €7,444 | +€2,725 | +57.8% |
| Suppliers | 440/4 | €4,719 | €7,444 | +€2,725 | +57.8% |
| Taxes, remuneration and social security | 45 | €48,501 | €38,359 | -€10,142 | -20.9% |
| Taxes | 450/3 | €44,901 | €34,359 | -€10,542 | -23.5% |
| Remuneration and social security | 454/9 | €3,600 | €4,000 | +€400 | +11.1% |
| Other amounts payable | 47/48 | €538,616 | €482,000 | -€56,616 | -10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,675 | €13,163 | -€6,512 | -33.1% |
| Other operating charges | 640/8 | €3,799 | €3,523 | -€277 | -7.3% |
| Gross operating margin | 9900 | €119,406 | €157,842 | +€38,436 | +32.2% |
| Operating profit (loss) | 9901 | €95,932 | €141,156 | +€45,224 | +47.1% |
| Financial income | 75/76B | €75,163 | €73,297 | -€1,866 | -2.5% |
| Recurring financial income | 75 | €75,163 | €73,297 | -€1,866 | -2.5% |
| Financial charges | 65/66B | €26,150 | €23,345 | -€2,805 | -10.7% |
| Recurring financial charges | 65 | €26,150 | €23,345 | -€2,805 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €144,944 | €191,107 | +€46,163 | +31.8% |
| Income taxes | 67/77 | €31,133 | €46,086 | +€14,953 | +48.0% |
| Profit (loss) for the period | 9904 | €113,811 | €145,021 | +€31,210 | +27.4% |
| Profit (loss) for the period to be appropriated | 9905 | €113,811 | €145,021 | +€31,210 | +27.4% |
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 25 October 2026 via checked.be.