Leon 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.
Leon Smet
Largest movements
- Cash +€48,364
up €48,364 (+15.9%), from €304,812 to €353,177
mainly Net result for the year (+€41,152) and Tax, wage and social debts (+€10,306)
- Reserves +€41,152
up €41,152 (+13.5%), from €305,488 to €346,641
of which Distributable reserves: +€41,152
- Tax, wage and social debts +€10,306
up €10,306 (+73.9%), from €13,938 to €24,244
- Trade debts -€5,742
down €5,742 (-85.3%), from €6,730 to €988
- Financial income +€4,342
up €4,342 (+96.9%), from €4,481 to €8,823
- Gross operating margin -€2,339
down €2,339 (-3.6%), from €65,427 to €63,088
- Taxes +€1,281
up €1,281 (+5.7%), from €22,294 to €23,575
- Depreciation -€1,000
down €1,000 (-17.4%), from €5,752 to €4,752
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 | €450,155 | €496,004 | +€45,848 | +10.2% |
| Fixed assets | 21/28 | €126,740 | €121,988 | -€4,752 | -3.7% |
| Tangible fixed assets | 22/27 | €126,740 | €121,968 | -€4,772 | -3.8% |
| Land and buildings | 22 | €126,720 | €121,968 | -€4,752 | -3.8% |
| Furniture and vehicles | 24 | €20 | - | -€20 | |
| Financial fixed assets | 28 | - | €20 | +€20 | |
| Current assets | 29/58 | €323,416 | €374,016 | +€50,600 | +15.6% |
| Stocks and contracts in progress | 3 | €3,000 | €3,000 | = | 0.0% |
| Stocks | 30/36 | €3,000 | €3,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €15,603 | €17,840 | +€2,236 | +14.3% |
| Trade receivables | 40 | €15,476 | €17,840 | +€2,364 | +15.3% |
| Other amounts receivable | 41 | €128 | - | -€128 | |
| Cash at bank and in hand | 54/58 | €304,812 | €353,177 | +€48,364 | +15.9% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €450,155 | €496,004 | +€45,848 | +10.2% |
| Equity | 10/15 | €429,488 | €470,641 | +€41,152 | +9.6% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Capital | 10 | €124,000 | €124,000 | = | 0.0% |
| Issued capital | 100 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €305,488 | €346,641 | +€41,152 | +13.5% |
| Non-distributable reserves | 130/1 | €12,400 | €12,400 | = | 0.0% |
| Legal reserve | 130 | €12,400 | €12,400 | = | 0.0% |
| Distributable reserves | 133 | €293,088 | €334,241 | +€41,152 | +14.0% |
| Amounts payable | 17/49 | €20,667 | €25,363 | +€4,696 | +22.7% |
| Amounts payable within one year | 42/48 | €20,667 | €25,363 | +€4,696 | +22.7% |
| Financial debts | 43 | - | €132 | +€132 | |
| Other loans | 439 | - | €132 | +€132 | |
| Trade debts | 44 | €6,730 | €988 | -€5,742 | -85.3% |
| Suppliers | 440/4 | €6,730 | €988 | -€5,742 | -85.3% |
| Taxes, remuneration and social security | 45 | €13,938 | €24,244 | +€10,306 | +73.9% |
| Taxes | 450/3 | €13,938 | €24,244 | +€10,306 | +73.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,752 | €4,752 | -€1,000 | -17.4% |
| Other operating charges | 640/8 | €1,835 | €2,358 | +€523 | +28.5% |
| Gross operating margin | 9900 | €65,427 | €63,088 | -€2,339 | -3.6% |
| Operating profit (loss) | 9901 | €57,840 | €55,978 | -€1,862 | -3.2% |
| Financial income | 75/76B | €4,481 | €8,823 | +€4,342 | +96.9% |
| Recurring financial income | 75 | €4,481 | €8,823 | +€4,342 | +96.9% |
| Financial charges | 65/66B | €68 | €74 | +€6 | +8.7% |
| Recurring financial charges | 65 | €68 | €74 | +€6 | +8.7% |
| Profit (loss) for the period before taxes | 9903 | €62,253 | €64,727 | +€2,474 | +4.0% |
| Income taxes | 67/77 | €22,294 | €23,575 | +€1,281 | +5.7% |
| Profit (loss) for the period | 9904 | €39,959 | €41,152 | +€1,193 | +3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €39,959 | €41,152 | +€1,193 | +3.0% |
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 18 October 2026 via checked.be.