OLD SMUGGLER: 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.
OLD SMUGGLER
Largest movements
- Current investments +€50,085
up €50,085 (+250%), from €20,017 to €70,102
- Cash -€24,478
down €24,478 (-7.9%), from €308,155 to €283,676
mainly Contributions, distributions and other (-€50,600) and Current investments (-€50,085)
- Tangible fixed assets -€22,970
down €22,970 (-9.9%), from €231,312 to €208,343
of which Furniture and vehicles: -€24,907
- Receivables within one year -€11,407
down €11,407 (-32.8%), from €34,784 to €23,377
of which Trade receivables: -€11,450
- Reserves +€15,900
up €15,900 (+6.7%), from €238,210 to €254,110
of which Distributable reserves: +€15,900
- Other debts -€15,000
no longer reported in 2025 (was €15,000)
- Gross operating margin +€35,923
up €35,923 (+7.2%), from €496,728 to €532,651
- Staff costs -€12,902
down €12,902 (-3.9%), from €331,557 to €318,655
- Depreciation +€11,877
up €11,877 (+20.0%), from €59,273 to €71,150
- Taxes +€9,257
up €9,257 (+57.7%), from €16,054 to €25,312
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 | €973,974 | €966,085 | -€7,889 | -0.8% |
| Fixed assets | 21/28 | €233,262 | €210,292 | -€22,970 | -9.8% |
| Tangible fixed assets | 22/27 | €231,312 | €208,343 | -€22,970 | -9.9% |
| Land and buildings | 22 | €112,284 | €119,690 | +€7,405 | +6.6% |
| Plant, machinery and equipment | 23 | €21,424 | €15,956 | -€5,468 | -25.5% |
| Furniture and vehicles | 24 | €97,605 | €72,697 | -€24,907 | -25.5% |
| Financial fixed assets | 28 | €1,950 | €1,950 | = | 0.0% |
| Current assets | 29/58 | €740,712 | €755,793 | +€15,081 | +2.0% |
| Stocks and contracts in progress | 3 | €367,892 | €370,462 | +€2,570 | +0.7% |
| Stocks | 30/36 | €367,892 | €370,462 | +€2,570 | +0.7% |
| Amounts receivable within one year | 40/41 | €34,784 | €23,377 | -€11,407 | -32.8% |
| Trade receivables | 40 | €34,476 | €23,026 | -€11,450 | -33.2% |
| Other amounts receivable | 41 | €309 | €352 | +€43 | +13.9% |
| Current investments | 50/53 | €20,017 | €70,102 | +€50,085 | +250% |
| Cash at bank and in hand | 54/58 | €308,155 | €283,676 | -€24,478 | -7.9% |
| Deferred charges and accrued income | 490/1 | €9,864 | €8,175 | -€1,689 | -17.1% |
| Total equity and liabilities | 10/49 | €973,974 | €966,085 | -€7,889 | -0.8% |
| Equity | 10/15 | €818,111 | €834,464 | +€16,353 | +2.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €238,210 | €254,110 | +€15,900 | +6.7% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €219,460 | €235,360 | +€15,900 | +7.2% |
| Profit (loss) carried forward | 14 | €561,301 | €561,754 | +€453 | +0.1% |
| Amounts payable | 17/49 | €155,864 | €131,621 | -€24,242 | -15.6% |
| Amounts payable within one year | 42/48 | €155,864 | €131,621 | -€24,242 | -15.6% |
| Trade debts | 44 | €100,924 | €92,178 | -€8,745 | -8.7% |
| Suppliers | 440/4 | €100,924 | €92,178 | -€8,745 | -8.7% |
| Taxes, remuneration and social security | 45 | €39,940 | €39,443 | -€497 | -1.2% |
| Taxes | 450/3 | €23,403 | €24,044 | +€641 | +2.7% |
| Remuneration and social security | 454/9 | €16,537 | €15,399 | -€1,138 | -6.9% |
| Other amounts payable | 47/48 | €15,000 | - | -€15,000 | |
| Non-recurring operating income | 76A | €6,655 | - | -€6,655 | |
| Remuneration, social security and pensions | 62 | €331,557 | €318,655 | -€12,902 | -3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,273 | €71,150 | +€11,877 | +20.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,112 | - | -€1,112 | |
| Other operating charges | 640/8 | €18,681 | €19,968 | +€1,287 | +6.9% |
| Gross operating margin | 9900 | €496,728 | €532,651 | +€35,923 | +7.2% |
| Operating profit (loss) | 9901 | €86,105 | €122,877 | +€36,772 | +42.7% |
| Financial income | 75/76B | €12,392 | €8,583 | -€3,809 | -30.7% |
| Recurring financial income | 75 | €12,392 | €8,583 | -€3,809 | -30.7% |
| Financial charges | 65/66B | €38,393 | €39,195 | +€803 | +2.1% |
| Recurring financial charges | 65 | €38,393 | €39,195 | +€803 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €60,105 | €92,265 | +€32,160 | +53.5% |
| Income taxes | 67/77 | €16,054 | €25,312 | +€9,257 | +57.7% |
| Profit (loss) for the period | 9904 | €44,050 | €66,953 | +€22,903 | +52.0% |
| Profit (loss) for the period to be appropriated | 9905 | €44,050 | €66,953 | +€22,903 | +52.0% |
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 23 October 2026 via checked.be.