G. 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.
G. SMET
Largest movements
- Tangible fixed assets +€731,806
up €731,806 (+112%), from €656,288 to €1.4m
of which Land and buildings: +€685,499
- Cash +€612,520
up €612,520 (+25.3%), from €2.4m to €3.0m
mainly Debts after one year (+€1.0m) and Net result for the year (+€582,227)
- Stocks and contracts +€151,289
up €151,289 (+50.4%), from €300,073 to €451,362
- Receivables within one year -€78,114
down €78,114 (-5.1%), from €1.5m to €1.4m
of which Trade receivables: -€487,876
- Debts after one year +€1.0m
new in 2025: €1.0m
- Reserves +€223,732
up €223,732 (+7.6%), from €2.9m to €3.2m
of which Distributable reserves: +€400,000
- Trade debts +€165,242
up €165,242 (+360%), from €45,903 to €211,144
- Profit (loss) carried forward +€142,910
up €142,910 (+15.9%), from €900,883 to €1.0m
- Other debts -€104,500
down €104,500 (-33.7%), from €310,085 to €205,585
- Gross operating margin -€146,005
down €146,005 (-9.0%), from €1.6m to €1.5m
- Taxes -€30,779
down €30,779 (-9.6%), from €319,046 to €288,268
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 | €4,897,356 | €6,360,119 | +€1.5m | +29.9% |
| Fixed assets | 21/28 | €661,370 | €1,438,423 | +€777,053 | +117% |
| Intangible fixed assets | 21 | €4,913 | €50,160 | +€45,247 | +921% |
| Tangible fixed assets | 22/27 | €656,288 | €1,388,094 | +€731,806 | +112% |
| Land and buildings | 22 | €548,534 | €1,234,033 | +€685,499 | +125% |
| Plant, machinery and equipment | 23 | €27,578 | €27,117 | -€461 | -1.7% |
| Furniture and vehicles | 24 | €80,176 | €126,944 | +€46,768 | +58.3% |
| Financial fixed assets | 28 | €169 | €169 | = | 0.0% |
| Current assets | 29/58 | €4,235,986 | €4,921,696 | +€685,710 | +16.2% |
| Stocks and contracts in progress | 3 | €300,073 | €451,362 | +€151,289 | +50.4% |
| Stocks | 30/36 | €300,073 | €451,362 | +€151,289 | +50.4% |
| Amounts receivable within one year | 40/41 | €1,517,286 | €1,439,173 | -€78,114 | -5.1% |
| Trade receivables | 40 | €1,353,336 | €865,460 | -€487,876 | -36.0% |
| Other amounts receivable | 41 | €163,950 | €573,713 | +€409,763 | +250% |
| Cash at bank and in hand | 54/58 | €2,417,017 | €3,029,536 | +€612,520 | +25.3% |
| Deferred charges and accrued income | 490/1 | €1,610 | €1,625 | +€15 | +0.9% |
| Total equity and liabilities | 10/49 | €4,897,356 | €6,360,119 | +€1.5m | +29.9% |
| Equity | 10/15 | €4,313,458 | €4,680,100 | +€366,642 | +8.5% |
| Contributions | 10/11 | €464,218 | €464,218 | = | 0.0% |
| Reserves | 13 | €2,948,356 | €3,172,088 | +€223,732 | +7.6% |
| Non-distributable reserves | 130/1 | €56,489 | €56,489 | = | 0.0% |
| Other | 1319 | €56,489 | €56,489 | = | 0.0% |
| Tax-exempt reserves | 132 | €394,049 | €217,781 | -€176,268 | -44.7% |
| Distributable reserves | 133 | €2,497,818 | €2,897,818 | +€400,000 | +16.0% |
| Profit (loss) carried forward | 14 | €900,883 | €1,043,793 | +€142,910 | +15.9% |
| Provisions and deferred taxes | 16 | €24,761 | €22,139 | -€2,622 | -10.6% |
| Deferred taxes | 168 | €24,761 | €22,139 | -€2,622 | -10.6% |
| Amounts payable | 17/49 | €559,138 | €1,657,881 | +€1.1m | +197% |
| Amounts payable after more than one year | 17 | - | €1,000,000 | +€1.0m | |
| Financial debts | 170/4 | - | €1,000,000 | +€1.0m | |
| Amounts payable within one year | 42/48 | €559,138 | €657,881 | +€98,743 | +17.7% |
| Trade debts | 44 | €45,903 | €211,144 | +€165,242 | +360% |
| Suppliers | 440/4 | €45,903 | €211,144 | +€165,242 | +360% |
| Taxes, remuneration and social security | 45 | €203,150 | €241,151 | +€38,001 | +18.7% |
| Taxes | 450/3 | €167,259 | €194,366 | +€27,107 | +16.2% |
| Remuneration and social security | 454/9 | €35,891 | €46,785 | +€10,894 | +30.4% |
| Other amounts payable | 47/48 | €310,085 | €205,585 | -€104,500 | -33.7% |
| Non-recurring operating income | 76A | - | €6,040 | +€6,040 | |
| Remuneration, social security and pensions | 62 | €522,323 | €532,934 | +€10,611 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,261 | €89,074 | +€4,813 | +5.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,671 | €13,382 | +€6,711 | +101% |
| Other operating charges | 640/8 | €27,354 | €19,740 | -€7,615 | -27.8% |
| Non-recurring operating charges | 66A | €2,553 | - | -€2,553 | |
| Gross operating margin | 9900 | €1,629,600 | €1,483,595 | -€146,005 | -9.0% |
| Operating profit (loss) | 9901 | €986,437 | €828,465 | -€157,973 | -16.0% |
| Financial income | 75/76B | €51,819 | €44,294 | -€7,525 | -14.5% |
| Recurring financial income | 75 | €51,819 | €44,294 | -€7,525 | -14.5% |
| Financial charges | 65/66B | €3,046 | €4,886 | +€1,841 | +60.4% |
| Recurring financial charges | 65 | €3,046 | €4,886 | +€1,841 | +60.4% |
| Profit (loss) for the period before taxes | 9903 | €1,035,211 | €867,873 | -€167,338 | -16.2% |
| Transfer from deferred taxes | 780 | €2,622 | €2,622 | = | 0.0% |
| Income taxes | 67/77 | €319,046 | €288,268 | -€30,779 | -9.6% |
| Profit (loss) for the period | 9904 | €718,787 | €582,227 | -€136,560 | -19.0% |
| Transfer from tax-exempt reserves | 789 | €155,218 | €176,268 | +€21,050 | +13.6% |
| Profit (loss) for the period to be appropriated | 9905 | €874,005 | €758,495 | -€115,510 | -13.2% |
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 26 October 2026 via checked.be.