Koen De 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.
Koen De Smet
Largest movements
- Receivables after one year +€190,000
new in 2025: €190,000
- Receivables within one year -€138,557
down €138,557 (-29.3%), from €472,753 to €334,195
of which Other amounts receivable: -€138,217
- Other debts -€360,000
down €360,000 (-100%), from €360,000 to €0
- Debts after one year +€155,166
new in 2025: €155,166
- Reserves +€136,019
up €136,019 (+3,416%), from €3,982 to €140,001
- Tax, wage and social debts +€103,017
up €103,017 (+143%), from €72,202 to €175,219
- Current portion of long-term debt +€16,231
up €16,231 (+190%), from €8,534 to €24,765
- Gross operating margin +€16,558
up €16,558 (+10.2%), from €161,939 to €178,497
- Financial charges +€3,755
up €3,755 (+66.6%), from €5,641 to €9,396
- Financial income -€2,839
down €2,839 (-13.3%), from €21,342 to €18,504
- Depreciation -€2,292
down €2,292 (-37.0%), from €6,197 to €3,905
- Taxes +€2,060
up €2,060 (+4.7%), from €43,447 to €45,507
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 | €504,499 | €550,860 | +€46,361 | +9.2% |
| Fixed assets | 21/28 | €30,570 | €26,665 | -€3,905 | -12.8% |
| Tangible fixed assets | 22/27 | €30,570 | €26,665 | -€3,905 | -12.8% |
| Furniture and vehicles | 24 | €251 | €78 | -€173 | -69.0% |
| Other tangible fixed assets | 26 | €30,318 | €26,587 | -€3,731 | -12.3% |
| Current assets | 29/58 | €473,930 | €524,195 | +€50,266 | +10.6% |
| Amounts receivable after more than one year | 29 | - | €190,000 | +€190,000 | |
| Other amounts receivable | 291 | - | €190,000 | +€190,000 | |
| Amounts receivable within one year | 40/41 | €472,753 | €334,195 | -€138,557 | -29.3% |
| Trade receivables | 40 | €1,286 | €946 | -€340 | -26.4% |
| Other amounts receivable | 41 | €471,467 | €333,249 | -€138,217 | -29.3% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | €1,177 | €0 | -€1,177 | -100% |
| Total equity and liabilities | 10/49 | €504,499 | €550,860 | +€46,361 | +9.2% |
| Equity | 10/15 | €22,532 | €158,551 | +€136,019 | +604% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €3,982 | €140,001 | +€136,019 | +3,416% |
| Distributable reserves | 133 | €3,982 | €140,001 | +€136,019 | +3,416% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €481,967 | €392,309 | -€89,658 | -18.6% |
| Amounts payable after more than one year | 17 | - | €155,166 | +€155,166 | |
| Financial debts | 170/4 | - | €155,166 | +€155,166 | |
| Amounts payable within one year | 42/48 | €480,128 | €237,143 | -€242,984 | -50.6% |
| Current portion of amounts payable after more than one year | 42 | €8,534 | €24,765 | +€16,231 | +190% |
| Financial debts | 43 | €34,935 | €28,907 | -€6,028 | -17.3% |
| Credit institutions | 430/8 | €34,935 | €28,907 | -€6,028 | -17.3% |
| Trade debts | 44 | €4,457 | €8,251 | +€3,795 | +85.2% |
| Suppliers | 440/4 | €4,457 | €8,251 | +€3,795 | +85.2% |
| Taxes, remuneration and social security | 45 | €72,202 | €175,219 | +€103,017 | +143% |
| Taxes | 450/3 | €72,202 | €175,219 | +€103,017 | +143% |
| Other amounts payable | 47/48 | €360,000 | €0 | -€360,000 | -100% |
| Accrued charges and deferred income | 492/3 | €1,840 | €0 | -€1,840 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,197 | €3,905 | -€2,292 | -37.0% |
| Other operating charges | 640/8 | €1,556 | €2,173 | +€617 | +39.7% |
| Gross operating margin | 9900 | €161,939 | €178,497 | +€16,558 | +10.2% |
| Operating profit (loss) | 9901 | €154,186 | €172,419 | +€18,233 | +11.8% |
| Financial income | 75/76B | €21,342 | €18,504 | -€2,839 | -13.3% |
| Recurring financial income | 75 | €21,342 | €18,504 | -€2,839 | -13.3% |
| Financial charges | 65/66B | €5,641 | €9,396 | +€3,755 | +66.6% |
| Recurring financial charges | 65 | €5,641 | €9,396 | +€3,755 | +66.6% |
| Profit (loss) for the period before taxes | 9903 | €169,887 | €181,526 | +€11,639 | +6.9% |
| Income taxes | 67/77 | €43,447 | €45,507 | +€2,060 | +4.7% |
| Profit (loss) for the period | 9904 | €126,440 | €136,019 | +€9,579 | +7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €126,440 | €136,019 | +€9,579 | +7.6% |
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 30 October 2026 via checked.be.