Paul 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.
Paul SMET
Largest movements
- Receivables within one year -€65,247
down €65,247 (-77.8%), from €83,877 to €18,630
of which Other amounts receivable: -€64,618
- Cash +€31,316
up €31,316 (+231%), from €13,560 to €44,875
mainly Receivables within one year (+€65,247) and Net result for the year (+€27,311)
- Tangible fixed assets -€4,055
down €4,055 (-19.6%), from €20,682 to €16,627
of which Land and buildings: -€2,306
- Reserves -€29,137
down €29,137 (-41.9%), from €69,563 to €40,426
of which Distributable reserves: -€29,137
- Other debts -€22,087
no longer reported in 2025 (was €22,087)
- Tax, wage and social debts +€11,930
up €11,930 (+70.8%), from €16,842 to €28,771
- Taxes +€6,073
up €6,073 (+53.3%), from €11,402 to €17,475
- Depreciation -€3,073
down €3,073 (-24.0%), from €12,810 to €9,736
- Gross operating margin -€2,529
down €2,529 (-4.3%), from €58,152 to €55,623
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 | €118,118 | €80,132 | -€37,987 | -32.2% |
| Fixed assets | 21/28 | €20,682 | €16,627 | -€4,055 | -19.6% |
| Tangible fixed assets | 22/27 | €20,682 | €16,627 | -€4,055 | -19.6% |
| Land and buildings | 22 | €15,951 | €13,645 | -€2,306 | -14.5% |
| Furniture and vehicles | 24 | €4,731 | €2,981 | -€1,750 | -37.0% |
| Current assets | 29/58 | €97,437 | €63,505 | -€33,931 | -34.8% |
| Amounts receivable within one year | 40/41 | €83,877 | €18,630 | -€65,247 | -77.8% |
| Trade receivables | 40 | €7,098 | €6,470 | -€629 | -8.9% |
| Other amounts receivable | 41 | €76,778 | €12,160 | -€64,618 | -84.2% |
| Cash at bank and in hand | 54/58 | €13,560 | €44,875 | +€31,316 | +231% |
| Total equity and liabilities | 10/49 | €118,118 | €80,132 | -€37,987 | -32.2% |
| Equity | 10/15 | €78,916 | €49,934 | -€28,982 | -36.7% |
| Contributions | 10/11 | €9,300 | €9,300 | = | 0.0% |
| Reserves | 13 | €69,563 | €40,426 | -€29,137 | -41.9% |
| Non-distributable reserves | 130/1 | €2,304 | €2,304 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,304 | €2,304 | = | 0.0% |
| Distributable reserves | 133 | €67,259 | €38,122 | -€29,137 | -43.3% |
| Profit (loss) carried forward | 14 | €54 | €209 | +€155 | +290% |
| Amounts payable | 17/49 | €39,202 | €30,197 | -€9,005 | -23.0% |
| Amounts payable within one year | 42/48 | €39,202 | €30,197 | -€9,005 | -23.0% |
| Trade debts | 44 | €273 | €1,426 | +€1,153 | +422% |
| Suppliers | 440/4 | €273 | €1,426 | +€1,153 | +422% |
| Taxes, remuneration and social security | 45 | €16,842 | €28,771 | +€11,930 | +70.8% |
| Taxes | 450/3 | €16,842 | €28,771 | +€11,930 | +70.8% |
| Other amounts payable | 47/48 | €22,087 | - | -€22,087 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,810 | €9,736 | -€3,073 | -24.0% |
| Other operating charges | 640/8 | €1,262 | €964 | -€298 | -23.6% |
| Non-recurring operating charges | 66A | - | €15 | +€15 | |
| Gross operating margin | 9900 | €58,152 | €55,623 | -€2,529 | -4.3% |
| Operating profit (loss) | 9901 | €44,080 | €44,908 | +€828 | +1.9% |
| Financial income | 75/76B | - | €24 | +€24 | |
| Recurring financial income | 75 | - | €24 | +€24 | |
| Financial charges | 65/66B | €323 | €145 | -€177 | -55.0% |
| Recurring financial charges | 65 | €323 | €145 | -€177 | -55.0% |
| Profit (loss) for the period before taxes | 9903 | €43,758 | €44,786 | +€1,029 | +2.4% |
| Income taxes | 67/77 | €11,402 | €17,475 | +€6,073 | +53.3% |
| Profit (loss) for the period | 9904 | €32,356 | €27,311 | -€5,045 | -15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €32,356 | €27,311 | -€5,045 | -15.6% |
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 27 October 2026 via checked.be.