MARC SMETS: what changed
Two fiscal 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.
MARC SMETS
Largest movements
- Current investments +€334,920
up €334,920 (+21.2%), from €1.6m to €1.9m
- Cash -€289,165
down €289,165 (-76.0%), from €380,667 to €91,502
mainly Current investments (-€334,920) and Tax, wage and social debts (-€74,932)
- Receivables within one year -€41,853
down €41,853 (-54.7%), from €76,577 to €34,724
of which Trade receivables: -€42,431
- Tangible fixed assets -€26,230
down €26,230 (-47.6%), from €55,122 to €28,892
of which Furniture and vehicles: -€16,799
- Receivables after one year -€22,011
down €22,011 (-100.0%), from €22,011 to €0
- Tax, wage and social debts -€74,932
down €74,932 (-95.3%), from €78,624 to €3,692
of which Taxes: -€73,737
- Reserves +€30,214
up €30,214 (+1.5%), from €2.0m to €2.0m
of which Distributable reserves: +€30,214
- Gross operating margin -€252,222
down €252,222 (-83.2%), from €303,278 to €51,056
- Taxes -€66,577
down €66,577 (-79.8%), from €83,418 to €16,841
- Staff costs -€39,658
down €39,658, from €37,267 to -€2,391
- Other operating charges -€10,280
down €10,280 (-86.3%), from €11,907 to €1,627
- Financial income -€4,971
down €4,971 (-16.2%), from €30,758 to €25,786
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.
Cash bridge derived
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 | €2,120,291 | €2,074,628 | -€45,662 | -2.2% |
| Fixed assets | 21/28 | €55,122 | €28,892 | -€26,230 | -47.6% |
| Tangible fixed assets | 22/27 | €55,122 | €28,892 | -€26,230 | -47.6% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €36,088 | €26,658 | -€9,430 | -26.1% |
| Furniture and vehicles | 24 | €19,033 | €2,234 | -€16,799 | -88.3% |
| Current assets | 29/58 | €2,065,169 | €2,045,736 | -€19,433 | -0.9% |
| Amounts receivable after more than one year | 29 | €22,011 | €0 | -€22,011 | -100.0% |
| Other amounts receivable | 291 | €22,011 | €0 | -€22,011 | -100.0% |
| Stocks and contracts in progress | 3 | €4,931 | €2,387 | -€2,544 | -51.6% |
| Stocks | 30/36 | €4,931 | €2,387 | -€2,544 | -51.6% |
| Amounts receivable within one year | 40/41 | €76,577 | €34,724 | -€41,853 | -54.7% |
| Trade receivables | 40 | €59,931 | €17,500 | -€42,431 | -70.8% |
| Other amounts receivable | 41 | €16,646 | €17,224 | +€578 | +3.5% |
| Current investments | 50/53 | €1,579,942 | €1,914,862 | +€334,920 | +21.2% |
| Cash at bank and in hand | 54/58 | €380,667 | €91,502 | -€289,165 | -76.0% |
| Deferred charges and accrued income | 490/1 | €1,041 | €2,261 | +€1,221 | +117.3% |
| Total equity and liabilities | 10/49 | €2,120,291 | €2,074,628 | -€45,662 | -2.2% |
| Equity | 10/15 | €2,039,191 | €2,069,405 | +€30,214 | +1.5% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €1,999,191 | €2,029,405 | +€30,214 | +1.5% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €1,999,191 | €2,029,405 | +€30,214 | +1.5% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €81,100 | €5,223 | -€75,877 | -93.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €81,100 | €4,397 | -€76,703 | -94.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €2,475 | €705 | -€1,771 | -71.5% |
| Suppliers | 440/4 | €2,475 | €705 | -€1,771 | -71.5% |
| Taxes, remuneration and social security | 45 | €78,624 | €3,692 | -€74,932 | -95.3% |
| Taxes | 450/3 | €77,429 | €3,692 | -€73,737 | -95.2% |
| Remuneration and social security | 454/9 | €1,195 | €0 | -€1,195 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €826 | +€826 | |
| Non-recurring operating income | 76A | €175,771 | €63,895 | -€111,876 | -63.6% |
| Remuneration, social security and pensions | 62 | €37,267 | -€2,391 | -€39,658 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,793 | €26,190 | +€2,397 | +10.1% |
| Other operating charges | 640/8 | €11,907 | €1,627 | -€10,280 | -86.3% |
| Non-recurring operating charges | 66A | - | €39 | +€39 | |
| Gross operating margin | 9900 | €303,278 | €51,056 | -€252,222 | -83.2% |
| Operating profit (loss) | 9901 | €230,311 | €25,590 | -€204,721 | -88.9% |
| Financial income | 75/76B | €30,758 | €25,786 | -€4,971 | -16.2% |
| Recurring financial income | 75 | €30,758 | €25,786 | -€4,971 | -16.2% |
| Financial charges | 65/66B | €5,250 | €4,321 | -€929 | -17.7% |
| Recurring financial charges | 65 | €5,250 | €4,321 | -€929 | -17.7% |
| Profit (loss) for the period before taxes | 9903 | €255,819 | €47,055 | -€208,763 | -81.6% |
| Transfer from deferred taxes | 780 | €243 | €0 | -€243 | -100.0% |
| Income taxes | 67/77 | €83,418 | €16,841 | -€66,577 | -79.8% |
| Profit (loss) for the period | 9904 | €172,643 | €30,214 | -€142,429 | -82.5% |
| Transfer from tax-exempt reserves | 789 | €5,597 | €0 | -€5,597 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €178,241 | €30,214 | -€148,026 | -83.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.