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.
SMART
Largest movements
- Cash +€98,183
up €98,183 (+52.4%), from €187,503 to €285,686
mainly Net result for the year (+€75,152) and Depreciation (+€36,634)
- Receivables within one year -€7,467
down €7,467 (-17.7%), from €42,219 to €34,752
of which Trade receivables: -€7,902
- Tangible fixed assets -€5,791
down €5,791 (-5.1%), from €113,555 to €107,764
of which Other tangible fixed assets: -€8,762
- Reserves +€61,000
up €61,000 (+22.7%), from €269,252 to €330,252
of which Distributable reserves: +€61,000
- Other debts +€14,000
new in 2025: €14,000
- Tax, wage and social debts +€11,213
up €11,213 (+67.6%), from €16,591 to €27,803
- Gross operating margin +€27,864
up €27,864 (+23.7%), from €117,613 to €145,477
- Depreciation +€13,733
up €13,733 (+60.0%), from €22,902 to €36,634
- Taxes +€4,695
up €4,695 (+17.5%), from €26,880 to €31,575
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 | €345,867 | €431,081 | +€85,214 | +24.6% |
| Fixed assets | 21/28 | €113,555 | €107,764 | -€5,791 | -5.1% |
| Tangible fixed assets | 22/27 | €113,555 | €107,764 | -€5,791 | -5.1% |
| Land and buildings | 22 | €53,022 | €58,129 | +€5,107 | +9.6% |
| Plant, machinery and equipment | 23 | €5,503 | €4,181 | -€1,322 | -24.0% |
| Furniture and vehicles | 24 | €18,922 | €18,108 | -€814 | -4.3% |
| Other tangible fixed assets | 26 | €36,108 | €27,346 | -€8,762 | -24.3% |
| Current assets | 29/58 | €232,311 | €323,317 | +€91,005 | +39.2% |
| Amounts receivable within one year | 40/41 | €42,219 | €34,752 | -€7,467 | -17.7% |
| Trade receivables | 40 | €41,573 | €33,671 | -€7,902 | -19.0% |
| Other amounts receivable | 41 | €646 | €1,081 | +€435 | +67.4% |
| Cash at bank and in hand | 54/58 | €187,503 | €285,686 | +€98,183 | +52.4% |
| Deferred charges and accrued income | 490/1 | €2,590 | €2,879 | +€289 | +11.2% |
| Total equity and liabilities | 10/49 | €345,867 | €431,081 | +€85,214 | +24.6% |
| Equity | 10/15 | €324,253 | €385,405 | +€61,152 | +18.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €269,252 | €330,252 | +€61,000 | +22.7% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €250,502 | €311,502 | +€61,000 | +24.4% |
| Profit (loss) carried forward | 14 | -€6,498 | -€6,347 | +€152 | +2.3% |
| Amounts payable | 17/49 | €21,613 | €45,676 | +€24,063 | +111% |
| Amounts payable within one year | 42/48 | €21,613 | €45,676 | +€24,063 | +111% |
| Trade debts | 44 | €5,023 | €3,873 | -€1,150 | -22.9% |
| Suppliers | 440/4 | €5,023 | €3,873 | -€1,150 | -22.9% |
| Taxes, remuneration and social security | 45 | €16,591 | €27,803 | +€11,213 | +67.6% |
| Taxes | 450/3 | €16,591 | €27,803 | +€11,213 | +67.6% |
| Other amounts payable | 47/48 | - | €14,000 | +€14,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,902 | €36,634 | +€13,733 | +60.0% |
| Other operating charges | 640/8 | €3,156 | €3,350 | +€194 | +6.2% |
| Non-recurring operating charges | 66A | - | €96 | +€96 | |
| Gross operating margin | 9900 | €117,613 | €145,477 | +€27,864 | +23.7% |
| Operating profit (loss) | 9901 | €91,556 | €105,396 | +€13,841 | +15.1% |
| Financial income | 75/76B | €1,767 | €1,492 | -€275 | -15.6% |
| Recurring financial income | 75 | €1,767 | €1,492 | -€275 | -15.6% |
| Financial charges | 65/66B | €114 | €162 | +€48 | +42.4% |
| Recurring financial charges | 65 | €114 | €162 | +€48 | +42.4% |
| Profit (loss) for the period before taxes | 9903 | €93,209 | €106,727 | +€13,518 | +14.5% |
| Income taxes | 67/77 | €26,880 | €31,575 | +€4,695 | +17.5% |
| Profit (loss) for the period | 9904 | €66,329 | €75,152 | +€8,823 | +13.3% |
| Profit (loss) for the period to be appropriated | 9905 | €66,329 | €75,152 | +€8,823 | +13.3% |
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 20 October 2026 via checked.be.