Dr. David Smolders: what changed
Dr. David Smolders
Largest movements
- Cash +€115,939
up €115,939 (+1,492%), from €7,769 to €123,709
mainly Net result for the year (+€201,762) and Current investments (+€28,821)
- Receivables within one year +€97,675
up €97,675 (+2,719%), from €3,592 to €101,267
- Deferred charges and accrued income +€29,462
up €29,462 (+21.8%), from €135,414 to €164,876
- Current investments -€28,821
down €28,821 (-19.3%), from €149,032 to €120,210
- Tangible fixed assets +€16,222
up €16,222 (+161%), from €10,101 to €26,323
of which Furniture and vehicles: +€14,427
- Profit (loss) carried forward +€201,762
up €201,762 (+66.8%), from €302,075 to €503,838
- Trade debts +€17,425
up €17,425 (+4,808%), from €362 to €17,788
- Tax, wage and social debts +€8,978
new in 2025: €8,978
- Gross operating margin +€44,287
up €44,287 (+20.2%), from €219,420 to €263,707
- Taxes +€11,531
up €11,531 (+22.9%), from €50,448 to €61,978
- Financial income +€3,459
up €3,459 (+10,921%), from €32 to €3,490
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €305,909 | €536,385 | +€230,477 | +75.3% |
| Fixed assets | 21/28 | €10,101 | €26,323 | +€16,222 | +161% |
| Tangible fixed assets | 22/27 | €10,101 | €26,323 | +€16,222 | +161% |
| Plant, machinery and equipment | 23 | €893 | €785 | -€108 | -12.1% |
| Furniture and vehicles | 24 | €4,437 | €18,864 | +€14,427 | +325% |
| Other tangible fixed assets | 26 | €4,771 | €6,674 | +€1,903 | +39.9% |
| Current assets | 29/58 | €295,808 | €510,062 | +€214,255 | +72.4% |
| Amounts receivable within one year | 40/41 | €3,592 | €101,267 | +€97,675 | +2,719% |
| Other amounts receivable | 41 | €3,592 | €101,267 | +€97,675 | +2,719% |
| Current investments | 50/53 | €149,032 | €120,210 | -€28,821 | -19.3% |
| Cash at bank and in hand | 54/58 | €7,769 | €123,709 | +€115,939 | +1,492% |
| Deferred charges and accrued income | 490/1 | €135,414 | €164,876 | +€29,462 | +21.8% |
| Total equity and liabilities | 10/49 | €305,909 | €536,385 | +€230,477 | +75.3% |
| Equity | 10/15 | €305,075 | €506,838 | +€201,762 | +66.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €302,075 | €503,838 | +€201,762 | +66.8% |
| Amounts payable | 17/49 | €833 | €29,548 | +€28,715 | +3,447% |
| Amounts payable within one year | 42/48 | €460 | €26,766 | +€26,306 | +5,716% |
| Trade debts | 44 | €362 | €17,788 | +€17,425 | +4,808% |
| Suppliers | 440/4 | €362 | €17,788 | +€17,425 | +4,808% |
| Taxes, remuneration and social security | 45 | - | €8,978 | +€8,978 | |
| Taxes | 450/3 | - | €8,978 | +€8,978 | |
| Other amounts payable | 47/48 | €98 | - | -€98 | |
| Accrued charges and deferred income | 492/3 | €373 | €2,782 | +€2,409 | +646% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,222 | €2,867 | +€646 | +29.1% |
| Other operating charges | 640/8 | €118 | €520 | +€402 | +340% |
| Gross operating margin | 9900 | €219,420 | €263,707 | +€44,287 | +20.2% |
| Operating profit (loss) | 9901 | €217,080 | €260,320 | +€43,240 | +19.9% |
| Financial income | 75/76B | €32 | €3,490 | +€3,459 | +10,921% |
| Recurring financial income | 75 | €32 | €3,490 | +€3,459 | +10,921% |
| Financial charges | 65/66B | €40 | €70 | +€30 | +75.1% |
| Recurring financial charges | 65 | €40 | €70 | +€30 | +75.1% |
| Profit (loss) for the period before taxes | 9903 | €217,072 | €263,740 | +€46,669 | +21.5% |
| Income taxes | 67/77 | €50,448 | €61,978 | +€11,531 | +22.9% |
| Profit (loss) for the period | 9904 | €166,624 | €201,762 | +€35,138 | +21.1% |
| Profit (loss) for the period to be appropriated | 9905 | €166,624 | €201,762 | +€35,138 | +21.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.