CAES-SMETS: 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.
CAES-SMETS
Largest movements
- Receivables within one year +€299,391
up €299,391 (+277.4%), from €107,916 to €407,307
of which Trade receivables: +€299,682
- Tangible fixed assets -€254,869
down €254,869 (-12.1%), from €2.1m to €1.9m
of which Land and buildings: -€219,201
- Cash +€83,793
new in 2025: €83,793
mainly Short-term financial debts (+€178,937) and Depreciation (+€168,392)
- Stocks and contracts +€31,410
up €31,410 (+38.0%), from €82,743 to €114,153
- Short-term financial debts +€178,937
up €178,937 (+16835.4%), from €1,063 to €180,000
- Debts after one year -€103,178
down €103,178 (-6.2%), from €1.7m to €1.6m
- Reserves +€54,038
up €54,038 (+78.9%), from €68,463 to €122,501
of which Distributable reserves: +€54,038
- Trade debts +€42,066
up €42,066 (+84.2%), from €49,957 to €92,023
- Depreciation -€31,035
down €31,035 (-15.6%), from €199,427 to €168,392
- Gross operating margin -€6,641
down €6,641 (-2.5%), from €264,590 to €257,949
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 | €2,309,241 | €2,468,055 | +€158,814 | +6.9% |
| Fixed assets | 21/28 | €2,107,409 | €1,852,540 | -€254,869 | -12.1% |
| Tangible fixed assets | 22/27 | €2,107,409 | €1,852,540 | -€254,869 | -12.1% |
| Land and buildings | 22 | €1,907,910 | €1,688,709 | -€219,201 | -11.5% |
| Plant, machinery and equipment | 23 | €39,719 | €45,364 | +€5,645 | +14.2% |
| Furniture and vehicles | 24 | €1,228 | - | -€1,228 | |
| Leasing and similar rights | 25 | €158,552 | €118,466 | -€40,086 | -25.3% |
| Current assets | 29/58 | €201,831 | €615,515 | +€413,684 | +205.0% |
| Stocks and contracts in progress | 3 | €82,743 | €114,153 | +€31,410 | +38.0% |
| Stocks | 30/36 | €82,743 | €114,153 | +€31,410 | +38.0% |
| Amounts receivable within one year | 40/41 | €107,916 | €407,307 | +€299,391 | +277.4% |
| Trade receivables | 40 | €107,624 | €407,307 | +€299,682 | +278.5% |
| Other amounts receivable | 41 | €291 | - | -€291 | |
| Cash at bank and in hand | 54/58 | - | €83,793 | +€83,793 | |
| Deferred charges and accrued income | 490/1 | €11,172 | €10,261 | -€911 | -8.2% |
| Total equity and liabilities | 10/49 | €2,309,241 | €2,468,055 | +€158,814 | +6.9% |
| Equity | 10/15 | €247,440 | €296,573 | +€49,133 | +19.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | €172,778 | €167,872 | -€4,905 | -2.8% |
| Reserves | 13 | €68,463 | €122,501 | +€54,038 | +78.9% |
| 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 | €66,603 | €120,641 | +€54,038 | +81.1% |
| Amounts payable | 17/49 | €2,061,800 | €2,171,481 | +€109,681 | +5.3% |
| Amounts payable after more than one year | 17 | €1,658,697 | €1,555,518 | -€103,178 | -6.2% |
| Financial debts | 170/4 | €1,658,697 | €1,555,518 | -€103,178 | -6.2% |
| Amounts payable within one year | 42/48 | €397,604 | €615,963 | +€218,360 | +54.9% |
| Current portion of amounts payable after more than one year | 42 | €210,912 | €214,342 | +€3,430 | +1.6% |
| Financial debts | 43 | €1,063 | €180,000 | +€178,937 | +16835.4% |
| Credit institutions | 430/8 | €1,063 | €180,000 | +€178,937 | +16835.4% |
| Trade debts | 44 | €49,957 | €92,023 | +€42,066 | +84.2% |
| Suppliers | 440/4 | €49,957 | €92,023 | +€42,066 | +84.2% |
| Taxes, remuneration and social security | 45 | €14,046 | - | -€14,046 | |
| Taxes | 450/3 | €14,046 | - | -€14,046 | |
| Other amounts payable | 47/48 | €121,626 | €129,598 | +€7,972 | +6.6% |
| Accrued charges and deferred income | 492/3 | €5,500 | - | -€5,500 | |
| Non-recurring operating income | 76A | - | €35,614 | +€35,614 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €199,427 | €168,392 | -€31,035 | -15.6% |
| Other operating charges | 640/8 | €5,760 | €5,419 | -€341 | -5.9% |
| Gross operating margin | 9900 | €264,590 | €257,949 | -€6,641 | -2.5% |
| Operating profit (loss) | 9901 | €59,402 | €84,138 | +€24,736 | +41.6% |
| Financial income | 75/76B | €546 | €545 | -€1 | -0.2% |
| Recurring financial income | 75 | €546 | €545 | -€1 | -0.2% |
| Financial charges | 65/66B | €33,910 | €35,550 | +€1,639 | +4.8% |
| Recurring financial charges | 65 | €33,910 | €35,550 | +€1,639 | +4.8% |
| Profit (loss) for the period before taxes | 9903 | €26,038 | €49,133 | +€23,095 | +88.7% |
| Profit (loss) for the period | 9904 | €26,038 | €49,133 | +€23,095 | +88.7% |
| Profit (loss) for the period to be appropriated | 9905 | €26,038 | €49,133 | +€23,095 | +88.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.