SMETSAL: 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.
SMETSAL
Largest movements
- Cash -€24,167
down €24,167 (-30.6%), from €78,945 to €54,778
mainly Investment in fixed assets (net) (-€21,000) and Receivables within one year (-€19,646)
- Financial fixed assets +€21,000
up €21,000 (+700.0%), from €3,000 to €24,000
- Receivables within one year +€19,646
up €19,646 (+53.2%), from €36,913 to €56,559
of which Trade receivables: +€11,918
- Tangible fixed assets -€6,881
down €6,881 (-50.8%), from €13,534 to €6,654
- Reserves +€22,787
up €22,787 (+25.3%), from €90,179 to €112,966
- Trade debts -€11,467
down €11,467 (-72.6%), from €15,801 to €4,334
- Accrued charges and deferred income -€1,887
down €1,887 (-22.9%), from €8,234 to €6,348
- Taxes -€1,752
down €1,752 (-14.2%), from €12,351 to €10,599
- Gross operating margin -€1,388
down €1,388 (-3.1%), from €45,261 to €43,873
- Financial charges +€511
up €511 (+229.2%), from €223 to €734
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 | €133,186 | €142,837 | +€9,651 | +7.2% |
| Fixed assets | 21/28 | €16,534 | €30,654 | +€14,119 | +85.4% |
| Tangible fixed assets | 22/27 | €13,534 | €6,654 | -€6,881 | -50.8% |
| Furniture and vehicles | 24 | €13,534 | €6,654 | -€6,881 | -50.8% |
| Financial fixed assets | 28 | €3,000 | €24,000 | +€21,000 | +700.0% |
| Current assets | 29/58 | €116,652 | €112,183 | -€4,468 | -3.8% |
| Amounts receivable within one year | 40/41 | €36,913 | €56,559 | +€19,646 | +53.2% |
| Trade receivables | 40 | €18,388 | €30,306 | +€11,918 | +64.8% |
| Other amounts receivable | 41 | €18,525 | €26,253 | +€7,728 | +41.7% |
| Cash at bank and in hand | 54/58 | €78,945 | €54,778 | -€24,167 | -30.6% |
| Deferred charges and accrued income | 490/1 | €794 | €846 | +€52 | +6.6% |
| Total equity and liabilities | 10/49 | €133,186 | €142,837 | +€9,651 | +7.2% |
| Equity | 10/15 | €95,179 | €117,966 | +€22,787 | +23.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €90,179 | €112,966 | +€22,787 | +25.3% |
| Distributable reserves | 133 | €90,179 | €112,966 | +€22,787 | +25.3% |
| Amounts payable | 17/49 | €38,007 | €24,871 | -€13,136 | -34.6% |
| Amounts payable within one year | 42/48 | €29,773 | €18,523 | -€11,250 | -37.8% |
| Trade debts | 44 | €15,801 | €4,334 | -€11,467 | -72.6% |
| Suppliers | 440/4 | €15,801 | €4,334 | -€11,467 | -72.6% |
| Taxes, remuneration and social security | 45 | €12,306 | €11,413 | -€894 | -7.3% |
| Taxes | 450/3 | €12,306 | €11,413 | -€894 | -7.3% |
| Other amounts payable | 47/48 | €1,666 | €2,777 | +€1,111 | +66.7% |
| Accrued charges and deferred income | 492/3 | €8,234 | €6,348 | -€1,887 | -22.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,643 | €6,881 | +€237 | +3.6% |
| Other operating charges | 640/8 | €421 | €574 | +€153 | +36.3% |
| Gross operating margin | 9900 | €45,261 | €43,873 | -€1,388 | -3.1% |
| Operating profit (loss) | 9901 | €38,197 | €36,418 | -€1,778 | -4.7% |
| Financial income | 75/76B | €85 | €478 | +€393 | +461.1% |
| Recurring financial income | 75 | €85 | €478 | +€393 | +461.1% |
| Financial charges | 65/66B | €223 | €734 | +€511 | +229.2% |
| Recurring financial charges | 65 | €223 | €734 | +€511 | +229.2% |
| Profit (loss) for the period before taxes | 9903 | €38,059 | €36,163 | -€1,896 | -5.0% |
| Income taxes | 67/77 | €12,351 | €10,599 | -€1,752 | -14.2% |
| Profit (loss) for the period | 9904 | €25,708 | €25,564 | -€144 | -0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €25,708 | €25,564 | -€144 | -0.6% |
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.