SMET ELLEN: what changed
Two fiscal 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.
SMET ELLEN
Largest movements
- Receivables within one year +€36,223
up €36,223 (+349.0%), from €10,380 to €46,602
of which Other amounts receivable: +€32,386
- Cash -€17,440
down €17,440 (-28.1%), from €61,977 to €44,537
mainly Receivables within one year (-€36,223) and Debts after one year (-€7,100)
- Tangible fixed assets -€7,528
down €7,528 (-10.0%), from €75,128 to €67,599
of which Leasing and similar rights: -€4,568
- Receivables after one year +€6,752
new in 2025: €6,752
- Deferred charges and accrued income -€6,048
down €6,048 (-88.2%), from €6,859 to €811
- Reserves +€24,844
up €24,844 (+23.6%), from €105,102 to €129,946
- Debts after one year -€7,100
down €7,100 (-15.2%), from €46,771 to €39,671
- Current portion of long-term debt -€5,346
down €5,346 (-41.3%), from €12,953 to €7,607
- Trade debts +€5,139
up €5,139 (+120.7%), from €4,256 to €9,395
- Tax, wage and social debts -€3,179
down €3,179 (-100.0%), from €3,179 to €0
- Gross operating margin +€1,544
up €1,544 (+3.6%), from €43,055 to €44,599
- Financial income +€956
up €956 (+125.1%), from €764 to €1,720
- Taxes +€913
up €913 (+10.6%), from €8,652 to €9,565
- Financial charges -€744
down €744 (-35.7%), from €2,082 to €1,339
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.
Cash bridge derived
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 | €172,261 | €186,619 | +€14,358 | +8.3% |
| Fixed assets | 21/28 | €75,128 | €67,599 | -€7,528 | -10.0% |
| Tangible fixed assets | 22/27 | €75,128 | €67,599 | -€7,528 | -10.0% |
| Land and buildings | 22 | €16,121 | €14,174 | -€1,947 | -12.1% |
| Plant, machinery and equipment | 23 | €186 | €0 | -€186 | -100.0% |
| Furniture and vehicles | 24 | €4,010 | €3,182 | -€828 | -20.6% |
| Leasing and similar rights | 25 | €54,810 | €50,243 | -€4,568 | -8.3% |
| Current assets | 29/58 | €97,134 | €119,020 | +€21,887 | +22.5% |
| Amounts receivable after more than one year | 29 | - | €6,752 | +€6,752 | |
| Other amounts receivable | 291 | - | €6,752 | +€6,752 | |
| Amounts receivable within one year | 40/41 | €10,380 | €46,602 | +€36,223 | +349.0% |
| Trade receivables | 40 | €5,500 | €9,336 | +€3,837 | +69.8% |
| Other amounts receivable | 41 | €4,880 | €37,266 | +€32,386 | +663.7% |
| Current investments | 50/53 | €17,917 | €20,317 | +€2,400 | +13.4% |
| Cash at bank and in hand | 54/58 | €61,977 | €44,537 | -€17,440 | -28.1% |
| Deferred charges and accrued income | 490/1 | €6,859 | €811 | -€6,048 | -88.2% |
| Total equity and liabilities | 10/49 | €172,261 | €186,619 | +€14,358 | +8.3% |
| Equity | 10/15 | €105,102 | €129,946 | +€24,844 | +23.6% |
| Contributions | 10/11 | €0 | - | = | |
| Reserves | 13 | €105,102 | €129,946 | +€24,844 | +23.6% |
| Distributable reserves | 133 | €105,102 | €129,946 | +€24,844 | +23.6% |
| Amounts payable | 17/49 | €67,159 | €56,673 | -€10,486 | -15.6% |
| Amounts payable after more than one year | 17 | €46,771 | €39,671 | -€7,100 | -15.2% |
| Financial debts | 170/4 | €46,771 | €39,671 | -€7,100 | -15.2% |
| Amounts payable within one year | 42/48 | €20,388 | €17,002 | -€3,386 | -16.6% |
| Current portion of amounts payable after more than one year | 42 | €12,953 | €7,607 | -€5,346 | -41.3% |
| Trade debts | 44 | €4,256 | €9,395 | +€5,139 | +120.7% |
| Suppliers | 440/4 | €4,256 | €9,395 | +€5,139 | +120.7% |
| Taxes, remuneration and social security | 45 | €3,179 | €0 | -€3,179 | -100.0% |
| Taxes | 450/3 | €3,179 | €0 | -€3,179 | -100.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,715 | €7,528 | -€186 | -2.4% |
| Other operating charges | 640/8 | €3,107 | €3,043 | -€64 | -2.1% |
| Gross operating margin | 9900 | €43,055 | €44,599 | +€1,544 | +3.6% |
| Operating profit (loss) | 9901 | €32,233 | €34,028 | +€1,795 | +5.6% |
| Financial income | 75/76B | €764 | €1,720 | +€956 | +125.1% |
| Recurring financial income | 75 | €764 | €1,720 | +€956 | +125.1% |
| Financial charges | 65/66B | €2,082 | €1,339 | -€744 | -35.7% |
| Recurring financial charges | 65 | €2,082 | €1,339 | -€744 | -35.7% |
| Profit (loss) for the period before taxes | 9903 | €30,915 | €34,409 | +€3,494 | +11.3% |
| Income taxes | 67/77 | €8,652 | €9,565 | +€913 | +10.6% |
| Profit (loss) for the period | 9904 | €22,263 | €24,844 | +€2,581 | +11.6% |
| Profit (loss) for the period to be appropriated | 9905 | €22,263 | €24,844 | +€2,581 | +11.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.