Martijn 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.
Martijn Smet
Largest movements
- Cash -€54,539
down €54,539 (-65.3%), from €83,554 to €29,015
mainly Contributions, distributions and other (-€79,281) and Other debts (-€35,292)
- Tangible fixed assets +€20,177
up €20,177 (+85.1%), from €23,700 to €43,877
of which Furniture and vehicles: +€22,715
- Receivables within one year -€18,876
down €18,876 (-100%), from €18,876 to €0
of which Other amounts receivable: -€17,821
- Other debts -€35,292
down €35,292 (-48.3%), from €73,082 to €37,790
- Tax, wage and social debts -€13,739
down €13,739 (-33.0%), from €41,580 to €27,841
- Trade debts -€4,079
down €4,079 (-58.8%), from €6,937 to €2,858
- Depreciation +€4,180
up €4,180 (+88.9%), from €4,702 to €8,882
- Financial income -€2,337
down €2,337 (-82.5%), from €2,833 to €495
- Gross operating margin -€1,941
down €1,941 (-1.7%), from €113,521 to €111,581
- Taxes -€1,419
down €1,419 (-6.1%), from €23,268 to €21,849
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 | €128,306 | €74,988 | -€53,318 | -41.6% |
| Fixed assets | 21/28 | €23,700 | €43,877 | +€20,177 | +85.1% |
| Tangible fixed assets | 22/27 | €23,700 | €43,877 | +€20,177 | +85.1% |
| Land and buildings | 22 | €13,758 | €11,220 | -€2,538 | -18.4% |
| Furniture and vehicles | 24 | €9,942 | €32,657 | +€22,715 | +228% |
| Current assets | 29/58 | €104,606 | €31,111 | -€73,495 | -70.3% |
| Amounts receivable within one year | 40/41 | €18,876 | €0 | -€18,876 | -100% |
| Trade receivables | 40 | €1,055 | €0 | -€1,055 | -100% |
| Other amounts receivable | 41 | €17,821 | €0 | -€17,821 | -100% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €83,554 | €29,015 | -€54,539 | -65.3% |
| Deferred charges and accrued income | 490/1 | €2,177 | €2,096 | -€81 | -3.7% |
| Total equity and liabilities | 10/49 | €128,306 | €74,988 | -€53,318 | -41.6% |
| Equity | 10/15 | €5,000 | €5,000 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €123,306 | €69,988 | -€53,318 | -43.2% |
| Amounts payable within one year | 42/48 | €121,598 | €68,488 | -€53,110 | -43.7% |
| Trade debts | 44 | €6,937 | €2,858 | -€4,079 | -58.8% |
| Suppliers | 440/4 | €6,937 | €2,858 | -€4,079 | -58.8% |
| Taxes, remuneration and social security | 45 | €41,580 | €27,841 | -€13,739 | -33.0% |
| Taxes | 450/3 | €41,580 | €27,841 | -€13,739 | -33.0% |
| Other amounts payable | 47/48 | €73,082 | €37,790 | -€35,292 | -48.3% |
| Accrued charges and deferred income | 492/3 | €1,708 | €1,500 | -€208 | -12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,702 | €8,882 | +€4,180 | +88.9% |
| Other operating charges | 640/8 | €1,035 | €1,061 | +€26 | +2.5% |
| Gross operating margin | 9900 | €113,521 | €111,581 | -€1,941 | -1.7% |
| Operating profit (loss) | 9901 | €107,785 | €101,638 | -€6,147 | -5.7% |
| Financial income | 75/76B | €2,833 | €495 | -€2,337 | -82.5% |
| Recurring financial income | 75 | €2,833 | €495 | -€2,337 | -82.5% |
| Financial charges | 65/66B | €1,372 | €1,004 | -€368 | -26.8% |
| Recurring financial charges | 65 | €1,372 | €1,004 | -€368 | -26.8% |
| Profit (loss) for the period before taxes | 9903 | €109,246 | €101,130 | -€8,116 | -7.4% |
| Income taxes | 67/77 | €23,268 | €21,849 | -€1,419 | -6.1% |
| Profit (loss) for the period | 9904 | €85,978 | €79,281 | -€6,697 | -7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €85,978 | €79,281 | -€6,697 | -7.8% |
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 24 October 2026 via checked.be.