ANN SMOLDERS: 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.
ANN SMOLDERS
Largest movements
- Receivables after one year -€169,192
down €169,192 (-60.2%), from €281,000 to €111,808
- Current investments +€75,000
new in 2025: €75,000
- Receivables within one year -€46,591
down €46,591 (-82.9%), from €56,189 to €9,598
of which Other amounts receivable: -€49,236
- Cash -€39,001
down €39,001 (-97.3%), from €40,063 to €1,063
mainly Contributions, distributions and other (-€125,301) and Current investments (-€75,000)
- Tangible fixed assets -€4,209
down €4,209 (-28.7%), from €14,650 to €10,441
of which Furniture and vehicles: -€2,745
- Reserves -€125,301
down €125,301 (-65.1%), from €192,406 to €67,105
- Other debts -€57,132
down €57,132 (-31.3%), from €182,433 to €125,301
- Tax, wage and social debts -€12,639
down €12,639 (-62.3%), from €20,293 to €7,654
- Trade debts +€5,427
up €5,427 (+306%), from €1,773 to €7,200
- Accrued charges and deferred income +€5,100
new in 2025: €5,100
- Gross operating margin -€6,249
down €6,249 (-60.0%), from €10,409 to €4,160
- Financial income -€2,474
down €2,474 (-30.4%), from €8,126 to €5,652
- Taxes -€2,141
down €2,141 (-44.6%), from €4,802 to €2,661
- Depreciation -€1,725
down €1,725 (-24.0%), from €7,173 to €5,448
- Other operating charges -€553
down €553 (-32.6%), from €1,694 to €1,141
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 | €393,615 | €209,294 | -€184,321 | -46.8% |
| Fixed assets | 21/28 | €14,650 | €10,441 | -€4,209 | -28.7% |
| Tangible fixed assets | 22/27 | €14,650 | €10,441 | -€4,209 | -28.7% |
| Furniture and vehicles | 24 | €9,378 | €6,633 | -€2,745 | -29.3% |
| Other tangible fixed assets | 26 | €5,272 | €3,808 | -€1,464 | -27.8% |
| Current assets | 29/58 | €378,965 | €198,853 | -€180,112 | -47.5% |
| Amounts receivable after more than one year | 29 | €281,000 | €111,808 | -€169,192 | -60.2% |
| Other amounts receivable | 291 | €281,000 | €111,808 | -€169,192 | -60.2% |
| Amounts receivable within one year | 40/41 | €56,189 | €9,598 | -€46,591 | -82.9% |
| Trade receivables | 40 | - | €2,645 | +€2,645 | |
| Other amounts receivable | 41 | €56,189 | €6,953 | -€49,236 | -87.6% |
| Current investments | 50/53 | - | €75,000 | +€75,000 | |
| Cash at bank and in hand | 54/58 | €40,063 | €1,063 | -€39,001 | -97.3% |
| Deferred charges and accrued income | 490/1 | €1,713 | €1,385 | -€328 | -19.1% |
| Total equity and liabilities | 10/49 | €393,615 | €209,294 | -€184,321 | -46.8% |
| Equity | 10/15 | €189,117 | €63,882 | -€125,235 | -66.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €192,406 | €67,105 | -€125,301 | -65.1% |
| Distributable reserves | 133 | €192,406 | €67,105 | -€125,301 | -65.1% |
| Profit (loss) carried forward | 14 | -€21,839 | -€21,773 | +€66 | +0.3% |
| Amounts payable | 17/49 | €204,498 | €145,412 | -€59,086 | -28.9% |
| Amounts payable within one year | 42/48 | €204,498 | €140,312 | -€64,186 | -31.4% |
| Financial debts | 43 | €0 | €157 | +€157 | |
| Credit institutions | 430/8 | €0 | €157 | +€157 | |
| Trade debts | 44 | €1,773 | €7,200 | +€5,427 | +306% |
| Suppliers | 440/4 | €1,773 | €7,200 | +€5,427 | +306% |
| Taxes, remuneration and social security | 45 | €20,293 | €7,654 | -€12,639 | -62.3% |
| Taxes | 450/3 | €20,293 | €7,654 | -€12,639 | -62.3% |
| Other amounts payable | 47/48 | €182,433 | €125,301 | -€57,132 | -31.3% |
| Accrued charges and deferred income | 492/3 | - | €5,100 | +€5,100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,173 | €5,448 | -€1,725 | -24.0% |
| Other operating charges | 640/8 | €1,694 | €1,141 | -€553 | -32.6% |
| Gross operating margin | 9900 | €10,409 | €4,160 | -€6,249 | -60.0% |
| Operating profit (loss) | 9901 | €1,541 | -€2,430 | -€3,971 | |
| Financial income | 75/76B | €8,126 | €5,652 | -€2,474 | -30.4% |
| Recurring financial income | 75 | €8,126 | €5,652 | -€2,474 | -30.4% |
| Financial charges | 65/66B | €354 | €495 | +€141 | +39.9% |
| Recurring financial charges | 65 | €354 | €495 | +€141 | +39.9% |
| Profit (loss) for the period before taxes | 9903 | €9,313 | €2,727 | -€6,586 | -70.7% |
| Income taxes | 67/77 | €4,802 | €2,661 | -€2,141 | -44.6% |
| Profit (loss) for the period | 9904 | €4,512 | €66 | -€4,445 | -98.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,512 | €66 | -€4,445 | -98.5% |
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 1 November 2026 via checked.be.