Dr. Kyra Smets: what changed
Dr. Kyra Smets
Largest movements
- Cash +€51,801
up €51,801 (+55.6%), from €93,242 to €145,043
mainly Net result for the year (+€138,494) and Other debts (+€109,602)
- Tangible fixed assets -€5,898
down €5,898 (-5.9%), from €99,694 to €93,796
of which Assets under construction and advance payments: -€93,007
- Receivables within one year +€5,471
up €5,471 (+13.5%), from €40,448 to €45,920
of which Trade receivables: +€5,471
- Other debts +€109,602
up €109,602 (+236%), from €46,428 to €156,030
- Reserves -€73,071
down €73,071 (-100%), from €73,071 to €0
- Tax, wage and social debts +€24,496
up €24,496 (+2,976%), from €823 to €25,319
- Debts after one year -€10,665
down €10,665 (-10.9%), from €98,132 to €87,467
- Gross operating margin +€95,090
up €95,090 (+97.1%), from €97,892 to €192,981
- Taxes +€21,744
up €21,744 (+115%), from €18,866 to €40,610
- Depreciation +€5,466
up €5,466 (+1,266%), from €432 to €5,898
- Financial charges +€2,667
up €2,667 (+58.1%), from €4,592 to €7,259
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 | €233,384 | €284,758 | +€51,374 | +22.0% |
| Fixed assets | 21/28 | €99,694 | €93,796 | -€5,898 | -5.9% |
| Tangible fixed assets | 22/27 | €99,694 | €93,796 | -€5,898 | -5.9% |
| Land and buildings | 22 | - | €88,357 | +€88,357 | |
| Plant, machinery and equipment | 23 | €5,022 | €4,245 | -€778 | -15.5% |
| Furniture and vehicles | 24 | €1,664 | €1,194 | -€470 | -28.3% |
| Assets under construction and advance payments | 27 | €93,007 | €0 | -€93,007 | -100% |
| Current assets | 29/58 | €133,690 | €190,962 | +€57,272 | +42.8% |
| Amounts receivable within one year | 40/41 | €40,448 | €45,920 | +€5,471 | +13.5% |
| Trade receivables | 40 | €35,814 | €41,285 | +€5,471 | +15.3% |
| Other amounts receivable | 41 | €4,634 | €4,634 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €93,242 | €145,043 | +€51,801 | +55.6% |
| Total equity and liabilities | 10/49 | €233,384 | €284,758 | +€51,374 | +22.0% |
| Equity | 10/15 | €75,571 | €2,500 | -€73,071 | -96.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €73,071 | €0 | -€73,071 | -100% |
| Distributable reserves | 133 | €73,071 | €0 | -€73,071 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €157,813 | €282,258 | +€124,445 | +78.9% |
| Amounts payable after more than one year | 17 | €98,132 | €87,467 | -€10,665 | -10.9% |
| Financial debts | 170/4 | €98,132 | €87,467 | -€10,665 | -10.9% |
| Amounts payable within one year | 42/48 | €59,201 | €194,311 | +€135,110 | +228% |
| Current portion of amounts payable after more than one year | 42 | €10,140 | €12,567 | +€2,427 | +23.9% |
| Trade debts | 44 | €1,811 | €395 | -€1,415 | -78.2% |
| Suppliers | 440/4 | €1,811 | €395 | -€1,415 | -78.2% |
| Taxes, remuneration and social security | 45 | €823 | €25,319 | +€24,496 | +2,976% |
| Taxes | 450/3 | €823 | €25,319 | +€24,496 | +2,976% |
| Other amounts payable | 47/48 | €46,428 | €156,030 | +€109,602 | +236% |
| Accrued charges and deferred income | 492/3 | €480 | €480 | = | 0.0% |
| Non-recurring operating income | 76A | €6,171 | €0 | -€6,171 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €432 | €5,898 | +€5,466 | +1,266% |
| Other operating charges | 640/8 | €931 | €720 | -€211 | -22.7% |
| Gross operating margin | 9900 | €97,892 | €192,981 | +€95,090 | +97.1% |
| Operating profit (loss) | 9901 | €96,529 | €186,363 | +€89,834 | +93.1% |
| Financial charges | 65/66B | €4,592 | €7,259 | +€2,667 | +58.1% |
| Recurring financial charges | 65 | €4,592 | €7,259 | +€2,667 | +58.1% |
| Profit (loss) for the period before taxes | 9903 | €91,937 | €179,104 | +€87,167 | +94.8% |
| Income taxes | 67/77 | €18,866 | €40,610 | +€21,744 | +115% |
| Profit (loss) for the period | 9904 | €73,071 | €138,494 | +€65,423 | +89.5% |
| Profit (loss) for the period to be appropriated | 9905 | €73,071 | €138,494 | +€65,423 | +89.5% |
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 6 November 2026 via checked.be.