Smilestone: 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.
Smilestone
Largest movements
- Cash -€3,069
down €3,069 (-40.7%), from €7,532 to €4,463
mainly Investment in fixed assets (net) (-€13,228) and Debts after one year (-€11,182)
- Receivables within one year -€3,010
down €3,010 (-31.0%), from €9,713 to €6,703
of which Other amounts receivable: -€2,413
- Debts after one year -€11,182
down €11,182 (-6.8%), from €164,007 to €152,825
- Other debts +€10,803
new in 2025: €10,803
- Tax, wage and social debts -€3,392
down €3,392 (-62.4%), from €5,439 to €2,046
- Profit (loss) carried forward -€3,029
down €3,029 (-7.8%), from €38,842 to €35,813
- Gross operating margin -€5,663
down €5,663 (-24.7%), from €22,892 to €17,229
- Taxes -€877
no longer reported in 2025 (was €877)
- Other operating charges +€574
up €574 (+73.5%), from €780 to €1,354
- Financial charges -€559
down €559 (-8.0%), from €6,961 to €6,403
- Depreciation +€403
up €403 (+3.3%), from €12,099 to €12,502
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 | €241,176 | €235,911 | -€5,265 | -2.2% |
| Fixed assets | 21/28 | €223,930 | €224,657 | +€727 | +0.3% |
| Tangible fixed assets | 22/27 | €223,930 | €224,657 | +€727 | +0.3% |
| Land and buildings | 22 | €171,155 | €161,611 | -€9,543 | -5.6% |
| Plant, machinery and equipment | 23 | €22 | - | -€22 | |
| Furniture and vehicles | 24 | €7,753 | €9,398 | +€1,645 | +21.2% |
| Assets under construction and advance payments | 27 | €45,000 | €53,647 | +€8,647 | +19.2% |
| Current assets | 29/58 | €17,246 | €11,254 | -€5,991 | -34.7% |
| Amounts receivable within one year | 40/41 | €9,713 | €6,703 | -€3,010 | -31.0% |
| Trade receivables | 40 | €7,300 | €6,703 | -€597 | -8.2% |
| Other amounts receivable | 41 | €2,413 | - | -€2,413 | |
| Cash at bank and in hand | 54/58 | €7,532 | €4,463 | -€3,069 | -40.7% |
| Deferred charges and accrued income | 490/1 | - | €88 | +€88 | |
| Total equity and liabilities | 10/49 | €241,176 | €235,911 | -€5,265 | -2.2% |
| Equity | 10/15 | €59,302 | €56,273 | -€3,029 | -5.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Profit (loss) carried forward | 14 | €38,842 | €35,813 | -€3,029 | -7.8% |
| Amounts payable | 17/49 | €181,874 | €179,638 | -€2,236 | -1.2% |
| Amounts payable after more than one year | 17 | €164,007 | €152,825 | -€11,182 | -6.8% |
| Financial debts | 170/4 | €164,007 | €152,825 | -€11,182 | -6.8% |
| Amounts payable within one year | 42/48 | €16,469 | €25,415 | +€8,946 | +54.3% |
| Current portion of amounts payable after more than one year | 42 | €10,796 | €11,182 | +€386 | +3.6% |
| Trade debts | 44 | €234 | €1,384 | +€1,149 | +490.9% |
| Suppliers | 440/4 | €234 | €1,384 | +€1,149 | +490.9% |
| Taxes, remuneration and social security | 45 | €5,439 | €2,046 | -€3,392 | -62.4% |
| Taxes | 450/3 | €5,439 | €2,046 | -€3,392 | -62.4% |
| Other amounts payable | 47/48 | - | €10,803 | +€10,803 | |
| Accrued charges and deferred income | 492/3 | €1,398 | €1,398 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,099 | €12,502 | +€403 | +3.3% |
| Other operating charges | 640/8 | €780 | €1,354 | +€574 | +73.5% |
| Gross operating margin | 9900 | €22,892 | €17,229 | -€5,663 | -24.7% |
| Operating profit (loss) | 9901 | €10,014 | €3,373 | -€6,640 | -66.3% |
| Financial income | 75/76B | €161 | €1 | -€160 | -99.6% |
| Recurring financial income | 75 | €161 | €1 | -€160 | -99.6% |
| Financial charges | 65/66B | €6,961 | €6,403 | -€559 | -8.0% |
| Recurring financial charges | 65 | €6,961 | €6,403 | -€559 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | €3,213 | -€3,029 | -€6,242 | |
| Income taxes | 67/77 | €877 | - | -€877 | |
| Profit (loss) for the period | 9904 | €2,337 | -€3,029 | -€5,365 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,337 | -€3,029 | -€5,365 |
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.