Smets: 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.
Smets
Largest movements
- Tangible fixed assets +€1.4m
up €1.4m (+563.4%), from €247,495 to €1.6m
of which Assets under construction and advance payments: +€1.5m
- Cash +€260,523
up €260,523 (+154.2%), from €168,987 to €429,509
mainly Debts after one year (+€1.3m) and Trade debts (+€241,128)
- Debts after one year +€1.3m
up €1.3m (+1618.3%), from €82,052 to €1.4m
- Trade debts +€241,128
up €241,128 (+653.7%), from €36,889 to €278,017
- Reserves +€85,898
up €85,898 (+60.1%), from €142,878 to €228,776
of which Distributable reserves: +€85,898
- Depreciation -€47,817
down €47,817 (-38.6%), from €123,975 to €76,158
- Gross operating margin +€34,569
up €34,569 (+18.2%), from €190,022 to €224,591
- Other operating charges +€19,079
up €19,079 (+242.5%), from €7,867 to €26,945
- Financial charges +€6,811
up €6,811 (+71.1%), from €9,577 to €16,388
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 | €434,555 | €2,084,472 | +€1.6m | +379.7% |
| Fixed assets | 21/28 | €247,495 | €1,641,808 | +€1.4m | +563.4% |
| Tangible fixed assets | 22/27 | €247,495 | €1,641,808 | +€1.4m | +563.4% |
| Land and buildings | 22 | €80,659 | €53,559 | -€27,101 | -33.6% |
| Plant, machinery and equipment | 23 | €29,392 | €13,228 | -€16,164 | -55.0% |
| Furniture and vehicles | 24 | €118,360 | €86,187 | -€32,172 | -27.2% |
| Leasing and similar rights | 25 | €19,085 | €0 | -€19,085 | -100.0% |
| Assets under construction and advance payments | 27 | - | €1,488,834 | +€1.5m | |
| Current assets | 29/58 | €187,060 | €442,664 | +€255,605 | +136.6% |
| Amounts receivable within one year | 40/41 | €14,946 | €10,302 | -€4,645 | -31.1% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €14,946 | €10,302 | -€4,645 | -31.1% |
| Cash at bank and in hand | 54/58 | €168,987 | €429,509 | +€260,523 | +154.2% |
| Deferred charges and accrued income | 490/1 | €3,127 | €2,854 | -€273 | -8.7% |
| Total equity and liabilities | 10/49 | €434,555 | €2,084,472 | +€1.6m | +379.7% |
| Equity | 10/15 | €222,878 | €308,776 | +€85,898 | +38.5% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €142,878 | €228,776 | +€85,898 | +60.1% |
| Non-distributable reserves | 130/1 | €8,000 | €8,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,000 | €8,000 | = | 0.0% |
| Distributable reserves | 133 | €134,878 | €220,776 | +€85,898 | +63.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €211,677 | €1,775,696 | +€1.6m | +738.9% |
| Amounts payable after more than one year | 17 | €82,052 | €1,409,857 | +€1.3m | +1618.3% |
| Financial debts | 170/4 | €82,052 | €1,409,857 | +€1.3m | +1618.3% |
| Amounts payable within one year | 42/48 | €125,541 | €365,839 | +€240,298 | +191.4% |
| Current portion of amounts payable after more than one year | 42 | €47,928 | €49,418 | +€1,490 | +3.1% |
| Trade debts | 44 | €36,889 | €278,017 | +€241,128 | +653.7% |
| Suppliers | 440/4 | €36,889 | €278,017 | +€241,128 | +653.7% |
| Taxes, remuneration and social security | 45 | €0 | €2,741 | +€2,741 | |
| Taxes | 450/3 | €0 | €2,741 | +€2,741 | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €40,725 | €35,663 | -€5,061 | -12.4% |
| Accrued charges and deferred income | 492/3 | €4,085 | - | -€4,085 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,975 | €76,158 | -€47,817 | -38.6% |
| Other operating charges | 640/8 | €7,867 | €26,945 | +€19,079 | +242.5% |
| Non-recurring operating charges | 66A | - | €9,779 | +€9,779 | |
| Gross operating margin | 9900 | €190,022 | €224,591 | +€34,569 | +18.2% |
| Operating profit (loss) | 9901 | €58,181 | €111,709 | +€53,528 | +92.0% |
| Financial income | 75/76B | €6 | €0 | -€6 | -99.7% |
| Recurring financial income | 75 | €6 | €0 | -€6 | -99.7% |
| Financial charges | 65/66B | €9,577 | €16,388 | +€6,811 | +71.1% |
| Recurring financial charges | 65 | €9,577 | €16,388 | +€6,811 | +71.1% |
| Profit (loss) for the period before taxes | 9903 | €48,610 | €95,321 | +€46,711 | +96.1% |
| Income taxes | 67/77 | €11,276 | €9,423 | -€1,853 | -16.4% |
| Profit (loss) for the period | 9904 | €37,334 | €85,898 | +€48,564 | +130.1% |
| Profit (loss) for the period to be appropriated | 9905 | €37,334 | €85,898 | +€48,564 | +130.1% |
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 5 October 2026 via checked.be.