DE SMIS: 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 SMIS
Largest movements
- Tangible fixed assets -€27,379
down €27,379 (-24.6%), from €111,269 to €83,890
of which Furniture and vehicles: -€27,379
- Stocks and contracts +€2,387
up €2,387 (+22.3%), from €10,727 to €13,114
- Debts after one year -€30,568
down €30,568 (-54.0%), from €56,641 to €26,073
- Current portion of long-term debt -€7,498
down €7,498 (-40.7%), from €18,434 to €10,936
- Other debts +€7,391
up €7,391 (+348%), from €2,121 to €9,512
- Accrued charges and deferred income +€5,196
new in 2025: €5,196
- Trade debts -€2,040
down €2,040 (-76.2%), from €2,677 to €637
- Depreciation +€15,940
up €15,940 (+139%), from €11,439 to €27,379
- Gross operating margin +€15,062
up €15,062 (+69.7%), from €21,624 to €36,687
- Staff costs -€1,706
down €1,706 (-63.2%), from €2,697 to €991
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 | €128,350 | €103,350 | -€25,000 | -19.5% |
| Fixed assets | 21/28 | €116,894 | €89,515 | -€27,379 | -23.4% |
| Tangible fixed assets | 22/27 | €111,269 | €83,890 | -€27,379 | -24.6% |
| Plant, machinery and equipment | 23 | €73,481 | €73,481 | = | 0.0% |
| Furniture and vehicles | 24 | €37,788 | €10,409 | -€27,379 | -72.5% |
| Financial fixed assets | 28 | €5,625 | €5,625 | = | 0.0% |
| Current assets | 29/58 | €11,456 | €13,834 | +€2,379 | +20.8% |
| Stocks and contracts in progress | 3 | €10,727 | €13,114 | +€2,387 | +22.3% |
| Stocks | 30/36 | €10,727 | €13,114 | +€2,387 | +22.3% |
| Amounts receivable within one year | 40/41 | €259 | €179 | -€79 | -30.7% |
| Other amounts receivable | 41 | €259 | €179 | -€79 | -30.7% |
| Cash at bank and in hand | 54/58 | €469 | €541 | +€71 | +15.2% |
| Total equity and liabilities | 10/49 | €128,350 | €103,350 | -€25,000 | -19.5% |
| Equity | 10/15 | €43,122 | €43,865 | +€743 | +1.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €48,179 | €48,179 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €46,319 | €46,319 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,257 | -€10,513 | +€743 | +6.6% |
| Amounts payable | 17/49 | €85,228 | €59,484 | -€25,744 | -30.2% |
| Amounts payable after more than one year | 17 | €56,641 | €26,073 | -€30,568 | -54.0% |
| Financial debts | 170/4 | €56,641 | €26,073 | -€30,568 | -54.0% |
| Amounts payable within one year | 42/48 | €28,586 | €28,215 | -€372 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €18,434 | €10,936 | -€7,498 | -40.7% |
| Trade debts | 44 | €2,677 | €637 | -€2,040 | -76.2% |
| Suppliers | 440/4 | €2,677 | €637 | -€2,040 | -76.2% |
| Taxes, remuneration and social security | 45 | €5,354 | €7,130 | +€1,776 | +33.2% |
| Taxes | 450/3 | €5,322 | €6,616 | +€1,294 | +24.3% |
| Remuneration and social security | 454/9 | €33 | €514 | +€482 | +1,477% |
| Other amounts payable | 47/48 | €2,121 | €9,512 | +€7,391 | +348% |
| Accrued charges and deferred income | 492/3 | - | €5,196 | +€5,196 | |
| Non-recurring operating income | 76A | - | €23,554 | +€23,554 | |
| Remuneration, social security and pensions | 62 | €2,697 | €991 | -€1,706 | -63.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,439 | €27,379 | +€15,940 | +139% |
| Other operating charges | 640/8 | €3,587 | €3,507 | -€79 | -2.2% |
| Gross operating margin | 9900 | €21,624 | €36,687 | +€15,062 | +69.7% |
| Operating profit (loss) | 9901 | €3,901 | €4,809 | +€908 | +23.3% |
| Financial income | 75/76B | €35 | - | -€35 | |
| Recurring financial income | 75 | €35 | - | -€35 | |
| Financial charges | 65/66B | €3,840 | €4,066 | +€226 | +5.9% |
| Recurring financial charges | 65 | €3,840 | €4,066 | +€226 | +5.9% |
| Profit (loss) for the period before taxes | 9903 | €96 | €743 | +€647 | +675% |
| Profit (loss) for the period | 9904 | €96 | €743 | +€647 | +675% |
| Profit (loss) for the period to be appropriated | 9905 | €96 | €743 | +€647 | +675% |
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 23 October 2026 via checked.be.