KENNETH SMITH: 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.
KENNETH SMITH
Largest movements
- Cash +€78,824
up €78,824 (+62.4%), from €126,369 to €205,193
mainly Net result for the year (+€55,994) and Receivables within one year (+€23,472)
- Receivables within one year -€23,472
down €23,472 (-33.5%), from €69,973 to €46,501
of which Trade receivables: -€23,472
- Tangible fixed assets -€12,142
down €12,142 (-21.8%), from €55,751 to €43,609
of which Furniture and vehicles: -€12,280
- Reserves +€54,328
up €54,328 (+25.0%), from €216,982 to €271,310
- Tax, wage and social debts -€5,091
down €5,091 (-27.3%), from €18,616 to €13,525
of which Taxes: -€3,478
- Debts after one year -€4,792
down €4,792 (-100%), from €4,792 to €0
- Staff costs +€2,942
up €2,942 (+3.8%), from €77,602 to €80,543
- Gross operating margin -€2,081
down €2,081 (-1.2%), from €175,481 to €173,400
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 | €253,346 | €296,670 | +€43,324 | +17.1% |
| Fixed assets | 21/28 | €55,966 | €43,824 | -€12,142 | -21.7% |
| Tangible fixed assets | 22/27 | €55,751 | €43,609 | -€12,142 | -21.8% |
| Plant, machinery and equipment | 23 | €4,951 | €5,089 | +€138 | +2.8% |
| Furniture and vehicles | 24 | €50,799 | €38,519 | -€12,280 | -24.2% |
| Financial fixed assets | 28 | €215 | €215 | = | 0.0% |
| Current assets | 29/58 | €197,380 | €252,846 | +€55,466 | +28.1% |
| Amounts receivable within one year | 40/41 | €69,973 | €46,501 | -€23,472 | -33.5% |
| Trade receivables | 40 | €69,973 | €46,501 | -€23,472 | -33.5% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €126,369 | €205,193 | +€78,824 | +62.4% |
| Deferred charges and accrued income | 490/1 | €1,038 | €1,151 | +€113 | +10.9% |
| Total equity and liabilities | 10/49 | €253,346 | €296,670 | +€43,324 | +17.1% |
| Equity | 10/15 | €222,442 | €276,770 | +€54,328 | +24.4% |
| Contributions | 10/11 | €5,460 | €5,460 | = | 0.0% |
| Reserves | 13 | €216,982 | €271,310 | +€54,328 | +25.0% |
| Distributable reserves | 133 | €216,982 | €271,310 | +€54,328 | +25.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €30,904 | €19,900 | -€11,004 | -35.6% |
| Amounts payable after more than one year | 17 | €4,792 | €0 | -€4,792 | -100% |
| Financial debts | 170/4 | €4,792 | €0 | -€4,792 | -100% |
| Amounts payable within one year | 42/48 | €26,112 | €19,900 | -€6,212 | -23.8% |
| Current portion of amounts payable after more than one year | 42 | €5,016 | €4,792 | -€224 | -4.5% |
| Trade debts | 44 | €538 | €317 | -€221 | -41.0% |
| Suppliers | 440/4 | €538 | €317 | -€221 | -41.0% |
| Taxes, remuneration and social security | 45 | €18,616 | €13,525 | -€5,091 | -27.3% |
| Taxes | 450/3 | €10,044 | €6,566 | -€3,478 | -34.6% |
| Remuneration and social security | 454/9 | €8,572 | €6,959 | -€1,614 | -18.8% |
| Other amounts payable | 47/48 | €1,942 | €1,266 | -€676 | -34.8% |
| Remuneration, social security and pensions | 62 | €77,602 | €80,543 | +€2,942 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,669 | €13,787 | +€118 | +0.9% |
| Other operating charges | 640/8 | €1,485 | €1,317 | -€168 | -11.3% |
| Gross operating margin | 9900 | €175,481 | €173,400 | -€2,081 | -1.2% |
| Operating profit (loss) | 9901 | €82,725 | €77,752 | -€4,974 | -6.0% |
| Financial income | 75/76B | €457 | €741 | +€284 | +62.2% |
| Recurring financial income | 75 | €457 | €741 | +€284 | +62.2% |
| Financial charges | 65/66B | €785 | €410 | -€375 | -47.7% |
| Recurring financial charges | 65 | €785 | €410 | -€375 | -47.7% |
| Profit (loss) for the period before taxes | 9903 | €82,397 | €78,083 | -€4,314 | -5.2% |
| Income taxes | 67/77 | €23,455 | €22,089 | -€1,366 | -5.8% |
| Profit (loss) for the period | 9904 | €58,942 | €55,994 | -€2,948 | -5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €58,942 | €55,994 | -€2,948 | -5.0% |
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 20 October 2026 via checked.be.