Dr. 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. Smeets
Largest movements
- Cash +€50,608
up €50,608 (+240.2%), from €21,067 to €71,675
mainly Net result for the year (+€42,437) and Trade debts (+€15,061)
- Deferred charges and accrued income +€19,552
up €19,552 (+282.3%), from €6,927 to €26,479
- Receivables within one year +€2,934
up €2,934 (+36.0%), from €8,143 to €11,077
of which Other amounts receivable: +€3,224
- Reserves +€42,437
up €42,437 (+204.0%), from €20,802 to €63,239
- Trade debts +€15,061
up €15,061 (+634.4%), from €2,374 to €17,435
- Tax, wage and social debts +€12,037
up €12,037 (+134.9%), from €8,919 to €20,956
- Other debts +€2,883
up €2,883 (+472.6%), from €610 to €3,493
- Gross operating margin +€25,747
up €25,747 (+85.1%), from €30,269 to €56,016
- Taxes +€3,117
up €3,117 (+34.9%), from €8,919 to €12,037
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.
Cash bridge derived
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 | €37,706 | €110,249 | +€72,543 | +192.4% |
| Fixed assets | 21/28 | €1,568 | €1,018 | -€550 | -35.1% |
| Tangible fixed assets | 22/27 | €1,568 | €1,018 | -€550 | -35.1% |
| Furniture and vehicles | 24 | €1,568 | €1,018 | -€550 | -35.1% |
| Current assets | 29/58 | €36,137 | €109,231 | +€73,094 | +202.3% |
| Amounts receivable within one year | 40/41 | €8,143 | €11,077 | +€2,934 | +36.0% |
| Trade receivables | 40 | €290 | - | -€290 | |
| Other amounts receivable | 41 | €7,854 | €11,077 | +€3,224 | +41.0% |
| Cash at bank and in hand | 54/58 | €21,067 | €71,675 | +€50,608 | +240.2% |
| Deferred charges and accrued income | 490/1 | €6,927 | €26,479 | +€19,552 | +282.3% |
| Total equity and liabilities | 10/49 | €37,706 | €110,249 | +€72,543 | +192.4% |
| Equity | 10/15 | €25,802 | €68,239 | +€42,437 | +164.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €20,802 | €63,239 | +€42,437 | +204.0% |
| Distributable reserves | 133 | €20,802 | €63,239 | +€42,437 | +204.0% |
| Amounts payable | 17/49 | €11,903 | €42,010 | +€30,107 | +252.9% |
| Amounts payable within one year | 42/48 | €11,903 | €41,884 | +€29,980 | +251.9% |
| Trade debts | 44 | €2,374 | €17,435 | +€15,061 | +634.4% |
| Suppliers | 440/4 | €2,374 | €17,435 | +€15,061 | +634.4% |
| Taxes, remuneration and social security | 45 | €8,919 | €20,956 | +€12,037 | +134.9% |
| Taxes | 450/3 | €8,919 | €20,956 | +€12,037 | +134.9% |
| Other amounts payable | 47/48 | €610 | €3,493 | +€2,883 | +472.6% |
| Accrued charges and deferred income | 492/3 | - | €126 | +€126 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83 | €550 | +€467 | +563.6% |
| Other operating charges | 640/8 | €430 | €759 | +€328 | +76.3% |
| Gross operating margin | 9900 | €30,269 | €56,016 | +€25,747 | +85.1% |
| Operating profit (loss) | 9901 | €29,756 | €54,707 | +€24,951 | +83.9% |
| Financial income | 75/76B | - | €25 | +€25 | |
| Recurring financial income | 75 | - | €25 | +€25 | |
| Financial charges | 65/66B | €34 | €259 | +€224 | +657.8% |
| Recurring financial charges | 65 | €34 | €259 | +€224 | +657.8% |
| Profit (loss) for the period before taxes | 9903 | €29,722 | €54,473 | +€24,752 | +83.3% |
| Income taxes | 67/77 | €8,919 | €12,037 | +€3,117 | +34.9% |
| Profit (loss) for the period | 9904 | €20,802 | €42,437 | +€21,635 | +104.0% |
| Profit (loss) for the period to be appropriated | 9905 | €20,802 | €42,437 | +€21,635 | +104.0% |
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 10 October 2026 via checked.be.