Smeets: 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.
Smeets
Largest movements
- Cash +€49,731
up €49,731 (+163%), from €30,499 to €80,231
mainly Net result for the year (+€66,349) and Other debts (+€53,244)
- Receivables within one year +€43,174
up €43,174 (+94.0%), from €45,912 to €89,086
of which Trade receivables: +€42,317
- Intangible fixed assets +€6,062
new in 2025: €6,062
- Stocks and contracts -€2,874
down €2,874 (-45.7%), from €6,291 to €3,417
- Other debts +€53,244
new in 2025: €53,244
- Trade debts +€18,565
up €18,565 (+66.8%), from €27,772 to €46,337
- Profit (loss) carried forward +€16,012
up €16,012, from -€16,012 to €0
- Tax, wage and social debts +€8,264
up €8,264 (+60.2%), from €13,739 to €22,003
of which Remuneration and social security: +€4,671
- Accrued charges and deferred income +€3,710
up €3,710 (+2,685%), from €138 to €3,849
- Gross operating margin +€162,627
up €162,627 (+134%), from €121,656 to €284,283
- Staff costs +€70,184
up €70,184 (+59.9%), from €117,093 to €187,277
- Taxes +€18,498
up €18,498 (+5,029%), from €368 to €18,866
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 | €112,523 | €205,891 | +€93,368 | +83.0% |
| Fixed assets | 21/28 | €18,385 | €22,960 | +€4,575 | +24.9% |
| Intangible fixed assets | 21 | - | €6,062 | +€6,062 | |
| Tangible fixed assets | 22/27 | €18,385 | €16,898 | -€1,487 | -8.1% |
| Plant, machinery and equipment | 23 | €10,229 | €12,410 | +€2,181 | +21.3% |
| Furniture and vehicles | 24 | €4,695 | €1,994 | -€2,702 | -57.5% |
| Other tangible fixed assets | 26 | €3,460 | €2,494 | -€967 | -27.9% |
| Current assets | 29/58 | €94,138 | €182,932 | +€88,794 | +94.3% |
| Stocks and contracts in progress | 3 | €6,291 | €3,417 | -€2,874 | -45.7% |
| Stocks | 30/36 | €6,291 | €3,417 | -€2,874 | -45.7% |
| Amounts receivable within one year | 40/41 | €45,912 | €89,086 | +€43,174 | +94.0% |
| Trade receivables | 40 | €12,281 | €54,598 | +€42,317 | +345% |
| Other amounts receivable | 41 | €33,631 | €34,488 | +€857 | +2.5% |
| Cash at bank and in hand | 54/58 | €30,499 | €80,231 | +€49,731 | +163% |
| Deferred charges and accrued income | 490/1 | €11,436 | €10,198 | -€1,238 | -10.8% |
| Total equity and liabilities | 10/49 | €112,523 | €205,891 | +€93,368 | +83.0% |
| Equity | 10/15 | €66,471 | €79,575 | +€13,104 | +19.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €20,483 | €17,575 | -€2,908 | -14.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,375 | €11,375 | = | 0.0% |
| Distributable reserves | 133 | €2,908 | €0 | -€2,908 | -100% |
| Profit (loss) carried forward | 14 | -€16,012 | €0 | +€16,012 | |
| Amounts payable | 17/49 | €46,052 | €126,316 | +€80,264 | +174% |
| Amounts payable after more than one year | 17 | €883 | €0 | -€883 | -100% |
| Financial debts | 170/4 | €883 | €0 | -€883 | -100% |
| Amounts payable within one year | 42/48 | €45,031 | €122,467 | +€77,436 | +172% |
| Current portion of amounts payable after more than one year | 42 | €3,520 | €883 | -€2,637 | -74.9% |
| Trade debts | 44 | €27,772 | €46,337 | +€18,565 | +66.8% |
| Suppliers | 440/4 | €27,772 | €46,337 | +€18,565 | +66.8% |
| Taxes, remuneration and social security | 45 | €13,739 | €22,003 | +€8,264 | +60.2% |
| Taxes | 450/3 | €3,557 | €7,150 | +€3,593 | +101% |
| Remuneration and social security | 454/9 | €10,182 | €14,853 | +€4,671 | +45.9% |
| Other amounts payable | 47/48 | - | €53,244 | +€53,244 | |
| Accrued charges and deferred income | 492/3 | €138 | €3,849 | +€3,710 | +2,685% |
| Remuneration, social security and pensions | 62 | €117,093 | €187,277 | +€70,184 | +59.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,976 | €8,529 | +€553 | +6.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,718 | €2,938 | +€220 | +8.1% |
| Gross operating margin | 9900 | €121,656 | €284,283 | +€162,627 | +134% |
| Operating profit (loss) | 9901 | -€6,132 | €85,539 | +€91,671 | |
| Financial income | 75/76B | €922 | €230 | -€693 | -75.1% |
| Recurring financial income | 75 | €922 | €230 | -€693 | -75.1% |
| Financial charges | 65/66B | €510 | €554 | +€44 | +8.7% |
| Recurring financial charges | 65 | €510 | €554 | +€44 | +8.7% |
| Profit (loss) for the period before taxes | 9903 | -€5,719 | €85,214 | +€90,934 | |
| Income taxes | 67/77 | €368 | €18,866 | +€18,498 | +5,029% |
| Profit (loss) for the period | 9904 | -€6,087 | €66,349 | +€72,436 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,087 | €66,349 | +€72,436 |
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 13 October 2026 via checked.be.