Smets Patrick: 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 Patrick
Largest movements
- Tangible fixed assets +€76,237
up €76,237 (+155.8%), from €48,925 to €125,162
of which Leasing and similar rights: +€50,804
- Cash +€9,769
up €9,769 (+28.8%), from €33,881 to €43,651
mainly Net result for the year (+€54,379) and Debts after one year (+€24,349)
- Receivables within one year +€3,453
up €3,453 (+78.5%), from €4,396 to €7,849
of which Trade receivables: +€3,514
- Reserves +€54,370
up €54,370 (+100.0%), from €54,350 to €108,720
- Debts after one year +€24,349
up €24,349 (+326.4%), from €7,461 to €31,809
- Current portion of long-term debt +€9,894
up €9,894 (+75.6%), from €13,084 to €22,977
- Gross operating margin +€63,018
up €63,018 (+178.3%), from €35,342 to €98,360
- Taxes +€16,606
up €16,606 (+304.2%), from €5,460 to €22,066
- Depreciation +€3,866
up €3,866 (+32.9%), from €11,768 to €15,634
- Other operating charges +€3,757
up €3,757 (+336.3%), from €1,117 to €4,874
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 | €90,995 | €180,477 | +€89,482 | +98.3% |
| Fixed assets | 21/28 | €48,925 | €125,162 | +€76,237 | +155.8% |
| Tangible fixed assets | 22/27 | €48,925 | €125,162 | +€76,237 | +155.8% |
| Plant, machinery and equipment | 23 | €28,546 | €63,248 | +€34,702 | +121.6% |
| Furniture and vehicles | 24 | €20,380 | €11,110 | -€9,269 | -45.5% |
| Leasing and similar rights | 25 | - | €50,804 | +€50,804 | |
| Current assets | 29/58 | €42,070 | €55,315 | +€13,245 | +31.5% |
| Stocks and contracts in progress | 3 | €3,793 | €3,816 | +€23 | +0.6% |
| Stocks | 30/36 | €3,793 | €3,816 | +€23 | +0.6% |
| Amounts receivable within one year | 40/41 | €4,396 | €7,849 | +€3,453 | +78.5% |
| Trade receivables | 40 | €3,164 | €6,678 | +€3,514 | +111.1% |
| Other amounts receivable | 41 | €1,233 | €1,171 | -€61 | -5.0% |
| Cash at bank and in hand | 54/58 | €33,881 | €43,651 | +€9,769 | +28.8% |
| Total equity and liabilities | 10/49 | €90,995 | €180,477 | +€89,482 | +98.3% |
| Equity | 10/15 | €59,358 | €113,737 | +€54,379 | +91.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €54,350 | €108,720 | +€54,370 | +100.0% |
| Distributable reserves | 133 | €54,350 | €108,720 | +€54,370 | +100.0% |
| Profit (loss) carried forward | 14 | €8 | €17 | +€9 | +115.9% |
| Amounts payable | 17/49 | €31,638 | €66,741 | +€35,103 | +111.0% |
| Amounts payable after more than one year | 17 | €7,461 | €31,809 | +€24,349 | +326.4% |
| Financial debts | 170/4 | €7,461 | €31,809 | +€24,349 | +326.4% |
| Amounts payable within one year | 42/48 | €24,018 | €34,816 | +€10,797 | +45.0% |
| Current portion of amounts payable after more than one year | 42 | €13,084 | €22,977 | +€9,894 | +75.6% |
| Trade debts | 44 | €3,787 | €4,452 | +€666 | +17.6% |
| Suppliers | 440/4 | €3,787 | €4,452 | +€666 | +17.6% |
| Taxes, remuneration and social security | 45 | €5,205 | €6,062 | +€857 | +16.5% |
| Taxes | 450/3 | €5,205 | €6,062 | +€857 | +16.5% |
| Other amounts payable | 47/48 | €1,943 | €1,325 | -€618 | -31.8% |
| Accrued charges and deferred income | 492/3 | €158 | €116 | -€43 | -27.0% |
| Non-recurring operating income | 76A | - | €9,500 | +€9,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,768 | €15,634 | +€3,866 | +32.9% |
| Other operating charges | 640/8 | €1,117 | €4,874 | +€3,757 | +336.3% |
| Gross operating margin | 9900 | €35,342 | €98,360 | +€63,018 | +178.3% |
| Operating profit (loss) | 9901 | €22,456 | €77,851 | +€55,394 | +246.7% |
| Financial income | 75/76B | €25 | €5 | -€20 | -79.7% |
| Recurring financial income | 75 | €25 | €5 | -€20 | -79.7% |
| Financial charges | 65/66B | €1,115 | €1,411 | +€296 | +26.5% |
| Recurring financial charges | 65 | €1,115 | €1,411 | +€296 | +26.5% |
| Profit (loss) for the period before taxes | 9903 | €21,366 | €76,445 | +€55,078 | +257.8% |
| Income taxes | 67/77 | €5,460 | €22,066 | +€16,606 | +304.2% |
| Profit (loss) for the period | 9904 | €15,907 | €54,379 | +€38,472 | +241.9% |
| Profit (loss) for the period to be appropriated | 9905 | €15,907 | €54,379 | +€38,472 | +241.9% |
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 10 October 2026 via checked.be.