PATRICK SMESSAERT: 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.
PATRICK SMESSAERT
Largest movements
- Cash +€164,259
up €164,259 (+2271.7%), from €7,231 to €171,490
mainly Current investments (+€100,000) and Net result for the year (+€68,263)
- Current investments -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Tangible fixed assets -€12,807
down €12,807 (-23.5%), from €54,435 to €41,628
of which Furniture and vehicles: -€12,362
- Receivables within one year +€3,353
up €3,353 (+23.2%), from €14,481 to €17,834
of which Trade receivables: +€2,033
- Reserves +€55,690
up €55,690 (+36.9%), from €151,039 to €206,729
- Trade debts -€3,527
down €3,527 (-85.1%), from €4,145 to €617
- Tax, wage and social debts +€2,419
up €2,419 (+16.4%), from €14,763 to €17,182
- Gross operating margin +€20,934
up €20,934 (+24.6%), from €85,108 to €106,042
- Taxes +€4,780
up €4,780 (+22.4%), from €21,317 to €26,097
- Depreciation +€4,078
up €4,078 (+46.7%), from €8,729 to €12,807
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 | €176,147 | €230,952 | +€54,805 | +31.1% |
| Fixed assets | 21/28 | €54,435 | €41,628 | -€12,807 | -23.5% |
| Tangible fixed assets | 22/27 | €54,435 | €41,628 | -€12,807 | -23.5% |
| Plant, machinery and equipment | 23 | €2,199 | €1,754 | -€445 | -20.3% |
| Furniture and vehicles | 24 | €52,236 | €39,874 | -€12,362 | -23.7% |
| Current assets | 29/58 | €121,712 | €189,324 | +€67,613 | +55.6% |
| Amounts receivable within one year | 40/41 | €14,481 | €17,834 | +€3,353 | +23.2% |
| Trade receivables | 40 | €14,481 | €16,514 | +€2,033 | +14.0% |
| Other amounts receivable | 41 | - | €1,320 | +€1,320 | |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €7,231 | €171,490 | +€164,259 | +2271.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €176,147 | €230,952 | +€54,805 | +31.1% |
| Equity | 10/15 | €157,239 | €212,929 | +€55,690 | +35.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €151,039 | €206,729 | +€55,690 | +36.9% |
| Distributable reserves | 133 | €151,039 | €206,729 | +€55,690 | +36.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €18,908 | €18,024 | -€884 | -4.7% |
| Amounts payable within one year | 42/48 | €18,908 | €17,800 | -€1,108 | -5.9% |
| Trade debts | 44 | €4,145 | €617 | -€3,527 | -85.1% |
| Suppliers | 440/4 | €4,145 | €617 | -€3,527 | -85.1% |
| Taxes, remuneration and social security | 45 | €14,763 | €17,182 | +€2,419 | +16.4% |
| Taxes | 450/3 | €14,763 | €17,182 | +€2,419 | +16.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | - | €224 | +€224 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,729 | €12,807 | +€4,078 | +46.7% |
| Other operating charges | 640/8 | €1,025 | €656 | -€369 | -36.0% |
| Gross operating margin | 9900 | €85,108 | €106,042 | +€20,934 | +24.6% |
| Operating profit (loss) | 9901 | €75,354 | €92,579 | +€17,225 | +22.9% |
| Financial income | 75/76B | €2,191 | €1,970 | -€221 | -10.1% |
| Recurring financial income | 75 | €2,191 | €1,970 | -€221 | -10.1% |
| Financial charges | 65/66B | €165 | €188 | +€23 | +13.9% |
| Recurring financial charges | 65 | €165 | €188 | +€23 | +13.9% |
| Profit (loss) for the period before taxes | 9903 | €77,379 | €94,360 | +€16,981 | +21.9% |
| Income taxes | 67/77 | €21,317 | €26,097 | +€4,780 | +22.4% |
| Profit (loss) for the period | 9904 | €56,062 | €68,263 | +€12,201 | +21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €56,062 | €68,263 | +€12,201 | +21.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.