DR. DE SMET INGE: 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. DE SMET INGE
Largest movements
- Cash +€542,941
up €542,941 (+248%), from €218,700 to €761,641
mainly Current investments (+€500,000) and Net result for the year (+€381,468)
- Current investments -€500,000
no longer reported in 2025 (was €500,000)
- Tangible fixed assets -€37,904
down €37,904 (-2.6%), from €1.5m to €1.4m
of which Land and buildings: -€36,660
- Receivables within one year -€24,854
down €24,854 (-11.6%), from €214,442 to €189,589
of which Other amounts receivable: -€50,000
- Reserves +€182,789
up €182,789 (+13.3%), from €1.4m to €1.6m
- Other debts -€121,154
down €121,154 (-37.9%), from €319,833 to €198,679
- Debts after one year -€103,130
down €103,130 (-18.0%), from €574,353 to €471,223
- Gross operating margin +€82,826
up €82,826 (+15.6%), from €530,823 to €613,649
- Taxes +€28,491
up €28,491 (+19.8%), from €143,564 to €172,055
- Depreciation -€7,107
down €7,107 (-12.8%), from €55,483 to €48,377
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 | €2,413,445 | €2,394,793 | -€18,652 | -0.8% |
| Fixed assets | 21/28 | €1,477,996 | €1,440,092 | -€37,904 | -2.6% |
| Tangible fixed assets | 22/27 | €1,477,996 | €1,440,092 | -€37,904 | -2.6% |
| Land and buildings | 22 | €1,473,594 | €1,436,934 | -€36,660 | -2.5% |
| Plant, machinery and equipment | 23 | €4,402 | €3,158 | -€1,244 | -28.3% |
| Current assets | 29/58 | €935,449 | €954,701 | +€19,252 | +2.1% |
| Amounts receivable within one year | 40/41 | €214,442 | €189,589 | -€24,854 | -11.6% |
| Trade receivables | 40 | €164,327 | €189,473 | +€25,146 | +15.3% |
| Other amounts receivable | 41 | €50,116 | €116 | -€50,000 | -99.8% |
| Current investments | 50/53 | €500,000 | - | -€500,000 | |
| Cash at bank and in hand | 54/58 | €218,700 | €761,641 | +€542,941 | +248% |
| Deferred charges and accrued income | 490/1 | €2,306 | €3,471 | +€1,165 | +50.5% |
| Total equity and liabilities | 10/49 | €2,413,445 | €2,394,793 | -€18,652 | -0.8% |
| Equity | 10/15 | €1,383,204 | €1,565,993 | +€182,789 | +13.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,370,804 | €1,553,593 | +€182,789 | +13.3% |
| Distributable reserves | 133 | €1,370,804 | €1,553,593 | +€182,789 | +13.3% |
| Amounts payable | 17/49 | €1,030,241 | €828,800 | -€201,442 | -19.6% |
| Amounts payable after more than one year | 17 | €574,353 | €471,223 | -€103,130 | -18.0% |
| Financial debts | 170/4 | €574,353 | €471,223 | -€103,130 | -18.0% |
| Amounts payable within one year | 42/48 | €455,889 | €357,577 | -€98,312 | -21.6% |
| Current portion of amounts payable after more than one year | 42 | €101,849 | €103,130 | +€1,280 | +1.3% |
| Trade debts | 44 | €5,974 | €25,172 | +€19,199 | +321% |
| Suppliers | 440/4 | €5,974 | €25,172 | +€19,199 | +321% |
| Taxes, remuneration and social security | 45 | €28,233 | €30,596 | +€2,363 | +8.4% |
| Taxes | 450/3 | €28,233 | €30,596 | +€2,363 | +8.4% |
| Other amounts payable | 47/48 | €319,833 | €198,679 | -€121,154 | -37.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,483 | €48,377 | -€7,107 | -12.8% |
| Other operating charges | 640/8 | €8,063 | €8,405 | +€343 | +4.3% |
| Gross operating margin | 9900 | €530,823 | €613,649 | +€82,826 | +15.6% |
| Operating profit (loss) | 9901 | €467,277 | €556,867 | +€89,590 | +19.2% |
| Financial income | 75/76B | €6,288 | €4,863 | -€1,425 | -22.7% |
| Recurring financial income | 75 | €6,288 | €4,863 | -€1,425 | -22.7% |
| Financial charges | 65/66B | €9,512 | €8,207 | -€1,305 | -13.7% |
| Recurring financial charges | 65 | €9,512 | €8,207 | -€1,305 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | €464,052 | €553,523 | +€89,471 | +19.3% |
| Income taxes | 67/77 | €143,564 | €172,055 | +€28,491 | +19.8% |
| Profit (loss) for the period | 9904 | €320,489 | €381,468 | +€60,979 | +19.0% |
| Profit (loss) for the period to be appropriated | 9905 | €320,489 | €381,468 | +€60,979 | +19.0% |
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 29 October 2026 via checked.be.