De Smet Chris: 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.
De Smet Chris
Largest movements
- Receivables within one year -€194,085
down €194,085 (-67.9%), from €285,645 to €91,560
- Deferred charges and accrued income -€157,349
down €157,349 (-54.5%), from €288,574 to €131,225
- Current investments +€116,520
up €116,520 (+18.1%), from €645,236 to €761,756
- Cash -€84,276
down €84,276 (-63.3%), from €133,140 to €48,864
mainly Contributions, distributions and other (-€548,541) and Current investments (-€116,520)
- Receivables after one year -€37,196
down €37,196 (-100%), from €37,196 to €0
- Reserves -€280,721
down €280,721 (-18.9%), from €1.5m to €1.2m
of which Distributable reserves: -€274,073
- Tax, wage and social debts -€38,643
down €38,643 (-49.5%), from €77,998 to €39,355
of which Taxes: -€33,777
- Other debts -€21,310
down €21,310 (-50.0%), from €42,581 to €21,271
- Gross operating margin +€148,163
up €148,163 (+65.8%), from €225,168 to €373,331
- Taxes +€44,085
up €44,085 (+54.3%), from €81,202 to €125,288
- Financial income -€14,291
down €14,291 (-27.2%), from €52,588 to €38,297
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,001,697 | €1,626,811 | -€374,885 | -18.7% |
| Fixed assets | 21/28 | €611,905 | €593,406 | -€18,499 | -3.0% |
| Tangible fixed assets | 22/27 | €611,563 | €593,406 | -€18,157 | -3.0% |
| Land and buildings | 22 | €610,063 | €591,906 | -€18,157 | -3.0% |
| Furniture and vehicles | 24 | €1,500 | €1,500 | = | 0.0% |
| Financial fixed assets | 28 | €342 | €0 | -€342 | -100% |
| Current assets | 29/58 | €1,389,792 | €1,033,405 | -€356,387 | -25.6% |
| Amounts receivable after more than one year | 29 | €37,196 | €0 | -€37,196 | -100% |
| Other amounts receivable | 291 | €37,196 | €0 | -€37,196 | -100% |
| Amounts receivable within one year | 40/41 | €285,645 | €91,560 | -€194,085 | -67.9% |
| Other amounts receivable | 41 | €285,645 | €91,560 | -€194,085 | -67.9% |
| Current investments | 50/53 | €645,236 | €761,756 | +€116,520 | +18.1% |
| Cash at bank and in hand | 54/58 | €133,140 | €48,864 | -€84,276 | -63.3% |
| Deferred charges and accrued income | 490/1 | €288,574 | €131,225 | -€157,349 | -54.5% |
| Total equity and liabilities | 10/49 | €2,001,697 | €1,626,811 | -€374,885 | -18.7% |
| Equity | 10/15 | €1,549,256 | €1,268,535 | -€280,721 | -18.1% |
| Contributions | 10/11 | €30,229 | €30,229 | = | 0.0% |
| Reserves | 13 | €1,485,673 | €1,204,952 | -€280,721 | -18.9% |
| Tax-exempt reserves | 132 | €100,205 | €93,557 | -€6,648 | -6.6% |
| Distributable reserves | 133 | €1,385,468 | €1,111,395 | -€274,073 | -19.8% |
| Profit (loss) carried forward | 14 | €33,354 | €33,354 | = | 0.0% |
| Provisions and deferred taxes | 16 | €51,440 | €48,015 | -€3,425 | -6.7% |
| Deferred taxes | 168 | €51,440 | €48,015 | -€3,425 | -6.7% |
| Amounts payable | 17/49 | €401,001 | €310,262 | -€90,739 | -22.6% |
| Amounts payable after more than one year | 17 | €15,278 | €0 | -€15,278 | -100% |
| Financial debts | 170/4 | €15,278 | €0 | -€15,278 | -100% |
| Amounts payable within one year | 42/48 | €143,677 | €77,233 | -€66,443 | -46.2% |
| Current portion of amounts payable after more than one year | 42 | €16,667 | €15,278 | -€1,389 | -8.3% |
| Trade debts | 44 | €6,431 | €1,330 | -€5,101 | -79.3% |
| Suppliers | 440/4 | €6,431 | €1,330 | -€5,101 | -79.3% |
| Taxes, remuneration and social security | 45 | €77,998 | €39,355 | -€38,643 | -49.5% |
| Taxes | 450/3 | €73,132 | €39,355 | -€33,777 | -46.2% |
| Remuneration and social security | 454/9 | €4,865 | - | -€4,865 | |
| Other amounts payable | 47/48 | €42,581 | €21,271 | -€21,310 | -50.0% |
| Accrued charges and deferred income | 492/3 | €242,047 | €233,029 | -€9,018 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,670 | €18,157 | -€514 | -2.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €2,906 | €2,436 | -€469 | -16.2% |
| Non-recurring operating charges | 66A | - | €342 | +€342 | |
| Gross operating margin | 9900 | €225,168 | €373,331 | +€148,163 | +65.8% |
| Operating profit (loss) | 9901 | €203,592 | €352,396 | +€148,804 | +73.1% |
| Financial income | 75/76B | €52,588 | €38,297 | -€14,291 | -27.2% |
| Recurring financial income | 75 | €52,588 | €38,297 | -€14,291 | -27.2% |
| Financial charges | 65/66B | -€1,497 | €1,011 | +€2,508 | |
| Recurring financial charges | 65 | -€1,497 | €1,011 | +€2,508 | |
| Profit (loss) for the period before taxes | 9903 | €257,678 | €389,682 | +€132,004 | +51.2% |
| Transfer from deferred taxes | 780 | €3,425 | €3,425 | = | 0.0% |
| Income taxes | 67/77 | €81,202 | €125,288 | +€44,085 | +54.3% |
| Profit (loss) for the period | 9904 | €179,901 | €267,819 | +€87,919 | +48.9% |
| Transfer from tax-exempt reserves | 789 | €6,648 | €6,648 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €186,549 | €274,468 | +€87,919 | +47.1% |
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 25 October 2026 via checked.be.