FRÉDÉRIC 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.
FRÉDÉRIC SMET
Largest movements
- Receivables after one year -€77,888
no longer reported in 2025 (was €77,888)
of which Trade receivables: -€41,915
- Cash +€31,987
up €31,987 (+1113.2%), from €2,873 to €34,860
mainly Receivables after one year (+€77,888) and Depreciation (+€36,122)
- Receivables within one year +€18,925
new in 2025: €18,925
- Tangible fixed assets -€17,785
down €17,785 (-5.0%), from €352,557 to €334,771
of which Land and buildings: -€18,459
- Debts after one year -€76,816
down €76,816 (-34.3%), from €223,935 to €147,118
of which Trade debts: -€40,876
- Tax, wage and social debts +€12,913
up €12,913 (+3375.8%), from €383 to €13,296
- Trade debts +€12,326
new in 2025: €12,326
- Reserves +€5,395
up €5,395 (+3.1%), from €171,330 to €176,725
of which Distributable reserves: +€5,395
- Gross operating margin +€9,726
up €9,726 (+4.7%), from €205,671 to €215,397
- Depreciation +€4,068
up €4,068 (+12.7%), from €32,054 to €36,122
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.
Cash bridge derived
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 | €434,698 | €390,405 | -€44,293 | -10.2% |
| Fixed assets | 21/28 | €352,557 | €334,771 | -€17,785 | -5.0% |
| Tangible fixed assets | 22/27 | €352,557 | €334,771 | -€17,785 | -5.0% |
| Land and buildings | 22 | €301,407 | €282,948 | -€18,459 | -6.1% |
| Plant, machinery and equipment | 23 | €10,725 | €6,993 | -€3,732 | -34.8% |
| Furniture and vehicles | 24 | €29,109 | €28,035 | -€1,074 | -3.7% |
| Other tangible fixed assets | 26 | €11,316 | €16,795 | +€5,479 | +48.4% |
| Current assets | 29/58 | €82,142 | €55,634 | -€26,508 | -32.3% |
| Amounts receivable after more than one year | 29 | €77,888 | - | -€77,888 | |
| Trade receivables | 290 | €41,915 | - | -€41,915 | |
| Other amounts receivable | 291 | €35,973 | - | -€35,973 | |
| Amounts receivable within one year | 40/41 | - | €18,925 | +€18,925 | |
| Trade receivables | 40 | - | €18,925 | +€18,925 | |
| Cash at bank and in hand | 54/58 | €2,873 | €34,860 | +€31,987 | +1113.2% |
| Deferred charges and accrued income | 490/1 | €1,380 | €1,849 | +€469 | +33.9% |
| Total equity and liabilities | 10/49 | €434,698 | €390,405 | -€44,293 | -10.2% |
| Equity | 10/15 | €173,980 | €179,375 | +€5,395 | +3.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €171,330 | €176,725 | +€5,395 | +3.1% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €171,230 | €176,625 | +€5,395 | +3.2% |
| Profit (loss) carried forward | 14 | €1,650 | €1,650 | = | 0.0% |
| Amounts payable | 17/49 | €260,718 | €211,030 | -€49,688 | -19.1% |
| Amounts payable after more than one year | 17 | €223,935 | €147,118 | -€76,816 | -34.3% |
| Financial debts | 170/4 | €183,059 | €147,118 | -€35,940 | -19.6% |
| Trade debts | 175 | €40,876 | - | -€40,876 | |
| Amounts payable within one year | 42/48 | €35,483 | €62,112 | +€26,628 | +75.0% |
| Current portion of amounts payable after more than one year | 42 | €35,101 | €35,940 | +€840 | +2.4% |
| Trade debts | 44 | - | €12,326 | +€12,326 | |
| Suppliers | 440/4 | - | €12,326 | +€12,326 | |
| Taxes, remuneration and social security | 45 | €383 | €13,296 | +€12,913 | +3375.8% |
| Taxes | 450/3 | €383 | €13,296 | +€12,913 | +3375.8% |
| Other amounts payable | 47/48 | - | €549 | +€549 | |
| Accrued charges and deferred income | 492/3 | €1,300 | €1,800 | +€500 | +38.5% |
| Remuneration, social security and pensions | 62 | €121,944 | €120,940 | -€1,004 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,054 | €36,122 | +€4,068 | +12.7% |
| Other operating charges | 640/8 | €2,672 | €3,897 | +€1,225 | +45.8% |
| Gross operating margin | 9900 | €205,671 | €215,397 | +€9,726 | +4.7% |
| Operating profit (loss) | 9901 | €49,000 | €54,438 | +€5,438 | +11.1% |
| Financial income | 75/76B | €30 | €5 | -€25 | -82.7% |
| Recurring financial income | 75 | €30 | €5 | -€25 | -82.7% |
| Financial charges | 65/66B | €4,844 | €4,487 | -€357 | -7.4% |
| Recurring financial charges | 65 | €4,844 | €4,487 | -€357 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €44,186 | €49,956 | +€5,770 | +13.1% |
| Income taxes | 67/77 | €12,426 | €14,452 | +€2,026 | +16.3% |
| Profit (loss) for the period | 9904 | €31,760 | €35,505 | +€3,745 | +11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €31,760 | €35,505 | +€3,745 | +11.8% |
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 9 October 2026 via checked.be.