BART 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.
BART DE SMET
Largest movements
- Receivables within one year +€28,556
up €28,556 (+52.6%), from €54,274 to €82,830
of which Trade receivables: +€28,556
- Cash +€15,712
up €15,712 (+57.0%), from €27,543 to €43,255
mainly Trade debts (+€27,986) and Depreciation (+€21,073)
- Tangible fixed assets -€12,006
down €12,006 (-6.3%), from €190,119 to €178,113
of which Land and buildings: -€18,726
- Trade debts +€27,986
up €27,986 (+63.8%), from €43,898 to €71,884
- Accrued charges and deferred income +€8,600
new in 2025: €8,600
- Reserves +€6,796
up €6,796 (+8.9%), from €75,968 to €82,764
of which Distributable reserves: +€6,796
- Short-term financial debts -€5,551
down €5,551 (-100.0%), from €5,551 to €0
- Tax, wage and social debts -€5,144
down €5,144 (-69.2%), from €7,438 to €2,294
- Gross operating margin -€12,920
down €12,920 (-23.6%), from €54,853 to €41,933
- Depreciation -€4,067
down €4,067 (-16.2%), from €25,140 to €21,073
- Financial charges -€3,019
down €3,019 (-88.3%), from €3,418 to €399
- Taxes +€2,651
up €2,651 (+1212.9%), from €219 to €2,869
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 | €277,847 | €310,322 | +€32,475 | +11.7% |
| Fixed assets | 21/28 | €190,137 | €178,113 | -€12,024 | -6.3% |
| Tangible fixed assets | 22/27 | €190,119 | €178,113 | -€12,006 | -6.3% |
| Land and buildings | 22 | €187,844 | €169,118 | -€18,726 | -10.0% |
| Plant, machinery and equipment | 23 | €2,275 | €8,995 | +€6,720 | +295.4% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €18 | €0 | -€18 | -100.0% |
| Current assets | 29/58 | €87,711 | €132,209 | +€44,498 | +50.7% |
| Amounts receivable within one year | 40/41 | €54,274 | €82,830 | +€28,556 | +52.6% |
| Trade receivables | 40 | €50,384 | €78,940 | +€28,556 | +56.7% |
| Other amounts receivable | 41 | €3,890 | €3,890 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €27,543 | €43,255 | +€15,712 | +57.0% |
| Deferred charges and accrued income | 490/1 | €5,894 | €6,124 | +€230 | +3.9% |
| Total equity and liabilities | 10/49 | €277,847 | €310,322 | +€32,475 | +11.7% |
| Equity | 10/15 | €181,162 | €187,958 | +€6,796 | +3.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €75,968 | €82,764 | +€6,796 | +8.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €74,108 | €80,904 | +€6,796 | +9.2% |
| Profit (loss) carried forward | 14 | €98,994 | €98,994 | = | 0.0% |
| Amounts payable | 17/49 | €96,685 | €122,364 | +€25,679 | +26.6% |
| Amounts payable within one year | 42/48 | €96,685 | €113,764 | +€17,079 | +17.7% |
| Financial debts | 43 | €5,551 | €0 | -€5,551 | -100.0% |
| Credit institutions | 430/8 | €5,551 | €0 | -€5,551 | -100.0% |
| Trade debts | 44 | €43,898 | €71,884 | +€27,986 | +63.8% |
| Suppliers | 440/4 | €43,898 | €71,884 | +€27,986 | +63.8% |
| Taxes, remuneration and social security | 45 | €7,438 | €2,294 | -€5,144 | -69.2% |
| Taxes | 450/3 | €7,438 | €2,294 | -€5,144 | -69.2% |
| Other amounts payable | 47/48 | €39,799 | €39,587 | -€212 | -0.5% |
| Accrued charges and deferred income | 492/3 | - | €8,600 | +€8,600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,140 | €21,073 | -€4,067 | -16.2% |
| Other operating charges | 640/8 | €10,533 | €10,859 | +€326 | +3.1% |
| Non-recurring operating charges | 66A | €13,419 | €0 | -€13,419 | -100.0% |
| Gross operating margin | 9900 | €54,853 | €41,933 | -€12,920 | -23.6% |
| Operating profit (loss) | 9901 | €5,761 | €10,002 | +€4,241 | +73.6% |
| Financial income | 75/76B | €61 | €63 | +€1 | +2.3% |
| Recurring financial income | 75 | €61 | €63 | +€1 | +2.3% |
| Financial charges | 65/66B | €3,418 | €399 | -€3,019 | -88.3% |
| Recurring financial charges | 65 | €3,418 | €399 | -€3,019 | -88.3% |
| Profit (loss) for the period before taxes | 9903 | €2,404 | €9,665 | +€7,261 | +302.1% |
| Income taxes | 67/77 | €219 | €2,869 | +€2,651 | +1212.9% |
| Profit (loss) for the period | 9904 | €2,185 | €6,796 | +€4,611 | +211.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,185 | €6,796 | +€4,611 | +211.0% |
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 10 October 2026 via checked.be.