P. DE 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.
P. DE SMET
Largest movements
- Receivables within one year -€409,525
down €409,525 (-58.6%), from €699,303 to €289,778
of which Other amounts receivable: -€413,397
- Cash +€258,870
up €258,870 (+1,394%), from €18,571 to €277,440
mainly Receivables within one year (+€409,525) and Receivables after one year (+€244,426)
- Receivables after one year -€244,426
down €244,426 (-76.5%), from €319,426 to €75,000
of which Trade receivables: -€231,926
- Current investments +€149,999
up €149,999 (+24.7%), from €606,778 to €756,777
- Reserves -€330,136
down €330,136 (-20.6%), from €1.6m to €1.3m
- Other debts +€109,337
new in 2025: €109,337
- Tax, wage and social debts -€23,889
down €23,889 (-99.7%), from €23,963 to €74
- Other operating charges -€42,912
down €42,912 (-96.5%), from €44,474 to €1,561
- Gross operating margin -€32,308
down €32,308 (-13.7%), from €235,626 to €203,318
- Taxes -€5,711
down €5,711 (-8.1%), from €70,699 to €64,988
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 | €1,645,702 | €1,400,955 | -€244,747 | -14.9% |
| Current assets | 29/58 | €1,645,702 | €1,400,955 | -€244,747 | -14.9% |
| Amounts receivable after more than one year | 29 | €319,426 | €75,000 | -€244,426 | -76.5% |
| Trade receivables | 290 | €231,926 | - | -€231,926 | |
| Other amounts receivable | 291 | €87,500 | €75,000 | -€12,500 | -14.3% |
| Amounts receivable within one year | 40/41 | €699,303 | €289,778 | -€409,525 | -58.6% |
| Trade receivables | 40 | €38,804 | €42,676 | +€3,872 | +10.0% |
| Other amounts receivable | 41 | €660,498 | €247,101 | -€413,397 | -62.6% |
| Current investments | 50/53 | €606,778 | €756,777 | +€149,999 | +24.7% |
| Cash at bank and in hand | 54/58 | €18,571 | €277,440 | +€258,870 | +1,394% |
| Deferred charges and accrued income | 490/1 | €1,625 | €1,960 | +€335 | +20.6% |
| Total equity and liabilities | 10/49 | €1,645,702 | €1,400,955 | -€244,747 | -14.9% |
| Equity | 10/15 | €1,621,587 | €1,291,451 | -€330,136 | -20.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,602,995 | €1,272,859 | -€330,136 | -20.6% |
| Distributable reserves | 133 | €1,602,995 | €1,272,859 | -€330,136 | -20.6% |
| Amounts payable | 17/49 | €24,115 | €109,504 | +€85,389 | +354% |
| Amounts payable within one year | 42/48 | €24,082 | €109,504 | +€85,421 | +355% |
| Trade debts | 44 | €119 | €93 | -€27 | -22.4% |
| Suppliers | 440/4 | €119 | €93 | -€27 | -22.4% |
| Taxes, remuneration and social security | 45 | €23,963 | €74 | -€23,889 | -99.7% |
| Taxes | 450/3 | €23,963 | €74 | -€23,889 | -99.7% |
| Other amounts payable | 47/48 | - | €109,337 | +€109,337 | |
| Accrued charges and deferred income | 492/3 | €33 | - | -€33 | |
| Other operating charges | 640/8 | €44,474 | €1,561 | -€42,912 | -96.5% |
| Gross operating margin | 9900 | €235,626 | €203,318 | -€32,308 | -13.7% |
| Operating profit (loss) | 9901 | €191,152 | €201,756 | +€10,604 | +5.5% |
| Financial income | 75/76B | €14,225 | €15,546 | +€1,320 | +9.3% |
| Recurring financial income | 75 | €14,225 | €15,546 | +€1,320 | +9.3% |
| Financial charges | 65/66B | €1,397 | €298 | -€1,099 | -78.6% |
| Recurring financial charges | 65 | €1,397 | €298 | -€1,099 | -78.6% |
| Profit (loss) for the period before taxes | 9903 | €203,980 | €217,004 | +€13,024 | +6.4% |
| Income taxes | 67/77 | €70,699 | €64,988 | -€5,711 | -8.1% |
| Profit (loss) for the period | 9904 | €133,281 | €152,016 | +€18,735 | +14.1% |
| Profit (loss) for the period to be appropriated | 9905 | €133,281 | €152,016 | +€18,735 | +14.1% |
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 22 October 2026 via checked.be.