ERIK 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.
ERIK SMITS
Largest movements
- Cash +€123,545
up €123,545 (+30.2%), from €409,738 to €533,283
mainly Net result for the year (+€150,805) and Depreciation (+€20,661)
- Tangible fixed assets -€12,237
down €12,237 (-25.9%), from €47,271 to €35,035
of which Furniture and vehicles: -€9,976
- Receivables within one year -€8,479
down €8,479 (-75.3%), from €11,256 to €2,777
of which Other amounts receivable: -€8,437
- Intangible fixed assets -€7,125
down €7,125 (-25.4%), from €28,090 to €20,965
- Reserves +€150,805
up €150,805 (+37.2%), from €405,183 to €555,988
of which Distributable reserves: +€150,805
- Tax, wage and social debts -€60,870
down €60,870 (-88.7%), from €68,596 to €7,726
- Other debts +€7,254
up €7,254 (+28.5%), from €25,496 to €32,750
- Gross operating margin +€28,271
up €28,271 (+15.6%), from €181,306 to €209,577
- Financial income -€18,478
down €18,478 (-28.3%), from €65,407 to €46,928
- Financial charges +€11,850
up €11,850 (+415%), from €2,856 to €14,706
- Taxes -€2,345
down €2,345 (-3.3%), from €71,217 to €68,871
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 | €509,146 | €603,830 | +€94,684 | +18.6% |
| Fixed assets | 21/28 | €85,361 | €66,000 | -€19,362 | -22.7% |
| Intangible fixed assets | 21 | €28,090 | €20,965 | -€7,125 | -25.4% |
| Tangible fixed assets | 22/27 | €47,271 | €35,035 | -€12,237 | -25.9% |
| Plant, machinery and equipment | 23 | €3,936 | €1,675 | -€2,261 | -57.4% |
| Furniture and vehicles | 24 | €43,335 | €33,359 | -€9,976 | -23.0% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €423,785 | €537,831 | +€114,046 | +26.9% |
| Amounts receivable within one year | 40/41 | €11,256 | €2,777 | -€8,479 | -75.3% |
| Trade receivables | 40 | €42 | €0 | -€42 | -100% |
| Other amounts receivable | 41 | €11,214 | €2,777 | -€8,437 | -75.2% |
| Cash at bank and in hand | 54/58 | €409,738 | €533,283 | +€123,545 | +30.2% |
| Deferred charges and accrued income | 490/1 | €2,791 | €1,771 | -€1,020 | -36.6% |
| Total equity and liabilities | 10/49 | €509,146 | €603,830 | +€94,684 | +18.6% |
| Equity | 10/15 | €411,388 | €562,194 | +€150,805 | +36.7% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €405,183 | €555,988 | +€150,805 | +37.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €405,183 | €555,988 | +€150,805 | +37.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €97,758 | €41,637 | -€56,121 | -57.4% |
| Amounts payable within one year | 42/48 | €97,143 | €41,637 | -€55,507 | -57.1% |
| Trade debts | 44 | €3,052 | €1,161 | -€1,891 | -62.0% |
| Suppliers | 440/4 | €3,052 | €1,161 | -€1,891 | -62.0% |
| Taxes, remuneration and social security | 45 | €68,596 | €7,726 | -€60,870 | -88.7% |
| Taxes | 450/3 | €68,596 | €7,726 | -€60,870 | -88.7% |
| Other amounts payable | 47/48 | €25,496 | €32,750 | +€7,254 | +28.5% |
| Accrued charges and deferred income | 492/3 | €614 | €0 | -€614 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,650 | €20,661 | +€10 | +0.1% |
| Other operating charges | 640/8 | €1,759 | €1,461 | -€298 | -16.9% |
| Gross operating margin | 9900 | €181,306 | €209,577 | +€28,271 | +15.6% |
| Operating profit (loss) | 9901 | €158,897 | €187,455 | +€28,558 | +18.0% |
| Financial income | 75/76B | €65,407 | €46,928 | -€18,478 | -28.3% |
| Recurring financial income | 75 | €65,407 | €46,928 | -€18,478 | -28.3% |
| Financial charges | 65/66B | €2,856 | €14,706 | +€11,850 | +415% |
| Recurring financial charges | 65 | €2,856 | €14,706 | +€11,850 | +415% |
| Profit (loss) for the period before taxes | 9903 | €221,447 | €219,677 | -€1,770 | -0.8% |
| Income taxes | 67/77 | €71,217 | €68,871 | -€2,345 | -3.3% |
| Profit (loss) for the period | 9904 | €150,230 | €150,805 | +€575 | +0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €150,230 | €150,805 | +€575 | +0.4% |
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.