DR. MARC SMETS: 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. MARC SMETS
Largest movements
- Cash +€183,302
up €183,302 (+119%), from €153,490 to €336,792
mainly Net result for the year (+€227,962) and Depreciation (+€68,410)
- Tangible fixed assets -€68,159
down €68,159 (-7.4%), from €918,663 to €850,504
of which Land and buildings: -€146,636
- Reserves +€100,572
up €100,572 (+8.1%), from €1.2m to €1.3m
of which Distributable reserves: +€100,572
- Debts after one year +€63,735
up €63,735 (+3,115%), from €2,046 to €65,781
of which Financial debts: +€63,735
- Other debts -€45,105
down €45,105 (-5.7%), from €792,980 to €747,876
- Current portion of long-term debt +€24,339
new in 2025: €24,339
- Gross operating margin +€67,549
up €67,549 (+16.8%), from €401,564 to €469,113
- Financial income -€59,234
down €59,234 (-78.8%), from €75,131 to €15,897
- Financial charges +€45,133
up €45,133 (+377%), from €11,970 to €57,102
- Depreciation +€13,273
up €13,273 (+24.1%), from €55,137 to €68,410
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 | €2,080,357 | €2,207,342 | +€126,986 | +6.1% |
| Fixed assets | 21/28 | €918,663 | €850,504 | -€68,159 | -7.4% |
| Tangible fixed assets | 22/27 | €918,663 | €850,504 | -€68,159 | -7.4% |
| Land and buildings | 22 | €889,986 | €743,350 | -€146,636 | -16.5% |
| Plant, machinery and equipment | 23 | €2,136 | €3,492 | +€1,356 | +63.5% |
| Furniture and vehicles | 24 | €26,540 | €103,662 | +€77,122 | +291% |
| Current assets | 29/58 | €1,161,694 | €1,356,838 | +€195,144 | +16.8% |
| Amounts receivable within one year | 40/41 | €42,180 | €39,151 | -€3,029 | -7.2% |
| Trade receivables | 40 | €24,227 | €27,799 | +€3,572 | +14.7% |
| Other amounts receivable | 41 | €17,953 | €11,352 | -€6,601 | -36.8% |
| Current investments | 50/53 | €960,832 | €971,958 | +€11,126 | +1.2% |
| Cash at bank and in hand | 54/58 | €153,490 | €336,792 | +€183,302 | +119% |
| Deferred charges and accrued income | 490/1 | €5,193 | €8,938 | +€3,746 | +72.1% |
| Total equity and liabilities | 10/49 | €2,080,357 | €2,207,342 | +€126,986 | +6.1% |
| Equity | 10/15 | €1,243,978 | €1,344,550 | +€100,572 | +8.1% |
| Reserves | 13 | €1,243,978 | €1,344,550 | +€100,572 | +8.1% |
| Tax-exempt reserves | 132 | €8,015 | €8,015 | = | 0.0% |
| Distributable reserves | 133 | €1,235,963 | €1,336,535 | +€100,572 | +8.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €836,378 | €862,792 | +€26,414 | +3.2% |
| Amounts payable after more than one year | 17 | €2,046 | €65,781 | +€63,735 | +3,115% |
| Financial debts | 170/4 | - | €63,735 | +€63,735 | |
| Other amounts payable | 178/9 | €2,046 | €2,046 | = | 0.0% |
| Amounts payable within one year | 42/48 | €833,148 | €797,011 | -€36,136 | -4.3% |
| Current portion of amounts payable after more than one year | 42 | - | €24,339 | +€24,339 | |
| Trade debts | 44 | €5,182 | €3,102 | -€2,080 | -40.1% |
| Suppliers | 440/4 | €5,182 | €3,102 | -€2,080 | -40.1% |
| Taxes, remuneration and social security | 45 | €34,985 | €21,696 | -€13,290 | -38.0% |
| Taxes | 450/3 | €30,431 | €16,714 | -€13,717 | -45.1% |
| Remuneration and social security | 454/9 | €4,554 | €4,982 | +€427 | +9.4% |
| Other amounts payable | 47/48 | €792,980 | €747,876 | -€45,105 | -5.7% |
| Accrued charges and deferred income | 492/3 | €1,185 | €0 | -€1,185 | -100% |
| Non-recurring operating income | 76A | - | €84,160 | +€84,160 | |
| Remuneration, social security and pensions | 62 | €13,178 | €12,832 | -€345 | -2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,137 | €68,410 | +€13,273 | +24.1% |
| Other operating charges | 640/8 | €9,809 | €10,286 | +€477 | +4.9% |
| Gross operating margin | 9900 | €401,564 | €469,113 | +€67,549 | +16.8% |
| Operating profit (loss) | 9901 | €323,441 | €377,584 | +€54,144 | +16.7% |
| Financial income | 75/76B | €75,131 | €15,897 | -€59,234 | -78.8% |
| Recurring financial income | 75 | €75,131 | €15,897 | -€59,234 | -78.8% |
| Financial charges | 65/66B | €11,970 | €57,102 | +€45,133 | +377% |
| Recurring financial charges | 65 | €11,970 | €57,102 | +€45,133 | +377% |
| Profit (loss) for the period before taxes | 9903 | €386,602 | €336,379 | -€50,223 | -13.0% |
| Income taxes | 67/77 | €112,601 | €108,417 | -€4,183 | -3.7% |
| Profit (loss) for the period | 9904 | €274,001 | €227,962 | -€46,039 | -16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €274,001 | €227,962 | -€46,039 | -16.8% |
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 17 October 2026 via checked.be.