SMUGGLER CORNER: 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.
SMUGGLER CORNER
Largest movements
- Receivables within one year -€30,354
down €30,354 (-5.9%), from €515,426 to €485,072
- Cash +€11,095
up €11,095 (+2,545%), from €436 to €11,531
mainly Receivables within one year (+€30,354) and Net result for the year (+€7,878)
- Other debts -€25,309
down €25,309 (-45.9%), from €55,169 to €29,861
- Reserves +€7,878
up €7,878 (+3.3%), from €241,926 to €249,804
of which Distributable reserves: +€7,878
- Financial charges -€1,537
down €1,537 (-53.3%), from €2,885 to €1,348
- Gross operating margin -€1,283
down €1,283 (-82.1%), from €1,562 to €279
- Taxes -€233
down €233 (-8.1%), from €2,859 to €2,626
- Other operating charges +€211
up €211 (+11.0%), from €1,929 to €2,141
- Financial income -€58
down €58 (-0.4%), from €13,772 to €13,714
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 | €565,560 | €546,301 | -€19,259 | -3.4% |
| Fixed assets | 21/28 | €49,604 | €49,604 | = | 0.0% |
| Tangible fixed assets | 22/27 | €49,579 | €49,579 | = | 0.0% |
| Land and buildings | 22 | €49,579 | €49,579 | = | 0.0% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €515,956 | €496,698 | -€19,259 | -3.7% |
| Amounts receivable within one year | 40/41 | €515,426 | €485,072 | -€30,354 | -5.9% |
| Other amounts receivable | 41 | €515,426 | €485,072 | -€30,354 | -5.9% |
| Cash at bank and in hand | 54/58 | €436 | €11,531 | +€11,095 | +2,545% |
| Deferred charges and accrued income | 490/1 | €94 | €95 | +€1 | +0.7% |
| Total equity and liabilities | 10/49 | €565,560 | €546,301 | -€19,259 | -3.4% |
| Equity | 10/15 | €501,753 | €509,631 | +€7,878 | +1.6% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €241,926 | €249,804 | +€7,878 | +3.3% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €216,926 | €224,804 | +€7,878 | +3.6% |
| Profit (loss) carried forward | 14 | €9,826 | €9,826 | = | 0.0% |
| Amounts payable | 17/49 | €63,807 | €36,670 | -€27,137 | -42.5% |
| Amounts payable within one year | 42/48 | €63,807 | €36,670 | -€27,137 | -42.5% |
| Trade debts | 44 | €5,744 | €3,276 | -€2,468 | -43.0% |
| Suppliers | 440/4 | €5,744 | €3,276 | -€2,468 | -43.0% |
| Taxes, remuneration and social security | 45 | €2,894 | €3,534 | +€640 | +22.1% |
| Taxes | 450/3 | €2,894 | €3,534 | +€640 | +22.1% |
| Other amounts payable | 47/48 | €55,169 | €29,861 | -€25,309 | -45.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28 | €0 | -€28 | -100% |
| Other operating charges | 640/8 | €1,929 | €2,141 | +€211 | +11.0% |
| Gross operating margin | 9900 | €1,562 | €279 | -€1,283 | -82.1% |
| Operating profit (loss) | 9901 | -€395 | -€1,861 | -€1,466 | -371% |
| Financial income | 75/76B | €13,772 | €13,714 | -€58 | -0.4% |
| Recurring financial income | 75 | €13,772 | €13,714 | -€58 | -0.4% |
| Financial charges | 65/66B | €2,885 | €1,348 | -€1,537 | -53.3% |
| Recurring financial charges | 65 | €2,885 | €1,348 | -€1,537 | -53.3% |
| Profit (loss) for the period before taxes | 9903 | €10,492 | €10,505 | +€13 | +0.1% |
| Income taxes | 67/77 | €2,859 | €2,626 | -€233 | -8.1% |
| Profit (loss) for the period | 9904 | €7,633 | €7,878 | +€246 | +3.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,633 | €7,878 | +€246 | +3.2% |
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 24 October 2026 via checked.be.