DE SMEDT: 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 SMEDT
Largest movements
- Stocks and contracts +€18,187
up €18,187 (+14.9%), from €122,294 to €140,481
- Tangible fixed assets -€9,884
down €9,884 (-3.5%), from €279,568 to €269,684
of which Land and buildings: -€12,922
- Receivables within one year +€8,518
up €8,518 (+30.3%), from €28,100 to €36,618
of which Other amounts receivable: +€7,524
- Receivables after one year -€8,000
no longer reported in 2025 (was €8,000)
- Other debts +€104,231
new in 2025: €104,231
- Reserves -€63,644
down €63,644 (-22.4%), from €284,428 to €220,784
- Debts after one year -€42,098
down €42,098 (-16.2%), from €260,484 to €218,387
- Contributions -€18,600
no longer reported in 2025 (was €18,600)
- Current portion of long-term debt +€11,747
up €11,747 (+60.9%), from €19,286 to €31,033
- Gross operating margin +€36,274
up €36,274 (+39.8%), from €91,152 to €127,426
- Taxes +€8,753
up €8,753 (+65.7%), from €13,317 to €22,070
- Depreciation +€5,214
up €5,214 (+20.1%), from €25,885 to €31,099
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 | €650,210 | €650,478 | +€269 | 0.0% |
| Fixed assets | 21/28 | €279,643 | €269,684 | -€9,959 | -3.6% |
| Tangible fixed assets | 22/27 | €279,568 | €269,684 | -€9,884 | -3.5% |
| Land and buildings | 22 | €214,528 | €201,606 | -€12,922 | -6.0% |
| Plant, machinery and equipment | 23 | €2,387 | €18,174 | +€15,787 | +661% |
| Furniture and vehicles | 24 | €50,811 | €41,208 | -€9,603 | -18.9% |
| Other tangible fixed assets | 26 | €11,842 | €8,696 | -€3,146 | -26.6% |
| Financial fixed assets | 28 | €75 | - | -€75 | |
| Current assets | 29/58 | €370,567 | €380,794 | +€10,228 | +2.8% |
| Amounts receivable after more than one year | 29 | €8,000 | - | -€8,000 | |
| Other amounts receivable | 291 | €8,000 | - | -€8,000 | |
| Stocks and contracts in progress | 3 | €122,294 | €140,481 | +€18,187 | +14.9% |
| Stocks | 30/36 | €122,294 | €140,481 | +€18,187 | +14.9% |
| Amounts receivable within one year | 40/41 | €28,100 | €36,618 | +€8,518 | +30.3% |
| Trade receivables | 40 | €9,222 | €10,216 | +€994 | +10.8% |
| Other amounts receivable | 41 | €18,878 | €26,402 | +€7,524 | +39.9% |
| Cash at bank and in hand | 54/58 | €206,617 | €203,695 | -€2,922 | -1.4% |
| Deferred charges and accrued income | 490/1 | €5,555 | - | -€5,555 | |
| Total equity and liabilities | 10/49 | €650,210 | €650,478 | +€269 | 0.0% |
| Equity | 10/15 | €304,092 | €221,848 | -€82,244 | -27.0% |
| Contributions | 10/11 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €284,428 | €220,784 | -€63,644 | -22.4% |
| Distributable reserves | 133 | €284,428 | €220,784 | -€63,644 | -22.4% |
| Profit (loss) carried forward | 14 | €1,064 | €1,064 | = | 0.0% |
| Amounts payable | 17/49 | €346,118 | €428,630 | +€82,512 | +23.8% |
| Amounts payable after more than one year | 17 | €260,484 | €218,387 | -€42,098 | -16.2% |
| Financial debts | 170/4 | €260,484 | €218,387 | -€42,098 | -16.2% |
| Amounts payable within one year | 42/48 | €85,633 | €210,243 | +€124,610 | +146% |
| Current portion of amounts payable after more than one year | 42 | €19,286 | €31,033 | +€11,747 | +60.9% |
| Financial debts | 43 | €20,000 | €25,000 | +€5,000 | +25.0% |
| Credit institutions | 430/8 | €20,000 | €25,000 | +€5,000 | +25.0% |
| Trade debts | 44 | €40,307 | €49,979 | +€9,672 | +24.0% |
| Suppliers | 440/4 | €40,307 | €49,979 | +€9,672 | +24.0% |
| Taxes, remuneration and social security | 45 | €6,040 | - | -€6,040 | |
| Taxes | 450/3 | €6,040 | - | -€6,040 | |
| Other amounts payable | 47/48 | - | €104,231 | +€104,231 | |
| Remuneration, social security and pensions | 62 | - | €104 | +€104 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,885 | €31,099 | +€5,214 | +20.1% |
| Other operating charges | 640/8 | €1,684 | €2,484 | +€800 | +47.5% |
| Gross operating margin | 9900 | €91,152 | €127,426 | +€36,274 | +39.8% |
| Operating profit (loss) | 9901 | €63,583 | €93,739 | +€30,156 | +47.4% |
| Financial income | 75/76B | €8,824 | €9,437 | +€614 | +7.0% |
| Recurring financial income | 75 | €8,824 | €9,437 | +€614 | +7.0% |
| Financial charges | 65/66B | €25,570 | €25,463 | -€107 | -0.4% |
| Recurring financial charges | 65 | €25,570 | €25,463 | -€107 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | €46,836 | €77,713 | +€30,877 | +65.9% |
| Income taxes | 67/77 | €13,317 | €22,070 | +€8,753 | +65.7% |
| Profit (loss) for the period | 9904 | €33,519 | €55,643 | +€22,124 | +66.0% |
| Profit (loss) for the period to be appropriated | 9905 | €33,519 | €55,643 | +€22,124 | +66.0% |
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 27 October 2026 via checked.be.