Smet - Engels: 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.
Smet - Engels
Largest movements
- Cash +€27,176
up €27,176 (+81.7%), from €33,248 to €60,423
mainly Net result for the year (+€21,908) and Depreciation (+€16,830)
- Tangible fixed assets -€16,830
down €16,830 (-21.8%), from €77,199 to €60,368
of which Furniture and vehicles: -€15,582
- Receivables within one year +€5,199
up €5,199 (+373%), from €1,395 to €6,593
of which Other amounts receivable: +€4,248
- Deferred charges and accrued income -€2,283
down €2,283 (-44.0%), from €5,195 to €2,912
- Reserves +€20,242
up €20,242 (+30.8%), from €65,674 to €85,916
of which Distributable reserves: +€20,242
- Debts after one year -€6,817
down €6,817 (-26.4%), from €25,825 to €19,008
- Depreciation +€9,579
up €9,579 (+132%), from €7,251 to €16,830
- Gross operating margin +€6,627
up €6,627 (+14.8%), from €44,851 to €51,478
- Taxes -€908
down €908 (-8.2%), from €11,140 to €10,232
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 | €117,036 | €130,297 | +€13,261 | +11.3% |
| Fixed assets | 21/28 | €77,199 | €60,368 | -€16,830 | -21.8% |
| Tangible fixed assets | 22/27 | €77,199 | €60,368 | -€16,830 | -21.8% |
| Land and buildings | 22 | €4,985 | €4,476 | -€509 | -10.2% |
| Plant, machinery and equipment | 23 | €3,322 | €2,582 | -€740 | -22.3% |
| Furniture and vehicles | 24 | €68,892 | €53,310 | -€15,582 | -22.6% |
| Current assets | 29/58 | €39,837 | €69,928 | +€30,091 | +75.5% |
| Amounts receivable within one year | 40/41 | €1,395 | €6,593 | +€5,199 | +373% |
| Trade receivables | 40 | - | €951 | +€951 | |
| Other amounts receivable | 41 | €1,395 | €5,643 | +€4,248 | +305% |
| Cash at bank and in hand | 54/58 | €33,248 | €60,423 | +€27,176 | +81.7% |
| Deferred charges and accrued income | 490/1 | €5,195 | €2,912 | -€2,283 | -44.0% |
| Total equity and liabilities | 10/49 | €117,036 | €130,297 | +€13,261 | +11.3% |
| Equity | 10/15 | €80,674 | €100,916 | +€20,242 | +25.1% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €65,674 | €85,916 | +€20,242 | +30.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €63,814 | €84,056 | +€20,242 | +31.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €36,362 | €29,381 | -€6,981 | -19.2% |
| Amounts payable after more than one year | 17 | €25,825 | €19,008 | -€6,817 | -26.4% |
| Financial debts | 170/4 | €25,825 | €19,008 | -€6,817 | -26.4% |
| Amounts payable within one year | 42/48 | €10,537 | €10,373 | -€164 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | €6,534 | €6,817 | +€283 | +4.3% |
| Trade debts | 44 | €352 | €948 | +€596 | +169% |
| Suppliers | 440/4 | €352 | €948 | +€596 | +169% |
| Taxes, remuneration and social security | 45 | €902 | €942 | +€40 | +4.5% |
| Taxes | 450/3 | €902 | €942 | +€40 | +4.5% |
| Other amounts payable | 47/48 | €2,750 | €1,666 | -€1,084 | -39.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,251 | €16,830 | +€9,579 | +132% |
| Other operating charges | 640/8 | €1,464 | €1,100 | -€364 | -24.8% |
| Gross operating margin | 9900 | €44,851 | €51,478 | +€6,627 | +14.8% |
| Operating profit (loss) | 9901 | €36,136 | €33,548 | -€2,589 | -7.2% |
| Financial income | 75/76B | €16 | €0 | -€16 | -100% |
| Recurring financial income | 75 | €16 | €0 | -€16 | -100% |
| Financial charges | 65/66B | €1,079 | €1,408 | +€328 | +30.4% |
| Recurring financial charges | 65 | €1,079 | €1,408 | +€328 | +30.4% |
| Profit (loss) for the period before taxes | 9903 | €35,073 | €32,140 | -€2,933 | -8.4% |
| Income taxes | 67/77 | €11,140 | €10,232 | -€908 | -8.2% |
| Profit (loss) for the period | 9904 | €23,932 | €21,908 | -€2,024 | -8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €23,932 | €21,908 | -€2,024 | -8.5% |
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 28 October 2026 via checked.be.