SMET RAF: 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 RAF
Largest movements
- Tangible fixed assets +€56,173
up €56,173 (+39.2%), from €143,305 to €199,478
of which Furniture and vehicles: +€49,362
- Stocks and contracts -€29,161
down €29,161 (-46.0%), from €63,365 to €34,204
- Cash +€9,498
up €9,498 (+3,980%), from €239 to €9,737
mainly Depreciation (+€48,318) and Trade debts (+€39,824)
- Receivables within one year +€8,260
up €8,260 (+14.8%), from €55,680 to €63,940
of which Other amounts receivable: +€16,861
- Deferred charges and accrued income +€4,579
new in 2025: €4,579
- Trade debts +€39,824
up €39,824 (+153%), from €26,051 to €65,875
- Reserves +€35,962
up €35,962 (+68.2%), from €52,708 to €88,671
- Other debts -€27,651
no longer reported in 2025 (was €27,651)
- Current portion of long-term debt +€6,697
up €6,697 (+29.8%), from €22,481 to €29,178
- Depreciation +€11,991
up €11,991 (+33.0%), from €36,327 to €48,318
- Taxes +€6,572
up €6,572 (+76.6%), from €8,585 to €15,157
- Gross operating margin +€6,463
up €6,463 (+6.7%), from €95,760 to €102,223
- Financial charges -€3,881
down €3,881 (-53.7%), from €7,225 to €3,344
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 | €262,588 | €311,937 | +€49,349 | +18.8% |
| Fixed assets | 21/28 | €143,305 | €199,478 | +€56,173 | +39.2% |
| Tangible fixed assets | 22/27 | €143,305 | €199,478 | +€56,173 | +39.2% |
| Plant, machinery and equipment | 23 | €6,432 | €13,243 | +€6,811 | +106% |
| Furniture and vehicles | 24 | €136,873 | €186,235 | +€49,362 | +36.1% |
| Current assets | 29/58 | €119,284 | €112,459 | -€6,824 | -5.7% |
| Stocks and contracts in progress | 3 | €63,365 | €34,204 | -€29,161 | -46.0% |
| Stocks | 30/36 | €63,365 | €34,204 | -€29,161 | -46.0% |
| Amounts receivable within one year | 40/41 | €55,680 | €63,940 | +€8,260 | +14.8% |
| Trade receivables | 40 | €47,730 | €39,129 | -€8,601 | -18.0% |
| Other amounts receivable | 41 | €7,950 | €24,811 | +€16,861 | +212% |
| Cash at bank and in hand | 54/58 | €239 | €9,737 | +€9,498 | +3,980% |
| Deferred charges and accrued income | 490/1 | - | €4,579 | +€4,579 | |
| Total equity and liabilities | 10/49 | €262,588 | €311,937 | +€49,349 | +18.8% |
| Equity | 10/15 | €130,908 | €166,871 | +€35,962 | +27.5% |
| Contributions | 10/11 | €78,200 | €78,200 | = | 0.0% |
| Reserves | 13 | €52,708 | €88,671 | +€35,962 | +68.2% |
| Distributable reserves | 133 | €52,708 | €88,671 | +€35,962 | +68.2% |
| Amounts payable | 17/49 | €131,680 | €145,067 | +€13,387 | +10.2% |
| Amounts payable after more than one year | 17 | €46,542 | €49,291 | +€2,749 | +5.9% |
| Financial debts | 170/4 | €46,542 | €49,291 | +€2,749 | +5.9% |
| Amounts payable within one year | 42/48 | €82,142 | €95,533 | +€13,391 | +16.3% |
| Current portion of amounts payable after more than one year | 42 | €22,481 | €29,178 | +€6,697 | +29.8% |
| Financial debts | 43 | €2,375 | - | -€2,375 | |
| Credit institutions | 430/8 | €2,375 | - | -€2,375 | |
| Trade debts | 44 | €26,051 | €65,875 | +€39,824 | +153% |
| Suppliers | 440/4 | €26,051 | €65,875 | +€39,824 | +153% |
| Taxes, remuneration and social security | 45 | €3,585 | €481 | -€3,104 | -86.6% |
| Taxes | 450/3 | €3,585 | €481 | -€3,104 | -86.6% |
| Other amounts payable | 47/48 | €27,651 | - | -€27,651 | |
| Accrued charges and deferred income | 492/3 | €2,996 | €242 | -€2,754 | -91.9% |
| Non-recurring operating income | 76A | - | €3,306 | +€3,306 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,327 | €48,318 | +€11,991 | +33.0% |
| Other operating charges | 640/8 | €533 | €850 | +€316 | +59.3% |
| Non-recurring operating charges | 66A | €601 | - | -€601 | |
| Gross operating margin | 9900 | €95,760 | €102,223 | +€6,463 | +6.7% |
| Operating profit (loss) | 9901 | €58,298 | €53,055 | -€5,243 | -9.0% |
| Financial income | 75/76B | €452 | €1,407 | +€955 | +211% |
| Recurring financial income | 75 | €452 | €1,407 | +€955 | +211% |
| Financial charges | 65/66B | €7,225 | €3,344 | -€3,881 | -53.7% |
| Recurring financial charges | 65 | €7,225 | €3,344 | -€3,881 | -53.7% |
| Profit (loss) for the period before taxes | 9903 | €51,526 | €51,119 | -€407 | -0.8% |
| Income taxes | 67/77 | €8,585 | €15,157 | +€6,572 | +76.6% |
| Profit (loss) for the period | 9904 | €42,941 | €35,962 | -€6,979 | -16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €42,941 | €35,962 | -€6,979 | -16.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.