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 +€606,972
up €606,972 (+1,474%), from €41,191 to €648,163
of which Land and buildings: +€579,129
- Cash +€58,881
up €58,881 (+163%), from €36,229 to €95,111
mainly Debts after one year (+€380,985) and Other debts (+€182,562)
- Receivables within one year +€14,036
up €14,036 (+277%), from €5,073 to €19,108
of which Trade receivables: +€10,732
- Debts after one year +€380,985
new in 2025: €380,985
- Other debts +€182,562
up €182,562 (+973%), from €18,765 to €201,328
- Trade debts +€48,459
up €48,459 (+4,136%), from €1,172 to €49,631
- Reserves +€45,553
up €45,553 (+378%), from €12,049 to €57,602
of which Distributable reserves: +€45,553
- Current portion of long-term debt +€14,342
new in 2025: €14,342
- Gross operating margin +€67,834
up €67,834 (+144%), from €47,122 to €114,956
- Taxes +€11,330
up €11,330 (+174%), from €6,505 to €17,835
- Staff costs +€8,057
up €8,057 (+48.7%), from €16,538 to €24,595
- Financial charges +€6,708
up €6,708 (+726%), from €924 to €7,632
- Depreciation +€3,524
up €3,524 (+27.1%), from €13,025 to €16,550
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 | €89,348 | €770,891 | +€681,543 | +763% |
| Fixed assets | 21/28 | €44,416 | €651,388 | +€606,972 | +1,367% |
| Tangible fixed assets | 22/27 | €41,191 | €648,163 | +€606,972 | +1,474% |
| Land and buildings | 22 | €8,884 | €588,013 | +€579,129 | +6,519% |
| Plant, machinery and equipment | 23 | €10,536 | €42,401 | +€31,864 | +302% |
| Furniture and vehicles | 24 | €20,967 | €17,056 | -€3,912 | -18.7% |
| Other tangible fixed assets | 26 | €803 | €694 | -€109 | -13.6% |
| Financial fixed assets | 28 | €3,225 | €3,225 | = | 0.0% |
| Current assets | 29/58 | €44,933 | €119,503 | +€74,571 | +166% |
| Stocks and contracts in progress | 3 | €2,920 | €4,384 | +€1,463 | +50.1% |
| Stocks | 30/36 | €2,920 | €4,384 | +€1,463 | +50.1% |
| Amounts receivable within one year | 40/41 | €5,073 | €19,108 | +€14,036 | +277% |
| Trade receivables | 40 | €4,978 | €15,710 | +€10,732 | +216% |
| Other amounts receivable | 41 | €95 | €3,399 | +€3,304 | +3,490% |
| Cash at bank and in hand | 54/58 | €36,229 | €95,111 | +€58,881 | +163% |
| Deferred charges and accrued income | 490/1 | €710 | €900 | +€190 | +26.8% |
| Total equity and liabilities | 10/49 | €89,348 | €770,891 | +€681,543 | +763% |
| Equity | 10/15 | €56,554 | €102,107 | +€45,553 | +80.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €12,049 | €57,602 | +€45,553 | +378% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €10,189 | €55,742 | +€45,553 | +447% |
| Profit (loss) carried forward | 14 | €32,105 | €32,105 | = | 0.0% |
| Amounts payable | 17/49 | €32,794 | €668,784 | +€635,990 | +1,939% |
| Amounts payable after more than one year | 17 | - | €380,985 | +€380,985 | |
| Financial debts | 170/4 | - | €380,985 | +€380,985 | |
| Amounts payable within one year | 42/48 | €32,794 | €287,799 | +€255,005 | +778% |
| Current portion of amounts payable after more than one year | 42 | - | €14,342 | +€14,342 | |
| Trade debts | 44 | €1,172 | €49,631 | +€48,459 | +4,136% |
| Suppliers | 440/4 | €1,172 | €49,631 | +€48,459 | +4,136% |
| Taxes, remuneration and social security | 45 | €12,857 | €22,498 | +€9,641 | +75.0% |
| Taxes | 450/3 | €12,076 | €21,140 | +€9,064 | +75.1% |
| Remuneration and social security | 454/9 | €781 | €1,358 | +€577 | +73.9% |
| Other amounts payable | 47/48 | €18,765 | €201,328 | +€182,562 | +973% |
| Non-recurring operating income | 76A | - | €3,000 | +€3,000 | |
| Remuneration, social security and pensions | 62 | €16,538 | €24,595 | +€8,057 | +48.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,025 | €16,550 | +€3,524 | +27.1% |
| Other operating charges | 640/8 | €1,267 | €3,647 | +€2,380 | +188% |
| Gross operating margin | 9900 | €47,122 | €114,956 | +€67,834 | +144% |
| Operating profit (loss) | 9901 | €16,292 | €70,165 | +€53,873 | +331% |
| Financial income | 75/76B | €1,326 | €855 | -€470 | -35.5% |
| Recurring financial income | 75 | €1,326 | €855 | -€470 | -35.5% |
| Financial charges | 65/66B | €924 | €7,632 | +€6,708 | +726% |
| Recurring financial charges | 65 | €924 | €7,632 | +€6,708 | +726% |
| Profit (loss) for the period before taxes | 9903 | €16,694 | €63,388 | +€46,694 | +280% |
| Income taxes | 67/77 | €6,505 | €17,835 | +€11,330 | +174% |
| Profit (loss) for the period | 9904 | €10,189 | €45,553 | +€35,364 | +347% |
| Profit (loss) for the period to be appropriated | 9905 | €10,189 | €45,553 | +€35,364 | +347% |
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 26 October 2026 via checked.be.