DR. IRIS 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.
What changed
DR. IRIS SMET
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€695,253
2024 · €86,274+€608,979
Equity
€1.8m
2024 · €1.3m+€552,481
Cash
€67,714
2024 · €46,591+€21,123
Balance sheet total
€4.7m
2024 · €2.1m+€2.6m
Largest movements
Assets
- Tangible fixed assets +€2.5m
up €2.5m (+125%), from €2.0m to €4.4m
of which Land and buildings: +€2.4m
- Receivables within one year +€157,126
up €157,126 (+234%), from €67,143 to €224,269
of which Trade receivables: +€155,855
Equity and liabilities
- Reserves +€1.5m
up €1.5m (+810%), from €179,718 to €1.6m
of which Distributable reserves: +€776,462
- Debts after one year +€1.4m
up €1.4m (+168%), from €804,004 to €2.2m
- Profit (loss) carried forward -€761,174
no longer reported in 2025 (was €761,174)
- Short-term financial debts +€265,800
new in 2025: €265,800
- Provisions +€226,655
new in 2025: €226,655
Income statement
- Gross operating margin +€1.1m
up €1.1m (+534%), from €203,584 to €1.3m
- Depreciation +€236,719
up €236,719 (+215%), from €110,225 to €346,944
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
€86,274
Gross operating margin
+€1.1m
Depreciation
-€236,719
Other operating charges
-€3,907
Financial income
+€106
Financial charges
+€459
Taxes
-€12,172
Deferred taxes and other
-€226,655
Result 2025
€695,253
raises the resultlowers the resultnot broken down further in the accounts
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
+€1.2m
Investment
-€2.8m
Financing
+€1.6m
Cash 2024
€46,591
From operations (derived)
+€1.2m
Net result for the year
+€695,253
Depreciation
+€346,944
Receivables within one year
-€157,126
Smaller working-capital items
+€4,738
Provisions
+€226,655
Other debts
+€120,539
Investment (derived)
-€2.8m
Investment in fixed assets (net)
-€2.8m
Current investments
-€1,749
Financing
+€1.6m
Debts after one year
+€1.4m
Current portion of long-term debt
+€113,417
Short-term financial debts
+€265,800
Contributions, distributions and other
-€142,772
Cash 2025
€67,714
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,107,333 | €4,745,942 | +€2.6m | +125% |
| Fixed assets | 21/28 | €1,963,916 | €4,420,568 | +€2.5m | +125% |
| Tangible fixed assets | 22/27 | €1,962,503 | €4,420,568 | +€2.5m | +125% |
| Land and buildings | 22 | €1,956,582 | €4,337,235 | +€2.4m | +122% |
| Plant, machinery and equipment | 23 | €5,562 | €8,415 | +€2,853 | +51.3% |
| Furniture and vehicles | 24 | €359 | €74,918 | +€74,559 | +20,768% |
| Financial fixed assets | 28 | €1,413 | - | -€1,413 | |
| Current assets | 29/58 | €143,417 | €325,373 | +€181,956 | +127% |
| Amounts receivable within one year | 40/41 | €67,143 | €224,269 | +€157,126 | +234% |
| Trade receivables | 40 | €36,049 | €191,904 | +€155,855 | +432% |
| Other amounts receivable | 41 | €31,094 | €32,366 | +€1,272 | +4.1% |
| Current investments | 50/53 | - | €1,749 | +€1,749 | |
| Cash at bank and in hand | 54/58 | €46,591 | €67,714 | +€21,123 | +45.3% |
| Deferred charges and accrued income | 490/1 | €29,683 | €31,641 | +€1,958 | +6.6% |
| Total equity and liabilities | 10/49 | €2,107,333 | €4,745,942 | +€2.6m | +125% |
| Equity | 10/15 | €1,283,665 | €1,836,146 | +€552,481 | +43.0% |
| Contributions | 10/11 | €342,773 | €200,000 | -€142,773 | -41.7% |
| Reserves | 13 | €179,718 | €1,636,146 | +€1.5m | +810% |
| Tax-exempt reserves | 132 | €10,324 | €690,290 | +€679,966 | +6,586% |
| Distributable reserves | 133 | €169,394 | €945,856 | +€776,462 | +458% |
| Profit (loss) carried forward | 14 | €761,174 | - | -€761,174 | |
| Provisions and deferred taxes | 16 | - | €226,655 | +€226,655 | |
| Deferred taxes | 168 | - | €226,655 | +€226,655 | |
| Amounts payable | 17/49 | €823,668 | €2,683,140 | +€1.9m | +226% |
| Amounts payable after more than one year | 17 | €804,004 | €2,157,024 | +€1.4m | +168% |
| Financial debts | 170/4 | €804,004 | €2,157,024 | +€1.4m | +168% |
| Amounts payable within one year | 42/48 | €19,664 | €523,116 | +€503,452 | +2,560% |
| Current portion of amounts payable after more than one year | 42 | - | €113,417 | +€113,417 | |
| Financial debts | 43 | - | €265,800 | +€265,800 | |
| Credit institutions | 430/8 | - | €265,800 | +€265,800 | |
| Trade debts | 44 | €9,255 | €12,991 | +€3,736 | +40.4% |
| Suppliers | 440/4 | €9,255 | €12,991 | +€3,736 | +40.4% |
| Taxes, remuneration and social security | 45 | €10,409 | €10,369 | -€40 | -0.4% |
| Taxes | 450/3 | €10,409 | €10,369 | -€40 | -0.4% |
| Other amounts payable | 47/48 | - | €120,539 | +€120,539 | |
| Accrued charges and deferred income | 492/3 | - | €3,000 | +€3,000 | |
| Non-recurring operating income | 76A | - | €906,771 | +€906,771 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,225 | €346,944 | +€236,719 | +215% |
| Other operating charges | 640/8 | €8,816 | €12,723 | +€3,907 | +44.3% |
| Gross operating margin | 9900 | €203,584 | €1,291,452 | +€1.1m | +534% |
| Operating profit (loss) | 9901 | €84,543 | €931,785 | +€847,242 | +1,002% |
| Financial income | 75/76B | €334 | €440 | +€106 | +31.7% |
| Recurring financial income | 75 | €334 | €440 | +€106 | +31.7% |
| Financial charges | 65/66B | €23,082 | €22,623 | -€459 | -2.0% |
| Recurring financial charges | 65 | €23,082 | €22,623 | -€459 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €61,795 | €909,602 | +€847,807 | +1,372% |
| Transfer from deferred taxes | 780 | - | €37 | +€37 | |
| Transfer to deferred taxes | 680 | - | €226,693 | +€226,693 | |
| Income taxes | 67/77 | -€24,479 | -€12,307 | +€12,172 | +49.7% |
| Profit (loss) for the period | 9904 | €86,274 | €695,253 | +€608,979 | +706% |
| Transfer from tax-exempt reserves | 789 | - | €112 | +€112 | |
| Transfer to tax-exempt reserves | 689 | - | €680,078 | +€680,078 | |
| Profit (loss) for the period to be appropriated | 9905 | €86,274 | €15,287 | -€70,987 | -82.3% |
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 29 October 2026 via checked.be.