Smeyers Projects: 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.
Smeyers Projects
Largest movements
- Cash -€310,270
down €310,270 (-63.7%), from €487,283 to €177,013
mainly Contributions, distributions and other (-€246,000) and Receivables within one year (-€174,844)
- Receivables within one year +€174,844
up €174,844 (+733%), from €23,840 to €198,684
of which Other amounts receivable: +€126,084
- Reserves -€185,797
down €185,797 (-41.1%), from €451,663 to €265,867
- Other debts +€42,309
up €42,309 (+96.8%), from €43,691 to €86,000
- Trade debts +€10,298
up €10,298 (+1,076%), from €957 to €11,255
- Gross operating margin -€64,211
down €64,211 (-42.3%), from €151,813 to €87,602
- Taxes -€21,021
down €21,021 (-47.6%), from €44,145 to €23,124
- Financial income -€2,876
down €2,876 (-100%), from €2,876 to €0
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 | €521,747 | €384,403 | -€137,345 | -26.3% |
| Fixed assets | 21/28 | €8,425 | €6,803 | -€1,622 | -19.3% |
| Tangible fixed assets | 22/27 | €8,295 | €6,673 | -€1,622 | -19.6% |
| Land and buildings | 22 | €5,536 | €4,301 | -€1,235 | -22.3% |
| Furniture and vehicles | 24 | €2,759 | €2,373 | -€387 | -14.0% |
| Financial fixed assets | 28 | €130 | €130 | = | 0.0% |
| Current assets | 29/58 | €513,322 | €377,600 | -€135,722 | -26.4% |
| Amounts receivable within one year | 40/41 | €23,840 | €198,684 | +€174,844 | +733% |
| Trade receivables | 40 | €23,840 | €72,600 | +€48,760 | +205% |
| Other amounts receivable | 41 | - | €126,084 | +€126,084 | |
| Cash at bank and in hand | 54/58 | €487,283 | €177,013 | -€310,270 | -63.7% |
| Deferred charges and accrued income | 490/1 | €2,199 | €1,902 | -€297 | -13.5% |
| Total equity and liabilities | 10/49 | €521,747 | €384,403 | -€137,345 | -26.3% |
| Equity | 10/15 | €461,663 | €275,867 | -€185,797 | -40.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €451,663 | €265,867 | -€185,797 | -41.1% |
| Distributable reserves | 133 | €451,663 | €265,867 | -€185,797 | -41.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €60,084 | €108,536 | +€48,452 | +80.6% |
| Amounts payable within one year | 42/48 | €60,084 | €108,536 | +€48,452 | +80.6% |
| Trade debts | 44 | €957 | €11,255 | +€10,298 | +1,076% |
| Suppliers | 440/4 | €957 | €11,255 | +€10,298 | +1,076% |
| Taxes, remuneration and social security | 45 | €15,436 | €11,281 | -€4,155 | -26.9% |
| Taxes | 450/3 | €15,436 | €11,281 | -€4,155 | -26.9% |
| Other amounts payable | 47/48 | €43,691 | €86,000 | +€42,309 | +96.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,911 | €2,754 | -€158 | -5.4% |
| Other operating charges | 640/8 | €664 | €1,085 | +€421 | +63.3% |
| Gross operating margin | 9900 | €151,813 | €87,602 | -€64,211 | -42.3% |
| Operating profit (loss) | 9901 | €148,237 | €83,764 | -€64,473 | -43.5% |
| Financial income | 75/76B | €2,876 | €0 | -€2,876 | -100% |
| Recurring financial income | 75 | €2,876 | €0 | -€2,876 | -100% |
| Financial charges | 65/66B | €326 | €436 | +€110 | +33.8% |
| Recurring financial charges | 65 | €326 | €436 | +€110 | +33.8% |
| Profit (loss) for the period before taxes | 9903 | €150,786 | €83,327 | -€67,459 | -44.7% |
| Income taxes | 67/77 | €44,145 | €23,124 | -€21,021 | -47.6% |
| Profit (loss) for the period | 9904 | €106,642 | €60,203 | -€46,438 | -43.5% |
| Profit (loss) for the period to be appropriated | 9905 | €106,642 | €60,203 | -€46,438 | -43.5% |
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 22 October 2026 via checked.be.