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
- Receivables within one year +€306,040
up €306,040 (+92.6%), from €330,547 to €636,587
of which Trade receivables: +€294,541
- Current investments +€47,379
up €47,379 (+66.7%), from €71,067 to €118,446
- Tangible fixed assets +€33,253
up €33,253 (+2.6%), from €1.3m to €1.3m
of which Land and buildings: +€50,489
- Cash -€28,690
down €28,690 (-35.8%), from €80,191 to €51,501
mainly Receivables within one year (-€306,040) and Investment in fixed assets (net) (-€117,356)
- Debts +€321,677
up €321,677 (+25.5%), from €1.3m to €1.6m
of which Debts after one year: +€442,074
- Profit (loss) carried forward +€36,305
up €36,305 (+13.6%), from €266,023 to €302,328
- Gross operating margin -€440,669
down €440,669 (-73.9%), from €595,974 to €155,305
- Taxes -€75,114
down €75,114 (-87.1%), from €86,288 to €11,174
- Staff costs -€69,882
down €69,882, from €60,025 to -€9,857
- Depreciation -€28,489
down €28,489 (-25.3%), from €112,592 to €84,103
- Write-downs -€14,255
down €14,255 (-100.0%), from €14,255 to €0
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 | €1,750,599 | €2,108,581 | +€357,982 | +20.4% |
| Fixed assets | 21/28 | €1,268,794 | €1,302,047 | +€33,253 | +2.6% |
| Tangible fixed assets | 22/27 | €1,268,779 | €1,302,032 | +€33,253 | +2.6% |
| Land and buildings | 22 | €1,061,519 | €1,112,008 | +€50,489 | +4.8% |
| Plant, machinery and equipment | 23 | €161,358 | €157,364 | -€3,994 | -2.5% |
| Furniture and vehicles | 24 | €45,902 | €32,660 | -€13,242 | -28.8% |
| Financial fixed assets | 28 | €15 | €15 | -€0 | -0.9% |
| Current assets | 29/58 | €481,806 | €806,534 | +€324,728 | +67.4% |
| Amounts receivable within one year | 40/41 | €330,547 | €636,587 | +€306,040 | +92.6% |
| Trade receivables | 40 | €311,148 | €605,689 | +€294,541 | +94.7% |
| Other amounts receivable | 41 | €19,399 | €30,898 | +€11,499 | +59.3% |
| Current investments | 50/53 | €71,067 | €118,446 | +€47,379 | +66.7% |
| Cash at bank and in hand | 54/58 | €80,191 | €51,501 | -€28,690 | -35.8% |
| Total equity and liabilities | 10/49 | €1,750,599 | €2,108,581 | +€357,982 | +20.4% |
| Equity | 10/15 | €487,083 | €523,388 | +€36,305 | +7.5% |
| Contributions | 10/11 | €29,657 | €29,657 | +€0 | 0.0% |
| Reserves | 13 | €191,403 | €191,403 | -€0 | 0.0% |
| Distributable reserves | 133 | €191,403 | €191,403 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | €266,023 | €302,328 | +€36,305 | +13.6% |
| Amounts payable | 17/49 | €1,263,516 | €1,585,193 | +€321,677 | +25.5% |
| Amounts payable after more than one year | 17 | - | €442,074 | +€442,074 | |
| Financial debts | 170/4 | - | €442,074 | +€442,074 | |
| Amounts payable within one year | 42/48 | €795,084 | €1,143,119 | +€348,035 | +43.8% |
| Current portion of amounts payable after more than one year | 42 | - | €26,359 | +€26,359 | |
| Trade debts | 44 | €394,798 | €733,512 | +€338,714 | +85.8% |
| Suppliers | 440/4 | €394,798 | €733,512 | +€338,714 | +85.8% |
| Taxes, remuneration and social security | 45 | €74,741 | €77,689 | +€2,948 | +3.9% |
| Taxes | 450/3 | €66,288 | €77,689 | +€11,401 | +17.2% |
| Remuneration and social security | 454/9 | €8,453 | €0 | -€8,453 | -100.0% |
| Other amounts payable | 47/48 | €300,181 | €305,559 | +€5,378 | +1.8% |
| Non-recurring operating income | 76A | €38,212 | €253 | -€37,959 | -99.3% |
| Remuneration, social security and pensions | 62 | €60,025 | -€9,857 | -€69,882 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,592 | €84,103 | -€28,489 | -25.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,255 | €0 | -€14,255 | -100.0% |
| Other operating charges | 640/8 | €15,101 | €13,883 | -€1,218 | -8.1% |
| Non-recurring operating charges | 66A | - | €0 | = | |
| Gross operating margin | 9900 | €595,974 | €155,305 | -€440,669 | -73.9% |
| Operating profit (loss) | 9901 | €351,806 | €67,175 | -€284,631 | -80.9% |
| Financial income | 75/76B | €1,835 | €0 | -€1,835 | -100.0% |
| Recurring financial income | 75 | €1,835 | €0 | -€1,835 | -100.0% |
| Financial charges | 65/66B | €9,509 | €19,697 | +€10,188 | +107.1% |
| Recurring financial charges | 65 | €9,509 | €19,697 | +€10,188 | +107.1% |
| Profit (loss) for the period before taxes | 9903 | €344,132 | €47,479 | -€296,653 | -86.2% |
| Income taxes | 67/77 | €86,288 | €11,174 | -€75,114 | -87.1% |
| Profit (loss) for the period | 9904 | €257,845 | €36,305 | -€221,540 | -85.9% |
| Profit (loss) for the period to be appropriated | 9905 | €257,845 | €36,305 | -€221,540 | -85.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.