JEROEN 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.
JEROEN SMETS
Largest movements
- Receivables within one year +€43,630
up €43,630 (+54.4%), from €80,193 to €123,823
- Tangible fixed assets -€41,255
down €41,255 (-7.3%), from €567,838 to €526,582
of which Furniture and vehicles: -€20,673
- Deferred charges and accrued income +€10,783
new in 2025: €10,783
- Debts after one year -€52,319
down €52,319 (-15.1%), from €345,570 to €293,250
- Reserves +€49,957
up €49,957 (+13.9%), from €359,077 to €409,034
of which Distributable reserves: +€49,957
- Gross operating margin -€12,813
down €12,813 (-9.3%), from €137,141 to €124,328
- Financial income +€10,783
new in 2025: €10,783
- Taxes +€3,861
up €3,861 (+15.1%), from €25,611 to €29,472
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €828,030 | €841,188 | +€13,158 | +1.6% |
| Fixed assets | 21/28 | €567,838 | €526,582 | -€41,255 | -7.3% |
| Tangible fixed assets | 22/27 | €567,838 | €526,582 | -€41,255 | -7.3% |
| Land and buildings | 22 | €540,625 | €520,043 | -€20,582 | -3.8% |
| Furniture and vehicles | 24 | €27,213 | €6,539 | -€20,673 | -76.0% |
| Current assets | 29/58 | €260,193 | €314,606 | +€54,413 | +20.9% |
| Amounts receivable after more than one year | 29 | €180,000 | €180,000 | = | 0.0% |
| Other amounts receivable | 291 | €180,000 | €180,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €80,193 | €123,823 | +€43,630 | +54.4% |
| Other amounts receivable | 41 | €80,193 | €123,823 | +€43,630 | +54.4% |
| Deferred charges and accrued income | 490/1 | - | €10,783 | +€10,783 | |
| Total equity and liabilities | 10/49 | €828,030 | €841,188 | +€13,158 | +1.6% |
| Equity | 10/15 | €371,477 | €421,434 | +€49,957 | +13.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €359,077 | €409,034 | +€49,957 | +13.9% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €357,222 | €407,179 | +€49,957 | +14.0% |
| Amounts payable | 17/49 | €456,553 | €419,754 | -€36,799 | -8.1% |
| Amounts payable after more than one year | 17 | €345,570 | €293,250 | -€52,319 | -15.1% |
| Financial debts | 170/4 | €345,570 | €293,250 | -€52,319 | -15.1% |
| Amounts payable within one year | 42/48 | €107,711 | €119,421 | +€11,710 | +10.9% |
| Current portion of amounts payable after more than one year | 42 | €50,479 | €52,319 | +€1,840 | +3.6% |
| Financial debts | 43 | €4,484 | €5,315 | +€830 | +18.5% |
| Credit institutions | 430/8 | €4,484 | €5,315 | +€830 | +18.5% |
| Trade debts | 44 | €3,279 | €4,818 | +€1,539 | +46.9% |
| Suppliers | 440/4 | €3,279 | €4,818 | +€1,539 | +46.9% |
| Taxes, remuneration and social security | 45 | €49,468 | €56,969 | +€7,501 | +15.2% |
| Taxes | 450/3 | €49,468 | €56,969 | +€7,501 | +15.2% |
| Accrued charges and deferred income | 492/3 | €3,273 | €7,083 | +€3,810 | +116% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,255 | €41,255 | = | 0.0% |
| Other operating charges | 640/8 | €214 | €267 | +€53 | +24.8% |
| Gross operating margin | 9900 | €137,141 | €124,328 | -€12,813 | -9.3% |
| Operating profit (loss) | 9901 | €95,671 | €82,805 | -€12,866 | -13.4% |
| Financial income | 75/76B | - | €10,783 | +€10,783 | |
| Recurring financial income | 75 | - | €10,783 | +€10,783 | |
| Financial charges | 65/66B | €15,091 | €14,159 | -€932 | -6.2% |
| Recurring financial charges | 65 | €15,091 | €14,159 | -€932 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €80,580 | €79,429 | -€1,151 | -1.4% |
| Income taxes | 67/77 | €25,611 | €29,472 | +€3,861 | +15.1% |
| Profit (loss) for the period | 9904 | €54,969 | €49,957 | -€5,012 | -9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €54,969 | €49,957 | -€5,012 | -9.1% |
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 28 October 2026 via checked.be.