DR. ERIC DE 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. ERIC DE SMET
Largest movements
- Receivables within one year -€44,242
down €44,242 (-93.3%), from €47,407 to €3,164
of which Other amounts receivable: -€43,379
- Current investments -€39,500
down €39,500 (-44.1%), from €89,600 to €50,100
- Cash -€9,023
down €9,023 (-15.4%), from €58,545 to €49,522
mainly Contributions, distributions and other (-€84,864) and Net result for the year (-€22,156)
- Tangible fixed assets -€3,652
down €3,652 (-17.7%), from €20,668 to €17,016
of which Land and buildings: -€3,152
- Reserves -€84,864
down €84,864 (-42.5%), from €199,451 to €114,587
- Profit (loss) carried forward -€22,156
down €22,156 (-39.2%), from €56,448 to €34,292
- Other debts +€10,941
new in 2025: €10,941
- Gross operating margin -€18,813
down €18,813, from €7,757 to -€11,056
- Taxes -€2,814
down €2,814 (-100%), from €2,814 to €0
- Other operating charges -€1,938
down €1,938 (-17.1%), from €11,353 to €9,415
- Financial income -€1,557
down €1,557 (-36.6%), from €4,251 to €2,694
- Depreciation -€572
down €572 (-13.5%), from €4,224 to €3,652
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 | €274,657 | €178,695 | -€95,962 | -34.9% |
| Fixed assets | 21/28 | €78,012 | €75,110 | -€2,902 | -3.7% |
| Tangible fixed assets | 22/27 | €20,668 | €17,016 | -€3,652 | -17.7% |
| Land and buildings | 22 | €17,806 | €14,654 | -€3,152 | -17.7% |
| Plant, machinery and equipment | 23 | €1,062 | €563 | -€499 | -47.0% |
| Furniture and vehicles | 24 | €1,800 | €1,800 | = | 0.0% |
| Financial fixed assets | 28 | €57,344 | €58,094 | +€750 | +1.3% |
| Current assets | 29/58 | €196,645 | €103,585 | -€93,060 | -47.3% |
| Amounts receivable within one year | 40/41 | €47,407 | €3,164 | -€44,242 | -93.3% |
| Trade receivables | 40 | €863 | €0 | -€863 | -100% |
| Other amounts receivable | 41 | €46,543 | €3,164 | -€43,379 | -93.2% |
| Current investments | 50/53 | €89,600 | €50,100 | -€39,500 | -44.1% |
| Cash at bank and in hand | 54/58 | €58,545 | €49,522 | -€9,023 | -15.4% |
| Deferred charges and accrued income | 490/1 | €1,093 | €798 | -€295 | -27.0% |
| Total equity and liabilities | 10/49 | €274,657 | €178,695 | -€95,962 | -34.9% |
| Equity | 10/15 | €274,498 | €167,479 | -€107,019 | -39.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €199,451 | €114,587 | -€84,864 | -42.5% |
| Distributable reserves | 133 | €199,451 | €114,587 | -€84,864 | -42.5% |
| Profit (loss) carried forward | 14 | €56,448 | €34,292 | -€22,156 | -39.2% |
| Amounts payable | 17/49 | €159 | €11,216 | +€11,057 | +6,954% |
| Amounts payable within one year | 42/48 | €159 | €10,941 | +€10,782 | +6,781% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €159 | €0 | -€159 | -100% |
| Suppliers | 440/4 | €159 | €0 | -€159 | -100% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €10,941 | +€10,941 | |
| Accrued charges and deferred income | 492/3 | - | €275 | +€275 | |
| Non-recurring operating income | 76A | €3,853 | €0 | -€3,853 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,224 | €3,652 | -€572 | -13.5% |
| Other operating charges | 640/8 | €11,353 | €9,415 | -€1,938 | -17.1% |
| Gross operating margin | 9900 | €7,757 | -€11,056 | -€18,813 | |
| Operating profit (loss) | 9901 | -€7,820 | -€24,123 | -€16,304 | -208% |
| Financial income | 75/76B | €4,251 | €2,694 | -€1,557 | -36.6% |
| Recurring financial income | 75 | €4,251 | €2,694 | -€1,557 | -36.6% |
| Financial charges | 65/66B | €816 | €726 | -€90 | -11.0% |
| Recurring financial charges | 65 | €816 | €726 | -€90 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | -€4,384 | -€22,156 | -€17,771 | -405% |
| Income taxes | 67/77 | €2,814 | €0 | -€2,814 | -100% |
| Profit (loss) for the period | 9904 | -€7,198 | -€22,156 | -€14,957 | -208% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,198 | -€22,156 | -€14,957 | -208% |
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 25 October 2026 via checked.be.