F.D.S. 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.
F.D.S. Smeets
Largest movements
- Receivables within one year +€55,713
up €55,713 (+2,853%), from €1,953 to €57,666
of which Trade receivables: +€52,447
- Tangible fixed assets -€11,779
down €11,779 (-25.8%), from €45,741 to €33,962
of which Leasing and similar rights: -€8,726
- Cash -€5,076
down €5,076 (-96.8%), from €5,243 to €167
mainly Receivables within one year (-€55,713) and Debts after one year (-€7,201)
- Trade debts +€27,073
up €27,073 (+1,803%), from €1,502 to €28,575
- Reserves +€20,073
new in 2025: €20,073
- Profit (loss) carried forward -€12,560
down €12,560 (-100%), from €12,560 to €0
- Tax, wage and social debts +€11,461
up €11,461 (+7,170%), from €160 to €11,621
of which Taxes: +€9,161
- Debts after one year -€7,201
down €7,201 (-24.2%), from €29,748 to €22,547
- Gross operating margin +€12,000
up €12,000 (+88.0%), from €13,639 to €25,639
- Depreciation +€5,722
up €5,722 (+93.3%), from €6,132 to €11,854
- Taxes +€2,508
up €2,508 (+388%), from €646 to €3,154
- Financial charges +€452
up €452 (+39.2%), from €1,153 to €1,605
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 | €54,415 | €93,517 | +€39,102 | +71.9% |
| Fixed assets | 21/28 | €46,114 | €34,260 | -€11,854 | -25.7% |
| Intangible fixed assets | 21 | €373 | €298 | -€75 | -20.1% |
| Tangible fixed assets | 22/27 | €45,741 | €33,962 | -€11,779 | -25.8% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €3,571 | €518 | -€3,053 | -85.5% |
| Leasing and similar rights | 25 | €42,170 | €33,444 | -€8,726 | -20.7% |
| Current assets | 29/58 | €8,302 | €59,257 | +€50,955 | +614% |
| Amounts receivable within one year | 40/41 | €1,953 | €57,666 | +€55,713 | +2,853% |
| Trade receivables | 40 | €0 | €52,447 | +€52,447 | |
| Other amounts receivable | 41 | €1,953 | €5,219 | +€3,266 | +167% |
| Cash at bank and in hand | 54/58 | €5,243 | €167 | -€5,076 | -96.8% |
| Deferred charges and accrued income | 490/1 | €1,105 | €1,423 | +€318 | +28.8% |
| Total equity and liabilities | 10/49 | €54,415 | €93,517 | +€39,102 | +71.9% |
| Equity | 10/15 | €16,060 | €23,573 | +€7,514 | +46.8% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | - | €20,073 | +€20,073 | |
| Distributable reserves | 133 | - | €20,073 | +€20,073 | |
| Profit (loss) carried forward | 14 | €12,560 | €0 | -€12,560 | -100% |
| Amounts payable | 17/49 | €38,355 | €69,943 | +€31,588 | +82.4% |
| Amounts payable after more than one year | 17 | €29,748 | €22,547 | -€7,201 | -24.2% |
| Financial debts | 170/4 | €29,748 | €22,547 | -€7,201 | -24.2% |
| Amounts payable within one year | 42/48 | €8,608 | €47,396 | +€38,789 | +451% |
| Current portion of amounts payable after more than one year | 42 | €6,946 | €7,201 | +€255 | +3.7% |
| Trade debts | 44 | €1,502 | €28,575 | +€27,073 | +1,803% |
| Suppliers | 440/4 | €1,502 | €28,575 | +€27,073 | +1,803% |
| Taxes, remuneration and social security | 45 | €160 | €11,621 | +€11,461 | +7,170% |
| Taxes | 450/3 | €160 | €9,321 | +€9,161 | +5,731% |
| Remuneration and social security | 454/9 | - | €2,300 | +€2,300 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €7,985 | €0 | -€7,985 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,132 | €11,854 | +€5,722 | +93.3% |
| Other operating charges | 640/8 | €1,497 | €1,706 | +€209 | +14.0% |
| Gross operating margin | 9900 | €13,639 | €25,639 | +€12,000 | +88.0% |
| Operating profit (loss) | 9901 | €6,010 | €12,080 | +€6,069 | +101% |
| Financial income | 75/76B | €413 | €194 | -€219 | -53.1% |
| Recurring financial income | 75 | €413 | €194 | -€219 | -53.1% |
| Financial charges | 65/66B | €1,153 | €1,605 | +€452 | +39.2% |
| Recurring financial charges | 65 | €1,153 | €1,605 | +€452 | +39.2% |
| Profit (loss) for the period before taxes | 9903 | €5,270 | €10,668 | +€5,398 | +102% |
| Income taxes | 67/77 | €646 | €3,154 | +€2,508 | +388% |
| Profit (loss) for the period | 9904 | €4,624 | €7,514 | +€2,890 | +62.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,624 | €7,514 | +€2,890 | +62.5% |
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 27 October 2026 via checked.be.