Filip 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.
Filip SMET
Largest movements
- Cash +€221,628
up €221,628 (+360%), from €61,605 to €283,233
mainly Net result for the year (+€176,051) and Current investments (+€125,000)
- Current investments -€125,000
down €125,000 (-71.8%), from €174,019 to €49,019
- Receivables within one year +€40,345
up €40,345 (+254%), from €15,876 to €56,221
of which Trade receivables: +€49,369
- Tangible fixed assets +€23,349
up €23,349 (+91.0%), from €25,668 to €49,017
of which Furniture and vehicles: +€25,329
- Profit (loss) carried forward +€176,051
up €176,051 (+213%), from €82,796 to €258,847
- Other debts -€53,151
down €53,151 (-100%), from €53,151 to €0
- Trade debts +€47,639
new in 2025: €47,639
- Tax, wage and social debts -€13,611
down €13,611 (-41.5%), from €32,763 to €19,152
of which Taxes: -€13,612
- Debts after one year +€5,733
up €5,733 (+95.9%), from €5,980 to €11,713
- Gross operating margin +€84,173
up €84,173 (+57.0%), from €147,698 to €231,872
- Taxes +€23,109
up €23,109 (+76.4%), from €30,261 to €53,371
- Financial income +€7,585
up €7,585 (+238,508%), from €3 to €7,588
- Depreciation -€3,178
down €3,178 (-31.0%), from €10,250 to €7,072
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 | €280,370 | €439,077 | +€158,707 | +56.6% |
| Fixed assets | 21/28 | €25,668 | €49,017 | +€23,349 | +91.0% |
| Tangible fixed assets | 22/27 | €25,668 | €49,017 | +€23,349 | +91.0% |
| Plant, machinery and equipment | 23 | €795 | €431 | -€364 | -45.8% |
| Furniture and vehicles | 24 | €15,609 | €40,938 | +€25,329 | +162% |
| Other tangible fixed assets | 26 | €9,264 | €7,648 | -€1,617 | -17.4% |
| Current assets | 29/58 | €254,702 | €390,060 | +€135,358 | +53.1% |
| Amounts receivable within one year | 40/41 | €15,876 | €56,221 | +€40,345 | +254% |
| Trade receivables | 40 | - | €49,369 | +€49,369 | |
| Other amounts receivable | 41 | €15,876 | €6,852 | -€9,024 | -56.8% |
| Current investments | 50/53 | €174,019 | €49,019 | -€125,000 | -71.8% |
| Cash at bank and in hand | 54/58 | €61,605 | €283,233 | +€221,628 | +360% |
| Deferred charges and accrued income | 490/1 | €3,202 | €1,587 | -€1,615 | -50.4% |
| Total equity and liabilities | 10/49 | €280,370 | €439,077 | +€158,707 | +56.6% |
| Equity | 10/15 | €180,732 | €356,783 | +€176,051 | +97.4% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €82,935 | €82,935 | = | 0.0% |
| Distributable reserves | 133 | €82,935 | €82,935 | = | 0.0% |
| Profit (loss) carried forward | 14 | €82,796 | €258,847 | +€176,051 | +213% |
| Amounts payable | 17/49 | €99,639 | €82,294 | -€17,344 | -17.4% |
| Amounts payable after more than one year | 17 | €5,980 | €11,713 | +€5,733 | +95.9% |
| Financial debts | 170/4 | €5,980 | €11,713 | +€5,733 | +95.9% |
| Amounts payable within one year | 42/48 | €92,359 | €69,616 | -€22,743 | -24.6% |
| Current portion of amounts payable after more than one year | 42 | €6,445 | €2,825 | -€3,620 | -56.2% |
| Trade debts | 44 | - | €47,639 | +€47,639 | |
| Suppliers | 440/4 | - | €47,639 | +€47,639 | |
| Taxes, remuneration and social security | 45 | €32,763 | €19,152 | -€13,611 | -41.5% |
| Taxes | 450/3 | €30,263 | €16,651 | -€13,612 | -45.0% |
| Remuneration and social security | 454/9 | €2,500 | €2,501 | +€1 | 0.0% |
| Other amounts payable | 47/48 | €53,151 | €0 | -€53,151 | -100% |
| Accrued charges and deferred income | 492/3 | €1,300 | €966 | -€335 | -25.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,250 | €7,072 | -€3,178 | -31.0% |
| Other operating charges | 640/8 | €692 | €789 | +€97 | +14.0% |
| Non-recurring operating charges | 66A | - | €1,541 | +€1,541 | |
| Gross operating margin | 9900 | €147,698 | €231,872 | +€84,173 | +57.0% |
| Operating profit (loss) | 9901 | €136,756 | €222,469 | +€85,713 | +62.7% |
| Financial income | 75/76B | €3 | €7,588 | +€7,585 | +238,508% |
| Recurring financial income | 75 | €3 | €7,588 | +€7,585 | +238,508% |
| Financial charges | 65/66B | €1,786 | €635 | -€1,151 | -64.4% |
| Recurring financial charges | 65 | €1,786 | €635 | -€1,151 | -64.4% |
| Profit (loss) for the period before taxes | 9903 | €134,974 | €229,422 | +€94,448 | +70.0% |
| Income taxes | 67/77 | €30,261 | €53,371 | +€23,109 | +76.4% |
| Profit (loss) for the period | 9904 | €104,712 | €176,051 | +€71,339 | +68.1% |
| Profit (loss) for the period to be appropriated | 9905 | €104,712 | €176,051 | +€71,339 | +68.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.