SMILEORTHO: 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.
SMILEORTHO
Largest movements
- Cash -€180,237
down €180,237 (-53.4%), from €337,243 to €157,006
mainly Contributions, distributions and other (-€265,831) and Investment in fixed assets (net) (-€160,933)
- Tangible fixed assets +€66,158
up €66,158 (+4.7%), from €1.4m to €1.5m
of which Assets under construction and advance payments: +€119,977
- Profit (loss) carried forward +€154,591
up €154,591 (+41.8%), from €370,224 to €524,814
- Other debts -€146,704
down €146,704 (-99.2%), from €147,829 to €1,125
- Debts after one year -€106,371
down €106,371 (-10.2%), from €1.0m to €936,426
of which Financial debts: -€106,371
- Depreciation -€74,670
down €74,670 (-44.0%), from €169,819 to €95,150
- Gross operating margin +€48,476
up €48,476 (+6.5%), from €750,893 to €799,369
- Taxes +€25,441
up €25,441 (+22.2%), from €114,371 to €139,812
- Staff costs +€19,877
up €19,877 (+25.0%), from €79,509 to €99,386
- Financial charges +€8,344
up €8,344 (+34.0%), from €24,528 to €32,872
of which Non-recurring financial charges: +€8,829
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 | €1,771,199 | €1,653,823 | -€117,376 | -6.6% |
| Fixed assets | 21/28 | €1,417,489 | €1,483,273 | +€65,783 | +4.6% |
| Intangible fixed assets | 21 | €2,361 | €1,986 | -€375 | -15.9% |
| Tangible fixed assets | 22/27 | €1,414,954 | €1,481,112 | +€66,158 | +4.7% |
| Land and buildings | 22 | €1,310,224 | €1,291,158 | -€19,066 | -1.5% |
| Plant, machinery and equipment | 23 | €32,344 | €26,701 | -€5,642 | -17.4% |
| Furniture and vehicles | 24 | €30,349 | €21,537 | -€8,812 | -29.0% |
| Leasing and similar rights | 25 | €42,037 | €21,738 | -€20,299 | -48.3% |
| Assets under construction and advance payments | 27 | - | €119,977 | +€119,977 | |
| Financial fixed assets | 28 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €353,710 | €170,551 | -€183,159 | -51.8% |
| Amounts receivable within one year | 40/41 | €9,415 | €5,000 | -€4,415 | -46.9% |
| Other amounts receivable | 41 | €9,415 | €5,000 | -€4,415 | -46.9% |
| Cash at bank and in hand | 54/58 | €337,243 | €157,006 | -€180,237 | -53.4% |
| Deferred charges and accrued income | 490/1 | €7,051 | €8,545 | +€1,494 | +21.2% |
| Total equity and liabilities | 10/49 | €1,771,199 | €1,653,823 | -€117,376 | -6.6% |
| Equity | 10/15 | €390,684 | €545,274 | +€154,591 | +39.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €370,224 | €524,814 | +€154,591 | +41.8% |
| Amounts payable | 17/49 | €1,380,515 | €1,108,549 | -€271,966 | -19.7% |
| Amounts payable after more than one year | 17 | €1,042,796 | €936,426 | -€106,371 | -10.2% |
| Financial debts | 170/4 | €1,039,396 | €933,026 | -€106,371 | -10.2% |
| Other amounts payable | 178/9 | €3,400 | €3,400 | = | 0.0% |
| Amounts payable within one year | 42/48 | €329,321 | €163,922 | -€165,399 | -50.2% |
| Current portion of amounts payable after more than one year | 42 | €110,713 | €106,371 | -€4,343 | -3.9% |
| Trade debts | 44 | €46,411 | €41,595 | -€4,816 | -10.4% |
| Suppliers | 440/4 | €46,411 | €41,595 | -€4,816 | -10.4% |
| Taxes, remuneration and social security | 45 | €24,368 | €14,831 | -€9,537 | -39.1% |
| Taxes | 450/3 | €14,371 | €4,812 | -€9,559 | -66.5% |
| Remuneration and social security | 454/9 | €9,997 | €10,019 | +€22 | +0.2% |
| Other amounts payable | 47/48 | €147,829 | €1,125 | -€146,704 | -99.2% |
| Accrued charges and deferred income | 492/3 | €8,398 | €8,202 | -€197 | -2.3% |
| Remuneration, social security and pensions | 62 | €79,509 | €99,386 | +€19,877 | +25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €169,819 | €95,150 | -€74,670 | -44.0% |
| Other operating charges | 640/8 | €11,689 | €12,319 | +€630 | +5.4% |
| Gross operating margin | 9900 | €750,893 | €799,369 | +€48,476 | +6.5% |
| Operating profit (loss) | 9901 | €489,875 | €592,514 | +€102,639 | +21.0% |
| Financial income | 75/76B | €243 | €591 | +€348 | +143% |
| Recurring financial income | 75 | €243 | €591 | +€348 | +143% |
| Financial charges | 65/66B | €24,528 | €32,872 | +€8,344 | +34.0% |
| Recurring financial charges | 65 | €24,528 | €24,043 | -€485 | -2.0% |
| Non-recurring financial charges | 66B | - | €8,829 | +€8,829 | |
| Profit (loss) for the period before taxes | 9903 | €465,591 | €560,234 | +€94,643 | +20.3% |
| Income taxes | 67/77 | €114,371 | €139,812 | +€25,441 | +22.2% |
| Profit (loss) for the period | 9904 | €351,219 | €420,422 | +€69,202 | +19.7% |
| Profit (loss) for the period to be appropriated | 9905 | €351,219 | €420,422 | +€69,202 | +19.7% |
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 30 October 2026 via checked.be.