D SMART SOLUTION: what changed
D SMART SOLUTION
Largest movements
- Receivables within one year +€58,248
up €58,248 (+28.7%), from €203,032 to €261,280
of which Trade receivables: +€61,280
- Cash -€11,937
down €11,937 (-13.8%), from €86,207 to €74,269
mainly Receivables within one year (-€58,248) and Other debts (-€26,404)
- Tangible fixed assets +€11,490
up €11,490 (+32.7%), from €35,153 to €46,643
of which Other tangible fixed assets: +€12,920
- Deferred charges and accrued income +€8,022
up €8,022 (+20.0%), from €40,022 to €48,044
- Reserves +€77,923
up €77,923 (+34.6%), from €225,317 to €303,240
- Other debts -€26,404
down €26,404 (-22.8%), from €115,866 to €89,462
- Trade debts +€10,160
up €10,160 (+13,309%), from €76 to €10,236
- Tax, wage and social debts +€4,805
up €4,805 (+272%), from €1,769 to €6,574
- Gross operating margin +€111,473
up €111,473, from -€6,687 to €104,787
- Taxes +€21,439
new in 2025: €21,439
- Other operating charges +€2,249
up €2,249 (+179%), from €1,256 to €3,504
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 | €364,414 | €430,237 | +€65,823 | +18.1% |
| Fixed assets | 21/28 | €35,153 | €46,643 | +€11,490 | +32.7% |
| Tangible fixed assets | 22/27 | €35,153 | €46,643 | +€11,490 | +32.7% |
| Furniture and vehicles | 24 | €10,712 | €9,283 | -€1,430 | -13.3% |
| Other tangible fixed assets | 26 | €24,441 | €37,361 | +€12,920 | +52.9% |
| Current assets | 29/58 | €329,261 | €383,593 | +€54,333 | +16.5% |
| Amounts receivable within one year | 40/41 | €203,032 | €261,280 | +€58,248 | +28.7% |
| Trade receivables | 40 | - | €61,280 | +€61,280 | |
| Other amounts receivable | 41 | €203,032 | €200,000 | -€3,032 | -1.5% |
| Cash at bank and in hand | 54/58 | €86,207 | €74,269 | -€11,937 | -13.8% |
| Deferred charges and accrued income | 490/1 | €40,022 | €48,044 | +€8,022 | +20.0% |
| Total equity and liabilities | 10/49 | €364,414 | €430,237 | +€65,823 | +18.1% |
| Equity | 10/15 | €237,717 | €315,640 | +€77,923 | +32.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €225,317 | €303,240 | +€77,923 | +34.6% |
| Distributable reserves | 133 | €225,317 | €303,240 | +€77,923 | +34.6% |
| Amounts payable | 17/49 | €126,697 | €114,597 | -€12,100 | -9.6% |
| Amounts payable within one year | 42/48 | €117,712 | €106,272 | -€11,440 | -9.7% |
| Trade debts | 44 | €76 | €10,236 | +€10,160 | +13,309% |
| Suppliers | 440/4 | €76 | €10,236 | +€10,160 | +13,309% |
| Taxes, remuneration and social security | 45 | €1,769 | €6,574 | +€4,805 | +272% |
| Taxes | 450/3 | €1,769 | €6,574 | +€4,805 | +272% |
| Other amounts payable | 47/48 | €115,866 | €89,462 | -€26,404 | -22.8% |
| Accrued charges and deferred income | 492/3 | €8,985 | €8,325 | -€660 | -7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,100 | €1,547 | +€447 | +40.7% |
| Other operating charges | 640/8 | €1,256 | €3,504 | +€2,249 | +179% |
| Gross operating margin | 9900 | -€6,687 | €104,787 | +€111,473 | |
| Operating profit (loss) | 9901 | -€9,042 | €99,735 | +€108,778 | |
| Financial income | 75/76B | €8,022 | €8,022 | -€0 | 0.0% |
| Recurring financial income | 75 | €8,022 | €8,022 | -€0 | 0.0% |
| Financial charges | 65/66B | €9,051 | €8,395 | -€656 | -7.2% |
| Recurring financial charges | 65 | €9,051 | €8,395 | -€656 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | -€10,072 | €99,362 | +€109,434 | |
| Income taxes | 67/77 | - | €21,439 | +€21,439 | |
| Profit (loss) for the period | 9904 | -€10,072 | €77,923 | +€87,994 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,072 | €77,923 | +€87,994 |
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 5 November 2026 via checked.be.