DR. ROB 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. ROB SMEETS
Largest movements
- Cash +€158,903
up €158,903 (+75.3%), from €211,104 to €370,007
mainly Net result for the year (+€192,583) and Current investments (+€150,340)
- Current investments -€150,340
down €150,340 (-30.9%), from €486,622 to €336,283
- Tangible fixed assets -€60,635
down €60,635 (-26.0%), from €233,167 to €172,532
- Receivables within one year -€36,225
down €36,225 (-69.8%), from €51,924 to €15,699
of which Other amounts receivable: -€27,259
- Other debts -€72,000
down €72,000 (-35.1%), from €205,000 to €133,000
- Reserves +€59,583
up €59,583 (+9.5%), from €629,694 to €689,276
of which Distributable reserves: +€59,583
- Tax, wage and social debts -€47,484
down €47,484 (-75.9%), from €62,577 to €15,093
- Debts after one year -€26,016
down €26,016 (-34.2%), from €76,048 to €50,033
- Gross operating margin -€10,835
down €10,835 (-3.0%), from €361,866 to €351,031
- Financial income +€7,340
up €7,340 (+292%), from €2,514 to €9,854
- Depreciation -€5,831
down €5,831 (-8.8%), from €66,465 to €60,635
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 | €1,031,710 | €935,391 | -€96,319 | -9.3% |
| Fixed assets | 21/28 | €233,353 | €172,718 | -€60,635 | -26.0% |
| Tangible fixed assets | 22/27 | €233,167 | €172,532 | -€60,635 | -26.0% |
| Plant, machinery and equipment | 23 | €4,863 | €2,542 | -€2,321 | -47.7% |
| Furniture and vehicles | 24 | €46,183 | €31,672 | -€14,510 | -31.4% |
| Leasing and similar rights | 25 | €102,508 | €76,179 | -€26,328 | -25.7% |
| Other tangible fixed assets | 26 | €79,614 | €62,138 | -€17,475 | -22.0% |
| Financial fixed assets | 28 | €186 | €186 | = | 0.0% |
| Current assets | 29/58 | €798,357 | €762,673 | -€35,684 | -4.5% |
| Amounts receivable within one year | 40/41 | €51,924 | €15,699 | -€36,225 | -69.8% |
| Trade receivables | 40 | €8,965 | - | -€8,965 | |
| Other amounts receivable | 41 | €42,958 | €15,699 | -€27,259 | -63.5% |
| Current investments | 50/53 | €486,622 | €336,283 | -€150,340 | -30.9% |
| Cash at bank and in hand | 54/58 | €211,104 | €370,007 | +€158,903 | +75.3% |
| Deferred charges and accrued income | 490/1 | €48,707 | €40,684 | -€8,022 | -16.5% |
| Total equity and liabilities | 10/49 | €1,031,710 | €935,391 | -€96,319 | -9.3% |
| Equity | 10/15 | €648,094 | €707,676 | +€59,583 | +9.2% |
| Contributions | 10/11 | €18,400 | €18,400 | = | 0.0% |
| Reserves | 13 | €629,694 | €689,276 | +€59,583 | +9.5% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €592,194 | €651,776 | +€59,583 | +10.1% |
| Amounts payable | 17/49 | €383,616 | €227,715 | -€155,901 | -40.6% |
| Amounts payable after more than one year | 17 | €76,048 | €50,033 | -€26,016 | -34.2% |
| Financial debts | 170/4 | €76,048 | €50,033 | -€26,016 | -34.2% |
| Amounts payable within one year | 42/48 | €306,561 | €177,682 | -€128,879 | -42.0% |
| Current portion of amounts payable after more than one year | 42 | €25,154 | €26,016 | +€862 | +3.4% |
| Trade debts | 44 | €13,831 | €3,574 | -€10,257 | -74.2% |
| Suppliers | 440/4 | €13,831 | €3,574 | -€10,257 | -74.2% |
| Taxes, remuneration and social security | 45 | €62,577 | €15,093 | -€47,484 | -75.9% |
| Taxes | 450/3 | €62,577 | €15,093 | -€47,484 | -75.9% |
| Other amounts payable | 47/48 | €205,000 | €133,000 | -€72,000 | -35.1% |
| Accrued charges and deferred income | 492/3 | €1,006 | - | -€1,006 | |
| Non-recurring operating income | 76A | - | €12,000 | +€12,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,465 | €60,635 | -€5,831 | -8.8% |
| Other operating charges | 640/8 | €10,333 | €7,943 | -€2,390 | -23.1% |
| Gross operating margin | 9900 | €361,866 | €351,031 | -€10,835 | -3.0% |
| Operating profit (loss) | 9901 | €285,067 | €282,453 | -€2,614 | -0.9% |
| Financial income | 75/76B | €2,514 | €9,854 | +€7,340 | +292% |
| Recurring financial income | 75 | €2,514 | €9,854 | +€7,340 | +292% |
| Financial charges | 65/66B | €5,922 | €7,965 | +€2,042 | +34.5% |
| Recurring financial charges | 65 | €5,922 | €7,965 | +€2,042 | +34.5% |
| Profit (loss) for the period before taxes | 9903 | €281,659 | €284,343 | +€2,684 | +1.0% |
| Income taxes | 67/77 | €94,483 | €91,760 | -€2,723 | -2.9% |
| Profit (loss) for the period | 9904 | €187,176 | €192,583 | +€5,407 | +2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €187,176 | €192,583 | +€5,407 | +2.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.