Smeets Morgane: 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 Morgane
Largest movements
- Cash -€25,829
down €25,829 (-45.0%), from €57,391 to €31,562
mainly Contributions, distributions and other (-€49,714) and Other debts (-€28,566)
- Tangible fixed assets -€4,040
down €4,040 (-69.0%), from €5,855 to €1,815
of which Furniture and vehicles: -€4,733
- Receivables within one year +€2,961
up €2,961 (+13.5%), from €21,978 to €24,939
of which Trade receivables: +€6,874
- Other debts -€28,566
down €28,566 (-34.4%), from €82,941 to €54,375
- Tax, wage and social debts +€920
up €920 (+44.2%), from €2,080 to €3,000
- Gross operating margin -€23,875
down €23,875 (-25.8%), from €92,550 to €68,675
- Taxes -€4,904
down €4,904 (-27.0%), from €18,175 to €13,272
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 | €87,056 | €59,375 | -€27,681 | -31.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €5,955 | €1,915 | -€4,040 | -67.8% |
| Tangible fixed assets | 22/27 | €5,855 | €1,815 | -€4,040 | -69.0% |
| Plant, machinery and equipment | 23 | €0 | €693 | +€693 | |
| Furniture and vehicles | 24 | €5,855 | €1,122 | -€4,733 | -80.8% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €81,101 | €57,460 | -€23,641 | -29.1% |
| Amounts receivable within one year | 40/41 | €21,978 | €24,939 | +€2,961 | +13.5% |
| Trade receivables | 40 | €309 | €7,183 | +€6,874 | +2,227% |
| Other amounts receivable | 41 | €21,669 | €17,756 | -€3,914 | -18.1% |
| Cash at bank and in hand | 54/58 | €57,391 | €31,562 | -€25,829 | -45.0% |
| Deferred charges and accrued income | 490/1 | €1,732 | €960 | -€772 | -44.6% |
| Total equity and liabilities | 10/49 | €87,056 | €59,375 | -€27,681 | -31.8% |
| Equity | 10/15 | €2,000 | €2,000 | = | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Amounts payable | 17/49 | €85,056 | €57,375 | -€27,681 | -32.5% |
| Amounts payable within one year | 42/48 | €85,056 | €57,375 | -€27,681 | -32.5% |
| Trade debts | 44 | €35 | - | -€35 | |
| Suppliers | 440/4 | €35 | - | -€35 | |
| Taxes, remuneration and social security | 45 | €2,080 | €3,000 | +€920 | +44.2% |
| Taxes | 450/3 | €2,080 | €3,000 | +€920 | +44.2% |
| Other amounts payable | 47/48 | €82,941 | €54,375 | -€28,566 | -34.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,733 | €5,039 | +€307 | +6.5% |
| Other operating charges | 640/8 | €563 | €580 | +€17 | +3.1% |
| Gross operating margin | 9900 | €92,550 | €68,675 | -€23,875 | -25.8% |
| Operating profit (loss) | 9901 | €87,254 | €63,055 | -€24,199 | -27.7% |
| Financial charges | 65/66B | €77 | €70 | -€7 | -8.6% |
| Recurring financial charges | 65 | €77 | €70 | -€7 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €87,178 | €62,986 | -€24,192 | -27.8% |
| Income taxes | 67/77 | €18,175 | €13,272 | -€4,904 | -27.0% |
| Profit (loss) for the period | 9904 | €69,002 | €49,714 | -€19,288 | -28.0% |
| Profit (loss) for the period to be appropriated | 9905 | €69,002 | €49,714 | -€19,288 | -28.0% |
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 21 October 2026 via checked.be.