DE SMET: 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.
What changed
DE SMET
NACE 46.831, Wholesale of construction materials, general range
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€166,856
2024 · €372,814-€205,958
Equity
€7.8m
2024 · €7.6m+€166,856
Cash
€5.8m
2024 · €2.8m+€3.0m
Balance sheet total
€9.5m
2024 · €9.6m-€113,573
Largest movements
Assets
- Current investments -€3.1m
down €3.1m (-100%), from €3.1m to €0
- Cash +€3.0m
up €3.0m (+105%), from €2.8m to €5.8m
mainly Current investments (+€3.1m) and Net result for the year (+€166,856)
Equity and liabilities
- Other debts -€258,738
down €258,738 (-15.6%), from €1.7m to €1.4m
- Reserves +€166,856
up €166,856 (+2.3%), from €7.1m to €7.3m
of which Distributable reserves: +€166,856
Income statement
- Other operating charges -€285,504
down €285,504 (-93.6%), from €305,117 to €19,613
- Gross operating margin -€172,906
down €172,906 (-30.3%), from €570,633 to €397,727
- Financial income -€143,743
down €143,743 (-42.0%), from €342,251 to €198,508
- Write-downs +€125,465
new in 2025: €125,465
- Staff costs +€44,937
up €44,937 (+55.1%), from €81,565 to €126,502
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.
Result 2024
€372,814
Gross operating margin
-€172,906
Staff costs
-€44,937
Depreciation
-€889
Write-downs
-€125,465
Other operating charges
+€285,504
Other operating items
-€11,407
Financial income
-€143,743
Financial charges
+€3,208
Taxes
+€4,677
Result 2025
€166,856
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€119,641
Investment
+€3.1m
Financing
€0
Cash 2024
€2.8m
From operations (derived)
-€119,641
Net result for the year
+€166,856
Depreciation
+€6,742
Stocks and contracts
-€31,323
Receivables within one year
+€21,292
Smaller working-capital items
-€3,252
Trade debts
+€74,655
Tax, wage and social debts
-€95,872
Other debts
-€258,738
Investment (derived)
+€3.1m
Current investments
+€3.1m
Cash 2025
€5.8m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,612,383 | €9,498,811 | -€113,573 | -1.2% |
| Fixed assets | 21/28 | €177,970 | €171,228 | -€6,742 | -3.8% |
| Tangible fixed assets | 22/27 | €177,970 | €171,228 | -€6,742 | -3.8% |
| Land and buildings | 22 | €0 | - | = | |
| Other tangible fixed assets | 26 | €177,970 | €171,228 | -€6,742 | -3.8% |
| Current assets | 29/58 | €9,434,413 | €9,327,583 | -€106,831 | -1.1% |
| Stocks and contracts in progress | 3 | €244,659 | €275,982 | +€31,323 | +12.8% |
| Stocks | 30/36 | €244,659 | €275,982 | +€31,323 | +12.8% |
| Amounts receivable within one year | 40/41 | €3,248,010 | €3,226,719 | -€21,292 | -0.7% |
| Trade receivables | 40 | €1,743,431 | €1,646,508 | -€96,923 | -5.6% |
| Other amounts receivable | 41 | €1,504,579 | €1,580,211 | +€75,632 | +5.0% |
| Current investments | 50/53 | €3,100,000 | €0 | -€3.1m | -100% |
| Cash at bank and in hand | 54/58 | €2,827,461 | €5,807,820 | +€3.0m | +105% |
| Deferred charges and accrued income | 490/1 | €14,283 | €17,062 | +€2,779 | +19.5% |
| Total equity and liabilities | 10/49 | €9,612,383 | €9,498,811 | -€113,573 | -1.2% |
| Equity | 10/15 | €7,631,074 | €7,797,931 | +€166,856 | +2.2% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €7,131,074 | €7,297,931 | +€166,856 | +2.3% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €7,024,824 | €7,191,681 | +€166,856 | +2.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,981,309 | €1,700,880 | -€280,429 | -14.2% |
| Amounts payable within one year | 42/48 | €1,980,835 | €1,700,880 | -€279,956 | -14.1% |
| Trade debts | 44 | €187,147 | €261,802 | +€74,655 | +39.9% |
| Suppliers | 440/4 | €187,147 | €261,802 | +€74,655 | +39.9% |
| Taxes, remuneration and social security | 45 | €136,292 | €40,419 | -€95,872 | -70.3% |
| Taxes | 450/3 | €129,954 | €33,629 | -€96,325 | -74.1% |
| Remuneration and social security | 454/9 | €6,338 | €6,791 | +€452 | +7.1% |
| Other amounts payable | 47/48 | €1,657,396 | €1,398,658 | -€258,738 | -15.6% |
| Accrued charges and deferred income | 492/3 | €474 | €0 | -€474 | -100% |
| Non-recurring operating income | 76A | - | €13,623 | +€13,623 | |
| Remuneration, social security and pensions | 62 | €81,565 | €126,502 | +€44,937 | +55.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,853 | €6,742 | +€889 | +15.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €125,465 | +€125,465 | |
| Other operating charges | 640/8 | €305,117 | €19,613 | -€285,504 | -93.6% |
| Non-recurring operating charges | 66A | - | €11,407 | +€11,407 | |
| Gross operating margin | 9900 | €570,633 | €397,727 | -€172,906 | -30.3% |
| Operating profit (loss) | 9901 | €178,097 | €107,998 | -€70,100 | -39.4% |
| Financial income | 75/76B | €342,251 | €198,508 | -€143,743 | -42.0% |
| Recurring financial income | 75 | €342,251 | €198,508 | -€143,743 | -42.0% |
| Financial charges | 65/66B | €70,479 | €67,270 | -€3,208 | -4.6% |
| Recurring financial charges | 65 | €70,479 | €67,270 | -€3,208 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | €449,870 | €239,235 | -€210,634 | -46.8% |
| Income taxes | 67/77 | €77,056 | €72,379 | -€4,677 | -6.1% |
| Profit (loss) for the period | 9904 | €372,814 | €166,856 | -€205,958 | -55.2% |
| Profit (loss) for the period to be appropriated | 9905 | €372,814 | €166,856 | -€205,958 | -55.2% |
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 20 October 2026 via checked.be.