PETER SMET: 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.
PETER SMET
Largest movements
- Tangible fixed assets -€36,268
down €36,268 (-56.8%), from €63,891 to €27,624
of which Leasing and similar rights: -€25,270
- Receivables after one year -€19,000
down €19,000 (-26.7%), from €71,100 to €52,100
- Receivables within one year +€11,577
up €11,577 (+32.2%), from €35,900 to €47,476
of which Trade receivables: +€10,913
- Cash -€8,420
down €8,420 (-8.6%), from €97,427 to €89,008
mainly Contributions, distributions and other (-€20,680) and Debts after one year (-€19,876)
- Reserves -€28,786
down €28,786 (-15.8%), from €181,811 to €153,025
- Debts after one year -€19,876
down €19,876 (-41.6%), from €47,804 to €27,928
- Tax, wage and social debts -€3,803
down €3,803 (-51.9%), from €7,328 to €3,525
of which Taxes: -€2,603
- Gross operating margin -€22,167
down €22,167 (-43.2%), from €51,306 to €29,139
- Taxes -€4,294
down €4,294 (-96.0%), from €4,472 to €178
- Depreciation -€717
down €717 (-1.9%), from €37,275 to €36,558
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 | €285,335 | €235,149 | -€50,185 | -17.6% |
| Fixed assets | 21/28 | €70,249 | €33,981 | -€36,268 | -51.6% |
| Tangible fixed assets | 22/27 | €63,891 | €27,624 | -€36,268 | -56.8% |
| Plant, machinery and equipment | 23 | €4,660 | €2,488 | -€2,172 | -46.6% |
| Furniture and vehicles | 24 | €18,522 | €9,696 | -€8,826 | -47.6% |
| Leasing and similar rights | 25 | €40,709 | €15,439 | -€25,270 | -62.1% |
| Financial fixed assets | 28 | €6,357 | €6,357 | = | 0.0% |
| Current assets | 29/58 | €215,086 | €201,168 | -€13,918 | -6.5% |
| Amounts receivable after more than one year | 29 | €71,100 | €52,100 | -€19,000 | -26.7% |
| Other amounts receivable | 291 | €71,100 | €52,100 | -€19,000 | -26.7% |
| Amounts receivable within one year | 40/41 | €35,900 | €47,476 | +€11,577 | +32.2% |
| Trade receivables | 40 | €8,970 | €19,884 | +€10,913 | +121.7% |
| Other amounts receivable | 41 | €26,929 | €27,593 | +€663 | +2.5% |
| Cash at bank and in hand | 54/58 | €97,427 | €89,008 | -€8,420 | -8.6% |
| Deferred charges and accrued income | 490/1 | €10,659 | €12,584 | +€1,925 | +18.1% |
| Total equity and liabilities | 10/49 | €285,335 | €235,149 | -€50,185 | -17.6% |
| Equity | 10/15 | €200,411 | €171,625 | -€28,786 | -14.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €181,811 | €153,025 | -€28,786 | -15.8% |
| Distributable reserves | 133 | €181,811 | €153,025 | -€28,786 | -15.8% |
| Amounts payable | 17/49 | €84,924 | €63,524 | -€21,399 | -25.2% |
| Amounts payable after more than one year | 17 | €47,804 | €27,928 | -€19,876 | -41.6% |
| Financial debts | 170/4 | €47,804 | €27,928 | -€19,876 | -41.6% |
| Amounts payable within one year | 42/48 | €37,120 | €35,397 | -€1,723 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €18,131 | €18,356 | +€225 | +1.2% |
| Trade debts | 44 | €11,661 | €13,516 | +€1,855 | +15.9% |
| Suppliers | 440/4 | €11,661 | €13,516 | +€1,855 | +15.9% |
| Taxes, remuneration and social security | 45 | €7,328 | €3,525 | -€3,803 | -51.9% |
| Taxes | 450/3 | €5,228 | €2,625 | -€2,603 | -49.8% |
| Remuneration and social security | 454/9 | €2,100 | €900 | -€1,200 | -57.1% |
| Accrued charges and deferred income | 492/3 | - | €200 | +€200 | |
| Non-recurring operating income | 76A | €14,617 | - | -€14,617 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,275 | €36,558 | -€717 | -1.9% |
| Other operating charges | 640/8 | €2,062 | €2,038 | -€24 | -1.2% |
| Gross operating margin | 9900 | €51,306 | €29,139 | -€22,167 | -43.2% |
| Operating profit (loss) | 9901 | €11,969 | -€9,456 | -€21,425 | |
| Financial income | 75/76B | €3,386 | €2,986 | -€401 | -11.8% |
| Recurring financial income | 75 | €3,386 | €2,986 | -€401 | -11.8% |
| Financial charges | 65/66B | €1,862 | €1,458 | -€404 | -21.7% |
| Recurring financial charges | 65 | €1,862 | €1,458 | -€404 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €13,494 | -€7,928 | -€21,422 | |
| Income taxes | 67/77 | €4,472 | €178 | -€4,294 | -96.0% |
| Profit (loss) for the period | 9904 | €9,022 | -€8,106 | -€17,128 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,022 | -€8,106 | -€17,128 |
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 4 October 2026 via checked.be.