DR. S. 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. S. SMEETS
Largest movements
- Cash +€36,983
up €36,983 (+24.5%), from €151,169 to €188,152
mainly Receivables within one year (+€21,734) and Net result for the year (+€18,755)
- Receivables within one year -€21,734
down €21,734 (-71.4%), from €30,457 to €8,723
- Tangible fixed assets -€15,611
no longer reported in 2025 (was €15,611)
of which Furniture and vehicles: -€13,812
- Reserves +€15,000
up €15,000 (+16.3%), from €91,750 to €106,750
- Tax, wage and social debts -€13,928
down €13,928 (-69.2%), from €20,120 to €6,192
of which Taxes: -€15,193
- Current portion of long-term debt -€6,792
no longer reported in 2025 (was €6,792)
- Profit (loss) carried forward +€3,755
up €3,755 (+10.3%), from €36,589 to €40,344
- Turnover -€178,047
no longer reported in 2025 (was €178,047)
- Purchases and services -€111,455
no longer reported in 2025 (was €111,455)
- Gross operating margin -€39,371
down €39,371 (-47.5%), from €82,895 to €43,524
- Depreciation -€6,492
down €6,492 (-78.3%), from €8,291 to €1,799
- Financial charges -€2,545
down €2,545 (-72.6%), from €3,507 to €962
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 | €197,237 | €196,875 | -€362 | -0.2% |
| Fixed assets | 21/28 | €15,611 | - | -€15,611 | |
| Tangible fixed assets | 22/27 | €15,611 | - | -€15,611 | |
| Plant, machinery and equipment | 23 | €1,799 | - | -€1,799 | |
| Furniture and vehicles | 24 | €13,812 | - | -€13,812 | |
| Current assets | 29/58 | €181,626 | €196,875 | +€15,249 | +8.4% |
| Amounts receivable within one year | 40/41 | €30,457 | €8,723 | -€21,734 | -71.4% |
| Other amounts receivable | 41 | €30,457 | €8,723 | -€21,734 | -71.4% |
| Cash at bank and in hand | 54/58 | €151,169 | €188,152 | +€36,983 | +24.5% |
| Total equity and liabilities | 10/49 | €197,237 | €196,875 | -€362 | -0.2% |
| Equity | 10/15 | €146,939 | €165,694 | +€18,755 | +12.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €91,750 | €106,750 | +€15,000 | +16.3% |
| Distributable reserves | 133 | €91,750 | €106,750 | +€15,000 | +16.3% |
| Profit (loss) carried forward | 14 | €36,589 | €40,344 | +€3,755 | +10.3% |
| Amounts payable | 17/49 | €50,298 | €31,181 | -€19,117 | -38.0% |
| Amounts payable within one year | 42/48 | €50,298 | €31,181 | -€19,117 | -38.0% |
| Current portion of amounts payable after more than one year | 42 | €6,792 | - | -€6,792 | |
| Trade debts | 44 | €1,653 | €3,250 | +€1,597 | +96.6% |
| Suppliers | 440/4 | €1,653 | €3,250 | +€1,597 | +96.6% |
| Taxes, remuneration and social security | 45 | €20,120 | €6,192 | -€13,928 | -69.2% |
| Taxes | 450/3 | €15,633 | €440 | -€15,193 | -97.2% |
| Remuneration and social security | 454/9 | €4,487 | €5,752 | +€1,265 | +28.2% |
| Other amounts payable | 47/48 | €21,733 | €21,739 | +€6 | 0.0% |
| Turnover | 70 | €178,047 | - | -€178,047 | |
| Non-recurring operating income | 76A | - | €1,944 | +€1,944 | |
| Goods, raw materials, services and sundry goods | 60/61 | €111,455 | - | -€111,455 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,291 | €1,799 | -€6,492 | -78.3% |
| Other operating charges | 640/8 | €683 | €326 | -€357 | -52.3% |
| Gross operating margin | 9900 | €82,895 | €43,524 | -€39,371 | -47.5% |
| Operating profit (loss) | 9901 | €73,921 | €41,399 | -€32,522 | -44.0% |
| Financial income | 75/76B | €437 | €317 | -€120 | -27.5% |
| Recurring financial income | 75 | €437 | €317 | -€120 | -27.5% |
| Financial charges | 65/66B | €3,507 | €962 | -€2,545 | -72.6% |
| Recurring financial charges | 65 | €3,507 | €962 | -€2,545 | -72.6% |
| Profit (loss) for the period before taxes | 9903 | €70,851 | €40,754 | -€30,097 | -42.5% |
| Income taxes | 67/77 | €21,602 | €21,999 | +€397 | +1.8% |
| Profit (loss) for the period | 9904 | €49,249 | €18,755 | -€30,494 | -61.9% |
| Profit (loss) for the period to be appropriated | 9905 | €49,249 | €18,755 | -€30,494 | -61.9% |
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 1 November 2026 via checked.be.