SMIT ADVICE: 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.
SMIT ADVICE
Largest movements
- Tangible fixed assets +€52,020
up €52,020 (+12.3%), from €423,499 to €475,519
of which Land and buildings: +€53,554
- Receivables within one year -€10,089
down €10,089 (-99.9%), from €10,098 to €9
of which Other amounts receivable: -€10,098
- Cash -€9,316
down €9,316 (-9.8%), from €95,401 to €86,084
mainly Investment in fixed assets (net) (-€88,834) and Other debts (-€12,365)
- Reserves +€49,204
up €49,204 (+8.9%), from €553,910 to €603,114
of which Distributable reserves: +€49,204
- Other debts -€12,365
down €12,365 (-81.1%), from €15,254 to €2,889
- Accrued charges and deferred income -€8,491
down €8,491 (-94.5%), from €8,986 to €494
- Gross operating margin -€206,352
down €206,352 (-62.4%), from €330,947 to €124,595
- Taxes -€46,409
down €46,409 (-64.4%), from €72,116 to €25,706
- Depreciation +€7,381
up €7,381 (+25.1%), from €29,433 to €36,814
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €612,438 | €641,929 | +€29,491 | +4.8% |
| Fixed assets | 21/28 | €423,499 | €475,519 | +€52,020 | +12.3% |
| Tangible fixed assets | 22/27 | €423,499 | €475,519 | +€52,020 | +12.3% |
| Land and buildings | 22 | €410,152 | €463,706 | +€53,554 | +13.1% |
| Plant, machinery and equipment | 23 | €3,824 | €2,855 | -€969 | -25.3% |
| Furniture and vehicles | 24 | €9,523 | €8,958 | -€565 | -5.9% |
| Current assets | 29/58 | €188,939 | €166,410 | -€22,529 | -11.9% |
| Amounts receivable within one year | 40/41 | €10,098 | €9 | -€10,089 | -99.9% |
| Trade receivables | 40 | - | €9 | +€9 | |
| Other amounts receivable | 41 | €10,098 | €0 | -€10,098 | -100.0% |
| Current investments | 50/53 | €80,000 | €77,531 | -€2,469 | -3.1% |
| Cash at bank and in hand | 54/58 | €95,401 | €86,084 | -€9,316 | -9.8% |
| Deferred charges and accrued income | 490/1 | €3,440 | €2,785 | -€654 | -19.0% |
| Total equity and liabilities | 10/49 | €612,438 | €641,929 | +€29,491 | +4.8% |
| Equity | 10/15 | €572,460 | €621,664 | +€49,204 | +8.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €553,910 | €603,114 | +€49,204 | +8.9% |
| Tax-exempt reserves | 132 | €24,700 | €24,700 | = | 0.0% |
| Distributable reserves | 133 | €529,210 | €578,414 | +€49,204 | +9.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €39,978 | €20,265 | -€19,713 | -49.3% |
| Amounts payable within one year | 42/48 | €30,993 | €19,771 | -€11,222 | -36.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €5,525 | €1,106 | -€4,419 | -80.0% |
| Suppliers | 440/4 | €5,525 | €1,106 | -€4,419 | -80.0% |
| Taxes, remuneration and social security | 45 | €10,214 | €15,776 | +€5,562 | +54.5% |
| Taxes | 450/3 | €10,214 | €15,776 | +€5,562 | +54.5% |
| Other amounts payable | 47/48 | €15,254 | €2,889 | -€12,365 | -81.1% |
| Accrued charges and deferred income | 492/3 | €8,986 | €494 | -€8,491 | -94.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,433 | €36,814 | +€7,381 | +25.1% |
| Other operating charges | 640/8 | €2,587 | €2,080 | -€508 | -19.6% |
| Gross operating margin | 9900 | €330,947 | €124,595 | -€206,352 | -62.4% |
| Operating profit (loss) | 9901 | €298,927 | €85,702 | -€213,225 | -71.3% |
| Financial income | 75/76B | €113 | €82 | -€31 | -27.5% |
| Recurring financial income | 75 | €113 | €82 | -€31 | -27.5% |
| Financial charges | 65/66B | €12,982 | €10,040 | -€2,942 | -22.7% |
| Recurring financial charges | 65 | €12,982 | €10,040 | -€2,942 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €286,058 | €75,744 | -€210,314 | -73.5% |
| Income taxes | 67/77 | €72,116 | €25,706 | -€46,409 | -64.4% |
| Profit (loss) for the period | 9904 | €213,942 | €50,037 | -€163,905 | -76.6% |
| Profit (loss) for the period to be appropriated | 9905 | €213,942 | €50,037 | -€163,905 | -76.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.