Sarah 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.
Sarah Smet
Largest movements
- Cash +€30,521
up €30,521 (+130%), from €23,513 to €54,034
mainly Net result for the year (+€34,201) and Depreciation (+€5,240)
- Receivables within one year +€5,877
up €5,877 (+49.7%), from €11,816 to €17,693
- Tangible fixed assets -€5,240
down €5,240 (-50.0%), from €10,481 to €5,240
of which Furniture and vehicles: -€4,500
- Reserves +€34,201
up €34,201 (+136%), from €25,152 to €59,353
- Other debts -€8,072
down €8,072 (-73.0%), from €11,062 to €2,990
- Tax, wage and social debts +€5,204
up €5,204 (+73.3%), from €7,096 to €12,300
- Gross operating margin +€5,721
up €5,721 (+12.4%), from €46,226 to €51,947
- Taxes +€5,185
up €5,185 (+73.1%), from €7,096 to €12,281
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 | €45,810 | €77,238 | +€31,428 | +68.6% |
| Fixed assets | 21/28 | €10,481 | €5,240 | -€5,240 | -50.0% |
| Tangible fixed assets | 22/27 | €10,481 | €5,240 | -€5,240 | -50.0% |
| Plant, machinery and equipment | 23 | €1,481 | €740 | -€740 | -50.0% |
| Furniture and vehicles | 24 | €9,000 | €4,500 | -€4,500 | -50.0% |
| Current assets | 29/58 | €35,329 | €71,997 | +€36,668 | +104% |
| Amounts receivable within one year | 40/41 | €11,816 | €17,693 | +€5,877 | +49.7% |
| Trade receivables | 40 | €11,816 | €17,693 | +€5,877 | +49.7% |
| Cash at bank and in hand | 54/58 | €23,513 | €54,034 | +€30,521 | +130% |
| Deferred charges and accrued income | 490/1 | - | €270 | +€270 | |
| Total equity and liabilities | 10/49 | €45,810 | €77,238 | +€31,428 | +68.6% |
| Equity | 10/15 | €27,652 | €61,853 | +€34,201 | +124% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €25,152 | €59,353 | +€34,201 | +136% |
| Distributable reserves | 133 | €25,152 | €59,353 | +€34,201 | +136% |
| Amounts payable | 17/49 | €18,158 | €15,385 | -€2,773 | -15.3% |
| Amounts payable within one year | 42/48 | €18,158 | €15,385 | -€2,773 | -15.3% |
| Trade debts | 44 | - | €95 | +€95 | |
| Suppliers | 440/4 | - | €95 | +€95 | |
| Taxes, remuneration and social security | 45 | €7,096 | €12,300 | +€5,204 | +73.3% |
| Taxes | 450/3 | €7,096 | €12,300 | +€5,204 | +73.3% |
| Other amounts payable | 47/48 | €11,062 | €2,990 | -€8,072 | -73.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,240 | €5,240 | = | 0.0% |
| Other operating charges | 640/8 | €439 | €194 | -€245 | -55.7% |
| Gross operating margin | 9900 | €46,226 | €51,947 | +€5,721 | +12.4% |
| Operating profit (loss) | 9901 | €40,546 | €46,512 | +€5,966 | +14.7% |
| Financial income | 75/76B | - | €25 | +€25 | |
| Recurring financial income | 75 | - | €25 | +€25 | |
| Financial charges | 65/66B | - | €55 | +€55 | |
| Recurring financial charges | 65 | - | €55 | +€55 | |
| Profit (loss) for the period before taxes | 9903 | €40,546 | €46,482 | +€5,936 | +14.6% |
| Income taxes | 67/77 | €7,096 | €12,281 | +€5,185 | +73.1% |
| Profit (loss) for the period | 9904 | €33,450 | €34,201 | +€751 | +2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €33,450 | €34,201 | +€751 | +2.2% |
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 26 October 2026 via checked.be.