ROBERT 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.
ROBERT DE SMET
Largest movements
- Stocks and contracts +€108,428
up €108,428 (+18.5%), from €586,646 to €695,074
of which Stocks: +€121,163
- Receivables within one year -€62,277
down €62,277 (-33.6%), from €185,586 to €123,309
of which Trade receivables: -€88,259
- Tangible fixed assets -€45,742
down €45,742 (-8.5%), from €540,820 to €495,078
of which Plant, machinery and equipment: -€57,128
- Other debts +€31,642
up €31,642 (+83.0%), from €38,124 to €69,767
- Trade debts +€21,872
up €21,872 (+16.3%), from €134,440 to €156,313
- Debts after one year -€20,746
down €20,746 (-8.0%), from €258,341 to €237,595
- Reserves -€14,921
down €14,921 (-18.0%), from €82,708 to €67,787
- Gross operating margin +€31,745
up €31,745 (+6.1%), from €523,709 to €555,454
- Staff costs +€14,716
up €14,716 (+5.2%), from €282,226 to €296,942
- Write-downs -€8,660
down €8,660 (-47.8%), from €18,128 to €9,468
- Taxes +€7,230
up €7,230 (+77.6%), from €9,311 to €16,541
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 | €1,326,525 | €1,331,120 | +€4,596 | +0.3% |
| Fixed assets | 21/28 | €540,820 | €495,078 | -€45,742 | -8.5% |
| Tangible fixed assets | 22/27 | €540,820 | €495,078 | -€45,742 | -8.5% |
| Land and buildings | 22 | €338,406 | €369,097 | +€30,691 | +9.1% |
| Plant, machinery and equipment | 23 | €136,148 | €79,020 | -€57,128 | -42.0% |
| Furniture and vehicles | 24 | €38,347 | €28,301 | -€10,047 | -26.2% |
| Other tangible fixed assets | 26 | €27,918 | €18,660 | -€9,258 | -33.2% |
| Current assets | 29/58 | €785,705 | €836,042 | +€50,337 | +6.4% |
| Stocks and contracts in progress | 3 | €586,646 | €695,074 | +€108,428 | +18.5% |
| Stocks | 30/36 | €535,706 | €656,869 | +€121,163 | +22.6% |
| Contracts in progress | 37 | €50,940 | €38,205 | -€12,735 | -25.0% |
| Amounts receivable within one year | 40/41 | €185,586 | €123,309 | -€62,277 | -33.6% |
| Trade receivables | 40 | €143,378 | €55,119 | -€88,259 | -61.6% |
| Other amounts receivable | 41 | €42,208 | €68,191 | +€25,983 | +61.6% |
| Cash at bank and in hand | 54/58 | €5,439 | €9,272 | +€3,833 | +70.5% |
| Deferred charges and accrued income | 490/1 | €8,034 | €8,386 | +€353 | +4.4% |
| Total equity and liabilities | 10/49 | €1,326,525 | €1,331,120 | +€4,596 | +0.3% |
| Equity | 10/15 | €82,708 | €67,787 | -€14,921 | -18.0% |
| Reserves | 13 | €82,708 | €67,787 | -€14,921 | -18.0% |
| Distributable reserves | 133 | €82,708 | €67,787 | -€14,921 | -18.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,243,817 | €1,263,333 | +€19,516 | +1.6% |
| Amounts payable after more than one year | 17 | €258,341 | €237,595 | -€20,746 | -8.0% |
| Financial debts | 170/4 | €258,341 | €237,595 | -€20,746 | -8.0% |
| Amounts payable within one year | 42/48 | €975,726 | €1,025,738 | +€50,013 | +5.1% |
| Current portion of amounts payable after more than one year | 42 | €140,392 | €144,038 | +€3,646 | +2.6% |
| Financial debts | 43 | €650,666 | €640,913 | -€9,754 | -1.5% |
| Credit institutions | 430/8 | €641,835 | €640,913 | -€923 | -0.1% |
| Other loans | 439 | €8,831 | €0 | -€8,831 | -100.0% |
| Trade debts | 44 | €134,440 | €156,313 | +€21,872 | +16.3% |
| Suppliers | 440/4 | €134,440 | €156,313 | +€21,872 | +16.3% |
| Taxes, remuneration and social security | 45 | €12,103 | €14,708 | +€2,605 | +21.5% |
| Taxes | 450/3 | €5,279 | €6,157 | +€878 | +16.6% |
| Remuneration and social security | 454/9 | €6,824 | €8,551 | +€1,727 | +25.3% |
| Other amounts payable | 47/48 | €38,124 | €69,767 | +€31,642 | +83.0% |
| Accrued charges and deferred income | 492/3 | €9,750 | €0 | -€9,750 | -100.0% |
| Remuneration, social security and pensions | 62 | €282,226 | €296,942 | +€14,716 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,856 | €107,414 | +€2,558 | +2.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €18,128 | €9,468 | -€8,660 | -47.8% |
| Other operating charges | 640/8 | €9,279 | €9,442 | +€163 | +1.8% |
| Gross operating margin | 9900 | €523,709 | €555,454 | +€31,745 | +6.1% |
| Operating profit (loss) | 9901 | €109,221 | €132,188 | +€22,967 | +21.0% |
| Financial income | 75/76B | €40 | €84 | +€45 | +112.7% |
| Recurring financial income | 75 | €40 | €84 | +€45 | +112.7% |
| Financial charges | 65/66B | €65,825 | €60,885 | -€4,940 | -7.5% |
| Recurring financial charges | 65 | €65,825 | €60,885 | -€4,940 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €43,435 | €71,387 | +€27,952 | +64.4% |
| Income taxes | 67/77 | €9,311 | €16,541 | +€7,230 | +77.6% |
| Profit (loss) for the period | 9904 | €34,124 | €54,846 | +€20,722 | +60.7% |
| Profit (loss) for the period to be appropriated | 9905 | €34,124 | €54,846 | +€20,722 | +60.7% |
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 12 October 2026 via checked.be.