De Smid: 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 Smid
Largest movements
- Cash -€34,289
down €34,289 (-47.2%), from €72,648 to €38,359
mainly Other debts (-€37,538) and Tax, wage and social debts (-€25,685)
- Stocks and contracts -€4,309
down €4,309 (-40.2%), from €10,720 to €6,411
- Tangible fixed assets -€3,699
down €3,699 (-1.5%), from €251,405 to €247,706
of which Land and buildings: -€14,313
- Other debts -€37,538
no longer reported in 2025 (was €37,538)
- Reserves +€26,022
up €26,022 (+26.5%), from €98,210 to €124,232
of which Distributable reserves: +€26,022
- Tax, wage and social debts -€25,685
down €25,685 (-79.0%), from €32,532 to €6,847
of which Taxes: -€24,965
- Revaluation surpluses -€8,432
down €8,432 (-5.1%), from €164,232 to €155,799
- Profit (loss) carried forward +€4,259
no longer reported in 2025 (was -€4,259)
- Gross operating margin +€16,338
up €16,338 (+23.8%), from €68,671 to €85,010
- Depreciation -€6,244
down €6,244 (-21.9%), from €28,542 to €22,298
- Taxes +€5,751
up €5,751 (+76.3%), from €7,536 to €13,287
- Staff costs +€3,952
up €3,952 (+19.8%), from €19,911 to €23,863
- Write-downs -€2,400
no longer reported in 2025 (was €2,400)
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 | €342,110 | €296,889 | -€45,221 | -13.2% |
| Fixed assets | 21/28 | €251,581 | €247,882 | -€3,699 | -1.5% |
| Tangible fixed assets | 22/27 | €251,405 | €247,706 | -€3,699 | -1.5% |
| Land and buildings | 22 | €239,538 | €225,225 | -€14,313 | -6.0% |
| Plant, machinery and equipment | 23 | €11,507 | €22,301 | +€10,795 | +93.8% |
| Furniture and vehicles | 24 | €360 | €180 | -€180 | -50.0% |
| Financial fixed assets | 28 | €176 | €176 | = | 0.0% |
| Current assets | 29/58 | €90,530 | €49,007 | -€41,522 | -45.9% |
| Stocks and contracts in progress | 3 | €10,720 | €6,411 | -€4,309 | -40.2% |
| Stocks | 30/36 | €10,720 | €6,411 | -€4,309 | -40.2% |
| Amounts receivable within one year | 40/41 | €4,632 | €4,238 | -€395 | -8.5% |
| Trade receivables | 40 | €114 | - | -€114 | |
| Other amounts receivable | 41 | €4,519 | €4,238 | -€281 | -6.2% |
| Cash at bank and in hand | 54/58 | €72,648 | €38,359 | -€34,289 | -47.2% |
| Deferred charges and accrued income | 490/1 | €2,529 | - | -€2,529 | |
| Total equity and liabilities | 10/49 | €342,110 | €296,889 | -€45,221 | -13.2% |
| Equity | 10/15 | €264,380 | €286,229 | +€21,849 | +8.3% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Revaluation surpluses | 12 | €164,232 | €155,799 | -€8,432 | -5.1% |
| Reserves | 13 | €98,210 | €124,232 | +€26,022 | +26.5% |
| Tax-exempt reserves | 132 | €5,440 | €5,440 | = | 0.0% |
| Distributable reserves | 133 | €92,770 | €118,792 | +€26,022 | +28.1% |
| Profit (loss) carried forward | 14 | -€4,259 | - | +€4,259 | |
| Amounts payable | 17/49 | €77,730 | €10,660 | -€67,070 | -86.3% |
| Amounts payable within one year | 42/48 | €77,730 | €10,660 | -€67,070 | -86.3% |
| Current portion of amounts payable after more than one year | 42 | €2,332 | - | -€2,332 | |
| Financial debts | 43 | €1,645 | €2,268 | +€622 | +37.8% |
| Credit institutions | 430/8 | €1,645 | €2,268 | +€622 | +37.8% |
| Trade debts | 44 | €3,683 | €1,546 | -€2,137 | -58.0% |
| Suppliers | 440/4 | €3,683 | €1,546 | -€2,137 | -58.0% |
| Taxes, remuneration and social security | 45 | €32,532 | €6,847 | -€25,685 | -79.0% |
| Taxes | 450/3 | €30,982 | €6,017 | -€24,965 | -80.6% |
| Remuneration and social security | 454/9 | €1,550 | €830 | -€720 | -46.4% |
| Other amounts payable | 47/48 | €37,538 | - | -€37,538 | |
| Non-recurring operating income | 76A | - | €11,441 | +€11,441 | |
| Remuneration, social security and pensions | 62 | €19,911 | €23,863 | +€3,952 | +19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,542 | €22,298 | -€6,244 | -21.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,400 | - | -€2,400 | |
| Other operating charges | 640/8 | €3,269 | €2,004 | -€1,265 | -38.7% |
| Non-recurring operating charges | 66A | €93 | €284 | +€191 | +205.4% |
| Gross operating margin | 9900 | €68,671 | €85,010 | +€16,338 | +23.8% |
| Operating profit (loss) | 9901 | €14,455 | €36,560 | +€22,104 | +152.9% |
| Financial income | 75/76B | €2,210 | €49 | -€2,161 | -97.8% |
| Recurring financial income | 75 | €21 | €49 | +€28 | +133.3% |
| Non-recurring financial income | 76B | €2,189 | - | -€2,189 | |
| Financial charges | 65/66B | €1,527 | €1,473 | -€54 | -3.5% |
| Recurring financial charges | 65 | €1,527 | €1,473 | -€54 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €15,139 | €35,136 | +€19,997 | +132.1% |
| Income taxes | 67/77 | €7,536 | €13,287 | +€5,751 | +76.3% |
| Profit (loss) for the period | 9904 | €7,603 | €21,849 | +€14,246 | +187.4% |
| Profit (loss) for the period to be appropriated | 9905 | €7,603 | €21,849 | +€14,246 | +187.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.