Dr. Charles Smets: 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.
What changed
Dr. Charles Smets
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€411,120
2024 · €284,507+€126,613
Equity
€1.8m
2024 · €1.5m+€285,294
Cash
€141,772
2024 · €156,949-€15,177
Balance sheet total
€2.1m
2024 · €1.9m+€257,396
Largest movements
Assets
- Current investments +€344,758
up €344,758 (+156%), from €221,349 to €566,106
- Tangible fixed assets -€58,020
down €58,020 (-4.0%), from €1.5m to €1.4m
of which Land and buildings: -€54,217
Equity and liabilities
- Reserves +€285,294
up €285,294 (+18.5%), from €1.5m to €1.8m
of which Distributable reserves: +€158,994
- Debts after one year -€29,960
down €29,960 (-17.4%), from €172,497 to €142,537
Income statement
- Gross operating margin +€168,221
up €168,221 (+30.4%), from €553,168 to €721,390
- Taxes +€41,414
up €41,414 (+32.7%), from €126,772 to €168,186
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.
Result 2024
€284,507
Gross operating margin
+€168,221
Depreciation
+€1,348
Other operating charges
-€4,723
Financial income
+€1,463
Financial charges
+€1,717
Taxes
-€41,414
Result 2025
€411,120
raises the resultlowers the result
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.
From operations
+€485,164
Investment
-€344,758
Financing
-€155,583
Cash 2024
€156,949
From operations (derived)
+€485,164
Net result for the year
+€411,120
Depreciation
+€58,020
Receivables within one year
+€14,165
Trade debts
-€1,296
Tax, wage and social debts
+€8,767
Other debts
-€5,611
Investment (derived)
-€344,758
Current investments
-€344,758
Financing
-€155,583
Debts after one year
-€29,960
Current portion of long-term debt
+€203
Contributions, distributions and other
-€125,826
Cash 2025
€141,772
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,864,523 | €2,121,919 | +€257,396 | +13.8% |
| Fixed assets | 21/28 | €1,456,810 | €1,398,790 | -€58,020 | -4.0% |
| Tangible fixed assets | 22/27 | €1,456,210 | €1,398,190 | -€58,020 | -4.0% |
| Land and buildings | 22 | €1,432,053 | €1,377,837 | -€54,217 | -3.8% |
| Plant, machinery and equipment | 23 | €18,929 | €16,805 | -€2,124 | -11.2% |
| Furniture and vehicles | 24 | €5,227 | €3,548 | -€1,679 | -32.1% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €407,713 | €723,129 | +€315,416 | +77.4% |
| Amounts receivable within one year | 40/41 | €29,415 | €15,251 | -€14,165 | -48.2% |
| Trade receivables | 40 | €23,223 | €13,958 | -€9,265 | -39.9% |
| Other amounts receivable | 41 | €6,192 | €1,293 | -€4,899 | -79.1% |
| Current investments | 50/53 | €221,349 | €566,106 | +€344,758 | +156% |
| Cash at bank and in hand | 54/58 | €156,949 | €141,772 | -€15,177 | -9.7% |
| Total equity and liabilities | 10/49 | €1,864,523 | €2,121,919 | +€257,396 | +13.8% |
| Equity | 10/15 | €1,541,422 | €1,826,716 | +€285,294 | +18.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €1,539,422 | €1,824,716 | +€285,294 | +18.5% |
| Tax-exempt reserves | 132 | €223,134 | €349,434 | +€126,300 | +56.6% |
| Distributable reserves | 133 | €1,316,288 | €1,475,282 | +€158,994 | +12.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €323,100 | €295,203 | -€27,898 | -8.6% |
| Amounts payable after more than one year | 17 | €172,497 | €142,537 | -€29,960 | -17.4% |
| Financial debts | 170/4 | €172,497 | €142,537 | -€29,960 | -17.4% |
| Amounts payable within one year | 42/48 | €150,603 | €152,666 | +€2,063 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €29,758 | €29,960 | +€203 | +0.7% |
| Trade debts | 44 | €2,293 | €997 | -€1,296 | -56.5% |
| Suppliers | 440/4 | €2,293 | €997 | -€1,296 | -56.5% |
| Taxes, remuneration and social security | 45 | €2,666 | €11,433 | +€8,767 | +329% |
| Taxes | 450/3 | €2,666 | €11,433 | +€8,767 | +329% |
| Other amounts payable | 47/48 | €115,886 | €110,275 | -€5,611 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,368 | €58,020 | -€1,348 | -2.3% |
| Other operating charges | 640/8 | €4,348 | €9,071 | +€4,723 | +109% |
| Gross operating margin | 9900 | €553,168 | €721,390 | +€168,221 | +30.4% |
| Operating profit (loss) | 9901 | €489,452 | €654,299 | +€164,847 | +33.7% |
| Financial income | 75/76B | €5,046 | €6,509 | +€1,463 | +29.0% |
| Recurring financial income | 75 | €5,046 | €6,509 | +€1,463 | +29.0% |
| Financial charges | 65/66B | €83,220 | €81,503 | -€1,717 | -2.1% |
| Recurring financial charges | 65 | €83,220 | €81,503 | -€1,717 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | €411,279 | €579,305 | +€168,027 | +40.9% |
| Income taxes | 67/77 | €126,772 | €168,186 | +€41,414 | +32.7% |
| Profit (loss) for the period | 9904 | €284,507 | €411,120 | +€126,613 | +44.5% |
| Transfer from tax-exempt reserves | 789 | €84,200 | €0 | -€84,200 | -100% |
| Transfer to tax-exempt reserves | 689 | €75,780 | €126,300 | +€50,520 | +66.7% |
| Profit (loss) for the period to be appropriated | 9905 | €292,927 | €284,820 | -€8,107 | -2.8% |
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.