Eric E.M. De 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.
Eric E.M. De Smet
Largest movements
- Cash +€153,118
up €153,118 (+144%), from €106,207 to €259,325
mainly Net result for the year (+€145,843) and Trade debts (+€26,895)
- Tangible fixed assets +€11,048
new in 2025: €11,048
- Current investments +€4,900
new in 2025: €4,900
- Receivables within one year +€3,351
up €3,351 (+17.6%), from €18,988 to €22,339
- Reserves +€145,840
up €145,840 (+201%), from €72,440 to €218,280
- Trade debts +€26,895
up €26,895 (+3,630%), from €741 to €27,636
- Gross operating margin +€108,511
up €108,511 (+108%), from €100,188 to €208,699
- Taxes +€34,820
up €34,820 (+127%), from €27,344 to €62,164
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 | €125,195 | €297,677 | +€172,482 | +138% |
| Fixed assets | 21/28 | - | €11,048 | +€11,048 | |
| Tangible fixed assets | 22/27 | - | €11,048 | +€11,048 | |
| Furniture and vehicles | 24 | - | €11,048 | +€11,048 | |
| Current assets | 29/58 | €125,195 | €286,629 | +€161,434 | +129% |
| Amounts receivable within one year | 40/41 | €18,988 | €22,339 | +€3,351 | +17.6% |
| Trade receivables | 40 | €18,988 | €22,339 | +€3,351 | +17.6% |
| Current investments | 50/53 | - | €4,900 | +€4,900 | |
| Cash at bank and in hand | 54/58 | €106,207 | €259,325 | +€153,118 | +144% |
| Deferred charges and accrued income | 490/1 | - | €65 | +€65 | |
| Total equity and liabilities | 10/49 | €125,195 | €297,677 | +€172,482 | +138% |
| Equity | 10/15 | €74,942 | €220,786 | +€145,843 | +195% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €72,440 | €218,280 | +€145,840 | +201% |
| Distributable reserves | 133 | €72,440 | €218,280 | +€145,840 | +201% |
| Profit (loss) carried forward | 14 | €2 | €6 | +€3 | +144% |
| Amounts payable | 17/49 | €50,253 | €76,891 | +€26,638 | +53.0% |
| Amounts payable within one year | 42/48 | €50,253 | €76,891 | +€26,638 | +53.0% |
| Trade debts | 44 | €741 | €27,636 | +€26,895 | +3,630% |
| Suppliers | 440/4 | €741 | €27,636 | +€26,895 | +3,630% |
| Taxes, remuneration and social security | 45 | €49,049 | €47,032 | -€2,017 | -4.1% |
| Taxes | 450/3 | €49,049 | €47,032 | -€2,017 | -4.1% |
| Other amounts payable | 47/48 | €463 | €2,223 | +€1,760 | +380% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €368 | +€368 | |
| Other operating charges | 640/8 | €380 | €186 | -€195 | -51.2% |
| Gross operating margin | 9900 | €100,188 | €208,699 | +€108,511 | +108% |
| Operating profit (loss) | 9901 | €99,808 | €208,145 | +€108,337 | +109% |
| Financial charges | 65/66B | €22 | €137 | +€116 | +535% |
| Recurring financial charges | 65 | €22 | €137 | +€116 | +535% |
| Profit (loss) for the period before taxes | 9903 | €99,786 | €208,008 | +€108,221 | +108% |
| Income taxes | 67/77 | €27,344 | €62,164 | +€34,820 | +127% |
| Profit (loss) for the period | 9904 | €72,442 | €145,843 | +€73,401 | +101% |
| Profit (loss) for the period to be appropriated | 9905 | €72,442 | €145,843 | +€73,401 | +101% |
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 18 October 2026 via checked.be.