INES SMITS: 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.
INES SMITS
Largest movements
- Cash -€14,385
down €14,385 (-73.7%), from €19,506 to €5,120
mainly Accrued charges and deferred income (-€24,089) and Debts after one year (-€5,405)
- Tangible fixed assets -€3,032
down €3,032 (-100%), from €3,032 to €0
of which Plant, machinery and equipment: -€2,494
- Receivables within one year -€1,752
down €1,752 (-30.0%), from €5,843 to €4,090
of which Trade receivables: -€5,519
- Financial fixed assets +€1,500
up €1,500 (+52.6%), from €2,850 to €4,350
- Deferred charges and accrued income +€985
up €985, from €0 to €985
- Accrued charges and deferred income -€24,089
down €24,089 (-84.9%), from €28,385 to €4,296
- Trade debts +€12,817
up €12,817 (+106,810%), from €12 to €12,829
- Debts after one year -€5,405
down €5,405 (-79.9%), from €6,764 to €1,359
- Other debts -€3,206
down €3,206 (-10.8%), from €29,739 to €26,533
- Current portion of long-term debt +€1,963
up €1,963 (+132%), from €1,486 to €3,449
- Gross operating margin +€8,281
up €8,281 (+9.7%), from €85,468 to €93,749
- Depreciation -€2,233
down €2,233 (-52.2%), from €4,276 to €2,043
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 | €31,230 | €14,546 | -€16,684 | -53.4% |
| Fixed assets | 21/28 | €5,882 | €4,350 | -€1,532 | -26.0% |
| Tangible fixed assets | 22/27 | €3,032 | €0 | -€3,032 | -100% |
| Land and buildings | 22 | €538 | €0 | -€538 | -100% |
| Plant, machinery and equipment | 23 | €2,494 | €0 | -€2,494 | -100% |
| Financial fixed assets | 28 | €2,850 | €4,350 | +€1,500 | +52.6% |
| Current assets | 29/58 | €25,348 | €10,196 | -€15,152 | -59.8% |
| Amounts receivable within one year | 40/41 | €5,843 | €4,090 | -€1,752 | -30.0% |
| Trade receivables | 40 | €5,683 | €164 | -€5,519 | -97.1% |
| Other amounts receivable | 41 | €160 | €3,926 | +€3,767 | +2,359% |
| Cash at bank and in hand | 54/58 | €19,506 | €5,120 | -€14,385 | -73.7% |
| Deferred charges and accrued income | 490/1 | €0 | €985 | +€985 | |
| Total equity and liabilities | 10/49 | €31,230 | €14,546 | -€16,684 | -53.4% |
| Equity | 10/15 | -€50,298 | -€48,681 | +€1,617 | +3.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€51,298 | -€49,681 | +€1,617 | +3.2% |
| Amounts payable | 17/49 | €81,528 | €63,227 | -€18,301 | -22.4% |
| Amounts payable after more than one year | 17 | €6,764 | €1,359 | -€5,405 | -79.9% |
| Financial debts | 170/4 | €6,764 | €1,359 | -€5,405 | -79.9% |
| Amounts payable within one year | 42/48 | €46,379 | €57,572 | +€11,193 | +24.1% |
| Current portion of amounts payable after more than one year | 42 | €1,486 | €3,449 | +€1,963 | +132% |
| Trade debts | 44 | €12 | €12,829 | +€12,817 | +106,810% |
| Suppliers | 440/4 | €12 | €12,829 | +€12,817 | +106,810% |
| Taxes, remuneration and social security | 45 | €15,142 | €14,760 | -€382 | -2.5% |
| Taxes | 450/3 | €7,200 | €3,982 | -€3,218 | -44.7% |
| Remuneration and social security | 454/9 | €7,942 | €10,778 | +€2,836 | +35.7% |
| Other amounts payable | 47/48 | €29,739 | €26,533 | -€3,206 | -10.8% |
| Accrued charges and deferred income | 492/3 | €28,385 | €4,296 | -€24,089 | -84.9% |
| Remuneration, social security and pensions | 62 | €85,242 | €86,127 | +€885 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,276 | €2,043 | -€2,233 | -52.2% |
| Other operating charges | 640/8 | €2,696 | €2,788 | +€93 | +3.4% |
| Gross operating margin | 9900 | €85,468 | €93,749 | +€8,281 | +9.7% |
| Operating profit (loss) | 9901 | -€6,746 | €2,790 | +€9,537 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,153 | €1,173 | +€20 | +1.7% |
| Recurring financial charges | 65 | €1,153 | €1,173 | +€20 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | -€7,900 | €1,617 | +€9,517 | |
| Income taxes | 67/77 | €17 | €0 | -€17 | -100% |
| Profit (loss) for the period | 9904 | -€7,916 | €1,617 | +€9,533 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,916 | €1,617 | +€9,533 |
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 18 October 2026 via checked.be.