Dr. Werner SMITS: 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. Werner SMITS
Largest movements
- Cash +€268,886
up €268,886 (+43.8%), from €614,089 to €882,975
mainly Net result for the year (+€210,423) and Other debts (+€201,054)
- Current investments -€125,000
no longer reported in 2025 (was €125,000)
- Tangible fixed assets -€19,516
down €19,516 (-6.2%), from €314,045 to €294,529
of which Furniture and vehicles: -€17,719
- Other debts +€201,054
new in 2025: €201,054
- Reserves -€119,915
down €119,915 (-13.2%), from €907,581 to €787,666
of which Distributable reserves: -€119,915
- Trade debts +€45,533
up €45,533 (+231%), from €19,723 to €65,255
- Gross operating margin +€61,925
up €61,925 (+19.8%), from €312,391 to €374,316
- Taxes +€24,158
up €24,158 (+33.0%), from €73,199 to €97,357
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 | €1,244,356 | €1,384,091 | +€139,735 | +11.2% |
| Fixed assets | 21/28 | €325,085 | €305,568 | -€19,516 | -6.0% |
| Tangible fixed assets | 22/27 | €314,045 | €294,529 | -€19,516 | -6.2% |
| Land and buildings | 22 | €171,767 | €171,767 | = | 0.0% |
| Plant, machinery and equipment | 23 | €2,834 | €9,770 | +€6,935 | +245% |
| Furniture and vehicles | 24 | €47,788 | €30,068 | -€17,719 | -37.1% |
| Other tangible fixed assets | 26 | €91,656 | €82,924 | -€8,732 | -9.5% |
| Financial fixed assets | 28 | €11,040 | €11,040 | = | 0.0% |
| Current assets | 29/58 | €919,272 | €1,078,523 | +€159,251 | +17.3% |
| Amounts receivable within one year | 40/41 | €177,980 | €191,681 | +€13,702 | +7.7% |
| Trade receivables | 40 | €60,541 | €96,711 | +€36,169 | +59.7% |
| Other amounts receivable | 41 | €117,438 | €94,971 | -€22,467 | -19.1% |
| Current investments | 50/53 | €125,000 | - | -€125,000 | |
| Cash at bank and in hand | 54/58 | €614,089 | €882,975 | +€268,886 | +43.8% |
| Deferred charges and accrued income | 490/1 | €2,203 | €3,866 | +€1,663 | +75.5% |
| Total equity and liabilities | 10/49 | €1,244,356 | €1,384,091 | +€139,735 | +11.2% |
| Equity | 10/15 | €1,161,159 | €1,041,244 | -€119,915 | -10.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €907,581 | €787,666 | -€119,915 | -13.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Other | 1319 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,270 | €18,270 | = | 0.0% |
| Distributable reserves | 133 | €887,452 | €767,536 | -€119,915 | -13.5% |
| Profit (loss) carried forward | 14 | €234,978 | €234,978 | = | 0.0% |
| Provisions and deferred taxes | 16 | €58,482 | €58,482 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €58,482 | €58,482 | = | 0.0% |
| Pensions and similar obligations | 160 | €58,482 | €58,482 | = | 0.0% |
| Amounts payable | 17/49 | €24,715 | €284,365 | +€259,650 | +1,051% |
| Amounts payable within one year | 42/48 | €24,715 | €284,365 | +€259,650 | +1,051% |
| Trade debts | 44 | €19,723 | €65,255 | +€45,533 | +231% |
| Suppliers | 440/4 | €19,723 | €65,255 | +€45,533 | +231% |
| Taxes, remuneration and social security | 45 | €4,993 | €18,056 | +€13,063 | +262% |
| Taxes | 450/3 | €0 | €12,919 | +€12,919 | |
| Remuneration and social security | 454/9 | €4,993 | €5,137 | +€145 | +2.9% |
| Other amounts payable | 47/48 | - | €201,054 | +€201,054 | |
| Remuneration, social security and pensions | 62 | €38,918 | €41,429 | +€2,510 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,064 | €27,715 | +€651 | +2.4% |
| Other operating charges | 640/8 | €3,784 | €1,206 | -€2,577 | -68.1% |
| Gross operating margin | 9900 | €312,391 | €374,316 | +€61,925 | +19.8% |
| Operating profit (loss) | 9901 | €242,625 | €303,967 | +€61,341 | +25.3% |
| Financial income | 75/76B | €1,590 | €4,026 | +€2,436 | +153% |
| Recurring financial income | 75 | €1,590 | €4,026 | +€2,436 | +153% |
| Financial charges | 65/66B | €1,457 | €212 | -€1,245 | -85.4% |
| Recurring financial charges | 65 | €1,457 | €212 | -€1,245 | -85.4% |
| Profit (loss) for the period before taxes | 9903 | €242,758 | €307,780 | +€65,023 | +26.8% |
| Income taxes | 67/77 | €73,199 | €97,357 | +€24,158 | +33.0% |
| Profit (loss) for the period | 9904 | €169,558 | €210,423 | +€40,865 | +24.1% |
| Profit (loss) for the period to be appropriated | 9905 | €169,558 | €210,423 | +€40,865 | +24.1% |
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.