Smooth Sailing: 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.
Smooth Sailing
Largest movements
- Cash -€183,997
down €183,997 (-85.4%), from €215,483 to €31,486
mainly Other debts (-€179,964) and Net result for the year (-€33,010)
- Receivables within one year -€3,885
down €3,885 (-4.9%), from €79,379 to €75,494
of which Trade receivables: -€19,729
- Tangible fixed assets -€3,205
down €3,205 (-68.8%), from €4,657 to €1,452
- Other debts -€179,964
down €179,964 (-100.0%), from €180,000 to €36
- Trade debts +€38,114
up €38,114 (+44.6%), from €85,429 to €123,543
- Profit (loss) carried forward -€28,683
new in 2025: -€28,683
- Tax, wage and social debts -€16,866
down €16,866 (-58.6%), from €28,771 to €11,905
of which Remuneration and social security: -€11,434
- Reserves -€4,326
no longer reported in 2025 (was €4,326)
- Gross operating margin -€196,177
down €196,177 (-55.9%), from €350,738 to €154,561
- Staff costs +€23,120
up €23,120 (+14.3%), from €162,157 to €185,277
- Taxes -€3,685
no longer reported in 2025 (was €3,685)
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 | €301,559 | €109,986 | -€191,573 | -63.5% |
| Fixed assets | 21/28 | €4,952 | €1,452 | -€3,500 | -70.7% |
| Tangible fixed assets | 22/27 | €4,657 | €1,452 | -€3,205 | -68.8% |
| Furniture and vehicles | 24 | €4,657 | €1,452 | -€3,205 | -68.8% |
| Financial fixed assets | 28 | €295 | - | -€295 | |
| Current assets | 29/58 | €296,607 | €108,535 | -€188,072 | -63.4% |
| Amounts receivable within one year | 40/41 | €79,379 | €75,494 | -€3,885 | -4.9% |
| Trade receivables | 40 | €79,379 | €59,650 | -€19,729 | -24.9% |
| Other amounts receivable | 41 | - | €15,844 | +€15,844 | |
| Cash at bank and in hand | 54/58 | €215,483 | €31,486 | -€183,997 | -85.4% |
| Deferred charges and accrued income | 490/1 | €1,745 | €1,554 | -€190 | -10.9% |
| Total equity and liabilities | 10/49 | €301,559 | €109,986 | -€191,573 | -63.5% |
| Equity | 10/15 | €7,326 | -€25,683 | -€33,010 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €4,326 | - | -€4,326 | |
| Distributable reserves | 133 | €4,326 | - | -€4,326 | |
| Profit (loss) carried forward | 14 | - | -€28,683 | -€28,683 | |
| Amounts payable | 17/49 | €294,233 | €135,670 | -€158,563 | -53.9% |
| Amounts payable within one year | 42/48 | €294,199 | €135,483 | -€158,716 | -53.9% |
| Trade debts | 44 | €85,429 | €123,543 | +€38,114 | +44.6% |
| Suppliers | 440/4 | €85,429 | €123,543 | +€38,114 | +44.6% |
| Taxes, remuneration and social security | 45 | €28,771 | €11,905 | -€16,866 | -58.6% |
| Taxes | 450/3 | €9,284 | €3,852 | -€5,431 | -58.5% |
| Remuneration and social security | 454/9 | €19,487 | €8,052 | -€11,434 | -58.7% |
| Other amounts payable | 47/48 | €180,000 | €36 | -€179,964 | -100.0% |
| Accrued charges and deferred income | 492/3 | €33 | €187 | +€154 | +461% |
| Non-recurring operating income | 76A | - | €309 | +€309 | |
| Remuneration, social security and pensions | 62 | €162,157 | €185,277 | +€23,120 | +14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,044 | €1,745 | -€299 | -14.6% |
| Other operating charges | 640/8 | €81 | €400 | +€319 | +395% |
| Gross operating margin | 9900 | €350,738 | €154,561 | -€196,177 | -55.9% |
| Operating profit (loss) | 9901 | €186,457 | -€32,861 | -€219,318 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €592 | €149 | -€443 | -74.8% |
| Recurring financial charges | 65 | €592 | €149 | -€443 | -74.8% |
| Profit (loss) for the period before taxes | 9903 | €185,864 | -€33,010 | -€218,874 | |
| Income taxes | 67/77 | €3,685 | - | -€3,685 | |
| Profit (loss) for the period | 9904 | €182,180 | -€33,010 | -€215,190 | |
| Profit (loss) for the period to be appropriated | 9905 | €182,180 | -€33,010 | -€215,190 |
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 23 October 2026 via checked.be.