IEF SMETS: 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.
IEF SMETS
Largest movements
- Cash -€21,729
down €21,729 (-47.2%), from €46,011 to €24,282
mainly Contributions, distributions and other (-€120,000) and Receivables within one year (-€12,005)
- Tangible fixed assets -€17,046
down €17,046 (-21.1%), from €80,893 to €63,847
of which Leasing and similar rights: -€11,187
- Receivables within one year +€12,005
up €12,005 (+157%), from €7,637 to €19,641
of which Other amounts receivable: +€10,917
- Stocks and contracts -€5,627
down €5,627 (-35.4%), from €15,884 to €10,257
- Profit (loss) carried forward -€72,388
down €72,388 (-75.3%), from €96,097 to €23,709
- Other debts +€56,843
up €56,843 (+208%), from €27,386 to €84,229
- Debts after one year -€10,922
down €10,922 (-26.0%), from €41,939 to €31,017
- Trade debts -€5,452
down €5,452 (-35.6%), from €15,313 to €9,860
- Gross operating margin -€60,944
down €60,944 (-42.1%), from €144,890 to €83,946
- Taxes -€15,394
down €15,394 (-48.2%), from €31,932 to €16,538
- Depreciation +€5,501
up €5,501 (+41.0%), from €13,405 to €18,906
- Financial income +€4,288
up €4,288 (+10,375%), from €41 to €4,329
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 | €201,304 | €168,390 | -€32,915 | -16.4% |
| Fixed assets | 21/28 | €81,149 | €63,847 | -€17,302 | -21.3% |
| Intangible fixed assets | 21 | €256 | - | -€256 | |
| Tangible fixed assets | 22/27 | €80,893 | €63,847 | -€17,046 | -21.1% |
| Land and buildings | 22 | €10,048 | €9,209 | -€839 | -8.3% |
| Plant, machinery and equipment | 23 | €7,573 | €5,383 | -€2,190 | -28.9% |
| Furniture and vehicles | 24 | €3,912 | €2,100 | -€1,812 | -46.3% |
| Leasing and similar rights | 25 | €52,756 | €41,569 | -€11,187 | -21.2% |
| Other tangible fixed assets | 26 | €6,604 | €5,586 | -€1,018 | -15.4% |
| Current assets | 29/58 | €120,155 | €104,542 | -€15,612 | -13.0% |
| Stocks and contracts in progress | 3 | €15,884 | €10,257 | -€5,627 | -35.4% |
| Stocks | 30/36 | €15,884 | €10,257 | -€5,627 | -35.4% |
| Amounts receivable within one year | 40/41 | €7,637 | €19,641 | +€12,005 | +157% |
| Trade receivables | 40 | €6,525 | €7,613 | +€1,088 | +16.7% |
| Other amounts receivable | 41 | €1,111 | €12,028 | +€10,917 | +982% |
| Current investments | 50/53 | €49,186 | €49,186 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €46,011 | €24,282 | -€21,729 | -47.2% |
| Deferred charges and accrued income | 490/1 | €1,437 | €1,176 | -€261 | -18.2% |
| Total equity and liabilities | 10/49 | €201,304 | €168,390 | -€32,915 | -16.4% |
| Equity | 10/15 | €97,097 | €24,709 | -€72,388 | -74.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €96,097 | €23,709 | -€72,388 | -75.3% |
| Amounts payable | 17/49 | €104,208 | €143,681 | +€39,473 | +37.9% |
| Amounts payable after more than one year | 17 | €41,939 | €31,017 | -€10,922 | -26.0% |
| Financial debts | 170/4 | €41,939 | €31,017 | -€10,922 | -26.0% |
| Amounts payable within one year | 42/48 | €61,518 | €112,664 | +€51,146 | +83.1% |
| Current portion of amounts payable after more than one year | 42 | €10,556 | €10,922 | +€367 | +3.5% |
| Trade debts | 44 | €15,313 | €9,860 | -€5,452 | -35.6% |
| Suppliers | 440/4 | €15,313 | €9,860 | -€5,452 | -35.6% |
| Taxes, remuneration and social security | 45 | €8,264 | €7,653 | -€612 | -7.4% |
| Taxes | 450/3 | €8,264 | €7,653 | -€612 | -7.4% |
| Other amounts payable | 47/48 | €27,386 | €84,229 | +€56,843 | +208% |
| Accrued charges and deferred income | 492/3 | €750 | - | -€750 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,405 | €18,906 | +€5,501 | +41.0% |
| Other operating charges | 640/8 | €2,113 | €2,873 | +€760 | +36.0% |
| Gross operating margin | 9900 | €144,890 | €83,946 | -€60,944 | -42.1% |
| Operating profit (loss) | 9901 | €129,372 | €62,166 | -€67,206 | -51.9% |
| Financial income | 75/76B | €41 | €4,329 | +€4,288 | +10,375% |
| Recurring financial income | 75 | €41 | €4,329 | +€4,288 | +10,375% |
| Financial charges | 65/66B | €1,384 | €2,345 | +€960 | +69.4% |
| Recurring financial charges | 65 | €1,384 | €2,345 | +€960 | +69.4% |
| Profit (loss) for the period before taxes | 9903 | €128,029 | €64,150 | -€63,879 | -49.9% |
| Income taxes | 67/77 | €31,932 | €16,538 | -€15,394 | -48.2% |
| Profit (loss) for the period | 9904 | €96,097 | €47,612 | -€48,484 | -50.5% |
| Profit (loss) for the period to be appropriated | 9905 | €96,097 | €47,612 | -€48,484 | -50.5% |
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 22 October 2026 via checked.be.