GDW Raf Smeets: 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.
GDW Raf Smeets
Largest movements
- Cash +€241,449
up €241,449 (+93.8%), from €257,428 to €498,877
mainly Net result for the year (+€366,331) and Tax, wage and social debts (+€65,716)
- Receivables within one year +€44,079
up €44,079 (+16.5%), from €266,827 to €310,906
of which Trade receivables: +€42,548
- Intangible fixed assets -€28,571
down €28,571 (-16.1%), from €177,378 to €148,806
- Reserves +€366,331
up €366,331 (+185%), from €197,684 to €564,015
- Other debts -€197,134
down €197,134 (-64.4%), from €306,240 to €109,107
- Tax, wage and social debts +€65,716
up €65,716 (+72.2%), from €90,988 to €156,705
of which Taxes: +€64,414
- Accrued charges and deferred income +€18,780
new in 2025: €18,780
- Gross operating margin +€201,609
up €201,609 (+39.4%), from €511,347 to €712,957
- Taxes +€78,270
up €78,270 (+89.9%), from €87,096 to €165,366
- Staff costs -€66,031
down €66,031 (-39.1%), from €168,997 to €102,966
- Financial charges +€24,011
up €24,011 (+1,805%), from €1,331 to €25,342
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 | €920,406 | €1,169,302 | +€248,896 | +27.0% |
| Formation expenses | 20 | €1,321 | €0 | -€1,321 | -100% |
| Fixed assets | 21/28 | €392,239 | €358,780 | -€33,459 | -8.5% |
| Intangible fixed assets | 21 | €177,378 | €148,806 | -€28,571 | -16.1% |
| Tangible fixed assets | 22/27 | €214,862 | €209,974 | -€4,888 | -2.3% |
| Land and buildings | 22 | €209,425 | €206,501 | -€2,923 | -1.4% |
| Plant, machinery and equipment | 23 | - | €2,536 | +€2,536 | |
| Furniture and vehicles | 24 | €5,437 | €937 | -€4,500 | -82.8% |
| Current assets | 29/58 | €526,845 | €810,522 | +€283,676 | +53.8% |
| Amounts receivable within one year | 40/41 | €266,827 | €310,906 | +€44,079 | +16.5% |
| Trade receivables | 40 | €266,827 | €309,375 | +€42,548 | +15.9% |
| Other amounts receivable | 41 | - | €1,531 | +€1,531 | |
| Cash at bank and in hand | 54/58 | €257,428 | €498,877 | +€241,449 | +93.8% |
| Deferred charges and accrued income | 490/1 | €2,590 | €739 | -€1,851 | -71.5% |
| Total equity and liabilities | 10/49 | €920,406 | €1,169,302 | +€248,896 | +27.0% |
| Equity | 10/15 | €297,684 | €664,015 | +€366,331 | +123% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €197,684 | €564,015 | +€366,331 | +185% |
| Distributable reserves | 133 | €197,684 | €564,015 | +€366,331 | +185% |
| Amounts payable | 17/49 | €622,722 | €505,287 | -€117,435 | -18.9% |
| Amounts payable after more than one year | 17 | €198,794 | €187,240 | -€11,554 | -5.8% |
| Financial debts | 170/4 | €198,794 | €187,240 | -€11,554 | -5.8% |
| Amounts payable within one year | 42/48 | €423,929 | €299,268 | -€124,661 | -29.4% |
| Current portion of amounts payable after more than one year | 42 | €11,206 | €11,554 | +€348 | +3.1% |
| Trade debts | 44 | €15,494 | €21,902 | +€6,409 | +41.4% |
| Suppliers | 440/4 | €15,494 | €21,902 | +€6,409 | +41.4% |
| Taxes, remuneration and social security | 45 | €90,988 | €156,705 | +€65,716 | +72.2% |
| Taxes | 450/3 | €80,762 | €145,176 | +€64,414 | +79.8% |
| Remuneration and social security | 454/9 | €10,226 | €11,529 | +€1,302 | +12.7% |
| Other amounts payable | 47/48 | €306,240 | €109,107 | -€197,134 | -64.4% |
| Accrued charges and deferred income | 492/3 | - | €18,780 | +€18,780 | |
| Remuneration, social security and pensions | 62 | €168,997 | €102,966 | -€66,031 | -39.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,429 | €50,194 | -€4,236 | -7.8% |
| Other operating charges | 640/8 | €1,811 | €3,105 | +€1,294 | +71.5% |
| Gross operating margin | 9900 | €511,347 | €712,957 | +€201,609 | +39.4% |
| Operating profit (loss) | 9901 | €286,111 | €556,692 | +€270,581 | +94.6% |
| Financial income | 75/76B | - | €348 | +€348 | |
| Recurring financial income | 75 | - | €348 | +€348 | |
| Financial charges | 65/66B | €1,331 | €25,342 | +€24,011 | +1,805% |
| Recurring financial charges | 65 | €1,331 | €25,342 | +€24,011 | +1,805% |
| Profit (loss) for the period before taxes | 9903 | €284,780 | €531,698 | +€246,918 | +86.7% |
| Income taxes | 67/77 | €87,096 | €165,366 | +€78,270 | +89.9% |
| Profit (loss) for the period | 9904 | €197,684 | €366,331 | +€168,648 | +85.3% |
| Profit (loss) for the period to be appropriated | 9905 | €197,684 | €366,331 | +€168,648 | +85.3% |
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 30 October 2026 via checked.be.