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 -€241,704
down €241,704 (-68.3%), from €353,903 to €112,199
mainly Contributions, distributions and other (-€393,153) and Investment in fixed assets (net) (-€8,625)
- Receivables within one year -€28,512
down €28,512 (-68.1%), from €41,897 to €13,386
of which Other amounts receivable: -€29,332
- Tangible fixed assets +€6,720
up €6,720 (+56.8%), from €11,821 to €18,541
- Reserves -€265,055
down €265,055 (-67.4%), from €393,153 to €128,098
- Gross operating margin +€5,993
up €5,993 (+3.7%), from €161,088 to €167,081
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 | €410,293 | €144,125 | -€266,167 | -64.9% |
| Fixed assets | 21/28 | €11,821 | €18,541 | +€6,720 | +56.8% |
| Tangible fixed assets | 22/27 | €11,821 | €18,541 | +€6,720 | +56.8% |
| Furniture and vehicles | 24 | €11,821 | €18,541 | +€6,720 | +56.8% |
| Current assets | 29/58 | €398,471 | €125,584 | -€272,887 | -68.5% |
| Amounts receivable within one year | 40/41 | €41,897 | €13,386 | -€28,512 | -68.1% |
| Trade receivables | 40 | €10,890 | €11,710 | +€820 | +7.5% |
| Other amounts receivable | 41 | €31,007 | €1,676 | -€29,332 | -94.6% |
| Cash at bank and in hand | 54/58 | €353,903 | €112,199 | -€241,704 | -68.3% |
| Deferred charges and accrued income | 490/1 | €2,671 | - | -€2,671 | |
| Total equity and liabilities | 10/49 | €410,293 | €144,125 | -€266,167 | -64.9% |
| Equity | 10/15 | €395,653 | €130,598 | -€265,055 | -67.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Outside capital | 11 | €2,500 | €2,500 | = | 0.0% |
| Other | 1109/19 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €393,153 | €128,098 | -€265,055 | -67.4% |
| Distributable reserves | 133 | €393,153 | €128,098 | -€265,055 | -67.4% |
| Amounts payable | 17/49 | €14,640 | €13,528 | -€1,112 | -7.6% |
| Amounts payable within one year | 42/48 | €14,640 | €13,528 | -€1,112 | -7.6% |
| Trade debts | 44 | €4,131 | €86 | -€4,045 | -97.9% |
| Suppliers | 440/4 | €4,131 | €86 | -€4,045 | -97.9% |
| Taxes, remuneration and social security | 45 | €10,509 | €13,442 | +€2,933 | +27.9% |
| Taxes | 450/3 | €10,509 | €13,442 | +€2,933 | +27.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €444 | €1,905 | +€1,461 | +328.9% |
| Other operating charges | 640/8 | €790 | €949 | +€160 | +20.2% |
| Gross operating margin | 9900 | €161,088 | €167,081 | +€5,993 | +3.7% |
| Operating profit (loss) | 9901 | €159,854 | €164,227 | +€4,373 | +2.7% |
| Financial income | 75/76B | €2,285 | €2,630 | +€345 | +15.1% |
| Recurring financial income | 75 | €2,285 | €2,630 | +€345 | +15.1% |
| Financial charges | 65/66B | €3,072 | €2,187 | -€885 | -28.8% |
| Recurring financial charges | 65 | €3,072 | €2,187 | -€885 | -28.8% |
| Profit (loss) for the period before taxes | 9903 | €159,068 | €164,670 | +€5,603 | +3.5% |
| Income taxes | 67/77 | €35,110 | €36,573 | +€1,463 | +4.2% |
| Profit (loss) for the period | 9904 | €123,958 | €128,098 | +€4,140 | +3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €123,958 | €128,098 | +€4,140 | +3.3% |
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.