De Smedt Projects: what changed
What changed
De Smedt Projects
NACE 43.211, General electrical installation work
filed annual accounts (NBB)
Net result for the year
€218,186
2024 · €137,965+€80,221
Equity
€357,870
2024 · €245,567+€112,303
Cash
€313,783
2024 · €142,459+€171,324
Balance sheet total
€603,355
2024 · €482,310+€121,044
Largest movements
Assets
- Cash +€171,324
up €171,324 (+120%), from €142,459 to €313,783
mainly Net result for the year (+€218,186) and Receivables within one year (+€53,774)
- Receivables within one year -€53,774
down €53,774 (-76.1%), from €70,629 to €16,855
of which Trade receivables: -€56,419
Equity and liabilities
- Profit (loss) carried forward +€112,303
up €112,303 (+49.5%), from €226,967 to €339,270
- Tax, wage and social debts +€14,155
up €14,155 (+314%), from €4,505 to €18,659
of which Remuneration and social security: +€11,434
- Debts after one year -€10,325
down €10,325 (-4.8%), from €216,167 to €205,843
Income statement
- Gross operating margin +€205,225
up €205,225 (+86.2%), from €237,986 to €443,210
- Staff costs +€88,491
up €88,491 (+308%), from €28,715 to €117,206
- Taxes +€28,775
up €28,775 (+62.9%), from €45,746 to €74,521
- Depreciation +€7,020
up €7,020 (+42.2%), from €16,647 to €23,667
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.
Result 2024
€137,965
Gross operating margin
+€205,225
Staff costs
-€88,491
Depreciation
-€7,020
Other operating charges
-€910
Financial income
+€10
Financial charges
+€182
Taxes
-€28,775
Result 2025
€218,186
raises the resultlowers the result
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.
From operations
+€314,771
Investment
-€27,564
Financing
-€115,883
Cash 2024
€142,459
From operations (derived)
+€314,771
Net result for the year
+€218,186
Depreciation
+€23,667
Receivables within one year
+€53,774
Deferred charges and accrued income
+€404
Trade debts
+€3,225
Tax, wage and social debts
+€14,155
Other debts
+€1,362
Investment (derived)
-€27,564
Investment in fixed assets (net)
-€27,564
Financing
-€115,883
Debts after one year
-€10,325
Current portion of long-term debt
+€324
Contributions, distributions and other
-€105,882
Cash 2025
€313,783
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €482,310 | €603,355 | +€121,044 | +25.1% |
| Fixed assets | 21/28 | €266,773 | €270,670 | +€3,897 | +1.5% |
| Tangible fixed assets | 22/27 | €266,773 | €270,670 | +€3,897 | +1.5% |
| Land and buildings | 22 | €230,652 | €220,706 | -€9,946 | -4.3% |
| Plant, machinery and equipment | 23 | €2,506 | €12,747 | +€10,241 | +409% |
| Furniture and vehicles | 24 | €33,615 | €37,218 | +€3,603 | +10.7% |
| Current assets | 29/58 | €215,537 | €332,684 | +€117,147 | +54.4% |
| Amounts receivable within one year | 40/41 | €70,629 | €16,855 | -€53,774 | -76.1% |
| Trade receivables | 40 | €63,343 | €6,923 | -€56,419 | -89.1% |
| Other amounts receivable | 41 | €7,286 | €9,932 | +€2,646 | +36.3% |
| Cash at bank and in hand | 54/58 | €142,459 | €313,783 | +€171,324 | +120% |
| Deferred charges and accrued income | 490/1 | €2,450 | €2,046 | -€404 | -16.5% |
| Total equity and liabilities | 10/49 | €482,310 | €603,355 | +€121,044 | +25.1% |
| Equity | 10/15 | €245,567 | €357,870 | +€112,303 | +45.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €226,967 | €339,270 | +€112,303 | +49.5% |
| Amounts payable | 17/49 | €236,743 | €245,484 | +€8,741 | +3.7% |
| Amounts payable after more than one year | 17 | €216,167 | €205,843 | -€10,325 | -4.8% |
| Financial debts | 170/4 | €216,167 | €205,843 | -€10,325 | -4.8% |
| Amounts payable within one year | 42/48 | €20,576 | €39,642 | +€19,066 | +92.7% |
| Current portion of amounts payable after more than one year | 42 | €10,847 | €11,172 | +€324 | +3.0% |
| Trade debts | 44 | €2,964 | €6,189 | +€3,225 | +109% |
| Suppliers | 440/4 | €2,964 | €6,189 | +€3,225 | +109% |
| Taxes, remuneration and social security | 45 | €4,505 | €18,659 | +€14,155 | +314% |
| Taxes | 450/3 | €1,800 | €4,521 | +€2,721 | +151% |
| Remuneration and social security | 454/9 | €2,705 | €14,138 | +€11,434 | +423% |
| Other amounts payable | 47/48 | €2,260 | €3,622 | +€1,362 | +60.3% |
| Remuneration, social security and pensions | 62 | €28,715 | €117,206 | +€88,491 | +308% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,647 | €23,667 | +€7,020 | +42.2% |
| Other operating charges | 640/8 | €1,899 | €2,809 | +€910 | +47.9% |
| Gross operating margin | 9900 | €237,986 | €443,210 | +€205,225 | +86.2% |
| Operating profit (loss) | 9901 | €190,724 | €299,528 | +€108,804 | +57.0% |
| Financial income | 75/76B | €6 | €16 | +€10 | +172% |
| Recurring financial income | 75 | €6 | €16 | +€10 | +172% |
| Financial charges | 65/66B | €7,020 | €6,838 | -€182 | -2.6% |
| Recurring financial charges | 65 | €7,020 | €6,838 | -€182 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €183,711 | €292,707 | +€108,996 | +59.3% |
| Income taxes | 67/77 | €45,746 | €74,521 | +€28,775 | +62.9% |
| Profit (loss) for the period | 9904 | €137,965 | €218,186 | +€80,221 | +58.1% |
| Profit (loss) for the period to be appropriated | 9905 | €137,965 | €218,186 | +€80,221 | +58.1% |
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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 8 November 2026 via checked.be.