LADDERS SMITS: 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.
LADDERS SMITS
Largest movements
- Receivables after one year +€150,000
new in 2025: €150,000
- Receivables within one year -€141,844
down €141,844 (-51.1%), from €277,547 to €135,703
of which Other amounts receivable: -€138,079
- Tangible fixed assets -€37,054
down €37,054 (-36.2%), from €102,294 to €65,239
of which Plant, machinery and equipment: -€29,306
- Debts after one year +€41,680
up €41,680 (+89.8%), from €46,438 to €88,118
of which Other amounts payable: +€70,919
- Other debts -€34,182
down €34,182 (-100%), from €34,182 to €0
- Trade debts -€24,255
down €24,255 (-36.2%), from €66,984 to €42,729
- Reserves -€14,670
down €14,670 (-8.2%), from €179,983 to €165,314
- Tax, wage and social debts +€5,724
up €5,724 (+276%), from €2,071 to €7,795
- Write-downs +€9,082
up €9,082, from €0 to €9,082
- Other operating charges +€3,513
up €3,513 (+135%), from €2,600 to €6,113
- Financial income +€1,893
up €1,893 (+139%), from €1,365 to €3,257
of which Financial income: +€1,893
- Gross operating margin -€868
down €868 (-2.0%), from €43,887 to €43,019
- Financial charges -€842
down €842 (-26.3%), from €3,201 to €2,359
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 | €395,967 | €367,918 | -€28,050 | -7.1% |
| Fixed assets | 21/28 | €103,429 | €67,222 | -€36,207 | -35.0% |
| Intangible fixed assets | 21 | - | €848 | +€848 | |
| Tangible fixed assets | 22/27 | €102,294 | €65,239 | -€37,054 | -36.2% |
| Plant, machinery and equipment | 23 | €84,586 | €55,281 | -€29,306 | -34.6% |
| Furniture and vehicles | 24 | €17,707 | €9,959 | -€7,749 | -43.8% |
| Financial fixed assets | 28 | €1,135 | €1,135 | = | 0.0% |
| Current assets | 29/58 | €292,539 | €300,696 | +€8,157 | +2.8% |
| Amounts receivable after more than one year | 29 | - | €150,000 | +€150,000 | |
| Other amounts receivable | 291 | - | €150,000 | +€150,000 | |
| Stocks and contracts in progress | 3 | €5,380 | €5,674 | +€294 | +5.5% |
| Stocks | 30/36 | €5,380 | €5,674 | +€294 | +5.5% |
| Amounts receivable within one year | 40/41 | €277,547 | €135,703 | -€141,844 | -51.1% |
| Trade receivables | 40 | €69,083 | €65,317 | -€3,766 | -5.5% |
| Other amounts receivable | 41 | €208,464 | €70,386 | -€138,079 | -66.2% |
| Cash at bank and in hand | 54/58 | €9,612 | €9,319 | -€293 | -3.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €395,967 | €367,918 | -€28,050 | -7.1% |
| Equity | 10/15 | €190,982 | €176,312 | -€14,670 | -7.7% |
| Contributions | 10/11 | €10,999 | €10,999 | = | 0.0% |
| Reserves | 13 | €179,983 | €165,314 | -€14,670 | -8.2% |
| Distributable reserves | 133 | €179,983 | €165,314 | -€14,670 | -8.2% |
| Amounts payable | 17/49 | €204,985 | €191,605 | -€13,380 | -6.5% |
| Amounts payable after more than one year | 17 | €46,438 | €88,118 | +€41,680 | +89.8% |
| Financial debts | 170/4 | €46,438 | €17,199 | -€29,239 | -63.0% |
| Other amounts payable | 178/9 | - | €70,919 | +€70,919 | |
| Amounts payable within one year | 42/48 | €150,366 | €95,306 | -€55,060 | -36.6% |
| Current portion of amounts payable after more than one year | 42 | €32,128 | €29,239 | -€2,890 | -9.0% |
| Financial debts | 43 | €15,000 | €15,000 | = | 0.0% |
| Credit institutions | 430/8 | €15,000 | €15,000 | = | 0.0% |
| Trade debts | 44 | €66,984 | €42,729 | -€24,255 | -36.2% |
| Suppliers | 440/4 | €66,984 | €42,729 | -€24,255 | -36.2% |
| Advances received on contracts in progress | 46 | - | €543 | +€543 | |
| Taxes, remuneration and social security | 45 | €2,071 | €7,795 | +€5,724 | +276% |
| Taxes | 450/3 | €2,071 | €7,795 | +€5,724 | +276% |
| Other amounts payable | 47/48 | €34,182 | €0 | -€34,182 | -100% |
| Accrued charges and deferred income | 492/3 | €8,182 | €8,182 | = | 0.0% |
| Non-recurring operating income | 76A | €676 | €0 | -€676 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,983 | €38,387 | -€596 | -1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €9,082 | +€9,082 | |
| Other operating charges | 640/8 | €2,600 | €6,113 | +€3,513 | +135% |
| Non-recurring operating charges | 66A | - | €5,005 | +€5,005 | |
| Gross operating margin | 9900 | €43,887 | €43,019 | -€868 | -2.0% |
| Operating profit (loss) | 9901 | €2,304 | -€15,568 | -€17,871 | |
| Financial income | 75/76B | €1,365 | €3,257 | +€1,893 | +139% |
| Recurring financial income | 75 | €1,365 | €3,257 | +€1,893 | +139% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €3,201 | €2,359 | -€842 | -26.3% |
| Recurring financial charges | 65 | €3,201 | €2,359 | -€842 | -26.3% |
| Profit (loss) for the period before taxes | 9903 | €467 | -€14,670 | -€15,136 | |
| Income taxes | 67/77 | €714 | €0 | -€714 | -100% |
| Profit (loss) for the period | 9904 | -€247 | -€14,670 | -€14,422 | -5,832% |
| Profit (loss) for the period to be appropriated | 9905 | -€247 | -€14,670 | -€14,422 | -5,832% |
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 25 October 2026 via checked.be.