DE SMULHOEK: 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 SMULHOEK
Largest movements
- Tangible fixed assets -€8,881
down €8,881 (-4.5%), from €196,569 to €187,688
- Cash +€5,394
up €5,394 (+12.8%), from €42,024 to €47,418
mainly Depreciation (+€16,672) and Net result for the year (+€9,274)
- Reserves +€9,274
up €9,274 (+21.0%), from €44,134 to €53,407
- Trade debts -€8,688
down €8,688 (-91.6%), from €9,488 to €800
- Debts after one year -€6,372
down €6,372 (-7.3%), from €87,109 to €80,737
of which Financial debts: -€6,372
- Other debts -€4,373
down €4,373 (-6.0%), from €72,359 to €67,986
- Advances received +€3,411
new in 2025: €3,411
- Gross operating margin +€7,863
up €7,863 (+25.1%), from €31,269 to €39,132
- Financial charges +€1,044
up €1,044 (+21.0%), from €4,971 to €6,015
- Taxes +€986
up €986 (+28.1%), from €3,514 to €4,500
- Depreciation +€724
up €724 (+4.5%), from €15,949 to €16,672
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 | €241,350 | €236,434 | -€4,916 | -2.0% |
| Fixed assets | 21/28 | €196,569 | €187,688 | -€8,881 | -4.5% |
| Tangible fixed assets | 22/27 | €196,569 | €187,688 | -€8,881 | -4.5% |
| Land and buildings | 22 | €184,512 | €182,174 | -€2,338 | -1.3% |
| Plant, machinery and equipment | 23 | €6,383 | €3,411 | -€2,972 | -46.6% |
| Furniture and vehicles | 24 | €5,675 | €2,103 | -€3,572 | -62.9% |
| Current assets | 29/58 | €44,781 | €48,746 | +€3,966 | +8.9% |
| Amounts receivable within one year | 40/41 | €2,169 | €708 | -€1,461 | -67.3% |
| Trade receivables | 40 | €1,043 | €0 | -€1,043 | -100% |
| Other amounts receivable | 41 | €1,127 | €708 | -€418 | -37.1% |
| Cash at bank and in hand | 54/58 | €42,024 | €47,418 | +€5,394 | +12.8% |
| Deferred charges and accrued income | 490/1 | €587 | €620 | +€32 | +5.5% |
| Total equity and liabilities | 10/49 | €241,350 | €236,434 | -€4,916 | -2.0% |
| Equity | 10/15 | €62,734 | €72,007 | +€9,274 | +14.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €44,134 | €53,407 | +€9,274 | +21.0% |
| Distributable reserves | 133 | €44,134 | €53,407 | +€9,274 | +21.0% |
| Amounts payable | 17/49 | €178,616 | €164,427 | -€14,189 | -7.9% |
| Amounts payable after more than one year | 17 | €87,109 | €80,737 | -€6,372 | -7.3% |
| Financial debts | 170/4 | €72,629 | €66,257 | -€6,372 | -8.8% |
| Other amounts payable | 178/9 | €14,480 | €14,480 | = | 0.0% |
| Amounts payable within one year | 42/48 | €90,547 | €83,690 | -€6,857 | -7.6% |
| Current portion of amounts payable after more than one year | 42 | €6,265 | €6,372 | +€107 | +1.7% |
| Trade debts | 44 | €9,488 | €800 | -€8,688 | -91.6% |
| Suppliers | 440/4 | €9,488 | €800 | -€8,688 | -91.6% |
| Advances received on contracts in progress | 46 | - | €3,411 | +€3,411 | |
| Taxes, remuneration and social security | 45 | €2,434 | €5,120 | +€2,686 | +110% |
| Taxes | 450/3 | €2,434 | €5,120 | +€2,686 | +110% |
| Other amounts payable | 47/48 | €72,359 | €67,986 | -€4,373 | -6.0% |
| Accrued charges and deferred income | 492/3 | €960 | €0 | -€960 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,949 | €16,672 | +€724 | +4.5% |
| Other operating charges | 640/8 | €2,636 | €2,672 | +€37 | +1.4% |
| Gross operating margin | 9900 | €31,269 | €39,132 | +€7,863 | +25.1% |
| Operating profit (loss) | 9901 | €12,685 | €19,788 | +€7,103 | +56.0% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €4,971 | €6,015 | +€1,044 | +21.0% |
| Recurring financial charges | 65 | €4,971 | €6,015 | +€1,044 | +21.0% |
| Profit (loss) for the period before taxes | 9903 | €7,714 | €13,774 | +€6,060 | +78.6% |
| Income taxes | 67/77 | €3,514 | €4,500 | +€986 | +28.1% |
| Profit (loss) for the period | 9904 | €4,200 | €9,274 | +€5,073 | +121% |
| Profit (loss) for the period to be appropriated | 9905 | €4,200 | €9,274 | +€5,073 | +121% |
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 17 October 2026 via checked.be.