FRANK 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.
FRANK SMITS
Largest movements
- Tangible fixed assets -€9,190
down €9,190 (-10.7%), from €85,699 to €76,509
of which Furniture and vehicles: -€11,092
- Cash +€8,663
up €8,663 (+591%), from €1,466 to €10,129
mainly Net result for the year (+€14,746) and Depreciation (+€11,941)
- Receivables within one year +€3,896
up €3,896 (+22.7%), from €17,129 to €21,025
of which Other amounts receivable: +€7,377
- Reserves +€27,000
up €27,000 (+67.5%), from €40,000 to €67,000
- Profit (loss) carried forward -€12,254
down €12,254 (-98.8%), from €12,402 to €148
- Debts after one year -€10,026
down €10,026 (-39.9%), from €25,112 to €15,086
- Trade debts -€2,497
no longer reported in 2025 (was €2,497)
- Current portion of long-term debt +€1,300
up €1,300 (+13.6%), from €9,539 to €10,839
- Gross operating margin +€3,498
up €3,498 (+11.5%), from €30,467 to €33,964
- Other operating charges -€1,363
down €1,363 (-54.7%), from €2,490 to €1,127
- Taxes +€1,156
up €1,156 (+39.2%), from €2,947 to €4,103
- Depreciation +€496
up €496 (+4.3%), from €11,446 to €11,941
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 | €104,515 | €107,663 | +€3,147 | +3.0% |
| Fixed assets | 21/28 | €85,699 | €76,509 | -€9,190 | -10.7% |
| Tangible fixed assets | 22/27 | €85,699 | €76,509 | -€9,190 | -10.7% |
| Land and buildings | 22 | €42,716 | €41,591 | -€1,125 | -2.6% |
| Plant, machinery and equipment | 23 | €648 | €3,838 | +€3,190 | +492% |
| Furniture and vehicles | 24 | €41,134 | €30,041 | -€11,092 | -27.0% |
| Other tangible fixed assets | 26 | €1,201 | €1,038 | -€163 | -13.6% |
| Current assets | 29/58 | €18,816 | €31,154 | +€12,338 | +65.6% |
| Amounts receivable within one year | 40/41 | €17,129 | €21,025 | +€3,896 | +22.7% |
| Trade receivables | 40 | €10,946 | €7,465 | -€3,481 | -31.8% |
| Other amounts receivable | 41 | €6,183 | €13,560 | +€7,377 | +119% |
| Cash at bank and in hand | 54/58 | €1,466 | €10,129 | +€8,663 | +591% |
| Deferred charges and accrued income | 490/1 | €222 | - | -€222 | |
| Total equity and liabilities | 10/49 | €104,515 | €107,663 | +€3,147 | +3.0% |
| Equity | 10/15 | €54,902 | €69,648 | +€14,746 | +26.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €40,000 | €67,000 | +€27,000 | +67.5% |
| Distributable reserves | 133 | €40,000 | €67,000 | +€27,000 | +67.5% |
| Profit (loss) carried forward | 14 | €12,402 | €148 | -€12,254 | -98.8% |
| Amounts payable | 17/49 | €49,614 | €38,015 | -€11,599 | -23.4% |
| Amounts payable after more than one year | 17 | €25,112 | €15,086 | -€10,026 | -39.9% |
| Financial debts | 170/4 | €25,112 | €15,086 | -€10,026 | -39.9% |
| Amounts payable within one year | 42/48 | €24,502 | €22,929 | -€1,573 | -6.4% |
| Current portion of amounts payable after more than one year | 42 | €9,539 | €10,839 | +€1,300 | +13.6% |
| Trade debts | 44 | €2,497 | - | -€2,497 | |
| Suppliers | 440/4 | €2,497 | - | -€2,497 | |
| Taxes, remuneration and social security | 45 | €12,466 | €12,090 | -€376 | -3.0% |
| Taxes | 450/3 | €12,466 | €12,090 | -€376 | -3.0% |
| Non-recurring operating income | 76A | - | €3,520 | +€3,520 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,446 | €11,941 | +€496 | +4.3% |
| Other operating charges | 640/8 | €2,490 | €1,127 | -€1,363 | -54.7% |
| Gross operating margin | 9900 | €30,467 | €33,964 | +€3,498 | +11.5% |
| Operating profit (loss) | 9901 | €16,531 | €20,896 | +€4,365 | +26.4% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,899 | €2,047 | +€148 | +7.8% |
| Recurring financial charges | 65 | €1,899 | €2,047 | +€148 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | €14,632 | €18,849 | +€4,217 | +28.8% |
| Income taxes | 67/77 | €2,947 | €4,103 | +€1,156 | +39.2% |
| Profit (loss) for the period | 9904 | €11,685 | €14,746 | +€3,061 | +26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €11,685 | €14,746 | +€3,061 | +26.2% |
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 24 October 2026 via checked.be.