THE SMARTR CURVE: what changed
What changed
THE SMARTR CURVE
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
€79,950
2024 · €100,227-€20,277
Equity
€407,668
2024 · €382,835+€24,833
Cash
€576,941
2024 · €347,819+€229,122
Balance sheet total
€610,511
2024 · €535,582+€74,929
Largest movements
Assets
- Cash +€229,122
up €229,122 (+65.9%), from €347,819 to €576,941
mainly Current investments (+€150,000) and Net result for the year (+€79,950)
- Current investments -€150,000
no longer reported in 2025 (was €150,000)
Equity and liabilities
- Other debts +€62,080
up €62,080 (+53.3%), from €116,501 to €178,581
- Reserves +€24,833
up €24,833 (+6.7%), from €370,435 to €395,268
- Tax, wage and social debts -€8,732
down €8,732 (-28.1%), from €31,123 to €22,391
Income statement
- Gross operating margin -€37,673
down €37,673 (-26.0%), from €145,074 to €107,401
- Turnover -€36,282
down €36,282 (-15.0%), from €241,902 to €205,620
- Taxes -€9,442
down €9,442 (-23.2%), from €40,781 to €31,339
- Financial income +€8,262
up €8,262 (+750%), from €1,101 to €9,363
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.
Result 2024
€100,227
Gross operating margin
-€37,673
Depreciation
-€331
Other operating charges
-€19
Financial income
+€8,262
Financial charges
+€42
Taxes
+€9,442
Result 2025
€79,950
raises the resultlowers the result
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.
From operations
+€134,239
Investment
+€150,000
Financing
-€55,117
Cash 2024
€347,819
From operations (derived)
+€134,239
Net result for the year
+€79,950
Depreciation
+€4,684
Receivables within one year
-€1,290
Deferred charges and accrued income
+€799
Trade debts
-€3,252
Tax, wage and social debts
-€8,732
Other debts
+€62,080
Investment (derived)
+€150,000
Current investments
+€150,000
Financing
-€55,117
Contributions, distributions and other
-€55,117
Cash 2025
€576,941
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €535,582 | €610,511 | +€74,929 | +14.0% |
| Fixed assets | 21/28 | €10,219 | €5,535 | -€4,684 | -45.8% |
| Tangible fixed assets | 22/27 | €10,219 | €5,535 | -€4,684 | -45.8% |
| Plant, machinery and equipment | 23 | €7,048 | €3,549 | -€3,499 | -49.6% |
| Furniture and vehicles | 24 | €3,171 | €1,986 | -€1,185 | -37.4% |
| Current assets | 29/58 | €525,363 | €604,976 | +€79,613 | +15.2% |
| Amounts receivable within one year | 40/41 | €24,152 | €25,442 | +€1,290 | +5.3% |
| Trade receivables | 40 | €24,140 | €25,289 | +€1,149 | +4.8% |
| Other amounts receivable | 41 | €12 | €153 | +€141 | +1,175% |
| Current investments | 50/53 | €150,000 | - | -€150,000 | |
| Cash at bank and in hand | 54/58 | €347,819 | €576,941 | +€229,122 | +65.9% |
| Deferred charges and accrued income | 490/1 | €3,392 | €2,593 | -€799 | -23.6% |
| Total equity and liabilities | 10/49 | €535,582 | €610,511 | +€74,929 | +14.0% |
| Equity | 10/15 | €382,835 | €407,668 | +€24,833 | +6.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €370,435 | €395,268 | +€24,833 | +6.7% |
| Distributable reserves | 133 | €370,435 | €395,268 | +€24,833 | +6.7% |
| Amounts payable | 17/49 | €152,747 | €202,843 | +€50,096 | +32.8% |
| Amounts payable within one year | 42/48 | €152,747 | €202,843 | +€50,096 | +32.8% |
| Trade debts | 44 | €5,123 | €1,871 | -€3,252 | -63.5% |
| Suppliers | 440/4 | €5,123 | €1,871 | -€3,252 | -63.5% |
| Taxes, remuneration and social security | 45 | €31,123 | €22,391 | -€8,732 | -28.1% |
| Taxes | 450/3 | €31,123 | €22,391 | -€8,732 | -28.1% |
| Other amounts payable | 47/48 | €116,501 | €178,581 | +€62,080 | +53.3% |
| Turnover | 70 | €241,902 | €205,620 | -€36,282 | -15.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €96,828 | €98,219 | +€1,391 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,353 | €4,684 | +€331 | +7.6% |
| Other operating charges | 640/8 | €682 | €701 | +€19 | +2.8% |
| Gross operating margin | 9900 | €145,074 | €107,401 | -€37,673 | -26.0% |
| Operating profit (loss) | 9901 | €140,039 | €102,016 | -€38,023 | -27.2% |
| Financial income | 75/76B | €1,101 | €9,363 | +€8,262 | +750% |
| Recurring financial income | 75 | €1,101 | €9,363 | +€8,262 | +750% |
| Financial charges | 65/66B | €132 | €90 | -€42 | -31.8% |
| Recurring financial charges | 65 | €132 | €90 | -€42 | -31.8% |
| Profit (loss) for the period before taxes | 9903 | €141,008 | €111,289 | -€29,719 | -21.1% |
| Income taxes | 67/77 | €40,781 | €31,339 | -€9,442 | -23.2% |
| Profit (loss) for the period | 9904 | €100,227 | €79,950 | -€20,277 | -20.2% |
| Profit (loss) for the period to be appropriated | 9905 | €100,227 | €79,950 | -€20,277 | -20.2% |
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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 7 November 2026 via checked.be.