DE SMEDT: what changed
DE SMEDT
Largest movements
- Tangible fixed assets -€37,808
down €37,808 (-24.3%), from €155,702 to €117,894
of which Land and buildings: -€23,471
- Stocks and contracts -€28,989
down €28,989 (-41.3%), from €70,145 to €41,156
- Cash +€9,791
up €9,791 (+35.9%), from €27,240 to €37,031
mainly Depreciation (+€37,808) and Stocks and contracts (+€28,989)
- Deferred charges and accrued income +€4,175
up €4,175 (+347%), from €1,204 to €5,379
- Profit (loss) carried forward -€31,782
down €31,782 (-95.0%), from -€33,461 to -€65,243
- Other debts -€8,064
down €8,064 (-7.7%), from €104,660 to €96,596
- Current portion of long-term debt -€6,744
down €6,744 (-100%), from €6,744 to €0
- Tax, wage and social debts -€6,069
down €6,069 (-27.9%), from €21,762 to €15,693
of which Remuneration and social security: -€10,668
- Debts after one year -€5,278
down €5,278 (-100%), from €5,278 to €0
- Staff costs -€51,022
down €51,022 (-79.6%), from €64,088 to €13,067
- Gross operating margin -€47,855
down €47,855 (-56.6%), from €84,497 to €36,642
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €269,261 | €215,112 | -€54,150 | -20.1% |
| Fixed assets | 21/28 | €155,702 | €117,894 | -€37,808 | -24.3% |
| Tangible fixed assets | 22/27 | €155,702 | €117,894 | -€37,808 | -24.3% |
| Land and buildings | 22 | €103,083 | €79,611 | -€23,471 | -22.8% |
| Furniture and vehicles | 24 | €52,619 | €38,283 | -€14,336 | -27.2% |
| Current assets | 29/58 | €113,560 | €97,218 | -€16,342 | -14.4% |
| Stocks and contracts in progress | 3 | €70,145 | €41,156 | -€28,989 | -41.3% |
| Stocks | 30/36 | €70,145 | €41,156 | -€28,989 | -41.3% |
| Amounts receivable within one year | 40/41 | €14,970 | €13,651 | -€1,319 | -8.8% |
| Trade receivables | 40 | €9,970 | €13,645 | +€3,675 | +36.9% |
| Other amounts receivable | 41 | €5,000 | €6 | -€4,994 | -99.9% |
| Cash at bank and in hand | 54/58 | €27,240 | €37,031 | +€9,791 | +35.9% |
| Deferred charges and accrued income | 490/1 | €1,204 | €5,379 | +€4,175 | +347% |
| Total equity and liabilities | 10/49 | €269,261 | €215,112 | -€54,150 | -20.1% |
| Equity | 10/15 | €129,173 | €97,390 | -€31,782 | -24.6% |
| Contributions | 10/11 | €137,500 | €137,500 | = | 0.0% |
| Reserves | 13 | €25,134 | €25,134 | = | 0.0% |
| Distributable reserves | 133 | €25,134 | €25,134 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,461 | -€65,243 | -€31,782 | -95.0% |
| Amounts payable | 17/49 | €140,088 | €117,721 | -€22,367 | -16.0% |
| Amounts payable after more than one year | 17 | €5,278 | €0 | -€5,278 | -100% |
| Financial debts | 170/4 | €5,278 | €0 | -€5,278 | -100% |
| Amounts payable within one year | 42/48 | €134,810 | €114,721 | -€20,089 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €6,744 | €0 | -€6,744 | -100% |
| Trade debts | 44 | €1,644 | €2,432 | +€788 | +47.9% |
| Suppliers | 440/4 | €1,644 | €2,432 | +€788 | +47.9% |
| Taxes, remuneration and social security | 45 | €21,762 | €15,693 | -€6,069 | -27.9% |
| Taxes | 450/3 | €10,924 | €15,523 | +€4,599 | +42.1% |
| Remuneration and social security | 454/9 | €10,838 | €170 | -€10,668 | -98.4% |
| Other amounts payable | 47/48 | €104,660 | €96,596 | -€8,064 | -7.7% |
| Accrued charges and deferred income | 492/3 | - | €3,000 | +€3,000 | |
| Remuneration, social security and pensions | 62 | €64,088 | €13,067 | -€51,022 | -79.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,808 | €37,808 | = | 0.0% |
| Other operating charges | 640/8 | €17,673 | €18,114 | +€441 | +2.5% |
| Gross operating margin | 9900 | €84,497 | €36,642 | -€47,855 | -56.6% |
| Operating profit (loss) | 9901 | -€35,073 | -€32,347 | +€2,726 | +7.8% |
| Financial income | 75/76B | €1,542 | €1,308 | -€235 | -15.2% |
| Recurring financial income | 75 | €1,542 | €1,308 | -€235 | -15.2% |
| Financial charges | 65/66B | €1,045 | €743 | -€302 | -28.9% |
| Recurring financial charges | 65 | €1,045 | €743 | -€302 | -28.9% |
| Profit (loss) for the period before taxes | 9903 | -€34,575 | -€31,782 | +€2,793 | +8.1% |
| Profit (loss) for the period | 9904 | -€34,575 | -€31,782 | +€2,793 | +8.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,575 | -€31,782 | +€2,793 | +8.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.