M. 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.
M. Smet
Largest movements
- Cash +€1.1m
up €1.1m (+186%), from €608,327 to €1.7m
mainly Net result for the year (+€954,580) and Tax, wage and social debts (+€159,171)
- Tangible fixed assets -€169,373
down €169,373 (-59.9%), from €282,837 to €113,463
of which Land and buildings: -€224,846
- Reserves +€817,915
up €817,915 (+45.4%), from €1.8m to €2.6m
of which Distributable reserves: +€817,915
- Tax, wage and social debts +€159,171
up €159,171 (+213%), from €74,839 to €234,010
of which Taxes: +€154,432
- Gross operating margin +€704,586
up €704,586 (+106%), from €667,305 to €1.4m
- Taxes +€198,400
up €198,400 (+96.9%), from €204,839 to €403,239
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 | €1,904,081 | €2,876,215 | +€972,134 | +51.1% |
| Fixed assets | 21/28 | €282,837 | €113,463 | -€169,373 | -59.9% |
| Tangible fixed assets | 22/27 | €282,837 | €113,463 | -€169,373 | -59.9% |
| Land and buildings | 22 | €224,846 | - | -€224,846 | |
| Plant, machinery and equipment | 23 | €13,730 | - | -€13,730 | |
| Furniture and vehicles | 24 | €15,298 | €82,901 | +€67,603 | +442% |
| Other tangible fixed assets | 26 | €28,962 | €30,562 | +€1,600 | +5.5% |
| Current assets | 29/58 | €1,621,244 | €2,762,752 | +€1.1m | +70.4% |
| Amounts receivable within one year | 40/41 | €9,468 | €23,230 | +€13,762 | +145% |
| Other amounts receivable | 41 | €9,468 | €23,230 | +€13,762 | +145% |
| Current investments | 50/53 | €1,000,000 | €1,000,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €608,327 | €1,737,367 | +€1.1m | +186% |
| Deferred charges and accrued income | 490/1 | €3,449 | €2,155 | -€1,294 | -37.5% |
| Total equity and liabilities | 10/49 | €1,904,081 | €2,876,215 | +€972,134 | +51.1% |
| Equity | 10/15 | €1,820,638 | €2,638,553 | +€817,915 | +44.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €1,802,038 | €2,619,953 | +€817,915 | +45.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €106,476 | €106,476 | = | 0.0% |
| Distributable reserves | 133 | €1,693,702 | €2,511,616 | +€817,915 | +48.3% |
| Amounts payable | 17/49 | €83,443 | €237,662 | +€154,220 | +185% |
| Amounts payable within one year | 42/48 | €83,443 | €237,662 | +€154,220 | +185% |
| Trade debts | 44 | €5,154 | €3,327 | -€1,826 | -35.4% |
| Suppliers | 440/4 | €5,154 | €3,327 | -€1,826 | -35.4% |
| Taxes, remuneration and social security | 45 | €74,839 | €234,010 | +€159,171 | +213% |
| Taxes | 450/3 | €74,839 | €229,271 | +€154,432 | +206% |
| Remuneration and social security | 454/9 | - | €4,739 | +€4,739 | |
| Other amounts payable | 47/48 | €3,450 | €325 | -€3,125 | -90.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,272 | €12,440 | -€832 | -6.3% |
| Other operating charges | 640/8 | €1,276 | €1,663 | +€386 | +30.3% |
| Gross operating margin | 9900 | €667,305 | €1,371,891 | +€704,586 | +106% |
| Operating profit (loss) | 9901 | €652,756 | €1,357,788 | +€705,032 | +108% |
| Financial income | 75/76B | €0 | €114 | +€114 | +1,141,400% |
| Recurring financial income | 75 | €0 | €114 | +€114 | +1,141,400% |
| Financial charges | 65/66B | €50 | €83 | +€33 | +66.9% |
| Recurring financial charges | 65 | €50 | €83 | +€33 | +66.9% |
| Profit (loss) for the period before taxes | 9903 | €652,706 | €1,357,819 | +€705,113 | +108% |
| Income taxes | 67/77 | €204,839 | €403,239 | +€198,400 | +96.9% |
| Profit (loss) for the period | 9904 | €447,868 | €954,580 | +€506,713 | +113% |
| Profit (loss) for the period to be appropriated | 9905 | €447,868 | €954,580 | +€506,713 | +113% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.