SMETS: 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.
SMETS
Largest movements
- Current investments +€478,461
up €478,461 (+71.2%), from €671,539 to €1.2m
- Receivables within one year -€165,491
down €165,491 (-42.0%), from €393,636 to €228,145
- Cash +€111,228
up €111,228 (+511%), from €21,751 to €132,979
mainly Net result for the year (+€382,060) and Receivables within one year (+€165,491)
- Tangible fixed assets -€53,915
down €53,915 (-17.9%), from €301,923 to €248,009
- Reserves +€382,060
up €382,060 (+30.2%), from €1.3m to €1.6m
of which Distributable reserves: +€382,060
- Trade debts -€18,494
down €18,494 (-95.6%), from €19,341 to €847
- Gross operating margin +€512,430
up €512,430, from -€17,955 to €494,475
- Financial income -€271,143
down €271,143 (-90.0%), from €301,138 to €29,996
- Taxes +€133,868
up €133,868 (+1,651%), from €8,110 to €141,978
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 | €1,388,849 | €1,759,132 | +€370,283 | +26.7% |
| Fixed assets | 21/28 | €301,923 | €248,009 | -€53,915 | -17.9% |
| Tangible fixed assets | 22/27 | €301,923 | €248,009 | -€53,915 | -17.9% |
| Land and buildings | 22 | €301,923 | €248,009 | -€53,915 | -17.9% |
| Current assets | 29/58 | €1,086,926 | €1,511,124 | +€424,197 | +39.0% |
| Amounts receivable within one year | 40/41 | €393,636 | €228,145 | -€165,491 | -42.0% |
| Other amounts receivable | 41 | €393,636 | €228,145 | -€165,491 | -42.0% |
| Current investments | 50/53 | €671,539 | €1,150,000 | +€478,461 | +71.2% |
| Cash at bank and in hand | 54/58 | €21,751 | €132,979 | +€111,228 | +511% |
| Total equity and liabilities | 10/49 | €1,388,849 | €1,759,132 | +€370,283 | +26.7% |
| Equity | 10/15 | €1,367,100 | €1,749,160 | +€382,060 | +27.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,267,100 | €1,649,160 | +€382,060 | +30.2% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €1,257,100 | €1,639,160 | +€382,060 | +30.4% |
| Amounts payable | 17/49 | €21,749 | €9,972 | -€11,777 | -54.1% |
| Amounts payable within one year | 42/48 | €21,749 | €9,972 | -€11,777 | -54.1% |
| Trade debts | 44 | €19,341 | €847 | -€18,494 | -95.6% |
| Suppliers | 440/4 | €19,341 | €847 | -€18,494 | -95.6% |
| Taxes, remuneration and social security | 45 | €935 | €9,125 | +€8,190 | +876% |
| Taxes | 450/3 | €935 | €9,125 | +€8,190 | +876% |
| Other amounts payable | 47/48 | €1,473 | - | -€1,473 | |
| Non-recurring operating income | 76A | - | €501,085 | +€501,085 | |
| Gross operating margin | 9900 | -€17,955 | €494,475 | +€512,430 | |
| Operating profit (loss) | 9901 | -€17,955 | €494,475 | +€512,430 | |
| Financial income | 75/76B | €301,138 | €29,996 | -€271,143 | -90.0% |
| Recurring financial income | 75 | €301,138 | €29,996 | -€271,143 | -90.0% |
| Financial charges | 65/66B | €276 | €433 | +€156 | +56.6% |
| Recurring financial charges | 65 | €276 | €433 | +€156 | +56.6% |
| Profit (loss) for the period before taxes | 9903 | €282,907 | €524,038 | +€241,130 | +85.2% |
| Income taxes | 67/77 | €8,110 | €141,978 | +€133,868 | +1,651% |
| Profit (loss) for the period | 9904 | €274,797 | €382,060 | +€107,262 | +39.0% |
| Profit (loss) for the period to be appropriated | 9905 | €274,797 | €382,060 | +€107,262 | +39.0% |
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 18 October 2026 via checked.be.