SMEETS MARCEL: 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 MARCEL
Largest movements
- Tangible fixed assets +€21,090
up €21,090 (+1,337%), from €1,578 to €22,668
of which Other tangible fixed assets: +€21,151
- Cash -€13,523
down €13,523 (-30.7%), from €44,014 to €30,490
mainly Investment in fixed assets (net) (-€23,342) and Receivables after one year (-€7,047)
- Receivables after one year +€7,047
up €7,047 (+2.5%), from €278,534 to €285,581
- Receivables within one year -€4,079
down €4,079 (-10.9%), from €37,511 to €33,432
of which Other amounts receivable: -€12,051
- Profit (loss) carried forward +€19,500
up €19,500 (+15.4%), from -€126,549 to -€107,049
- Trade debts -€3,764
down €3,764 (-68.1%), from €5,531 to €1,767
- Write-downs -€28,192
down €28,192 (-100%), from €28,192 to €0
- Gross operating margin +€8,499
up €8,499 (+34.3%), from €24,745 to €33,244
- Taxes +€4,845
up €4,845 (+802%), from €604 to €5,449
- Depreciation +€817
up €817 (+56.9%), from €1,435 to €2,252
- Other operating charges +€658
up €658 (+53.5%), from €1,230 to €1,888
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 | €364,733 | €375,855 | +€11,122 | +3.0% |
| Fixed assets | 21/28 | €1,758 | €22,848 | +€21,090 | +1,200% |
| Tangible fixed assets | 22/27 | €1,578 | €22,668 | +€21,090 | +1,337% |
| Plant, machinery and equipment | 23 | €154 | €0 | -€154 | -100% |
| Furniture and vehicles | 24 | €653 | €745 | +€93 | +14.2% |
| Other tangible fixed assets | 26 | €771 | €21,922 | +€21,151 | +2,744% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €362,975 | €353,007 | -€9,968 | -2.7% |
| Amounts receivable after more than one year | 29 | €278,534 | €285,581 | +€7,047 | +2.5% |
| Other amounts receivable | 291 | €278,534 | €285,581 | +€7,047 | +2.5% |
| Amounts receivable within one year | 40/41 | €37,511 | €33,432 | -€4,079 | -10.9% |
| Trade receivables | 40 | €1,849 | €9,821 | +€7,972 | +431% |
| Other amounts receivable | 41 | €35,662 | €23,611 | -€12,051 | -33.8% |
| Cash at bank and in hand | 54/58 | €44,014 | €30,490 | -€13,523 | -30.7% |
| Deferred charges and accrued income | 490/1 | €2,916 | €3,504 | +€588 | +20.2% |
| Total equity and liabilities | 10/49 | €364,733 | €375,855 | +€11,122 | +3.0% |
| Equity | 10/15 | €344,842 | €364,343 | +€19,500 | +5.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €452,842 | €452,842 | = | 0.0% |
| Distributable reserves | 133 | €452,842 | €452,842 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€126,549 | -€107,049 | +€19,500 | +15.4% |
| Amounts payable | 17/49 | €19,890 | €11,512 | -€8,378 | -42.1% |
| Amounts payable within one year | 42/48 | €19,890 | €11,382 | -€8,509 | -42.8% |
| Financial debts | 43 | €4,500 | €1,139 | -€3,361 | -74.7% |
| Other loans | 439 | €4,500 | €1,139 | -€3,361 | -74.7% |
| Trade debts | 44 | €5,531 | €1,767 | -€3,764 | -68.1% |
| Suppliers | 440/4 | €5,531 | €1,767 | -€3,764 | -68.1% |
| Taxes, remuneration and social security | 45 | €5,480 | €3,976 | -€1,504 | -27.4% |
| Taxes | 450/3 | €5,480 | €3,976 | -€1,504 | -27.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €4,379 | €4,500 | +€121 | +2.8% |
| Accrued charges and deferred income | 492/3 | €0 | €130 | +€130 | |
| Remuneration, social security and pensions | 62 | -€366 | €0 | +€366 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,435 | €2,252 | +€817 | +56.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €28,192 | €0 | -€28,192 | -100% |
| Other operating charges | 640/8 | €1,230 | €1,888 | +€658 | +53.5% |
| Non-recurring operating charges | 66A | €0 | €3,121 | +€3,121 | |
| Gross operating margin | 9900 | €24,745 | €33,244 | +€8,499 | +34.3% |
| Operating profit (loss) | 9901 | -€5,745 | €25,983 | +€31,728 | |
| Financial income | 75/76B | €4 | €0 | -€4 | -100% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -100% |
| Financial charges | 65/66B | €1,034 | €1,033 | -€1 | -0.1% |
| Recurring financial charges | 65 | €1,034 | €1,033 | -€1 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | -€6,775 | €24,950 | +€31,725 | |
| Income taxes | 67/77 | €604 | €5,449 | +€4,845 | +802% |
| Profit (loss) for the period | 9904 | -€7,379 | €19,500 | +€26,879 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,379 | €19,500 | +€26,879 |
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 19 October 2026 via checked.be.