Andreas De Smet: 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.
Andreas De Smet
Largest movements
- Cash +€41,428
up €41,428 (+70.4%), from €58,829 to €100,256
mainly Net result for the year (+€37,644) and Receivables within one year (+€17,590)
- Stocks and contracts +€18,824
up €18,824 (+75.6%), from €24,892 to €43,716
- Receivables within one year -€17,590
down €17,590 (-55.4%), from €31,742 to €14,151
of which Trade receivables: -€16,980
- Tangible fixed assets +€2,101
up €2,101 (+16.3%), from €12,920 to €15,021
of which Plant, machinery and equipment: +€3,244
- Profit (loss) carried forward +€37,644
up €37,644 (+81.5%), from €46,217 to €83,861
- Tax, wage and social debts +€14,114
up €14,114 (+92.0%), from €15,346 to €29,460
- Trade debts -€7,439
down €7,439 (-44.2%), from €16,830 to €9,391
- Gross operating margin -€11,654
down €11,654 (-17.8%), from €65,427 to €53,773
- Taxes -€2,495
down €2,495 (-16.3%), from €15,346 to €12,851
- Financial income +€875
up €875 (+285%), from €306 to €1,181
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 | €128,398 | €173,292 | +€44,894 | +35.0% |
| Fixed assets | 21/28 | €12,920 | €15,021 | +€2,101 | +16.3% |
| Tangible fixed assets | 22/27 | €12,920 | €15,021 | +€2,101 | +16.3% |
| Plant, machinery and equipment | 23 | €8,350 | €11,594 | +€3,244 | +38.9% |
| Furniture and vehicles | 24 | €4,570 | €3,427 | -€1,143 | -25.0% |
| Current assets | 29/58 | €115,478 | €158,271 | +€42,793 | +37.1% |
| Stocks and contracts in progress | 3 | €24,892 | €43,716 | +€18,824 | +75.6% |
| Stocks | 30/36 | €24,892 | €43,716 | +€18,824 | +75.6% |
| Amounts receivable within one year | 40/41 | €31,742 | €14,151 | -€17,590 | -55.4% |
| Trade receivables | 40 | €31,131 | €14,151 | -€16,980 | -54.5% |
| Other amounts receivable | 41 | €610 | - | -€610 | |
| Cash at bank and in hand | 54/58 | €58,829 | €100,256 | +€41,428 | +70.4% |
| Deferred charges and accrued income | 490/1 | €15 | €148 | +€132 | +863% |
| Total equity and liabilities | 10/49 | €128,398 | €173,292 | +€44,894 | +35.0% |
| Equity | 10/15 | €49,717 | €87,361 | +€37,644 | +75.7% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,217 | €83,861 | +€37,644 | +81.5% |
| Amounts payable | 17/49 | €78,681 | €85,931 | +€7,250 | +9.2% |
| Amounts payable within one year | 42/48 | €78,681 | €85,931 | +€7,250 | +9.2% |
| Trade debts | 44 | €16,830 | €9,391 | -€7,439 | -44.2% |
| Suppliers | 440/4 | €16,830 | €9,391 | -€7,439 | -44.2% |
| Taxes, remuneration and social security | 45 | €15,346 | €29,460 | +€14,114 | +92.0% |
| Taxes | 450/3 | €15,346 | €29,460 | +€14,114 | +92.0% |
| Other amounts payable | 47/48 | €46,505 | €47,080 | +€575 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,784 | €3,812 | +€28 | +0.7% |
| Other operating charges | 640/8 | €150 | €171 | +€21 | +13.8% |
| Gross operating margin | 9900 | €65,427 | €53,773 | -€11,654 | -17.8% |
| Operating profit (loss) | 9901 | €61,493 | €49,790 | -€11,703 | -19.0% |
| Financial income | 75/76B | €306 | €1,181 | +€875 | +285% |
| Recurring financial income | 75 | €306 | €1,181 | +€875 | +285% |
| Financial charges | 65/66B | €237 | €476 | +€239 | +101% |
| Recurring financial charges | 65 | €237 | €476 | +€239 | +101% |
| Profit (loss) for the period before taxes | 9903 | €61,562 | €50,495 | -€11,067 | -18.0% |
| Income taxes | 67/77 | €15,346 | €12,851 | -€2,495 | -16.3% |
| Profit (loss) for the period | 9904 | €46,217 | €37,644 | -€8,572 | -18.5% |
| Profit (loss) for the period to be appropriated | 9905 | €46,217 | €37,644 | -€8,572 | -18.5% |
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 24 October 2026 via checked.be.