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 after one year -€63,000
down €63,000 (-94.0%), from €67,000 to €4,000
- Cash -€35,470
down €35,470 (-16.6%), from €213,335 to €177,865
mainly Contributions, distributions and other (-€159,006) and Investment in fixed assets (net) (-€27,697)
- Tangible fixed assets -€18,482
down €18,482 (-12.1%), from €152,503 to €134,021
of which Furniture and vehicles: -€14,384
- Receivables within one year +€15,677
up €15,677 (+24.3%), from €64,445 to €80,122
of which Trade receivables: +€9,240
- Reserves -€138,321
down €138,321 (-38.1%), from €363,194 to €224,873
of which Distributable reserves: -€138,321
- Other debts +€53,079
up €53,079 (+236.6%), from €22,430 to €75,510
- Debts after one year -€15,585
down €15,585 (-25.9%), from €60,103 to €44,518
- Gross operating margin -€52,622
down €52,622 (-39.5%), from €133,234 to €80,612
- Depreciation +€25,082
up €25,082 (+118.9%), from €21,097 to €46,179
- Taxes -€11,772
down €11,772 (-58.0%), from €20,301 to €8,529
- Other operating charges +€1,731
up €1,731 (+71.3%), from €2,427 to €4,158
- Financial income -€1,590
down €1,590 (-40.2%), from €3,952 to €2,362
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 | €513,593 | €409,912 | -€103,681 | -20.2% |
| Fixed assets | 21/28 | €152,948 | €134,466 | -€18,482 | -12.1% |
| Tangible fixed assets | 22/27 | €152,503 | €134,021 | -€18,482 | -12.1% |
| Land and buildings | 22 | €2,845 | €1,985 | -€861 | -30.2% |
| Plant, machinery and equipment | 23 | €2,669 | €1,774 | -€895 | -33.5% |
| Furniture and vehicles | 24 | €143,107 | €128,723 | -€14,384 | -10.1% |
| Other tangible fixed assets | 26 | €3,882 | €1,539 | -€2,343 | -60.4% |
| Financial fixed assets | 28 | €445 | €445 | = | 0.0% |
| Current assets | 29/58 | €360,645 | €275,445 | -€85,200 | -23.6% |
| Amounts receivable after more than one year | 29 | €67,000 | €4,000 | -€63,000 | -94.0% |
| Other amounts receivable | 291 | €67,000 | €4,000 | -€63,000 | -94.0% |
| Amounts receivable within one year | 40/41 | €64,445 | €80,122 | +€15,677 | +24.3% |
| Trade receivables | 40 | €63,902 | €73,141 | +€9,240 | +14.5% |
| Other amounts receivable | 41 | €544 | €6,981 | +€6,437 | +1184.3% |
| Current investments | 50/53 | €72 | €64 | -€8 | -11.1% |
| Cash at bank and in hand | 54/58 | €213,335 | €177,865 | -€35,470 | -16.6% |
| Deferred charges and accrued income | 490/1 | €15,793 | €13,395 | -€2,398 | -15.2% |
| Total equity and liabilities | 10/49 | €513,593 | €409,912 | -€103,681 | -20.2% |
| Equity | 10/15 | €381,786 | €243,465 | -€138,321 | -36.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €363,194 | €224,873 | -€138,321 | -38.1% |
| Tax-exempt reserves | 132 | €104,750 | €104,750 | = | 0.0% |
| Distributable reserves | 133 | €258,444 | €120,123 | -€138,321 | -53.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €131,807 | €166,446 | +€34,639 | +26.3% |
| Amounts payable after more than one year | 17 | €60,103 | €44,518 | -€15,585 | -25.9% |
| Financial debts | 170/4 | €60,103 | €44,518 | -€15,585 | -25.9% |
| Amounts payable within one year | 42/48 | €71,704 | €121,929 | +€50,225 | +70.0% |
| Current portion of amounts payable after more than one year | 42 | €15,015 | €15,585 | +€571 | +3.8% |
| Trade debts | 44 | €16,164 | €16,323 | +€159 | +1.0% |
| Suppliers | 440/4 | €16,164 | €16,323 | +€159 | +1.0% |
| Taxes, remuneration and social security | 45 | €18,094 | €14,510 | -€3,584 | -19.8% |
| Taxes | 450/3 | €18,094 | €14,510 | -€3,584 | -19.8% |
| Other amounts payable | 47/48 | €22,430 | €75,510 | +€53,079 | +236.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,097 | €46,179 | +€25,082 | +118.9% |
| Other operating charges | 640/8 | €2,427 | €4,158 | +€1,731 | +71.3% |
| Gross operating margin | 9900 | €133,234 | €80,612 | -€52,622 | -39.5% |
| Operating profit (loss) | 9901 | €109,710 | €30,276 | -€79,434 | -72.4% |
| Financial income | 75/76B | €3,952 | €2,362 | -€1,590 | -40.2% |
| Recurring financial income | 75 | €3,952 | €2,362 | -€1,590 | -40.2% |
| Financial charges | 65/66B | €2,390 | €3,423 | +€1,033 | +43.2% |
| Recurring financial charges | 65 | €2,390 | €3,423 | +€1,033 | +43.2% |
| Profit (loss) for the period before taxes | 9903 | €111,272 | €29,215 | -€82,058 | -73.7% |
| Income taxes | 67/77 | €20,301 | €8,529 | -€11,772 | -58.0% |
| Profit (loss) for the period | 9904 | €90,971 | €20,685 | -€70,286 | -77.3% |
| Transfer to tax-exempt reserves | 689 | €33,000 | €0 | -€33,000 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €57,971 | €20,685 | -€37,286 | -64.3% |
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.