Dr. Miek Smeets: 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. Miek Smeets
Largest movements
- Cash -€42,613
down €42,613 (-60.4%), from €70,562 to €27,949
mainly Contributions, distributions and other (-€163,303) and Trade debts (-€874)
- Receivables within one year -€36,100
down €36,100 (-94.0%), from €38,390 to €2,290
of which Other amounts receivable: -€34,740
- Reserves -€109,041
down €109,041 (-100%), from €109,041 to €0
- Other debts +€25,327
new in 2025: €25,327
- Tax, wage and social debts +€5,085
new in 2025: €5,085
- Gross operating margin -€12,779
down €12,779 (-15.1%), from €84,724 to €71,945
- Taxes -€2,014
down €2,014 (-11.4%), from €17,710 to €15,696
- Depreciation -€1,794
down €1,794 (-61.7%), from €2,905 to €1,112
- Financial income -€1,466
down €1,466 (-100.0%), from €1,466 to €0
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 | €118,100 | €38,598 | -€79,502 | -67.3% |
| Fixed assets | 21/28 | €6,844 | €5,733 | -€1,112 | -16.2% |
| Tangible fixed assets | 22/27 | €6,844 | €5,733 | -€1,112 | -16.2% |
| Furniture and vehicles | 24 | €5,371 | €4,259 | -€1,112 | -20.7% |
| Other tangible fixed assets | 26 | €1,473 | €1,473 | = | 0.0% |
| Current assets | 29/58 | €111,256 | €32,866 | -€78,390 | -70.5% |
| Amounts receivable within one year | 40/41 | €38,390 | €2,290 | -€36,100 | -94.0% |
| Trade receivables | 40 | €1,360 | €0 | -€1,360 | -100% |
| Other amounts receivable | 41 | €37,030 | €2,290 | -€34,740 | -93.8% |
| Cash at bank and in hand | 54/58 | €70,562 | €27,949 | -€42,613 | -60.4% |
| Deferred charges and accrued income | 490/1 | €2,304 | €2,627 | +€322 | +14.0% |
| Total equity and liabilities | 10/49 | €118,100 | €38,598 | -€79,502 | -67.3% |
| Equity | 10/15 | €115,041 | €6,000 | -€109,041 | -94.8% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €109,041 | €0 | -€109,041 | -100% |
| Distributable reserves | 133 | €109,041 | €0 | -€109,041 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €3,059 | €32,598 | +€29,539 | +966% |
| Amounts payable within one year | 42/48 | €3,059 | €32,598 | +€29,539 | +966% |
| Trade debts | 44 | €3,059 | €2,186 | -€874 | -28.6% |
| Suppliers | 440/4 | €3,059 | €2,186 | -€874 | -28.6% |
| Taxes, remuneration and social security | 45 | - | €5,085 | +€5,085 | |
| Taxes | 450/3 | - | €5,085 | +€5,085 | |
| Other amounts payable | 47/48 | - | €25,327 | +€25,327 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,905 | €1,112 | -€1,794 | -61.7% |
| Other operating charges | 640/8 | €1,106 | €680 | -€426 | -38.5% |
| Gross operating margin | 9900 | €84,724 | €71,945 | -€12,779 | -15.1% |
| Operating profit (loss) | 9901 | €80,712 | €70,153 | -€10,559 | -13.1% |
| Financial income | 75/76B | €1,466 | €0 | -€1,466 | -100.0% |
| Recurring financial income | 75 | €1,466 | €0 | -€1,466 | -100.0% |
| Financial charges | 65/66B | €250 | €194 | -€55 | -22.2% |
| Recurring financial charges | 65 | €250 | €194 | -€55 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | €81,928 | €69,959 | -€11,969 | -14.6% |
| Income taxes | 67/77 | €17,710 | €15,696 | -€2,014 | -11.4% |
| Profit (loss) for the period | 9904 | €64,218 | €54,262 | -€9,955 | -15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €64,218 | €54,262 | -€9,955 | -15.5% |
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 27 October 2026 via checked.be.