D-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.
D-SMET
Largest movements
- Cash +€31,027
up €31,027 (+54.0%), from €57,437 to €88,464
mainly Net result for the year (+€26,633) and Depreciation (+€20,136)
- Tangible fixed assets -€11,740
down €11,740 (-4.2%), from €278,041 to €266,301
of which Land and buildings: -€18,947
- Receivables within one year +€11,728
up €11,728 (+52.8%), from €22,201 to €33,929
of which Trade receivables: +€7,171
- Stocks and contracts -€4,466
down €4,466 (-50.0%), from €8,925 to €4,459
- Profit (loss) carried forward +€18,753
up €18,753, from -€18,753 to €0
- Debts after one year -€10,808
down €10,808 (-5.8%), from €187,849 to €177,041
- Trade debts +€10,062
up €10,062 (+1,045%), from €963 to €11,025
- Reserves +€7,881
up €7,881 (+3.9%), from €204,230 to €212,111
- Gross operating margin +€68,641
up €68,641, from -€5,554 to €63,087
- Depreciation +€11,738
up €11,738 (+140%), from €8,398 to €20,136
- Taxes +€7,477
up €7,477, from €0 to €7,477
- Financial charges +€4,963
up €4,963 (+260%), from €1,909 to €6,872
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 | €388,300 | €414,808 | +€26,508 | +6.8% |
| Fixed assets | 21/28 | €278,041 | €266,301 | -€11,740 | -4.2% |
| Tangible fixed assets | 22/27 | €278,041 | €266,301 | -€11,740 | -4.2% |
| Land and buildings | 22 | €271,794 | €252,847 | -€18,947 | -7.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €6,247 | €13,453 | +€7,206 | +115% |
| Current assets | 29/58 | €110,259 | €148,508 | +€38,249 | +34.7% |
| Amounts receivable after more than one year | 29 | €21,000 | €21,000 | = | 0.0% |
| Other amounts receivable | 291 | €21,000 | €21,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €8,925 | €4,459 | -€4,466 | -50.0% |
| Stocks | 30/36 | €8,925 | €4,459 | -€4,466 | -50.0% |
| Amounts receivable within one year | 40/41 | €22,201 | €33,929 | +€11,728 | +52.8% |
| Trade receivables | 40 | €6,973 | €14,145 | +€7,171 | +103% |
| Other amounts receivable | 41 | €15,228 | €19,785 | +€4,557 | +29.9% |
| Cash at bank and in hand | 54/58 | €57,437 | €88,464 | +€31,027 | +54.0% |
| Deferred charges and accrued income | 490/1 | €696 | €655 | -€41 | -5.8% |
| Total equity and liabilities | 10/49 | €388,300 | €414,808 | +€26,508 | +6.8% |
| Equity | 10/15 | €186,477 | €213,111 | +€26,633 | +14.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €204,230 | €212,111 | +€7,881 | +3.9% |
| Distributable reserves | 133 | €204,230 | €212,111 | +€7,881 | +3.9% |
| Profit (loss) carried forward | 14 | -€18,753 | €0 | +€18,753 | |
| Amounts payable | 17/49 | €201,823 | €201,698 | -€125 | -0.1% |
| Amounts payable after more than one year | 17 | €187,849 | €177,041 | -€10,808 | -5.8% |
| Financial debts | 170/4 | €187,849 | €177,041 | -€10,808 | -5.8% |
| Amounts payable within one year | 42/48 | €13,808 | €24,657 | +€10,849 | +78.6% |
| Current portion of amounts payable after more than one year | 42 | €10,445 | €10,808 | +€363 | +3.5% |
| Trade debts | 44 | €963 | €11,025 | +€10,062 | +1,045% |
| Suppliers | 440/4 | €963 | €11,025 | +€10,062 | +1,045% |
| Taxes, remuneration and social security | 45 | €419 | €2,824 | +€2,405 | +574% |
| Taxes | 450/3 | €419 | €2,824 | +€2,405 | +574% |
| Other amounts payable | 47/48 | €1,981 | €0 | -€1,981 | -100% |
| Accrued charges and deferred income | 492/3 | €166 | €0 | -€166 | -100% |
| Non-recurring operating income | 76A | - | €1,500 | +€1,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,398 | €20,136 | +€11,738 | +140% |
| Other operating charges | 640/8 | €2,990 | €2,392 | -€599 | -20.0% |
| Gross operating margin | 9900 | -€5,554 | €63,087 | +€68,641 | |
| Operating profit (loss) | 9901 | -€16,943 | €40,559 | +€57,502 | |
| Financial income | 75/76B | €99 | €423 | +€324 | +327% |
| Recurring financial income | 75 | €0 | €423 | +€423 | +4,234,600% |
| Non-recurring financial income | 76B | €99 | €0 | -€99 | -100% |
| Financial charges | 65/66B | €1,909 | €6,872 | +€4,963 | +260% |
| Recurring financial charges | 65 | €1,909 | €6,872 | +€4,963 | +260% |
| Profit (loss) for the period before taxes | 9903 | -€18,753 | €34,110 | +€52,863 | |
| Income taxes | 67/77 | €0 | €7,477 | +€7,477 | |
| Profit (loss) for the period | 9904 | -€18,753 | €26,633 | +€45,386 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,753 | €26,633 | +€45,386 |
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 17 October 2026 via checked.be.