SMART: what changed
SMART
Largest movements
- Financial fixed assets +€166,350
up €166,350, from €0 to €166,350
- Cash -€36,231
down €36,231 (-40.8%), from €88,789 to €52,558
mainly Investment in fixed assets (net) (-€167,780) and Contributions, distributions and other (-€16,000)
- Tangible fixed assets -€8,513
down €8,513 (-18.5%), from €46,116 to €37,603
of which Land and buildings: -€5,670
- Receivables within one year +€5,738
up €5,738 (+37.3%), from €15,385 to €21,123
of which Other amounts receivable: +€3,799
- Debts after one year +€103,441
up €103,441 (+3,990%), from €2,593 to €106,034
- Reserves -€16,000
down €16,000 (-7.6%), from €210,314 to €194,314
- Other debts +€16,000
up €16,000, from €0 to €16,000
- Current portion of long-term debt +€14,848
up €14,848 (+485%), from €3,061 to €17,909
- Profit (loss) carried forward +€8,215
up €8,215 (+9.2%), from -€89,469 to -€81,255
- Gross operating margin +€99,066
up €99,066, from -€73,523 to €25,543
- Depreciation +€1,679
up €1,679 (+20.3%), from €8,264 to €9,943
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €153,384 | €280,876 | +€127,492 | +83.1% |
| Fixed assets | 21/28 | €46,116 | €203,953 | +€157,837 | +342% |
| Tangible fixed assets | 22/27 | €46,116 | €37,603 | -€8,513 | -18.5% |
| Land and buildings | 22 | €28,382 | €22,712 | -€5,670 | -20.0% |
| Plant, machinery and equipment | 23 | €5,975 | €4,555 | -€1,420 | -23.8% |
| Furniture and vehicles | 24 | €11,759 | €10,337 | -€1,422 | -12.1% |
| Financial fixed assets | 28 | €0 | €166,350 | +€166,350 | |
| Current assets | 29/58 | €107,267 | €76,922 | -€30,345 | -28.3% |
| Amounts receivable within one year | 40/41 | €15,385 | €21,123 | +€5,738 | +37.3% |
| Trade receivables | 40 | €15,027 | €16,966 | +€1,939 | +12.9% |
| Other amounts receivable | 41 | €359 | €4,157 | +€3,799 | +1,059% |
| Cash at bank and in hand | 54/58 | €88,789 | €52,558 | -€36,231 | -40.8% |
| Deferred charges and accrued income | 490/1 | €3,093 | €3,241 | +€148 | +4.8% |
| Total equity and liabilities | 10/49 | €153,384 | €280,876 | +€127,492 | +83.1% |
| Equity | 10/15 | €139,445 | €131,659 | -€7,785 | -5.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €210,314 | €194,314 | -€16,000 | -7.6% |
| Distributable reserves | 133 | €210,314 | €194,314 | -€16,000 | -7.6% |
| Profit (loss) carried forward | 14 | -€89,469 | -€81,255 | +€8,215 | +9.2% |
| Amounts payable | 17/49 | €13,939 | €149,216 | +€135,277 | +971% |
| Amounts payable after more than one year | 17 | €2,593 | €106,034 | +€103,441 | +3,990% |
| Financial debts | 170/4 | €2,593 | €106,034 | +€103,441 | +3,990% |
| Amounts payable within one year | 42/48 | €11,346 | €43,183 | +€31,836 | +281% |
| Current portion of amounts payable after more than one year | 42 | €3,061 | €17,909 | +€14,848 | +485% |
| Trade debts | 44 | €553 | €866 | +€313 | +56.6% |
| Suppliers | 440/4 | €553 | €866 | +€313 | +56.6% |
| Taxes, remuneration and social security | 45 | €7,732 | €8,408 | +€676 | +8.7% |
| Taxes | 450/3 | €5,232 | €8,408 | +€3,176 | +60.7% |
| Remuneration and social security | 454/9 | €2,500 | €0 | -€2,500 | -100% |
| Other amounts payable | 47/48 | €0 | €16,000 | +€16,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,264 | €9,943 | +€1,679 | +20.3% |
| Other operating charges | 640/8 | €1,524 | €1,793 | +€269 | +17.6% |
| Gross operating margin | 9900 | -€73,523 | €25,543 | +€99,066 | |
| Operating profit (loss) | 9901 | -€83,312 | €13,807 | +€97,119 | |
| Financial income | 75/76B | €0 | €154 | +€154 | |
| Recurring financial income | 75 | €0 | €154 | +€154 | |
| Financial charges | 65/66B | €6,158 | €5,746 | -€411 | -6.7% |
| Recurring financial charges | 65 | €6,158 | €5,746 | -€411 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | -€89,469 | €8,215 | +€97,684 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€89,469 | €8,215 | +€97,684 | |
| Profit (loss) for the period to be appropriated | 9905 | -€89,469 | €8,215 | +€97,684 |
Next steps
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 4 November 2026 via checked.be.