JOHAN SMET: 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.
JOHAN SMET
Largest movements
- Receivables within one year +€188,843
up €188,843 (+458%), from €41,266 to €230,109
of which Other amounts receivable: +€162,184
- Financial fixed assets +€25,434
up €25,434 (+5.3%), from €478,022 to €503,456
- Tangible fixed assets -€18,446
down €18,446 (-36.4%), from €50,663 to €32,218
of which Furniture and vehicles: -€16,431
- Reserves +€173,819
up €173,819 (+43.5%), from €399,501 to €573,320
- Other debts +€28,974
up €28,974 (+34.0%), from €85,170 to €114,144
- Tax, wage and social debts +€9,408
up €9,408 (+25.6%), from €36,718 to €46,126
- Debts after one year -€9,380
down €9,380 (-27.8%), from €33,765 to €24,385
- Financial income +€91,302
up €91,302 (+108%), from €84,586 to €175,888
of which Financial income: +€151,025
- Gross operating margin -€61,639
down €61,639 (-63.0%), from €97,791 to €36,152
- Depreciation -€13,196
down €13,196 (-70.6%), from €18,702 to €5,506
- Taxes -€6,981
down €6,981 (-23.4%), from €29,783 to €22,802
- Financial charges -€1,963
down €1,963 (-18.8%), from €10,470 to €8,507
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 | €596,882 | €796,376 | +€199,493 | +33.4% |
| Fixed assets | 21/28 | €528,685 | €535,673 | +€6,988 | +1.3% |
| Tangible fixed assets | 22/27 | €50,663 | €32,218 | -€18,446 | -36.4% |
| Land and buildings | 22 | - | €2,498 | +€2,498 | |
| Plant, machinery and equipment | 23 | €15,537 | €11,024 | -€4,513 | -29.0% |
| Furniture and vehicles | 24 | €35,127 | €18,696 | -€16,431 | -46.8% |
| Financial fixed assets | 28 | €478,022 | €503,456 | +€25,434 | +5.3% |
| Current assets | 29/58 | €68,197 | €260,702 | +€192,505 | +282% |
| Amounts receivable within one year | 40/41 | €41,266 | €230,109 | +€188,843 | +458% |
| Trade receivables | 40 | €16,266 | €42,925 | +€26,659 | +164% |
| Other amounts receivable | 41 | €25,000 | €187,184 | +€162,184 | +649% |
| Cash at bank and in hand | 54/58 | €26,931 | €30,468 | +€3,537 | +13.1% |
| Deferred charges and accrued income | 490/1 | €0 | €125 | +€125 | |
| Total equity and liabilities | 10/49 | €596,882 | €796,376 | +€199,493 | +33.4% |
| Equity | 10/15 | €419,906 | €593,725 | +€173,819 | +41.4% |
| Contributions | 10/11 | €20,405 | €20,405 | = | 0.0% |
| Reserves | 13 | €399,501 | €573,320 | +€173,819 | +43.5% |
| Distributable reserves | 133 | €399,501 | €573,320 | +€173,819 | +43.5% |
| Amounts payable | 17/49 | €176,977 | €202,651 | +€25,674 | +14.5% |
| Amounts payable after more than one year | 17 | €33,765 | €24,385 | -€9,380 | -27.8% |
| Financial debts | 170/4 | €33,765 | €24,385 | -€9,380 | -27.8% |
| Amounts payable within one year | 42/48 | €133,918 | €170,765 | +€36,847 | +27.5% |
| Current portion of amounts payable after more than one year | 42 | €9,174 | €9,380 | +€206 | +2.2% |
| Trade debts | 44 | €2,856 | €1,115 | -€1,741 | -61.0% |
| Suppliers | 440/4 | €2,856 | €1,115 | -€1,741 | -61.0% |
| Taxes, remuneration and social security | 45 | €36,718 | €46,126 | +€9,408 | +25.6% |
| Taxes | 450/3 | €36,718 | €46,126 | +€9,408 | +25.6% |
| Other amounts payable | 47/48 | €85,170 | €114,144 | +€28,974 | +34.0% |
| Accrued charges and deferred income | 492/3 | €9,294 | €7,501 | -€1,792 | -19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,702 | €5,506 | -€13,196 | -70.6% |
| Other operating charges | 640/8 | €3,039 | €1,406 | -€1,633 | -53.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €97,791 | €36,152 | -€61,639 | -63.0% |
| Operating profit (loss) | 9901 | €76,050 | €29,240 | -€46,810 | -61.6% |
| Financial income | 75/76B | €84,586 | €175,888 | +€91,302 | +108% |
| Recurring financial income | 75 | €65 | €151,089 | +€151,025 | +233,495% |
| Non-recurring financial income | 76B | €84,522 | €24,799 | -€59,723 | -70.7% |
| Financial charges | 65/66B | €10,470 | €8,507 | -€1,963 | -18.8% |
| Recurring financial charges | 65 | €10,470 | €8,507 | -€1,963 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €150,166 | €196,622 | +€46,455 | +30.9% |
| Income taxes | 67/77 | €29,783 | €22,802 | -€6,981 | -23.4% |
| Profit (loss) for the period | 9904 | €120,383 | €173,819 | +€53,436 | +44.4% |
| Profit (loss) for the period to be appropriated | 9905 | €120,383 | €173,819 | +€53,436 | +44.4% |
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 31 October 2026 via checked.be.