SMEDERIJ DENOLF: 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.
SMEDERIJ DENOLF
Largest movements
- Receivables within one year +€24,070
up €24,070 (+68.2%), from €35,318 to €59,387
of which Trade receivables: +€16,139
- Tangible fixed assets -€22,765
down €22,765 (-30.9%), from €73,710 to €50,945
- Cash -€4,976
down €4,976 (-7.4%), from €67,686 to €62,710
mainly Receivables within one year (-€24,070) and Debts after one year (-€20,621)
- Debts after one year -€20,621
down €20,621 (-79.8%), from €25,856 to €5,235
- Other debts +€20,074
up €20,074 (+546%), from €3,676 to €23,750
- Reserves -€3,810
down €3,810 (-3.8%), from €99,629 to €95,819
- Gross operating margin +€1,515
up €1,515 (+3.4%), from €44,377 to €45,892
- Taxes +€609
up €609 (+11.2%), from €5,437 to €6,046
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 | €177,791 | €174,174 | -€3,617 | -2.0% |
| Fixed assets | 21/28 | €73,710 | €50,945 | -€22,765 | -30.9% |
| Tangible fixed assets | 22/27 | €73,710 | €50,945 | -€22,765 | -30.9% |
| Furniture and vehicles | 24 | €73,710 | €50,945 | -€22,765 | -30.9% |
| Current assets | 29/58 | €104,081 | €123,229 | +€19,147 | +18.4% |
| Amounts receivable within one year | 40/41 | €35,318 | €59,387 | +€24,070 | +68.2% |
| Trade receivables | 40 | €24,829 | €40,968 | +€16,139 | +65.0% |
| Other amounts receivable | 41 | €10,488 | €18,419 | +€7,931 | +75.6% |
| Cash at bank and in hand | 54/58 | €67,686 | €62,710 | -€4,976 | -7.4% |
| Deferred charges and accrued income | 490/1 | €1,077 | €1,131 | +€53 | +5.0% |
| Total equity and liabilities | 10/49 | €177,791 | €174,174 | -€3,617 | -2.0% |
| Equity | 10/15 | €119,885 | €116,075 | -€3,810 | -3.2% |
| Contributions | 10/11 | €20,256 | €20,256 | = | 0.0% |
| Reserves | 13 | €99,629 | €95,819 | -€3,810 | -3.8% |
| Distributable reserves | 133 | €99,629 | €95,819 | -€3,810 | -3.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €57,906 | €58,099 | +€192 | +0.3% |
| Amounts payable after more than one year | 17 | €25,856 | €5,235 | -€20,621 | -79.8% |
| Financial debts | 170/4 | €25,856 | €5,235 | -€20,621 | -79.8% |
| Amounts payable within one year | 42/48 | €31,891 | €52,593 | +€20,702 | +64.9% |
| Current portion of amounts payable after more than one year | 42 | €20,119 | €20,621 | +€502 | +2.5% |
| Trade debts | 44 | €840 | €670 | -€170 | -20.2% |
| Suppliers | 440/4 | €840 | €670 | -€170 | -20.2% |
| Taxes, remuneration and social security | 45 | €7,256 | €7,551 | +€295 | +4.1% |
| Taxes | 450/3 | €7,256 | €7,551 | +€295 | +4.1% |
| Other amounts payable | 47/48 | €3,676 | €23,750 | +€20,074 | +546% |
| Accrued charges and deferred income | 492/3 | €160 | €271 | +€111 | +69.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,765 | €22,765 | = | 0.0% |
| Other operating charges | 640/8 | €996 | €1,027 | +€31 | +3.1% |
| Gross operating margin | 9900 | €44,377 | €45,892 | +€1,515 | +3.4% |
| Operating profit (loss) | 9901 | €20,616 | €22,101 | +€1,484 | +7.2% |
| Financial income | 75/76B | €140 | €492 | +€353 | +252% |
| Recurring financial income | 75 | €140 | €492 | +€353 | +252% |
| Financial charges | 65/66B | €1,941 | €1,546 | -€395 | -20.4% |
| Recurring financial charges | 65 | €1,941 | €1,546 | -€395 | -20.4% |
| Profit (loss) for the period before taxes | 9903 | €18,815 | €21,047 | +€2,232 | +11.9% |
| Income taxes | 67/77 | €5,437 | €6,046 | +€609 | +11.2% |
| Profit (loss) for the period | 9904 | €13,378 | €15,001 | +€1,624 | +12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €13,378 | €15,001 | +€1,624 | +12.1% |
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 22 October 2026 via checked.be.