Gerd 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.
Gerd Smeets
Largest movements
- Cash +€37,590
up €37,590 (+44.2%), from €85,063 to €122,652
mainly Other debts (+€310,685) and Depreciation (+€25,912)
- Tangible fixed assets -€24,812
down €24,812 (-26.9%), from €92,113 to €67,301
of which Furniture and vehicles: -€22,101
- Other debts +€310,685
up €310,685, from €0 to €310,685
- Reserves -€282,215
down €282,215 (-60.1%), from €469,269 to €187,054
- Profit (loss) carried forward -€19,053
down €19,053 (-100%), from €19,053 to €0
- Financial income +€29,886
up €29,886 (+1,148%), from €2,603 to €32,489
- Taxes +€4,532
up €4,532 (+199%), from €2,279 to €6,811
- Gross operating margin -€2,109
down €2,109 (-7.8%), from €26,917 to €24,808
- Depreciation +€468
up €468 (+1.8%), from €25,444 to €25,912
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 | €514,208 | €531,400 | +€17,192 | +3.3% |
| Fixed assets | 21/28 | €92,113 | €67,301 | -€24,812 | -26.9% |
| Tangible fixed assets | 22/27 | €92,113 | €67,301 | -€24,812 | -26.9% |
| Land and buildings | 22 | €2,721 | €1,728 | -€993 | -36.5% |
| Plant, machinery and equipment | 23 | €5,749 | €4,030 | -€1,718 | -29.9% |
| Furniture and vehicles | 24 | €83,643 | €61,542 | -€22,101 | -26.4% |
| Current assets | 29/58 | €422,095 | €464,099 | +€42,004 | +10.0% |
| Amounts receivable within one year | 40/41 | €2,857 | €7,161 | +€4,304 | +151% |
| Trade receivables | 40 | - | €2,038 | +€2,038 | |
| Other amounts receivable | 41 | €2,857 | €5,123 | +€2,267 | +79.3% |
| Current investments | 50/53 | €333,006 | €333,006 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €85,063 | €122,652 | +€37,590 | +44.2% |
| Deferred charges and accrued income | 490/1 | €1,170 | €1,280 | +€110 | +9.4% |
| Total equity and liabilities | 10/49 | €514,208 | €531,400 | +€17,192 | +3.3% |
| Equity | 10/15 | €500,722 | €199,454 | -€301,268 | -60.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €469,269 | €187,054 | -€282,215 | -60.1% |
| Distributable reserves | 133 | €469,269 | €187,054 | -€282,215 | -60.1% |
| Profit (loss) carried forward | 14 | €19,053 | €0 | -€19,053 | -100% |
| Amounts payable | 17/49 | €13,487 | €331,947 | +€318,460 | +2,361% |
| Amounts payable within one year | 42/48 | €13,487 | €331,947 | +€318,460 | +2,361% |
| Financial debts | 43 | - | €3,598 | +€3,598 | |
| Credit institutions | 430/8 | - | €3,598 | +€3,598 | |
| Trade debts | 44 | €6,867 | €5,945 | -€922 | -13.4% |
| Suppliers | 440/4 | €6,867 | €5,945 | -€922 | -13.4% |
| Taxes, remuneration and social security | 45 | €6,619 | €11,718 | +€5,098 | +77.0% |
| Taxes | 450/3 | €6,619 | €11,718 | +€5,098 | +77.0% |
| Other amounts payable | 47/48 | €0 | €310,685 | +€310,685 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,444 | €25,912 | +€468 | +1.8% |
| Other operating charges | 640/8 | €1,455 | €1,540 | +€85 | +5.8% |
| Gross operating margin | 9900 | €26,917 | €24,808 | -€2,109 | -7.8% |
| Operating profit (loss) | 9901 | €18 | -€2,644 | -€2,662 | |
| Financial income | 75/76B | €2,603 | €32,489 | +€29,886 | +1,148% |
| Recurring financial income | 75 | €2,603 | €32,489 | +€29,886 | +1,148% |
| Financial charges | 65/66B | €410 | €608 | +€198 | +48.2% |
| Recurring financial charges | 65 | €410 | €608 | +€198 | +48.2% |
| Profit (loss) for the period before taxes | 9903 | €2,211 | €29,237 | +€27,026 | +1,222% |
| Income taxes | 67/77 | €2,279 | €6,811 | +€4,532 | +199% |
| Profit (loss) for the period | 9904 | -€68 | €22,425 | +€22,494 | |
| Profit (loss) for the period to be appropriated | 9905 | -€68 | €22,425 | +€22,494 |
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 15 October 2026 via checked.be.