DR. A. SMET: 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.
DR. A. SMET
Largest movements
- Receivables after one year -€270,151
down €270,151 (-55.7%), from €485,000 to €214,849
- Cash -€251,589
down €251,589 (-67.9%), from €370,656 to €119,068
mainly Contributions, distributions and other (-€459,697) and Current investments (-€245,754)
- Current investments +€245,754
up €245,754 (+120%), from €205,503 to €451,257
- Deferred charges and accrued income +€86,277
up €86,277 (+1,229%), from €7,019 to €93,296
- Tangible fixed assets +€56,139
up €56,139 (+320%), from €17,532 to €73,671
of which Furniture and vehicles: +€56,139
- Reserves -€240,273
down €240,273 (-27.0%), from €891,292 to €651,019
- Debts after one year +€47,361
new in 2025: €47,361
- Other debts +€19,381
up €19,381 (+13.2%), from €147,055 to €166,436
- Current portion of long-term debt +€14,831
new in 2025: €14,831
- Depreciation +€5,809
up €5,809 (+467%), from €1,244 to €7,053
- Financial income +€4,268
up €4,268 (+18.5%), from €23,011 to €27,279
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 | €1,097,502 | €952,141 | -€145,361 | -13.2% |
| Fixed assets | 21/28 | €17,532 | €73,671 | +€56,139 | +320% |
| Tangible fixed assets | 22/27 | €17,532 | €73,671 | +€56,139 | +320% |
| Plant, machinery and equipment | 23 | €6,000 | €6,000 | = | 0.0% |
| Furniture and vehicles | 24 | €11,532 | €67,671 | +€56,139 | +487% |
| Current assets | 29/58 | €1,079,969 | €878,469 | -€201,500 | -18.7% |
| Amounts receivable after more than one year | 29 | €485,000 | €214,849 | -€270,151 | -55.7% |
| Other amounts receivable | 291 | €485,000 | €214,849 | -€270,151 | -55.7% |
| Amounts receivable within one year | 40/41 | €11,791 | - | -€11,791 | |
| Other amounts receivable | 41 | €11,791 | - | -€11,791 | |
| Current investments | 50/53 | €205,503 | €451,257 | +€245,754 | +120% |
| Cash at bank and in hand | 54/58 | €370,656 | €119,068 | -€251,589 | -67.9% |
| Deferred charges and accrued income | 490/1 | €7,019 | €93,296 | +€86,277 | +1,229% |
| Total equity and liabilities | 10/49 | €1,097,502 | €952,141 | -€145,361 | -13.2% |
| Equity | 10/15 | €903,692 | €663,419 | -€240,273 | -26.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €891,292 | €651,019 | -€240,273 | -27.0% |
| Distributable reserves | 133 | €891,292 | €651,019 | -€240,273 | -27.0% |
| Amounts payable | 17/49 | €193,810 | €288,722 | +€94,912 | +49.0% |
| Amounts payable after more than one year | 17 | - | €47,361 | +€47,361 | |
| Financial debts | 170/4 | - | €47,361 | +€47,361 | |
| Amounts payable within one year | 42/48 | €193,810 | €241,354 | +€47,544 | +24.5% |
| Current portion of amounts payable after more than one year | 42 | - | €14,831 | +€14,831 | |
| Financial debts | 43 | €25,535 | €25,311 | -€224 | -0.9% |
| Credit institutions | 430/8 | €25,535 | €25,311 | -€224 | -0.9% |
| Trade debts | 44 | €374 | €7,408 | +€7,033 | +1,879% |
| Suppliers | 440/4 | €374 | €7,408 | +€7,033 | +1,879% |
| Taxes, remuneration and social security | 45 | €20,846 | €27,368 | +€6,522 | +31.3% |
| Taxes | 450/3 | €14,846 | €21,368 | +€6,522 | +43.9% |
| Remuneration and social security | 454/9 | €6,000 | €6,000 | = | 0.0% |
| Other amounts payable | 47/48 | €147,055 | €166,436 | +€19,381 | +13.2% |
| Accrued charges and deferred income | 492/3 | - | €7 | +€7 | |
| Non-recurring operating income | 76A | - | €16,529 | +€16,529 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,244 | €7,053 | +€5,809 | +467% |
| Other operating charges | 640/8 | €729 | €448 | -€281 | -38.6% |
| Non-recurring operating charges | 66A | €1,528 | - | -€1,528 | |
| Gross operating margin | 9900 | €301,834 | €299,028 | -€2,805 | -0.9% |
| Operating profit (loss) | 9901 | €298,332 | €291,527 | -€6,805 | -2.3% |
| Financial income | 75/76B | €23,011 | €27,279 | +€4,268 | +18.5% |
| Recurring financial income | 75 | €23,011 | €27,279 | +€4,268 | +18.5% |
| Financial charges | 65/66B | €2,896 | €2,584 | -€312 | -10.8% |
| Recurring financial charges | 65 | €2,896 | €2,584 | -€312 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | €318,447 | €316,222 | -€2,226 | -0.7% |
| Income taxes | 67/77 | €97,324 | €96,798 | -€526 | -0.5% |
| Profit (loss) for the period | 9904 | €221,124 | €219,424 | -€1,700 | -0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €221,124 | €219,424 | -€1,700 | -0.8% |
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.