Smeets Ingvar: 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.
What changed
Smeets Ingvar
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€75,998
2024 · €70,434+€5,564
Equity
€81,447
2024 · €85,449-€4,002
Cash
€113,059
2024 · €114,666-€1,607
Balance sheet total
€190,809
2024 · €364,271-€173,462
Largest movements
Assets
- Current investments -€140,000
no longer reported in 2025 (was €140,000)
- Tangible fixed assets -€31,325
down €31,325 (-29.3%), from €106,867 to €75,542
Equity and liabilities
- Other debts -€155,951
down €155,951 (-66.1%), from €236,096 to €80,145
- Reserves -€80,000
down €80,000 (-99.4%), from €80,449 to €449
- Profit (loss) carried forward +€75,998
new in 2025: €75,998
- Debts after one year -€12,250
down €12,250 (-43.7%), from €28,063 to €15,813
Income statement
- Gross operating margin +€7,704
up €7,704 (+6.3%), from €121,781 to €129,485
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.
Result 2024
€70,434
Gross operating margin
+€7,704
Depreciation
-€406
Other operating charges
-€114
Other operating items
+€32
Financial income
-€1,041
Financial charges
+€331
Taxes
-€941
Result 2025
€75,998
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€49,053
Investment
+€139,351
Financing
-€91,905
Cash 2024
€114,666
From operations (derived)
-€49,053
Net result for the year
+€75,998
Depreciation
+€31,974
Receivables within one year
+€538
Deferred charges and accrued income
-€9
Trade debts
-€2,320
Tax, wage and social debts
+€716
Other debts
-€155,951
Investment (derived)
+€139,351
Investment in fixed assets (net)
-€649
Current investments
+€140,000
Financing
-€91,905
Debts after one year
-€12,250
Current portion of long-term debt
+€345
Contributions, distributions and other
-€80,000
Cash 2025
€113,059
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €364,271 | €190,809 | -€173,462 | -47.6% |
| Fixed assets | 21/28 | €106,867 | €75,542 | -€31,325 | -29.3% |
| Tangible fixed assets | 22/27 | €106,867 | €75,542 | -€31,325 | -29.3% |
| Furniture and vehicles | 24 | €106,867 | €75,542 | -€31,325 | -29.3% |
| Current assets | 29/58 | €257,403 | €115,267 | -€142,136 | -55.2% |
| Amounts receivable within one year | 40/41 | €538 | - | -€538 | |
| Other amounts receivable | 41 | €538 | - | -€538 | |
| Current investments | 50/53 | €140,000 | - | -€140,000 | |
| Cash at bank and in hand | 54/58 | €114,666 | €113,059 | -€1,607 | -1.4% |
| Deferred charges and accrued income | 490/1 | €2,199 | €2,208 | +€9 | +0.4% |
| Total equity and liabilities | 10/49 | €364,271 | €190,809 | -€173,462 | -47.6% |
| Equity | 10/15 | €85,449 | €81,447 | -€4,002 | -4.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €80,449 | €449 | -€80,000 | -99.4% |
| Distributable reserves | 133 | €80,449 | €449 | -€80,000 | -99.4% |
| Profit (loss) carried forward | 14 | - | €75,998 | +€75,998 | |
| Amounts payable | 17/49 | €278,822 | €109,362 | -€169,460 | -60.8% |
| Amounts payable after more than one year | 17 | €28,063 | €15,813 | -€12,250 | -43.7% |
| Financial debts | 170/4 | €28,063 | €15,813 | -€12,250 | -43.7% |
| Amounts payable within one year | 42/48 | €250,759 | €93,549 | -€157,210 | -62.7% |
| Current portion of amounts payable after more than one year | 42 | €11,905 | €12,250 | +€345 | +2.9% |
| Trade debts | 44 | €2,757 | €438 | -€2,320 | -84.1% |
| Suppliers | 440/4 | €2,757 | €438 | -€2,320 | -84.1% |
| Taxes, remuneration and social security | 45 | - | €716 | +€716 | |
| Taxes | 450/3 | - | €716 | +€716 | |
| Other amounts payable | 47/48 | €236,096 | €80,145 | -€155,951 | -66.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,568 | €31,974 | +€406 | +1.3% |
| Other operating charges | 640/8 | €1,133 | €1,247 | +€114 | +10.1% |
| Non-recurring operating charges | 66A | €32 | - | -€32 | |
| Gross operating margin | 9900 | €121,781 | €129,485 | +€7,704 | +6.3% |
| Operating profit (loss) | 9901 | €89,048 | €96,263 | +€7,216 | +8.1% |
| Financial income | 75/76B | €3,337 | €2,296 | -€1,041 | -31.2% |
| Recurring financial income | 75 | €3,337 | €2,296 | -€1,041 | -31.2% |
| Financial charges | 65/66B | €1,487 | €1,156 | -€331 | -22.3% |
| Recurring financial charges | 65 | €1,487 | €1,156 | -€331 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | €90,898 | €97,403 | +€6,505 | +7.2% |
| Income taxes | 67/77 | €20,463 | €21,405 | +€941 | +4.6% |
| Profit (loss) for the period | 9904 | €70,434 | €75,998 | +€5,564 | +7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €70,434 | €75,998 | +€5,564 | +7.9% |
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 16 October 2026 via checked.be.