Smart2Circle: 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.
Smart2Circle
Largest movements
- Receivables within one year +€54,550
up €54,550 (+18.8%), from €290,141 to €344,691
of which Trade receivables: +€46,850
- Cash -€22,311
down €22,311 (-22.1%), from €100,951 to €78,640
mainly Receivables within one year (-€54,550) and Short-term financial debts (-€50,000)
- Intangible fixed assets +€17,071
up €17,071 (+671%), from €2,543 to €19,614
- Financial fixed assets -€5,940
down €5,940 (-95.8%), from €6,200 to €260
- Tangible fixed assets +€5,271
up €5,271 (+45.6%), from €11,561 to €16,832
of which Furniture and vehicles: +€10,082
- Trade debts +€53,703
up €53,703 (+323%), from €16,634 to €70,338
- Short-term financial debts -€50,000
no longer reported in 2025 (was €50,000)
- Tax, wage and social debts +€40,755
up €40,755 (+35.4%), from €115,230 to €155,985
of which Remuneration and social security: +€20,919
- Current portion of long-term debt -€4,903
no longer reported in 2025 (was €4,903)
- Other debts +€4,817
up €4,817 (+14.4%), from €33,518 to €38,335
- Staff costs +€221,399
up €221,399 (+64.2%), from €344,777 to €566,176
- Taxes -€52,096
down €52,096 (-67.6%), from €77,055 to €24,958
- Gross operating margin +€42,066
up €42,066 (+6.9%), from €606,575 to €648,641
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 | €431,022 | €476,048 | +€45,025 | +10.4% |
| Fixed assets | 21/28 | €20,304 | €36,706 | +€16,402 | +80.8% |
| Intangible fixed assets | 21 | €2,543 | €19,614 | +€17,071 | +671% |
| Tangible fixed assets | 22/27 | €11,561 | €16,832 | +€5,271 | +45.6% |
| Furniture and vehicles | 24 | €6,750 | €16,832 | +€10,082 | +149% |
| Leasing and similar rights | 25 | €4,811 | - | -€4,811 | |
| Financial fixed assets | 28 | €6,200 | €260 | -€5,940 | -95.8% |
| Current assets | 29/58 | €410,719 | €439,342 | +€28,623 | +7.0% |
| Amounts receivable within one year | 40/41 | €290,141 | €344,691 | +€54,550 | +18.8% |
| Trade receivables | 40 | €283,356 | €330,206 | +€46,850 | +16.5% |
| Other amounts receivable | 41 | €6,785 | €14,485 | +€7,700 | +113% |
| Cash at bank and in hand | 54/58 | €100,951 | €78,640 | -€22,311 | -22.1% |
| Deferred charges and accrued income | 490/1 | €19,627 | €16,011 | -€3,616 | -18.4% |
| Total equity and liabilities | 10/49 | €431,022 | €476,048 | +€45,025 | +10.4% |
| Equity | 10/15 | €210,737 | €210,737 | = | 0.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €204,150 | €204,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,835 | €56,835 | = | 0.0% |
| Distributable reserves | 133 | €147,315 | €147,315 | = | 0.0% |
| Profit (loss) carried forward | 14 | €387 | €387 | = | 0.0% |
| Amounts payable | 17/49 | €220,286 | €265,311 | +€45,025 | +20.4% |
| Amounts payable within one year | 42/48 | €220,286 | €264,658 | +€44,372 | +20.1% |
| Current portion of amounts payable after more than one year | 42 | €4,903 | - | -€4,903 | |
| Financial debts | 43 | €50,000 | - | -€50,000 | |
| Credit institutions | 430/8 | €50,000 | - | -€50,000 | |
| Trade debts | 44 | €16,634 | €70,338 | +€53,703 | +323% |
| Suppliers | 440/4 | €16,634 | €70,338 | +€53,703 | +323% |
| Taxes, remuneration and social security | 45 | €115,230 | €155,985 | +€40,755 | +35.4% |
| Taxes | 450/3 | €52,759 | €72,594 | +€19,836 | +37.6% |
| Remuneration and social security | 454/9 | €62,472 | €83,391 | +€20,919 | +33.5% |
| Other amounts payable | 47/48 | €33,518 | €38,335 | +€4,817 | +14.4% |
| Accrued charges and deferred income | 492/3 | - | €653 | +€653 | |
| Remuneration, social security and pensions | 62 | €344,777 | €566,176 | +€221,399 | +64.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,379 | €12,253 | +€3,873 | +46.2% |
| Other operating charges | 640/8 | €2,423 | €3,550 | +€1,127 | +46.5% |
| Gross operating margin | 9900 | €606,575 | €648,641 | +€42,066 | +6.9% |
| Operating profit (loss) | 9901 | €250,995 | €66,662 | -€184,333 | -73.4% |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €3,334 | €3,379 | +€45 | +1.3% |
| Recurring financial charges | 65 | €3,334 | €3,379 | +€45 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €247,661 | €63,294 | -€184,368 | -74.4% |
| Income taxes | 67/77 | €77,055 | €24,958 | -€52,096 | -67.6% |
| Profit (loss) for the period | 9904 | €170,607 | €38,335 | -€132,272 | -77.5% |
| Transfer to tax-exempt reserves | 689 | €56,835 | - | -€56,835 | |
| Profit (loss) for the period to be appropriated | 9905 | €113,772 | €38,335 | -€75,437 | -66.3% |
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 27 October 2026 via checked.be.