T & D SMART: 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.
T & D SMART
Largest movements
- Receivables within one year +€33,129
up €33,129 (+19.7%), from €168,109 to €201,239
of which Trade receivables: +€53,199
- Tangible fixed assets -€30,516
down €30,516 (-3.7%), from €821,937 to €791,421
of which Other tangible fixed assets: -€32,000
- Debts after one year -€60,136
down €60,136 (-9.0%), from €668,457 to €608,322
of which Financial debts: -€48,781
- Tax, wage and social debts +€37,649
up €37,649 (+82.0%), from €45,907 to €83,556
of which Taxes: +€38,762
- Reserves +€31,725
up €31,725 (+2.4%), from €1.3m to €1.4m
of which Distributable reserves: +€31,725
- Staff costs -€44,175
down €44,175 (-16.5%), from €267,204 to €223,029
- Taxes +€7,816
up €7,816 (+320%), from €2,442 to €10,258
- Financial charges +€7,313
up €7,313 (+39.7%), from €18,440 to €25,752
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 | €2,218,085 | €2,212,723 | -€5,361 | -0.2% |
| Fixed assets | 21/28 | €2,024,896 | €1,994,380 | -€30,516 | -1.5% |
| Tangible fixed assets | 22/27 | €821,937 | €791,421 | -€30,516 | -3.7% |
| Land and buildings | 22 | €6,363 | €9,397 | +€3,033 | +47.7% |
| Plant, machinery and equipment | 23 | €18,158 | €16,609 | -€1,549 | -8.5% |
| Other tangible fixed assets | 26 | €797,415 | €765,415 | -€32,000 | -4.0% |
| Financial fixed assets | 28 | €1,202,959 | €1,202,959 | = | 0.0% |
| Current assets | 29/58 | €193,188 | €218,343 | +€25,155 | +13.0% |
| Amounts receivable within one year | 40/41 | €168,109 | €201,239 | +€33,129 | +19.7% |
| Trade receivables | 40 | €148,040 | €201,239 | +€53,199 | +35.9% |
| Other amounts receivable | 41 | €20,069 | - | -€20,069 | |
| Cash at bank and in hand | 54/58 | €20,447 | €12,208 | -€8,238 | -40.3% |
| Deferred charges and accrued income | 490/1 | €4,633 | €4,896 | +€263 | +5.7% |
| Total equity and liabilities | 10/49 | €2,218,085 | €2,212,723 | -€5,361 | -0.2% |
| Equity | 10/15 | €1,403,020 | €1,434,746 | +€31,726 | +2.3% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €1,332,309 | €1,364,034 | +€31,725 | +2.4% |
| Tax-exempt reserves | 132 | €114,509 | €114,509 | = | 0.0% |
| Distributable reserves | 133 | €1,217,800 | €1,249,525 | +€31,725 | +2.6% |
| Profit (loss) carried forward | 14 | €8,211 | €8,212 | +€1 | 0.0% |
| Amounts payable | 17/49 | €815,065 | €777,978 | -€37,087 | -4.6% |
| Amounts payable after more than one year | 17 | €668,457 | €608,322 | -€60,136 | -9.0% |
| Financial debts | 170/4 | €576,029 | €527,248 | -€48,781 | -8.5% |
| Other amounts payable | 178/9 | €92,429 | €81,074 | -€11,355 | -12.3% |
| Amounts payable within one year | 42/48 | €138,335 | €163,045 | +€24,710 | +17.9% |
| Current portion of amounts payable after more than one year | 42 | €52,382 | €53,145 | +€763 | +1.5% |
| Trade debts | 44 | €40,047 | €26,344 | -€13,702 | -34.2% |
| Suppliers | 440/4 | €40,047 | €26,344 | -€13,702 | -34.2% |
| Taxes, remuneration and social security | 45 | €45,907 | €83,556 | +€37,649 | +82.0% |
| Taxes | 450/3 | €9,160 | €47,922 | +€38,762 | +423% |
| Remuneration and social security | 454/9 | €36,747 | €35,634 | -€1,114 | -3.0% |
| Accrued charges and deferred income | 492/3 | €8,272 | €6,611 | -€1,661 | -20.1% |
| Non-recurring operating income | 76A | €3,997 | - | -€3,997 | |
| Remuneration, social security and pensions | 62 | €267,204 | €223,029 | -€44,175 | -16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,355 | €36,064 | +€1,709 | +5.0% |
| Other operating charges | 640/8 | €3,621 | €3,677 | +€55 | +1.5% |
| Gross operating margin | 9900 | €328,741 | €330,480 | +€1,739 | +0.5% |
| Operating profit (loss) | 9901 | €23,561 | €67,710 | +€44,149 | +187% |
| Financial income | 75/76B | €724 | €26 | -€697 | -96.4% |
| Recurring financial income | 75 | €724 | €26 | -€697 | -96.4% |
| Financial charges | 65/66B | €18,440 | €25,752 | +€7,313 | +39.7% |
| Recurring financial charges | 65 | €18,440 | €25,752 | +€7,313 | +39.7% |
| Profit (loss) for the period before taxes | 9903 | €5,845 | €41,984 | +€36,139 | +618% |
| Income taxes | 67/77 | €2,442 | €10,258 | +€7,816 | +320% |
| Profit (loss) for the period | 9904 | €3,403 | €31,726 | +€28,323 | +832% |
| Profit (loss) for the period to be appropriated | 9905 | €3,403 | €31,726 | +€28,323 | +832% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.