DE SMAAKMAKER: 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.
DE SMAAKMAKER
Largest movements
- Cash +€72,613
up €72,613 (+684%), from €10,619 to €83,232
mainly Current investments (+€60,370) and Net result for the year (+€43,267)
- Tangible fixed assets +€67,029
up €67,029 (+767%), from €8,735 to €75,764
of which Furniture and vehicles: +€50,134
- Current investments -€60,370
down €60,370 (-46.4%), from €130,000 to €69,630
- Receivables within one year -€21,175
down €21,175 (-25.6%), from €82,673 to €61,498
of which Trade receivables: -€24,321
- Reserves +€43,267
up €43,267 (+24.5%), from €176,958 to €220,225
- Other debts +€20,897
new in 2025: €20,897
- Tax, wage and social debts -€12,680
down €12,680 (-35.1%), from €36,110 to €23,429
- Trade debts +€9,010
up €9,010 (+82.7%), from €10,899 to €19,909
- Gross operating margin -€39,020
down €39,020 (-32.5%), from €120,182 to €81,161
- Depreciation +€10,591
up €10,591 (+73,855%), from €14 to €10,605
- Financial charges -€8,785
down €8,785 (-87.7%), from €10,016 to €1,231
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 | €232,026 | €292,519 | +€60,493 | +26.1% |
| Fixed assets | 21/28 | €8,735 | €77,100 | +€68,365 | +783% |
| Intangible fixed assets | 21 | - | €1,336 | +€1,336 | |
| Tangible fixed assets | 22/27 | €8,735 | €75,764 | +€67,029 | +767% |
| Land and buildings | 22 | €8,735 | €12,358 | +€3,624 | +41.5% |
| Plant, machinery and equipment | 23 | - | €13,272 | +€13,272 | |
| Furniture and vehicles | 24 | - | €50,134 | +€50,134 | |
| Current assets | 29/58 | €223,292 | €215,419 | -€7,872 | -3.5% |
| Stocks and contracts in progress | 3 | - | €1,060 | +€1,060 | |
| Stocks | 30/36 | - | €1,060 | +€1,060 | |
| Amounts receivable within one year | 40/41 | €82,673 | €61,498 | -€21,175 | -25.6% |
| Trade receivables | 40 | €35,548 | €11,227 | -€24,321 | -68.4% |
| Other amounts receivable | 41 | €47,125 | €50,271 | +€3,147 | +6.7% |
| Current investments | 50/53 | €130,000 | €69,630 | -€60,370 | -46.4% |
| Cash at bank and in hand | 54/58 | €10,619 | €83,232 | +€72,613 | +684% |
| Total equity and liabilities | 10/49 | €232,026 | €292,519 | +€60,493 | +26.1% |
| Equity | 10/15 | €185,018 | €228,285 | +€43,267 | +23.4% |
| Contributions | 10/11 | €8,059 | €8,059 | = | 0.0% |
| Contributions outside capital | 11 | €8,059 | €8,059 | = | 0.0% |
| Share premium | 1100/10 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €1,859 | €1,859 | = | 0.0% |
| Reserves | 13 | €176,958 | €220,225 | +€43,267 | +24.5% |
| Distributable reserves | 133 | €176,958 | €220,225 | +€43,267 | +24.5% |
| Amounts payable | 17/49 | €47,009 | €64,235 | +€17,226 | +36.6% |
| Amounts payable within one year | 42/48 | €47,009 | €64,235 | +€17,226 | +36.6% |
| Trade debts | 44 | €10,899 | €19,909 | +€9,010 | +82.7% |
| Suppliers | 440/4 | €10,899 | €19,909 | +€9,010 | +82.7% |
| Taxes, remuneration and social security | 45 | €36,110 | €23,429 | -€12,680 | -35.1% |
| Taxes | 450/3 | €36,110 | €23,429 | -€12,680 | -35.1% |
| Other amounts payable | 47/48 | - | €20,897 | +€20,897 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14 | €10,605 | +€10,591 | +73,855% |
| Other operating charges | 640/8 | €775 | €183 | -€593 | -76.4% |
| Non-recurring operating charges | 66A | - | €1,081 | +€1,081 | |
| Gross operating margin | 9900 | €120,182 | €81,161 | -€39,020 | -32.5% |
| Operating profit (loss) | 9901 | €119,392 | €69,293 | -€50,099 | -42.0% |
| Financial income | 75/76B | - | €168 | +€168 | |
| Recurring financial income | 75 | - | €168 | +€168 | |
| Financial charges | 65/66B | €10,016 | €1,231 | -€8,785 | -87.7% |
| Recurring financial charges | 65 | €10,016 | €1,231 | -€8,785 | -87.7% |
| Profit (loss) for the period before taxes | 9903 | €109,376 | €68,230 | -€41,146 | -37.6% |
| Income taxes | 67/77 | €26,000 | €24,963 | -€1,037 | -4.0% |
| Profit (loss) for the period | 9904 | €83,376 | €43,267 | -€40,109 | -48.1% |
| Profit (loss) for the period to be appropriated | 9905 | €83,376 | €43,267 | -€40,109 | -48.1% |
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 14 October 2026 via checked.be.