Patrick Smeets: 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.
Patrick Smeets
Largest movements
- Cash +€29,075
up €29,075 (+104.4%), from €27,862 to €56,937
mainly Net result for the year (+€35,490) and Receivables within one year (+€17,551)
- Receivables within one year -€17,551
down €17,551 (-38.1%), from €46,059 to €28,508
of which Trade receivables: -€26,604
- Tangible fixed assets +€2,957
up €2,957 (+63.1%), from €4,685 to €7,642
of which Plant, machinery and equipment: +€2,347
- Profit (loss) carried forward +€35,490
up €35,490 (+92.7%), from €38,300 to €73,790
- Accrued charges and deferred income -€16,269
down €16,269 (-100.0%), from €16,269 to €0
- Tax, wage and social debts -€2,851
down €2,851 (-15.3%), from €18,638 to €15,787
- Other debts -€1,427
down €1,427 (-100.0%), from €1,427 to €0
- Gross operating margin +€2,842
up €2,842 (+5.9%), from €48,355 to €51,196
- Taxes +€1,201
up €1,201 (+13.3%), from €8,996 to €10,197
- Depreciation +€798
up €798 (+79.1%), from €1,010 to €1,808
- Financial charges -€537
down €537 (-14.3%), from €3,760 to €3,223
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 | €79,534 | €93,999 | +€14,465 | +18.2% |
| Fixed assets | 21/28 | €4,685 | €7,642 | +€2,957 | +63.1% |
| Tangible fixed assets | 22/27 | €4,685 | €7,642 | +€2,957 | +63.1% |
| Plant, machinery and equipment | 23 | €804 | €3,151 | +€2,347 | +292.1% |
| Furniture and vehicles | 24 | €3,882 | €2,657 | -€1,225 | -31.6% |
| Other tangible fixed assets | 26 | - | €1,835 | +€1,835 | |
| Current assets | 29/58 | €74,848 | €86,356 | +€11,508 | +15.4% |
| Amounts receivable within one year | 40/41 | €46,059 | €28,508 | -€17,551 | -38.1% |
| Trade receivables | 40 | €46,059 | €19,454 | -€26,604 | -57.8% |
| Other amounts receivable | 41 | - | €9,053 | +€9,053 | |
| Cash at bank and in hand | 54/58 | €27,862 | €56,937 | +€29,075 | +104.4% |
| Deferred charges and accrued income | 490/1 | €927 | €912 | -€15 | -1.7% |
| Total equity and liabilities | 10/49 | €79,534 | €93,999 | +€14,465 | +18.2% |
| Equity | 10/15 | €41,300 | €76,790 | +€35,490 | +85.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,300 | €73,790 | +€35,490 | +92.7% |
| Amounts payable | 17/49 | €38,233 | €17,208 | -€21,025 | -55.0% |
| Amounts payable within one year | 42/48 | €21,964 | €17,208 | -€4,756 | -21.7% |
| Financial debts | 43 | - | €80 | +€80 | |
| Credit institutions | 430/8 | - | €80 | +€80 | |
| Trade debts | 44 | €1,899 | €1,342 | -€557 | -29.4% |
| Suppliers | 440/4 | €1,899 | €1,342 | -€557 | -29.4% |
| Taxes, remuneration and social security | 45 | €18,638 | €15,787 | -€2,851 | -15.3% |
| Taxes | 450/3 | €18,638 | €15,787 | -€2,851 | -15.3% |
| Other amounts payable | 47/48 | €1,427 | €0 | -€1,427 | -100.0% |
| Accrued charges and deferred income | 492/3 | €16,269 | €0 | -€16,269 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,010 | €1,808 | +€798 | +79.1% |
| Other operating charges | 640/8 | €855 | €718 | -€136 | -16.0% |
| Gross operating margin | 9900 | €48,355 | €51,196 | +€2,842 | +5.9% |
| Operating profit (loss) | 9901 | €46,490 | €48,670 | +€2,180 | +4.7% |
| Financial income | 75/76B | €1 | €240 | +€240 | +31116.9% |
| Recurring financial income | 75 | €1 | €240 | +€240 | +31116.9% |
| Financial charges | 65/66B | €3,760 | €3,223 | -€537 | -14.3% |
| Recurring financial charges | 65 | €3,760 | €3,223 | -€537 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €42,731 | €45,687 | +€2,956 | +6.9% |
| Income taxes | 67/77 | €8,996 | €10,197 | +€1,201 | +13.3% |
| Profit (loss) for the period | 9904 | €33,735 | €35,490 | +€1,755 | +5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €33,735 | €35,490 | +€1,755 | +5.2% |
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 10 October 2026 via checked.be.