J.C. 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.
What changed
J.C. SMITS
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2,274
2024 · -€53,000+€55,274
Equity
€1.4m
2024 · €1.4m+€2,274
Cash
€104,076
2024 · €111,769-€7,692
Balance sheet total
€1.9m
2024 · €1.9m-€80,373
Largest movements
Assets
- Tangible fixed assets -€53,558
down €53,558 (-3.0%), from €1.8m to €1.8m
of which Land and buildings: -€60,537
Equity and liabilities
- Debts after one year -€81,318
down €81,318 (-17.1%), from €475,436 to €394,119
Income statement
- Depreciation -€39,895
down €39,895 (-38.9%), from €102,614 to €62,719
- Gross operating margin +€18,464
up €18,464 (+28.6%), from €64,456 to €82,920
- Other operating charges +€1,737
up €1,737 (+11.8%), from €14,697 to €16,435
- Financial charges +€1,546
up €1,546 (+177%), from €871 to €2,417
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.
Result 2024
-€53,000
Gross operating margin
+€18,464
Depreciation
+€39,895
Other operating charges
-€1,737
Financial income
-€100
Financial charges
-€1,546
Taxes
+€298
Result 2025
€2,274
raises the resultlowers the result
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.
From operations
+€65,286
Investment
+€8,339
Financing
-€81,318
Cash 2024
€111,769
From operations (derived)
+€65,286
Net result for the year
+€2,274
Depreciation
+€62,719
Receivables within one year
+€1,003
Deferred charges and accrued income
+€620
Provisions
-€907
Trade debts
-€1,873
Tax, wage and social debts
-€16
Accrued charges and deferred income
+€1,467
Investment (derived)
+€8,339
Investment in fixed assets (net)
-€9,161
Current investments
+€17,500
Financing
-€81,318
Debts after one year
-€81,318
Cash 2025
€104,076
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,947,625 | €1,867,252 | -€80,373 | -4.1% |
| Fixed assets | 21/28 | €1,811,699 | €1,758,141 | -€53,558 | -3.0% |
| Tangible fixed assets | 22/27 | €1,811,549 | €1,757,991 | -€53,558 | -3.0% |
| Land and buildings | 22 | €1,573,531 | €1,512,994 | -€60,537 | -3.8% |
| Furniture and vehicles | 24 | €2,608 | €3,587 | +€979 | +37.5% |
| Other tangible fixed assets | 26 | €235,410 | €241,410 | +€6,000 | +2.5% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €135,926 | €109,111 | -€26,814 | -19.7% |
| Amounts receivable within one year | 40/41 | €1,568 | €565 | -€1,003 | -64.0% |
| Trade receivables | 40 | €1,568 | €565 | -€1,003 | -64.0% |
| Current investments | 50/53 | €17,500 | - | -€17,500 | |
| Cash at bank and in hand | 54/58 | €111,769 | €104,076 | -€7,692 | -6.9% |
| Deferred charges and accrued income | 490/1 | €5,089 | €4,470 | -€620 | -12.2% |
| Total equity and liabilities | 10/49 | €1,947,625 | €1,867,252 | -€80,373 | -4.1% |
| Equity | 10/15 | €1,428,514 | €1,430,788 | +€2,274 | +0.2% |
| Contributions | 10/11 | €2,913,000 | €2,913,000 | = | 0.0% |
| Capital | 10 | €2,913,000 | €2,913,000 | = | 0.0% |
| Issued capital | 100 | €2,913,000 | €2,913,000 | = | 0.0% |
| Reserves | 13 | €76,235 | €73,516 | -€2,720 | -3.6% |
| Tax-exempt reserves | 132 | €76,235 | €73,516 | -€2,720 | -3.6% |
| Profit (loss) carried forward | 14 | -€1,560,722 | -€1,555,727 | +€4,994 | +0.3% |
| Provisions and deferred taxes | 16 | €25,412 | €24,505 | -€907 | -3.6% |
| Deferred taxes | 168 | €25,412 | €24,505 | -€907 | -3.6% |
| Amounts payable | 17/49 | €493,699 | €411,958 | -€81,741 | -16.6% |
| Amounts payable after more than one year | 17 | €475,436 | €394,119 | -€81,318 | -17.1% |
| Other amounts payable | 178/9 | €475,436 | €394,119 | -€81,318 | -17.1% |
| Amounts payable within one year | 42/48 | €16,688 | €14,798 | -€1,889 | -11.3% |
| Trade debts | 44 | €16,528 | €14,654 | -€1,873 | -11.3% |
| Suppliers | 440/4 | €16,528 | €14,654 | -€1,873 | -11.3% |
| Taxes, remuneration and social security | 45 | €160 | €144 | -€16 | -10.1% |
| Taxes | 450/3 | €160 | €144 | -€16 | -10.1% |
| Accrued charges and deferred income | 492/3 | €1,575 | €3,042 | +€1,467 | +93.1% |
| Non-recurring operating income | 76A | €8,586 | - | -€8,586 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,614 | €62,719 | -€39,895 | -38.9% |
| Other operating charges | 640/8 | €14,697 | €16,435 | +€1,737 | +11.8% |
| Gross operating margin | 9900 | €64,456 | €82,920 | +€18,464 | +28.6% |
| Operating profit (loss) | 9901 | -€52,855 | €3,766 | +€56,622 | |
| Financial income | 75/76B | €207 | €107 | -€100 | -48.2% |
| Recurring financial income | 75 | €207 | €107 | -€100 | -48.2% |
| Financial charges | 65/66B | €871 | €2,417 | +€1,546 | +177% |
| Recurring financial charges | 65 | €871 | €2,417 | +€1,546 | +177% |
| Profit (loss) for the period before taxes | 9903 | -€53,520 | €1,456 | +€54,976 | |
| Transfer from deferred taxes | 780 | €907 | €907 | = | 0.0% |
| Income taxes | 67/77 | €386 | €88 | -€298 | -77.1% |
| Profit (loss) for the period | 9904 | -€53,000 | €2,274 | +€55,274 | |
| Transfer from tax-exempt reserves | 789 | €2,720 | €2,720 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€50,280 | €4,994 | +€55,274 |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.