ELS SMET: 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.
ELS SMET
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Cash -€26,925
down €26,925 (-42.9%), from €62,805 to €35,880
mainly Contributions, distributions and other (-€203,129) and Current investments (-€100,000)
- Debts after one year +€129,212
up €129,212 (+28.8%), from €448,992 to €578,205
of which Other amounts payable: +€190,648
- Reserves -€98,756
down €98,756 (-48.6%), from €203,129 to €104,373
- Tax, wage and social debts +€31,793
up €31,793 (+168.2%), from €18,902 to €50,695
- Gross operating margin +€33,588
up €33,588 (+25.9%), from €129,859 to €163,447
- Taxes +€10,872
up €10,872 (+42.6%), from €25,534 to €36,407
- Financial charges -€9,957
down €9,957 (-31.8%), from €31,287 to €21,330
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 | €753,855 | €821,558 | +€67,703 | +9.0% |
| Fixed assets | 21/28 | €652,788 | €652,049 | -€739 | -0.1% |
| Tangible fixed assets | 22/27 | €2,788 | €2,049 | -€739 | -26.5% |
| Furniture and vehicles | 24 | €1,131 | €607 | -€524 | -46.3% |
| Other tangible fixed assets | 26 | €1,656 | €1,442 | -€215 | -13.0% |
| Financial fixed assets | 28 | €650,000 | €650,000 | = | 0.0% |
| Current assets | 29/58 | €101,067 | €169,509 | +€68,441 | +67.7% |
| Amounts receivable within one year | 40/41 | €35,511 | €30,824 | -€4,688 | -13.2% |
| Trade receivables | 40 | €35,511 | €30,824 | -€4,688 | -13.2% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €62,805 | €35,880 | -€26,925 | -42.9% |
| Deferred charges and accrued income | 490/1 | €2,751 | €2,805 | +€54 | +1.9% |
| Total equity and liabilities | 10/49 | €753,855 | €821,558 | +€67,703 | +9.0% |
| Equity | 10/15 | €221,729 | €122,973 | -€98,756 | -44.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €203,129 | €104,373 | -€98,756 | -48.6% |
| Distributable reserves | 133 | €203,129 | €104,373 | -€98,756 | -48.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €532,126 | €698,584 | +€166,459 | +31.3% |
| Amounts payable after more than one year | 17 | €448,992 | €578,205 | +€129,212 | +28.8% |
| Financial debts | 170/4 | €309,024 | €247,588 | -€61,435 | -19.9% |
| Other amounts payable | 178/9 | €139,969 | €330,616 | +€190,648 | +136.2% |
| Amounts payable within one year | 42/48 | €72,226 | €109,911 | +€37,685 | +52.2% |
| Current portion of amounts payable after more than one year | 42 | €50,046 | €56,799 | +€6,752 | +13.5% |
| Trade debts | 44 | €2,406 | €2,418 | +€11 | +0.5% |
| Suppliers | 440/4 | €2,406 | €2,418 | +€11 | +0.5% |
| Taxes, remuneration and social security | 45 | €18,902 | €50,695 | +€31,793 | +168.2% |
| Taxes | 450/3 | €18,902 | €50,695 | +€31,793 | +168.2% |
| Other amounts payable | 47/48 | €872 | €0 | -€872 | -100.0% |
| Accrued charges and deferred income | 492/3 | €10,907 | €10,469 | -€439 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,848 | €739 | -€1,110 | -60.0% |
| Other operating charges | 640/8 | €1,165 | €824 | -€341 | -29.3% |
| Gross operating margin | 9900 | €129,859 | €163,447 | +€33,588 | +25.9% |
| Operating profit (loss) | 9901 | €126,846 | €161,884 | +€35,039 | +27.6% |
| Financial income | 75/76B | €1,210 | €226 | -€984 | -81.4% |
| Recurring financial income | 75 | €1,210 | €226 | -€984 | -81.4% |
| Financial charges | 65/66B | €31,287 | €21,330 | -€9,957 | -31.8% |
| Recurring financial charges | 65 | €31,287 | €21,330 | -€9,957 | -31.8% |
| Profit (loss) for the period before taxes | 9903 | €96,769 | €140,780 | +€44,012 | +45.5% |
| Income taxes | 67/77 | €25,534 | €36,407 | +€10,872 | +42.6% |
| Profit (loss) for the period | 9904 | €71,234 | €104,373 | +€33,139 | +46.5% |
| Profit (loss) for the period to be appropriated | 9905 | €71,234 | €104,373 | +€33,139 | +46.5% |
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 9 October 2026 via checked.be.