Dr. Ines Smits: 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. Ines Smits
Largest movements
- Current investments +€71,216
up €71,216 (+60.1%), from €118,441 to €189,657
- Cash -€52,448
down €52,448 (-31.6%), from €165,734 to €113,286
mainly Current investments (-€71,216) and Other debts (-€49,202)
- Receivables within one year +€27,006
up €27,006 (+137%), from €19,646 to €46,652
of which Other amounts receivable: +€19,750
- Reserves +€111,142
up €111,142 (+42.9%), from €259,105 to €370,248
- Other debts -€49,202
down €49,202 (-72.4%), from €67,974 to €18,771
- Tax, wage and social debts -€13,708
down €13,708 (-85.7%), from €15,993 to €2,285
- Gross operating margin +€15,079
up €15,079 (+10.5%), from €144,167 to €159,246
- Depreciation +€10,054
up €10,054 (+317%), from €3,169 to €13,223
- Taxes +€5,281
up €5,281 (+16.7%), from €31,672 to €36,953
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 | €362,362 | €411,149 | +€48,786 | +13.5% |
| Fixed assets | 21/28 | €55,776 | €58,010 | +€2,234 | +4.0% |
| Tangible fixed assets | 22/27 | €55,776 | €58,010 | +€2,234 | +4.0% |
| Plant, machinery and equipment | 23 | €2,325 | €7,672 | +€5,348 | +230% |
| Furniture and vehicles | 24 | €53,452 | €50,338 | -€3,114 | -5.8% |
| Current assets | 29/58 | €306,586 | €353,138 | +€46,552 | +15.2% |
| Amounts receivable within one year | 40/41 | €19,646 | €46,652 | +€27,006 | +137% |
| Trade receivables | 40 | €19,646 | €26,902 | +€7,256 | +36.9% |
| Other amounts receivable | 41 | - | €19,750 | +€19,750 | |
| Current investments | 50/53 | €118,441 | €189,657 | +€71,216 | +60.1% |
| Cash at bank and in hand | 54/58 | €165,734 | €113,286 | -€52,448 | -31.6% |
| Deferred charges and accrued income | 490/1 | €2,765 | €3,544 | +€778 | +28.2% |
| Total equity and liabilities | 10/49 | €362,362 | €411,149 | +€48,786 | +13.5% |
| Equity | 10/15 | €277,655 | €388,798 | +€111,142 | +40.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €259,105 | €370,248 | +€111,142 | +42.9% |
| Distributable reserves | 133 | €259,105 | €370,248 | +€111,142 | +42.9% |
| Amounts payable | 17/49 | €84,707 | €22,351 | -€62,356 | -73.6% |
| Amounts payable within one year | 42/48 | €84,245 | €22,054 | -€62,191 | -73.8% |
| Trade debts | 44 | €278 | €998 | +€720 | +259% |
| Suppliers | 440/4 | €278 | €998 | +€720 | +259% |
| Taxes, remuneration and social security | 45 | €15,993 | €2,285 | -€13,708 | -85.7% |
| Taxes | 450/3 | €15,993 | €2,285 | -€13,708 | -85.7% |
| Other amounts payable | 47/48 | €67,974 | €18,771 | -€49,202 | -72.4% |
| Accrued charges and deferred income | 492/3 | €462 | €296 | -€165 | -35.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,169 | €13,223 | +€10,054 | +317% |
| Other operating charges | 640/8 | €1,560 | €783 | -€777 | -49.8% |
| Gross operating margin | 9900 | €144,167 | €159,246 | +€15,079 | +10.5% |
| Operating profit (loss) | 9901 | €139,438 | €145,241 | +€5,803 | +4.2% |
| Financial income | 75/76B | €2,261 | €3,202 | +€941 | +41.6% |
| Recurring financial income | 75 | €2,261 | €3,202 | +€941 | +41.6% |
| Financial charges | 65/66B | €341 | €348 | +€7 | +2.1% |
| Recurring financial charges | 65 | €341 | €348 | +€7 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €141,359 | €148,095 | +€6,736 | +4.8% |
| Income taxes | 67/77 | €31,672 | €36,953 | +€5,281 | +16.7% |
| Profit (loss) for the period | 9904 | €109,686 | €111,142 | +€1,456 | +1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €109,686 | €111,142 | +€1,456 | +1.3% |
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 30 October 2026 via checked.be.