ROEL SMETS: 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.
ROEL SMETS
Largest movements
- Tangible fixed assets -€96,901
down €96,901 (-100%), from €96,901 to €0
of which Land and buildings: -€85,500
- Receivables within one year -€35,407
down €35,407 (-57.6%), from €61,496 to €26,089
of which Trade receivables: -€42,432
- Cash -€3,598
no longer reported in 2025 (was €3,598)
- Current portion of long-term debt -€88,879
down €88,879 (-100%), from €88,879 to €0
- Other debts +€65,863
up €65,863, from €0 to €65,863
- Trade debts -€47,834
down €47,834 (-77.5%), from €61,761 to €13,927
- Profit (loss) carried forward -€40,866
new in 2025: -€40,866
- Reserves -€13,023
down €13,023 (-21.6%), from €60,410 to €47,387
of which Distributable reserves: -€13,023
- Gross operating margin -€59,973
down €59,973 (-97.1%), from €61,744 to €1,771
- Financial charges -€42,029
down €42,029 (-98.4%), from €42,717 to €688
- Depreciation -€6,084
down €6,084 (-100%), from €6,084 to €0
- Taxes -€2,103
no longer reported in 2025 (was €2,103)
- Financial income -€2,061
down €2,061 (-100%), from €2,061 to €0
From the 2022 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2022 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €236,302 | €101,714 | -€134,587 | -57.0% |
| Fixed assets | 21/28 | €97,461 | €0 | -€97,461 | -100% |
| Tangible fixed assets | 22/27 | €96,901 | €0 | -€96,901 | -100% |
| Land and buildings | 22 | €85,500 | - | -€85,500 | |
| Plant, machinery and equipment | 23 | €447 | - | -€447 | |
| Furniture and vehicles | 24 | €362 | - | -€362 | |
| Leasing and similar rights | 25 | €10,592 | €0 | -€10,592 | -100% |
| Financial fixed assets | 28 | €560 | - | -€560 | |
| Current assets | 29/58 | €138,841 | €101,714 | -€37,127 | -26.7% |
| Amounts receivable after more than one year | 29 | €73,702 | €75,625 | +€1,924 | +2.6% |
| Other amounts receivable | 291 | €73,702 | €75,625 | +€1,924 | +2.6% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €61,496 | €26,089 | -€35,407 | -57.6% |
| Trade receivables | 40 | €42,432 | €0 | -€42,432 | -100% |
| Other amounts receivable | 41 | €19,064 | €26,089 | +€7,025 | +36.8% |
| Cash at bank and in hand | 54/58 | €3,598 | - | -€3,598 | |
| Deferred charges and accrued income | 490/1 | €45 | - | -€45 | |
| Total equity and liabilities | 10/49 | €236,302 | €101,714 | -€134,587 | -57.0% |
| Equity | 10/15 | €66,610 | €12,721 | -€53,889 | -80.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €60,410 | €47,387 | -€13,023 | -21.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €58,550 | €45,527 | -€13,023 | -22.2% |
| Profit (loss) carried forward | 14 | - | -€40,866 | -€40,866 | |
| Amounts payable | 17/49 | €169,692 | €88,993 | -€80,698 | -47.6% |
| Amounts payable after more than one year | 17 | €8,853 | €0 | -€8,853 | -100% |
| Financial debts | 170/4 | €8,853 | €0 | -€8,853 | -100% |
| Amounts payable within one year | 42/48 | €160,457 | €88,993 | -€71,464 | -44.5% |
| Current portion of amounts payable after more than one year | 42 | €88,879 | €0 | -€88,879 | -100% |
| Financial debts | 43 | - | €0 | = | |
| Credit institutions | 430/8 | - | €0 | = | |
| Trade debts | 44 | €61,761 | €13,927 | -€47,834 | -77.5% |
| Suppliers | 440/4 | €61,761 | €13,927 | -€47,834 | -77.5% |
| Taxes, remuneration and social security | 45 | €9,817 | €9,204 | -€613 | -6.2% |
| Taxes | 450/3 | €9,817 | €9,204 | -€613 | -6.2% |
| Other amounts payable | 47/48 | €0 | €65,863 | +€65,863 | |
| Accrued charges and deferred income | 492/3 | €381 | - | -€381 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,084 | €0 | -€6,084 | -100% |
| Other operating charges | 640/8 | €2,719 | €4,365 | +€1,646 | +60.6% |
| Gross operating margin | 9900 | €61,744 | €1,771 | -€59,973 | -97.1% |
| Operating profit (loss) | 9901 | €52,941 | -€2,594 | -€55,535 | |
| Financial income | 75/76B | €2,061 | €0 | -€2,061 | -100% |
| Recurring financial income | 75 | €2,061 | €0 | -€2,061 | -100% |
| Financial charges | 65/66B | €42,717 | €688 | -€42,029 | -98.4% |
| Recurring financial charges | 65 | €42,717 | €688 | -€42,029 | -98.4% |
| Profit (loss) for the period before taxes | 9903 | €12,285 | -€3,282 | -€15,568 | |
| Income taxes | 67/77 | €2,103 | - | -€2,103 | |
| Profit (loss) for the period | 9904 | €10,182 | -€3,282 | -€13,465 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,182 | -€3,282 | -€13,465 |
Source: filed annual accounts (NBB), financial years ended 31 December 2022 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.