B. SMEERS: 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.
B. SMEERS
Largest movements
- Cash -€52,149
down €52,149 (-23.9%), from €217,938 to €165,789
mainly Net result for the year (-€56,224) and Contributions, distributions and other (-€33,954)
- Tangible fixed assets -€28,243
down €28,243 (-10.0%), from €281,770 to €253,528
- Profit (loss) carried forward -€56,224
down €56,224 (-106%), from -€53,012 to -€109,236
- Reserves -€33,954
down €33,954 (-7.2%), from €468,433 to €434,479
of which Distributable reserves: -€33,954
- Other debts +€25,176
up €25,176 (+5,037%), from €500 to €25,676
- Debts after one year -€20,874
down €20,874 (-34.0%), from €61,366 to €40,492
- Gross operating margin +€13,236
up €13,236 (+95.0%), from -€13,934 to -€698
- Depreciation +€3,961
up €3,961 (+8.9%), from €44,716 to €48,677
- Staff costs -€1,500
down €1,500 (-100%), from €1,500 to €0
- Financial income -€922
down €922 (-72.4%), from €1,273 to €351
- Financial charges -€801
down €801 (-20.2%), from €3,956 to €3,155
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €506,467 | €424,347 | -€82,119 | -16.2% |
| Fixed assets | 21/28 | €281,770 | €253,528 | -€28,243 | -10.0% |
| Tangible fixed assets | 22/27 | €281,770 | €253,528 | -€28,243 | -10.0% |
| Land and buildings | 22 | €235,789 | €222,401 | -€13,388 | -5.7% |
| Plant, machinery and equipment | 23 | €24,171 | €22,335 | -€1,836 | -7.6% |
| Furniture and vehicles | 24 | €21,810 | €8,792 | -€13,019 | -59.7% |
| Current assets | 29/58 | €224,696 | €170,820 | -€53,876 | -24.0% |
| Amounts receivable within one year | 40/41 | €3,515 | €1,853 | -€1,662 | -47.3% |
| Trade receivables | 40 | €2,107 | €1,153 | -€954 | -45.3% |
| Other amounts receivable | 41 | €1,408 | €700 | -€708 | -50.3% |
| Cash at bank and in hand | 54/58 | €217,938 | €165,789 | -€52,149 | -23.9% |
| Deferred charges and accrued income | 490/1 | €3,243 | €3,178 | -€66 | -2.0% |
| Total equity and liabilities | 10/49 | €506,467 | €424,347 | -€82,119 | -16.2% |
| Equity | 10/15 | €423,421 | €333,243 | -€90,178 | -21.3% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €468,433 | €434,479 | -€33,954 | -7.2% |
| Non-distributable reserves | 130/1 | €12,399 | €12,399 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,399 | €12,399 | = | 0.0% |
| Tax-exempt reserves | 132 | €233 | €233 | = | 0.0% |
| Distributable reserves | 133 | €455,800 | €421,846 | -€33,954 | -7.4% |
| Profit (loss) carried forward | 14 | -€53,012 | -€109,236 | -€56,224 | -106% |
| Amounts payable | 17/49 | €83,045 | €91,104 | +€8,059 | +9.7% |
| Amounts payable after more than one year | 17 | €61,366 | €40,492 | -€20,874 | -34.0% |
| Financial debts | 170/4 | €61,366 | €40,492 | -€20,874 | -34.0% |
| Amounts payable within one year | 42/48 | €21,546 | €50,612 | +€29,067 | +135% |
| Current portion of amounts payable after more than one year | 42 | €20,805 | €21,618 | +€813 | +3.9% |
| Trade debts | 44 | €66 | €3,159 | +€3,093 | +4,708% |
| Suppliers | 440/4 | €66 | €3,159 | +€3,093 | +4,708% |
| Taxes, remuneration and social security | 45 | €175 | €160 | -€16 | -8.9% |
| Taxes | 450/3 | €175 | €160 | -€16 | -8.9% |
| Other amounts payable | 47/48 | €500 | €25,676 | +€25,176 | +5,037% |
| Accrued charges and deferred income | 492/3 | €133 | €0 | -€133 | -100% |
| Non-recurring operating income | 76A | €3,000 | €0 | -€3,000 | -100% |
| Remuneration, social security and pensions | 62 | €1,500 | €0 | -€1,500 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,716 | €48,677 | +€3,961 | +8.9% |
| Other operating charges | 640/8 | €3,236 | €3,779 | +€543 | +16.8% |
| Non-recurring operating charges | 66A | €123 | €0 | -€123 | -100% |
| Gross operating margin | 9900 | -€13,934 | -€698 | +€13,236 | +95.0% |
| Operating profit (loss) | 9901 | -€63,509 | -€53,154 | +€10,355 | +16.3% |
| Financial income | 75/76B | €1,273 | €351 | -€922 | -72.4% |
| Recurring financial income | 75 | €1,273 | €351 | -€922 | -72.4% |
| Financial charges | 65/66B | €3,956 | €3,155 | -€801 | -20.2% |
| Recurring financial charges | 65 | €3,956 | €3,155 | -€801 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | -€66,193 | -€55,959 | +€10,234 | +15.5% |
| Income taxes | 67/77 | €557 | €265 | -€292 | -52.4% |
| Profit (loss) for the period | 9904 | -€66,750 | -€56,224 | +€10,526 | +15.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€66,750 | -€56,224 | +€10,526 | +15.8% |
Source: filed annual accounts (NBB), financial years ended 30 April 2025 and 30 April 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.