S. Desmet: 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.
S. Desmet
Largest movements
- Receivables within one year -€72,796
down €72,796 (-51.2%), from €142,049 to €69,254
of which Trade receivables: -€101,399
- Intangible fixed assets +€22,692
new in 2025: €22,692
- Cash +€8,901
up €8,901 (+38.7%), from €22,973 to €31,874
mainly Receivables within one year (+€72,796) and Depreciation (+€7,575)
- Tangible fixed assets -€2,998
down €2,998 (-11.4%), from €26,205 to €23,207
of which Leasing and similar rights: -€5,424
- Trade debts -€25,640
down €25,640 (-50.4%), from €50,864 to €25,224
- Tax, wage and social debts -€12,493
down €12,493 (-45.1%), from €27,696 to €15,203
of which Taxes: -€20,789
- Debts after one year -€6,872
down €6,872 (-45.0%), from €15,282 to €8,410
- Staff costs +€102,726
up €102,726 (+1,530%), from €6,714 to €109,440
- Taxes -€20,119
down €20,119 (-89.1%), from €22,569 to €2,450
- Gross operating margin +€13,489
up €13,489 (+11.8%), from €113,940 to €127,429
- Other operating charges +€4,453
up €4,453 (+780%), from €571 to €5,024
- Depreciation +€3,030
up €3,030 (+66.7%), from €4,545 to €7,575
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 | €201,341 | €156,857 | -€44,484 | -22.1% |
| Fixed assets | 21/28 | €26,383 | €47,477 | +€21,094 | +80.0% |
| Intangible fixed assets | 21 | - | €22,692 | +€22,692 | |
| Tangible fixed assets | 22/27 | €26,205 | €23,207 | -€2,998 | -11.4% |
| Plant, machinery and equipment | 23 | €3,323 | €5,750 | +€2,426 | +73.0% |
| Leasing and similar rights | 25 | €22,882 | €17,458 | -€5,424 | -23.7% |
| Financial fixed assets | 28 | €178 | €1,578 | +€1,400 | +786% |
| Current assets | 29/58 | €174,957 | €109,380 | -€65,578 | -37.5% |
| Amounts receivable within one year | 40/41 | €142,049 | €69,254 | -€72,796 | -51.2% |
| Trade receivables | 40 | €128,134 | €26,735 | -€101,399 | -79.1% |
| Other amounts receivable | 41 | €13,916 | €42,519 | +€28,603 | +206% |
| Cash at bank and in hand | 54/58 | €22,973 | €31,874 | +€8,901 | +38.7% |
| Deferred charges and accrued income | 490/1 | €9,935 | €8,252 | -€1,683 | -16.9% |
| Total equity and liabilities | 10/49 | €201,341 | €156,857 | -€44,484 | -22.1% |
| Equity | 10/15 | €100,089 | €100,416 | +€326 | +0.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €97,589 | €97,916 | +€326 | +0.3% |
| Amounts payable | 17/49 | €101,251 | €56,441 | -€44,810 | -44.3% |
| Amounts payable after more than one year | 17 | €15,282 | €8,410 | -€6,872 | -45.0% |
| Financial debts | 170/4 | €15,282 | €8,410 | -€6,872 | -45.0% |
| Amounts payable within one year | 42/48 | €85,969 | €48,031 | -€37,938 | -44.1% |
| Current portion of amounts payable after more than one year | 42 | €6,575 | €6,872 | +€297 | +4.5% |
| Trade debts | 44 | €50,864 | €25,224 | -€25,640 | -50.4% |
| Suppliers | 440/4 | €50,864 | €25,224 | -€25,640 | -50.4% |
| Taxes, remuneration and social security | 45 | €27,696 | €15,203 | -€12,493 | -45.1% |
| Taxes | 450/3 | €23,240 | €2,450 | -€20,789 | -89.5% |
| Remuneration and social security | 454/9 | €4,457 | €12,753 | +€8,296 | +186% |
| Other amounts payable | 47/48 | €833 | €732 | -€101 | -12.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €6,714 | €109,440 | +€102,726 | +1,530% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,545 | €7,575 | +€3,030 | +66.7% |
| Other operating charges | 640/8 | €571 | €5,024 | +€4,453 | +780% |
| Gross operating margin | 9900 | €113,940 | €127,429 | +€13,489 | +11.8% |
| Operating profit (loss) | 9901 | €102,111 | €5,391 | -€96,720 | -94.7% |
| Financial income | 75/76B | €718 | €114 | -€604 | -84.1% |
| Recurring financial income | 75 | €718 | €114 | -€604 | -84.1% |
| Financial charges | 65/66B | €1,141 | €2,728 | +€1,587 | +139% |
| Recurring financial charges | 65 | €1,141 | €2,728 | +€1,587 | +139% |
| Profit (loss) for the period before taxes | 9903 | €101,687 | €2,777 | -€98,911 | -97.3% |
| Income taxes | 67/77 | €22,569 | €2,450 | -€20,119 | -89.1% |
| Profit (loss) for the period | 9904 | €79,118 | €326 | -€78,792 | -99.6% |
| Profit (loss) for the period to be appropriated | 9905 | €79,118 | €326 | -€78,792 | -99.6% |
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 15 October 2026 via checked.be.