Frederik Smets Projects: 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.
Frederik Smets Projects
Largest movements
- Cash -€23,725
down €23,725 (-28.7%), from €82,617 to €58,892
mainly Other debts (-€30,176) and Tax, wage and social debts (-€10,858)
- Receivables within one year +€7,447
up €7,447 (+73.5%), from €10,129 to €17,576
- Tangible fixed assets +€4,041
up €4,041 (+164%), from €2,458 to €6,498
of which Plant, machinery and equipment: +€2,759
- Other debts -€30,176
down €30,176 (-97.8%), from €30,859 to €682
- Reserves +€24,905
up €24,905 (+60.6%), from €41,107 to €66,011
- Tax, wage and social debts -€10,858
down €10,858 (-97.5%), from €11,131 to €273
- Trade debts +€4,869
up €4,869 (+86.7%), from €5,615 to €10,484
- Gross operating margin +€12,029
up €12,029 (+47.3%), from €25,408 to €37,437
- Taxes +€6,365
up €6,365 (+220%), from €2,890 to €9,254
- Depreciation -€1,228
down €1,228 (-64.4%), from €1,908 to €680
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 | €97,504 | €85,450 | -€12,054 | -12.4% |
| Fixed assets | 21/28 | €2,458 | €6,498 | +€4,041 | +164% |
| Tangible fixed assets | 22/27 | €2,458 | €6,498 | +€4,041 | +164% |
| Plant, machinery and equipment | 23 | €2,458 | €5,217 | +€2,759 | +112% |
| Furniture and vehicles | 24 | - | €1,282 | +€1,282 | |
| Current assets | 29/58 | €95,046 | €78,952 | -€16,094 | -16.9% |
| Amounts receivable within one year | 40/41 | €10,129 | €17,576 | +€7,447 | +73.5% |
| Trade receivables | 40 | €10,129 | €17,576 | +€7,447 | +73.5% |
| Cash at bank and in hand | 54/58 | €82,617 | €58,892 | -€23,725 | -28.7% |
| Deferred charges and accrued income | 490/1 | €2,300 | €2,484 | +€183 | +8.0% |
| Total equity and liabilities | 10/49 | €97,504 | €85,450 | -€12,054 | -12.4% |
| Equity | 10/15 | €49,107 | €74,011 | +€24,905 | +50.7% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €41,107 | €66,011 | +€24,905 | +60.6% |
| Distributable reserves | 133 | €41,107 | €66,011 | +€24,905 | +60.6% |
| Amounts payable | 17/49 | €48,397 | €11,439 | -€36,958 | -76.4% |
| Amounts payable within one year | 42/48 | €47,604 | €11,439 | -€36,165 | -76.0% |
| Trade debts | 44 | €5,615 | €10,484 | +€4,869 | +86.7% |
| Suppliers | 440/4 | €5,615 | €10,484 | +€4,869 | +86.7% |
| Taxes, remuneration and social security | 45 | €11,131 | €273 | -€10,858 | -97.5% |
| Taxes | 450/3 | €11,131 | €273 | -€10,858 | -97.5% |
| Other amounts payable | 47/48 | €30,859 | €682 | -€30,176 | -97.8% |
| Accrued charges and deferred income | 492/3 | €793 | - | -€793 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,908 | €680 | -€1,228 | -64.4% |
| Other operating charges | 640/8 | €303 | €310 | +€8 | +2.5% |
| Gross operating margin | 9900 | €25,408 | €37,437 | +€12,029 | +47.3% |
| Operating profit (loss) | 9901 | €23,197 | €36,447 | +€13,249 | +57.1% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,175 | €2,288 | +€112 | +5.2% |
| Recurring financial charges | 65 | €2,175 | €2,288 | +€112 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €21,022 | €34,159 | +€13,137 | +62.5% |
| Income taxes | 67/77 | €2,890 | €9,254 | +€6,365 | +220% |
| Profit (loss) for the period | 9904 | €18,132 | €24,905 | +€6,772 | +37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €18,132 | €24,905 | +€6,772 | +37.4% |
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 21 October 2026 via checked.be.