Smooth: what changed
Smooth
Largest movements
- Receivables within one year +€49,886
up €49,886 (+111%), from €44,901 to €94,787
of which Trade receivables: +€28,781
- Deferred charges and accrued income +€5,530
up €5,530 (+940%), from €588 to €6,118
- Cash +€5,170
up €5,170 (+22.5%), from €22,947 to €28,117
mainly Trade debts (+€49,901) and Net result for the year (+€16,328)
- Trade debts +€49,901
up €49,901 (+182%), from €27,474 to €77,375
- Reserves +€16,328
up €16,328 (+804%), from €2,030 to €18,359
- Accrued charges and deferred income -€10,697
down €10,697 (-25.8%), from €41,423 to €30,726
- Tax, wage and social debts +€4,602
up €4,602 (+315%), from €1,461 to €6,063
- Gross operating margin +€36,840
up €36,840 (+837%), from €4,404 to €41,243
- Staff costs +€16,509
new in 2025: €16,509
- Taxes +€4,684
up €4,684 (+914%), from €513 to €5,197
- Financial charges +€2,295
up €2,295 (+3,414%), from €67 to €2,362
- Depreciation -€1,001
down €1,001 (-71.2%), from €1,406 to €406
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €79,017 | €139,180 | +€60,163 | +76.1% |
| Formation expenses | 20 | €97 | €0 | -€97 | -100% |
| Fixed assets | 21/28 | €1,216 | €2,158 | +€942 | +77.4% |
| Tangible fixed assets | 22/27 | €1,216 | €2,158 | +€942 | +77.4% |
| Plant, machinery and equipment | 23 | €1,216 | €2,158 | +€942 | +77.4% |
| Current assets | 29/58 | €77,703 | €137,022 | +€59,318 | +76.3% |
| Stocks and contracts in progress | 3 | €9,267 | €8,000 | -€1,267 | -13.7% |
| Stocks | 30/36 | €9,267 | €8,000 | -€1,267 | -13.7% |
| Amounts receivable within one year | 40/41 | €44,901 | €94,787 | +€49,886 | +111% |
| Trade receivables | 40 | €44,396 | €73,177 | +€28,781 | +64.8% |
| Other amounts receivable | 41 | €506 | €21,610 | +€21,104 | +4,174% |
| Cash at bank and in hand | 54/58 | €22,947 | €28,117 | +€5,170 | +22.5% |
| Deferred charges and accrued income | 490/1 | €588 | €6,118 | +€5,530 | +940% |
| Total equity and liabilities | 10/49 | €79,017 | €139,180 | +€60,163 | +76.1% |
| Equity | 10/15 | €7,030 | €23,359 | +€16,328 | +232% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €2,030 | €18,359 | +€16,328 | +804% |
| Distributable reserves | 133 | €2,030 | €18,359 | +€16,328 | +804% |
| Amounts payable | 17/49 | €71,986 | €115,821 | +€43,835 | +60.9% |
| Amounts payable after more than one year | 17 | €1,628 | €1,658 | +€30 | +1.8% |
| Other amounts payable | 178/9 | €1,628 | €1,658 | +€30 | +1.8% |
| Amounts payable within one year | 42/48 | €28,935 | €83,438 | +€54,503 | +188% |
| Trade debts | 44 | €27,474 | €77,375 | +€49,901 | +182% |
| Suppliers | 440/4 | €27,474 | €77,375 | +€49,901 | +182% |
| Taxes, remuneration and social security | 45 | €1,461 | €6,063 | +€4,602 | +315% |
| Taxes | 450/3 | €1,461 | €6,063 | +€4,602 | +315% |
| Accrued charges and deferred income | 492/3 | €41,423 | €30,726 | -€10,697 | -25.8% |
| Remuneration, social security and pensions | 62 | - | €16,509 | +€16,509 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,406 | €406 | -€1,001 | -71.2% |
| Other operating charges | 640/8 | €387 | €870 | +€482 | +125% |
| Gross operating margin | 9900 | €4,404 | €41,243 | +€36,840 | +837% |
| Operating profit (loss) | 9901 | €2,610 | €23,459 | +€20,849 | +799% |
| Financial income | 75/76B | - | €428 | +€428 | |
| Recurring financial income | 75 | - | €428 | +€428 | |
| Financial charges | 65/66B | €67 | €2,362 | +€2,295 | +3,414% |
| Recurring financial charges | 65 | €67 | €2,362 | +€2,295 | +3,414% |
| Profit (loss) for the period before taxes | 9903 | €2,543 | €21,525 | +€18,982 | +746% |
| Income taxes | 67/77 | €513 | €5,197 | +€4,684 | +914% |
| Profit (loss) for the period | 9904 | €2,030 | €16,328 | +€14,298 | +704% |
| Profit (loss) for the period to be appropriated | 9905 | €2,030 | €16,328 | +€14,298 | +704% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.