THE SMART BLEND: 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.
THE SMART BLEND
Largest movements
- Tangible fixed assets -€31,886
down €31,886 (-82.7%), from €38,542 to €6,656
of which Other tangible fixed assets: -€29,776
- Cash -€23,640
down €23,640 (-85.1%), from €27,763 to €4,124
mainly Net result for the year (-€51,062) and Trade debts (-€3,589)
- Deferred charges and accrued income +€2,576
up €2,576 (+607%), from €424 to €3,000
- Current investments -€1,062
no longer reported in 2025 (was €1,062)
- Profit (loss) carried forward -€51,062
down €51,062 (-86.3%), from €59,181 to €8,120
- Trade debts -€3,589
down €3,589 (-96.1%), from €3,735 to €146
- Gross operating margin -€65,137
down €65,137, from €51,531 to -€13,606
- Taxes -€10,454
down €10,454 (-96.3%), from €10,850 to €397
- Financial income -€4,176
down €4,176 (-97.5%), from €4,283 to €107
- Depreciation -€3,905
down €3,905 (-55.5%), from €7,042 to €3,137
- Other operating charges +€3,133
up €3,133 (+506%), from €619 to €3,752
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €68,396 | €13,780 | -€54,616 | -79.9% |
| Fixed assets | 21/28 | €38,542 | €6,656 | -€31,886 | -82.7% |
| Tangible fixed assets | 22/27 | €38,542 | €6,656 | -€31,886 | -82.7% |
| Furniture and vehicles | 24 | €8,766 | €6,656 | -€2,110 | -24.1% |
| Other tangible fixed assets | 26 | €29,776 | - | -€29,776 | |
| Current assets | 29/58 | €29,854 | €7,124 | -€22,730 | -76.1% |
| Amounts receivable within one year | 40/41 | €604 | - | -€604 | |
| Other amounts receivable | 41 | €604 | - | -€604 | |
| Current investments | 50/53 | €1,062 | - | -€1,062 | |
| Cash at bank and in hand | 54/58 | €27,763 | €4,124 | -€23,640 | -85.1% |
| Deferred charges and accrued income | 490/1 | €424 | €3,000 | +€2,576 | +607% |
| Total equity and liabilities | 10/49 | €68,396 | €13,780 | -€54,616 | -79.9% |
| Equity | 10/15 | €59,181 | €8,120 | -€51,062 | -86.3% |
| Profit (loss) carried forward | 14 | €59,181 | €8,120 | -€51,062 | -86.3% |
| Amounts payable | 17/49 | €9,215 | €5,660 | -€3,554 | -38.6% |
| Amounts payable within one year | 42/48 | €9,215 | €5,660 | -€3,554 | -38.6% |
| Trade debts | 44 | €3,735 | €146 | -€3,589 | -96.1% |
| Suppliers | 440/4 | €3,735 | €146 | -€3,589 | -96.1% |
| Taxes, remuneration and social security | 45 | €815 | €400 | -€415 | -50.9% |
| Taxes | 450/3 | €815 | €400 | -€415 | -50.9% |
| Other amounts payable | 47/48 | €4,665 | €5,115 | +€450 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,042 | €3,137 | -€3,905 | -55.5% |
| Other operating charges | 640/8 | €619 | €3,752 | +€3,133 | +506% |
| Non-recurring operating charges | 66A | - | €28,749 | +€28,749 | |
| Gross operating margin | 9900 | €51,531 | -€13,606 | -€65,137 | |
| Operating profit (loss) | 9901 | €43,870 | -€49,243 | -€93,114 | |
| Financial income | 75/76B | €4,283 | €107 | -€4,176 | -97.5% |
| Recurring financial income | 75 | €4,283 | €107 | -€4,176 | -97.5% |
| Financial charges | 65/66B | €2,064 | €1,529 | -€536 | -25.9% |
| Recurring financial charges | 65 | €2,064 | €1,529 | -€536 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | €46,089 | -€50,665 | -€96,754 | |
| Income taxes | 67/77 | €10,850 | €397 | -€10,454 | -96.3% |
| Profit (loss) for the period | 9904 | €35,239 | -€51,062 | -€86,301 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,239 | -€51,062 | -€86,301 |
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 19 October 2026 via checked.be.