DE SMET: what changed
Two fiscal 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 SMET
Largest movements
- Cash +€23,538
up €23,538 (+27.7%), from €84,928 to €108,467
mainly Net result for the year (+€18,813) and Depreciation (+€17,582)
- Tangible fixed assets -€12,905
down €12,905 (-3.4%), from €375,495 to €362,590
of which Land and buildings: -€8,781
- Reserves +€18,813
up €18,813 (+6.8%), from €277,171 to €295,984
- Other debts -€7,181
down €7,181 (-5.5%), from €130,544 to €123,363
- Gross operating margin +€5,601
up €5,601 (+14.1%), from €39,746 to €45,346
- Depreciation -€730
down €730 (-4.0%), from €18,312 to €17,582
- Taxes +€581
up €581 (+44.7%), from €1,300 to €1,881
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.
Cash bridge derived
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 | €460,555 | €472,497 | +€11,942 | +2.6% |
| Fixed assets | 21/28 | €375,495 | €362,590 | -€12,905 | -3.4% |
| Tangible fixed assets | 22/27 | €375,495 | €362,590 | -€12,905 | -3.4% |
| Land and buildings | 22 | €277,601 | €268,820 | -€8,781 | -3.2% |
| Plant, machinery and equipment | 23 | €97,754 | €93,770 | -€3,985 | -4.1% |
| Furniture and vehicles | 24 | €139 | - | -€139 | |
| Current assets | 29/58 | €85,060 | €109,907 | +€24,847 | +29.2% |
| Amounts receivable within one year | 40/41 | €131 | €1,440 | +€1,309 | +996.5% |
| Trade receivables | 40 | €131 | €1,440 | +€1,309 | +996.5% |
| Cash at bank and in hand | 54/58 | €84,928 | €108,467 | +€23,538 | +27.7% |
| Total equity and liabilities | 10/49 | €460,555 | €472,497 | +€11,942 | +2.6% |
| Equity | 10/15 | €327,171 | €345,984 | +€18,813 | +5.8% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €277,171 | €295,984 | +€18,813 | +6.8% |
| Distributable reserves | 133 | €277,171 | €295,984 | +€18,813 | +6.8% |
| Amounts payable | 17/49 | €133,384 | €126,512 | -€6,871 | -5.2% |
| Amounts payable within one year | 42/48 | €131,844 | €125,244 | -€6,600 | -5.0% |
| Taxes, remuneration and social security | 45 | €1,300 | €1,881 | +€581 | +44.7% |
| Taxes | 450/3 | €1,300 | €1,881 | +€581 | +44.7% |
| Other amounts payable | 47/48 | €130,544 | €123,363 | -€7,181 | -5.5% |
| Accrued charges and deferred income | 492/3 | €1,540 | €1,268 | -€272 | -17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,312 | €17,582 | -€730 | -4.0% |
| Other operating charges | 640/8 | €6,360 | €6,260 | -€101 | -1.6% |
| Gross operating margin | 9900 | €39,746 | €45,346 | +€5,601 | +14.1% |
| Operating profit (loss) | 9901 | €15,073 | €21,505 | +€6,431 | +42.7% |
| Financial charges | 65/66B | €408 | €810 | +€403 | +98.7% |
| Recurring financial charges | 65 | €408 | €810 | +€403 | +98.7% |
| Profit (loss) for the period before taxes | 9903 | €14,666 | €20,694 | +€6,029 | +41.1% |
| Income taxes | 67/77 | €1,300 | €1,881 | +€581 | +44.7% |
| Profit (loss) for the period | 9904 | €13,366 | €18,813 | +€5,448 | +40.8% |
| Profit (loss) for the period to be appropriated | 9905 | €13,366 | €18,813 | +€5,448 | +40.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.