DE SMET & PARTNERS: 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 & PARTNERS
Largest movements
- Receivables within one year -€119,689
down €119,689 (-91.3%), from €131,031 to €11,342
of which Trade receivables: -€120,089
- Financial fixed assets +€10,647
up €10,647 (+28.4%), from €37,429 to €48,076
- Cash +€6,609
up €6,609 (+5,457%), from €121 to €6,730
mainly Receivables within one year (+€119,689) and Debts after one year (+€37,000)
- Profit (loss) carried forward -€126,099
down €126,099 (-532%), from -€23,681 to -€149,781
- Debts after one year +€37,000
up €37,000 (+740%), from €5,000 to €42,000
- Other debts -€9,332
down €9,332 (-92.7%), from €10,072 to €740
- Financial charges +€95,342
up €95,342 (+16,101%), from €592 to €95,934
- Gross operating margin -€40,828
down €40,828, from €14,856 to -€25,973
- Financial income +€1,121
up €1,121, from €0 to €1,121
- Depreciation +€365
up €365 (+29.6%), from €1,234 to €1,598
- Other operating charges +€291
up €291 (+8.5%), from €3,425 to €3,716
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 | €422,139 | €321,187 | -€100,952 | -23.9% |
| Fixed assets | 21/28 | €244,085 | €257,700 | +€13,615 | +5.6% |
| Tangible fixed assets | 22/27 | €206,656 | €209,624 | +€2,968 | +1.4% |
| Land and buildings | 22 | €205,989 | €208,379 | +€2,390 | +1.2% |
| Plant, machinery and equipment | 23 | - | €961 | +€961 | |
| Furniture and vehicles | 24 | €667 | €284 | -€383 | -57.4% |
| Financial fixed assets | 28 | €37,429 | €48,076 | +€10,647 | +28.4% |
| Current assets | 29/58 | €178,054 | €63,487 | -€114,567 | -64.3% |
| Amounts receivable after more than one year | 29 | €46,400 | €44,704 | -€1,696 | -3.7% |
| Other amounts receivable | 291 | €46,400 | €44,704 | -€1,696 | -3.7% |
| Stocks and contracts in progress | 3 | €117 | €117 | = | 0.0% |
| Stocks | 30/36 | €117 | €117 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €131,031 | €11,342 | -€119,689 | -91.3% |
| Trade receivables | 40 | €131,031 | €10,943 | -€120,089 | -91.6% |
| Other amounts receivable | 41 | - | €399 | +€399 | |
| Current investments | 50/53 | €23 | €22 | -€1 | -2.3% |
| Cash at bank and in hand | 54/58 | €121 | €6,730 | +€6,609 | +5,457% |
| Deferred charges and accrued income | 490/1 | €362 | €573 | +€211 | +58.2% |
| Total equity and liabilities | 10/49 | €422,139 | €321,187 | -€100,952 | -23.9% |
| Equity | 10/15 | €395,414 | €269,315 | -€126,099 | -31.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €418,096 | €418,096 | = | 0.0% |
| Distributable reserves | 133 | €418,096 | €418,096 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,681 | -€149,781 | -€126,099 | -532% |
| Amounts payable | 17/49 | €26,725 | €51,872 | +€25,147 | +94.1% |
| Amounts payable after more than one year | 17 | €5,000 | €42,000 | +€37,000 | +740% |
| Financial debts | 170/4 | €5,000 | €42,000 | +€37,000 | +740% |
| Amounts payable within one year | 42/48 | €21,725 | €9,872 | -€11,853 | -54.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €1 | €0 | -€1 | -100% |
| Credit institutions | 430/8 | €1 | €0 | -€1 | -100% |
| Trade debts | 44 | €10,626 | €9,132 | -€1,495 | -14.1% |
| Suppliers | 440/4 | €10,626 | €9,132 | -€1,495 | -14.1% |
| Taxes, remuneration and social security | 45 | €1,025 | €0 | -€1,025 | -100% |
| Taxes | 450/3 | €740 | €0 | -€740 | -100% |
| Remuneration and social security | 454/9 | €285 | €0 | -€285 | -100% |
| Other amounts payable | 47/48 | €10,072 | €740 | -€9,332 | -92.7% |
| Accrued charges and deferred income | 492/3 | €0 | €0 | +€0 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,234 | €1,598 | +€365 | +29.6% |
| Other operating charges | 640/8 | €3,425 | €3,716 | +€291 | +8.5% |
| Gross operating margin | 9900 | €14,856 | -€25,973 | -€40,828 | |
| Operating profit (loss) | 9901 | €10,197 | -€31,286 | -€41,484 | |
| Financial income | 75/76B | €0 | €1,121 | +€1,121 | |
| Recurring financial income | 75 | €0 | €1,121 | +€1,121 | |
| Financial charges | 65/66B | €592 | €95,934 | +€95,342 | +16,101% |
| Recurring financial charges | 65 | €592 | €95,934 | +€95,342 | +16,101% |
| Profit (loss) for the period before taxes | 9903 | €9,605 | -€126,099 | -€135,704 | |
| Income taxes | 67/77 | €0 | €0 | +€0 | |
| Profit (loss) for the period | 9904 | €9,605 | -€126,099 | -€135,704 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,605 | -€126,099 | -€135,704 |
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 24 October 2026 via checked.be.