A. SMETS: what changed
Two fiscal 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.
A. SMETS
Largest movements
- Tangible fixed assets -€38,711
down €38,711 (-34.6%), from €111,896 to €73,185
of which Furniture and vehicles: -€29,295
- Stocks and contracts -€12,016
down €12,016 (-19.4%), from €62,005 to €49,988
- Receivables within one year +€10,525
up €10,525 (+24.2%), from €43,438 to €53,963
of which Trade receivables: +€24,013
- Cash +€6,972
up €6,972 (+10.5%), from €66,675 to €73,647
mainly Depreciation (+€43,171) and Net result for the year (+€13,970)
- Debts after one year -€18,539
down €18,539 (-39.4%), from €47,036 to €28,497
- Trade debts -€15,323
down €15,323 (-35.8%), from €42,745 to €27,422
- Gross operating margin +€29,385
up €29,385 (+30.1%), from €97,592 to €126,977
- Taxes +€8,198
up €8,198 (+792.8%), from €1,034 to €9,232
- Depreciation +€3,952
up €3,952 (+10.1%), from €39,219 to €43,171
- Staff costs +€2,494
up €2,494 (+4.7%), from €53,319 to €55,813
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.
Cash bridge derived
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 | €295,355 | €261,483 | -€33,872 | -11.5% |
| Fixed assets | 21/28 | €115,598 | €76,887 | -€38,711 | -33.5% |
| Tangible fixed assets | 22/27 | €111,896 | €73,185 | -€38,711 | -34.6% |
| Plant, machinery and equipment | 23 | €9,520 | €8,252 | -€1,268 | -13.3% |
| Furniture and vehicles | 24 | €76,360 | €47,066 | -€29,295 | -38.4% |
| Leasing and similar rights | 25 | €22,102 | €14,834 | -€7,267 | -32.9% |
| Other tangible fixed assets | 26 | €3,914 | €3,033 | -€881 | -22.5% |
| Financial fixed assets | 28 | €3,703 | €3,703 | = | 0.0% |
| Current assets | 29/58 | €179,756 | €184,596 | +€4,839 | +2.7% |
| Stocks and contracts in progress | 3 | €62,005 | €49,988 | -€12,016 | -19.4% |
| Stocks | 30/36 | €62,005 | €49,988 | -€12,016 | -19.4% |
| Amounts receivable within one year | 40/41 | €43,438 | €53,963 | +€10,525 | +24.2% |
| Trade receivables | 40 | €14,759 | €38,772 | +€24,013 | +162.7% |
| Other amounts receivable | 41 | €28,679 | €15,191 | -€13,488 | -47.0% |
| Cash at bank and in hand | 54/58 | €66,675 | €73,647 | +€6,972 | +10.5% |
| Deferred charges and accrued income | 490/1 | €7,638 | €6,998 | -€641 | -8.4% |
| Total equity and liabilities | 10/49 | €295,355 | €261,483 | -€33,872 | -11.5% |
| Equity | 10/15 | €181,751 | €182,971 | +€1,220 | +0.7% |
| Contributions | 10/11 | €8,676 | €8,676 | = | 0.0% |
| Reserves | 13 | €173,075 | €174,295 | +€1,220 | +0.7% |
| Distributable reserves | 133 | €173,075 | €174,295 | +€1,220 | +0.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €113,604 | €78,512 | -€35,092 | -30.9% |
| Amounts payable after more than one year | 17 | €47,036 | €28,497 | -€18,539 | -39.4% |
| Financial debts | 170/4 | €47,036 | €28,497 | -€18,539 | -39.4% |
| Amounts payable within one year | 42/48 | €66,502 | €49,944 | -€16,558 | -24.9% |
| Current portion of amounts payable after more than one year | 42 | €17,710 | €18,539 | +€828 | +4.7% |
| Trade debts | 44 | €42,745 | €27,422 | -€15,323 | -35.8% |
| Suppliers | 440/4 | €42,745 | €27,422 | -€15,323 | -35.8% |
| Taxes, remuneration and social security | 45 | €6,047 | €3,984 | -€2,063 | -34.1% |
| Taxes | 450/3 | €5,252 | €3,219 | -€2,033 | -38.7% |
| Remuneration and social security | 454/9 | €794 | €764 | -€30 | -3.8% |
| Accrued charges and deferred income | 492/3 | €66 | €70 | +€4 | +6.5% |
| Remuneration, social security and pensions | 62 | €53,319 | €55,813 | +€2,494 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,219 | €43,171 | +€3,952 | +10.1% |
| Other operating charges | 640/8 | €2,605 | €3,090 | +€485 | +18.6% |
| Gross operating margin | 9900 | €97,592 | €126,977 | +€29,385 | +30.1% |
| Operating profit (loss) | 9901 | €2,448 | €24,903 | +€22,454 | +917.1% |
| Financial income | 75/76B | €1,916 | €1,281 | -€635 | -33.1% |
| Recurring financial income | 75 | €1,916 | €1,281 | -€635 | -33.1% |
| Financial charges | 65/66B | €3,801 | €2,982 | -€819 | -21.5% |
| Recurring financial charges | 65 | €3,801 | €2,982 | -€819 | -21.5% |
| Profit (loss) for the period before taxes | 9903 | €563 | €23,202 | +€22,638 | +4017.6% |
| Income taxes | 67/77 | €1,034 | €9,232 | +€8,198 | +792.8% |
| Profit (loss) for the period | 9904 | -€471 | €13,970 | +€14,441 | |
| Profit (loss) for the period to be appropriated | 9905 | -€471 | €13,970 | +€14,441 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.