Li Smulhoekske: 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.
Li Smulhoekske
Largest movements
- Cash -€21,816
down €21,816 (-34.6%), from €63,066 to €41,250
mainly Other debts (-€25,086) and Debts after one year (-€5,951)
- Tangible fixed assets -€7,961
down €7,961 (-19.7%), from €40,480 to €32,519
of which Plant, machinery and equipment: -€6,482
- Intangible fixed assets -€4,500
down €4,500 (-22.2%), from €20,250 to €15,750
- Receivables within one year +€1,481
up €1,481 (+18.6%), from €7,974 to €9,455
of which Other amounts receivable: +€1,433
- Other debts -€25,086
down €25,086 (-92.1%), from €27,242 to €2,156
- Debts after one year -€5,951
no longer reported in 2025 (was €5,951)
- Current portion of long-term debt -€5,365
down €5,365 (-47.4%), from €11,316 to €5,951
- Reserves +€2,608
up €2,608 (+3.3%), from €77,838 to €80,446
- Tax, wage and social debts +€1,486
up €1,486 (+84.5%), from €1,759 to €3,245
of which Remuneration and social security: +€872
- Gross operating margin -€273,372
down €273,372 (-89.3%), from €305,992 to €32,620
- Staff costs +€3,619
up €3,619 (+66.6%), from €5,430 to €9,049
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 | €136,323 | €103,005 | -€33,317 | -24.4% |
| Fixed assets | 21/28 | €60,730 | €48,269 | -€12,461 | -20.5% |
| Intangible fixed assets | 21 | €20,250 | €15,750 | -€4,500 | -22.2% |
| Tangible fixed assets | 22/27 | €40,480 | €32,519 | -€7,961 | -19.7% |
| Land and buildings | 22 | €27,920 | €27,021 | -€898 | -3.2% |
| Plant, machinery and equipment | 23 | €10,644 | €4,162 | -€6,482 | -60.9% |
| Furniture and vehicles | 24 | €1,916 | €1,336 | -€580 | -30.3% |
| Current assets | 29/58 | €75,593 | €54,736 | -€20,857 | -27.6% |
| Stocks and contracts in progress | 3 | €4,032 | €4,032 | = | 0.0% |
| Stocks | 30/36 | €4,032 | €4,032 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €7,974 | €9,455 | +€1,481 | +18.6% |
| Trade receivables | 40 | €7,325 | €7,373 | +€48 | +0.6% |
| Other amounts receivable | 41 | €649 | €2,082 | +€1,433 | +221% |
| Cash at bank and in hand | 54/58 | €63,066 | €41,250 | -€21,816 | -34.6% |
| Deferred charges and accrued income | 490/1 | €522 | - | -€522 | |
| Total equity and liabilities | 10/49 | €136,323 | €103,005 | -€33,317 | -24.4% |
| Equity | 10/15 | €87,838 | €90,446 | +€2,608 | +3.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €77,838 | €80,446 | +€2,608 | +3.3% |
| Distributable reserves | 133 | €77,838 | €80,446 | +€2,608 | +3.3% |
| Amounts payable | 17/49 | €48,484 | €12,559 | -€35,925 | -74.1% |
| Amounts payable after more than one year | 17 | €5,951 | - | -€5,951 | |
| Financial debts | 170/4 | €5,951 | - | -€5,951 | |
| Amounts payable within one year | 42/48 | €42,534 | €12,559 | -€29,974 | -70.5% |
| Current portion of amounts payable after more than one year | 42 | €11,316 | €5,951 | -€5,365 | -47.4% |
| Trade debts | 44 | €2,217 | €1,208 | -€1,009 | -45.5% |
| Suppliers | 440/4 | €2,217 | €1,208 | -€1,009 | -45.5% |
| Taxes, remuneration and social security | 45 | €1,759 | €3,245 | +€1,486 | +84.5% |
| Taxes | 450/3 | €1,759 | €2,373 | +€614 | +34.9% |
| Remuneration and social security | 454/9 | - | €872 | +€872 | |
| Other amounts payable | 47/48 | €27,242 | €2,156 | -€25,086 | -92.1% |
| Non-recurring operating income | 76A | €250,245 | - | -€250,245 | |
| Remuneration, social security and pensions | 62 | €5,430 | €9,049 | +€3,619 | +66.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,931 | €13,519 | -€412 | -3.0% |
| Other operating charges | 640/8 | €2,342 | €997 | -€1,345 | -57.4% |
| Non-recurring operating charges | 66A | €266,533 | - | -€266,533 | |
| Gross operating margin | 9900 | €305,992 | €32,620 | -€273,372 | -89.3% |
| Operating profit (loss) | 9901 | €17,756 | €9,055 | -€8,701 | -49.0% |
| Financial income | 75/76B | €105 | €96 | -€9 | -9.0% |
| Recurring financial income | 75 | €105 | €96 | -€9 | -9.0% |
| Financial charges | 65/66B | €8,166 | €5,672 | -€2,494 | -30.5% |
| Recurring financial charges | 65 | €8,166 | €5,672 | -€2,494 | -30.5% |
| Profit (loss) for the period before taxes | 9903 | €9,695 | €3,478 | -€6,217 | -64.1% |
| Income taxes | 67/77 | €1,759 | €870 | -€889 | -50.5% |
| Profit (loss) for the period | 9904 | €7,936 | €2,608 | -€5,328 | -67.1% |
| Profit (loss) for the period to be appropriated | 9905 | €7,936 | €2,608 | -€5,328 | -67.1% |
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 29 October 2026 via checked.be.