SMETS GERT: 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 GERT
Largest movements
- Cash +€53,850
up €53,850 (+205%), from €26,281 to €80,130
mainly Net result for the year (+€79,314) and Other debts (+€59,446)
- Tangible fixed assets -€42,382
down €42,382 (-12.0%), from €353,891 to €311,509
- Receivables within one year -€15,184
down €15,184 (-9.5%), from €159,380 to €144,196
of which Trade receivables: -€16,812
- Deferred charges and accrued income +€6,286
up €6,286 (+47.3%), from €13,300 to €19,587
- Other debts +€59,446
up €59,446 (+70.9%), from €83,820 to €143,267
- Current portion of long-term debt -€32,471
down €32,471 (-54.1%), from €60,031 to €27,560
- Debts after one year -€23,844
down €23,844 (-26.4%), from €90,439 to €66,595
- Tax, wage and social debts +€8,863
new in 2025: €8,863
- Reserves -€5,608
down €5,608 (-1.9%), from €295,963 to €290,355
of which Distributable reserves: -€5,608
- Depreciation -€29,588
down €29,588 (-37.3%), from €79,408 to €49,820
- Gross operating margin -€13,513
down €13,513 (-7.4%), from €183,359 to €169,846
- Taxes +€5,375
up €5,375 (+20.0%), from €26,925 to €32,300
- Other operating charges -€4,369
down €4,369 (-65.1%), from €6,711 to €2,342
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 | €552,852 | €555,422 | +€2,569 | +0.5% |
| Fixed assets | 21/28 | €353,891 | €311,509 | -€42,382 | -12.0% |
| Tangible fixed assets | 22/27 | €353,891 | €311,509 | -€42,382 | -12.0% |
| Land and buildings | 22 | €253,193 | €237,623 | -€15,570 | -6.1% |
| Plant, machinery and equipment | 23 | €58,600 | €52,839 | -€5,760 | -9.8% |
| Furniture and vehicles | 24 | €42,099 | €21,046 | -€21,052 | -50.0% |
| Current assets | 29/58 | €198,961 | €243,913 | +€44,952 | +22.6% |
| Amounts receivable within one year | 40/41 | €159,380 | €144,196 | -€15,184 | -9.5% |
| Trade receivables | 40 | €152,778 | €135,966 | -€16,812 | -11.0% |
| Other amounts receivable | 41 | €6,602 | €8,230 | +€1,628 | +24.7% |
| Cash at bank and in hand | 54/58 | €26,281 | €80,130 | +€53,850 | +205% |
| Deferred charges and accrued income | 490/1 | €13,300 | €19,587 | +€6,286 | +47.3% |
| Total equity and liabilities | 10/49 | €552,852 | €555,422 | +€2,569 | +0.5% |
| Equity | 10/15 | €308,363 | €302,755 | -€5,608 | -1.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €295,963 | €290,355 | -€5,608 | -1.9% |
| Tax-exempt reserves | 132 | €2,650 | €2,650 | = | 0.0% |
| Distributable reserves | 133 | €293,314 | €287,706 | -€5,608 | -1.9% |
| Amounts payable | 17/49 | €244,489 | €252,666 | +€8,177 | +3.3% |
| Amounts payable after more than one year | 17 | €90,439 | €66,595 | -€23,844 | -26.4% |
| Financial debts | 170/4 | €90,439 | €66,595 | -€23,844 | -26.4% |
| Amounts payable within one year | 42/48 | €153,834 | €186,071 | +€32,238 | +21.0% |
| Current portion of amounts payable after more than one year | 42 | €60,031 | €27,560 | -€32,471 | -54.1% |
| Trade debts | 44 | €9,982 | €6,382 | -€3,600 | -36.1% |
| Suppliers | 440/4 | €9,982 | €6,382 | -€3,600 | -36.1% |
| Taxes, remuneration and social security | 45 | - | €8,863 | +€8,863 | |
| Taxes | 450/3 | - | €8,863 | +€8,863 | |
| Other amounts payable | 47/48 | €83,820 | €143,267 | +€59,446 | +70.9% |
| Accrued charges and deferred income | 492/3 | €216 | - | -€216 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,408 | €49,820 | -€29,588 | -37.3% |
| Other operating charges | 640/8 | €6,711 | €2,342 | -€4,369 | -65.1% |
| Gross operating margin | 9900 | €183,359 | €169,846 | -€13,513 | -7.4% |
| Operating profit (loss) | 9901 | €97,240 | €117,683 | +€20,443 | +21.0% |
| Financial income | 75/76B | €1,317 | €330 | -€987 | -74.9% |
| Recurring financial income | 75 | €1,317 | €330 | -€987 | -74.9% |
| Financial charges | 65/66B | €5,766 | €6,399 | +€633 | +11.0% |
| Recurring financial charges | 65 | €5,766 | €6,399 | +€633 | +11.0% |
| Profit (loss) for the period before taxes | 9903 | €92,791 | €111,614 | +€18,824 | +20.3% |
| Income taxes | 67/77 | €26,925 | €32,300 | +€5,375 | +20.0% |
| Profit (loss) for the period | 9904 | €65,865 | €79,314 | +€13,449 | +20.4% |
| Profit (loss) for the period to be appropriated | 9905 | €65,865 | €79,314 | +€13,449 | +20.4% |
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 20 October 2026 via checked.be.