WR-SM@RT: 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.
WR-SM@RT
Largest movements
- Receivables within one year +€227,973
up €227,973 (+176%), from €129,863 to €357,836
of which Trade receivables: +€220,364
- Cash -€42,980
down €42,980 (-84.4%), from €50,920 to €7,940
mainly Receivables within one year (-€227,973) and Smaller working-capital items (-€316)
- Deferred charges and accrued income -€5,125
down €5,125 (-69.4%), from €7,390 to €2,265
- Trade debts +€128,543
up €128,543 (+114%), from €112,805 to €241,349
- Profit (loss) carried forward +€31,640
up €31,640 (+47.2%), from -€67,022 to -€35,382
- Other debts +€20,000
up €20,000 (+15.4%), from €129,500 to €149,500
- Gross operating margin +€61,179
up €61,179, from -€29,094 to €32,085
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 | €188,173 | €368,040 | +€179,867 | +95.6% |
| Current assets | 29/58 | €188,173 | €368,040 | +€179,867 | +95.6% |
| Amounts receivable within one year | 40/41 | €129,863 | €357,836 | +€227,973 | +176% |
| Trade receivables | 40 | €129,863 | €350,227 | +€220,364 | +170% |
| Other amounts receivable | 41 | - | €7,609 | +€7,609 | |
| Cash at bank and in hand | 54/58 | €50,920 | €7,940 | -€42,980 | -84.4% |
| Deferred charges and accrued income | 490/1 | €7,390 | €2,265 | -€5,125 | -69.4% |
| Total equity and liabilities | 10/49 | €188,173 | €368,040 | +€179,867 | +95.6% |
| Equity | 10/15 | -€54,622 | -€22,982 | +€31,640 | +57.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | - | €12,400 | +€12,400 | |
| Issued capital | 100 | - | €18,600 | +€18,600 | |
| Uncalled capital | 101 | - | €6,200 | +€6,200 | |
| Contributions outside capital | 11 | €12,400 | - | -€12,400 | |
| Other | 1109/19 | €12,400 | - | -€12,400 | |
| Profit (loss) carried forward | 14 | -€67,022 | -€35,382 | +€31,640 | +47.2% |
| Amounts payable | 17/49 | €242,795 | €391,022 | +€148,228 | +61.1% |
| Amounts payable within one year | 42/48 | €242,305 | €391,022 | +€148,717 | +61.4% |
| Trade debts | 44 | €112,805 | €241,349 | +€128,543 | +114% |
| Suppliers | 440/4 | €112,805 | €241,349 | +€128,543 | +114% |
| Taxes, remuneration and social security | 45 | - | €174 | +€174 | |
| Taxes | 450/3 | - | €174 | +€174 | |
| Other amounts payable | 47/48 | €129,500 | €149,500 | +€20,000 | +15.4% |
| Accrued charges and deferred income | 492/3 | €489 | - | -€489 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39 | - | -€39 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€29,094 | €32,085 | +€61,179 | |
| Operating profit (loss) | 9901 | -€29,521 | €31,685 | +€61,206 | |
| Financial income | 75/76B | - | €249 | +€249 | |
| Recurring financial income | 75 | - | €249 | +€249 | |
| Non-recurring financial income | 76B | - | €249 | +€249 | |
| Financial charges | 65/66B | €131 | €120 | -€11 | -8.4% |
| Recurring financial charges | 65 | €131 | €120 | -€11 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | -€29,652 | €31,814 | +€61,465 | |
| Income taxes | 67/77 | - | €174 | +€174 | |
| Profit (loss) for the period | 9904 | -€29,652 | €31,640 | +€61,292 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,652 | €31,640 | +€61,292 |
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 29 October 2026 via checked.be.