Joren 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.
Joren Smet
Largest movements
- Cash +€35,781
up €35,781 (+94.1%), from €38,016 to €73,797
mainly Other debts (+€38,113) and Net result for the year (+€34,683)
- Receivables within one year -€3,934
down €3,934 (-12.8%), from €30,700 to €26,767
of which Other amounts receivable: -€2,412
- Other debts +€38,113
up €38,113 (+2,080%), from €1,832 to €39,945
- Trade debts -€5,468
down €5,468 (-47.9%), from €11,421 to €5,953
- Reserves -€5,317
down €5,317 (-10.5%), from €50,721 to €45,404
- Tax, wage and social debts +€4,659
up €4,659 (+82.0%), from €5,685 to €10,344
- Gross operating margin +€20,135
up €20,135 (+81.3%), from €24,761 to €44,896
- Taxes +€4,177
up €4,177 (+82.7%), from €5,049 to €9,226
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 | €72,159 | €103,146 | +€30,987 | +42.9% |
| Fixed assets | 21/28 | €3,442 | €2,582 | -€861 | -25.0% |
| Tangible fixed assets | 22/27 | €3,442 | €2,582 | -€861 | -25.0% |
| Plant, machinery and equipment | 23 | €1,580 | €1,185 | -€395 | -25.0% |
| Furniture and vehicles | 24 | €1,862 | €1,396 | -€465 | -25.0% |
| Current assets | 29/58 | €68,717 | €100,564 | +€31,847 | +46.3% |
| Amounts receivable within one year | 40/41 | €30,700 | €26,767 | -€3,934 | -12.8% |
| Trade receivables | 40 | €11,297 | €9,775 | -€1,521 | -13.5% |
| Other amounts receivable | 41 | €19,404 | €16,991 | -€2,412 | -12.4% |
| Cash at bank and in hand | 54/58 | €38,016 | €73,797 | +€35,781 | +94.1% |
| Total equity and liabilities | 10/49 | €72,159 | €103,146 | +€30,987 | +42.9% |
| Equity | 10/15 | €52,221 | €46,904 | -€5,317 | -10.2% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €50,721 | €45,404 | -€5,317 | -10.5% |
| Distributable reserves | 133 | €50,721 | €45,404 | -€5,317 | -10.5% |
| Amounts payable | 17/49 | €19,937 | €56,241 | +€36,304 | +182% |
| Amounts payable within one year | 42/48 | €18,937 | €56,241 | +€37,304 | +197% |
| Trade debts | 44 | €11,421 | €5,953 | -€5,468 | -47.9% |
| Suppliers | 440/4 | €11,421 | €5,953 | -€5,468 | -47.9% |
| Taxes, remuneration and social security | 45 | €5,685 | €10,344 | +€4,659 | +82.0% |
| Taxes | 450/3 | €5,685 | €10,344 | +€4,659 | +82.0% |
| Other amounts payable | 47/48 | €1,832 | €39,945 | +€38,113 | +2,080% |
| Accrued charges and deferred income | 492/3 | €1,000 | - | -€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €861 | €861 | = | 0.0% |
| Other operating charges | 640/8 | €64 | €66 | +€2 | +3.0% |
| Gross operating margin | 9900 | €24,761 | €44,896 | +€20,135 | +81.3% |
| Operating profit (loss) | 9901 | €23,836 | €43,970 | +€20,134 | +84.5% |
| Financial charges | 65/66B | €96 | €61 | -€35 | -36.0% |
| Recurring financial charges | 65 | €96 | €61 | -€35 | -36.0% |
| Profit (loss) for the period before taxes | 9903 | €23,741 | €43,909 | +€20,168 | +85.0% |
| Income taxes | 67/77 | €5,049 | €9,226 | +€4,177 | +82.7% |
| Profit (loss) for the period | 9904 | €18,692 | €34,683 | +€15,991 | +85.6% |
| Profit (loss) for the period to be appropriated | 9905 | €18,692 | €34,683 | +€15,991 | +85.6% |
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 24 October 2026 via checked.be.