Smith & Waterfield: 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.
Smith & Waterfield
Largest movements
- Cash -€4,367
down €4,367 (-60.3%), from €7,241 to €2,873
mainly Tax, wage and social debts (-€31,789) and Receivables within one year (-€2,777)
- Receivables within one year +€2,777
up €2,777 (+3.7%), from €74,895 to €77,672
of which Trade receivables: +€11,647
- Deferred charges and accrued income -€1,104
down €1,104 (-71.4%), from €1,547 to €442
- Tax, wage and social debts -€31,789
down €31,789 (-82.5%), from €38,526 to €6,737
of which Remuneration and social security: -€27,446
- Advances received +€22,798
up €22,798 (+69.2%), from €32,934 to €55,733
- Profit (loss) carried forward +€5,529
up €5,529 (+93.2%), from -€5,932 to -€403
- Turnover -€117,576
no longer reported in 2025 (was €117,576)
- Purchases and services -€109,406
no longer reported in 2025 (was €109,406)
- Gross operating margin +€12,399
up €12,399 (+128%), from €9,692 to €22,092
- Taxes +€3,986
up €3,986 (+478%), from €834 to €4,820
- Financial charges +€3,397
up €3,397 (+1,054%), from €322 to €3,719
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 | €83,682 | €80,987 | -€2,694 | -3.2% |
| Current assets | 29/58 | €83,682 | €80,987 | -€2,694 | -3.2% |
| Amounts receivable within one year | 40/41 | €74,895 | €77,672 | +€2,777 | +3.7% |
| Trade receivables | 40 | €52,114 | €63,761 | +€11,647 | +22.3% |
| Other amounts receivable | 41 | €22,781 | €13,911 | -€8,870 | -38.9% |
| Cash at bank and in hand | 54/58 | €7,241 | €2,873 | -€4,367 | -60.3% |
| Deferred charges and accrued income | 490/1 | €1,547 | €442 | -€1,104 | -71.4% |
| Total equity and liabilities | 10/49 | €83,682 | €80,987 | -€2,694 | -3.2% |
| Equity | 10/15 | €5,291 | €10,820 | +€5,529 | +105% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | - | -€6,200 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €5,023 | €5,023 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,023 | €5,023 | = | 0.0% |
| Legal reserve | 130 | €3,163 | - | -€3,163 | |
| Reserves not available under the articles | 1311 | €1,860 | €5,023 | +€3,163 | +170% |
| Profit (loss) carried forward | 14 | -€5,932 | -€403 | +€5,529 | +93.2% |
| Amounts payable | 17/49 | €78,391 | €70,167 | -€8,224 | -10.5% |
| Amounts payable within one year | 42/48 | €78,391 | €70,167 | -€8,224 | -10.5% |
| Trade debts | 44 | €6,930 | €7,698 | +€767 | +11.1% |
| Suppliers | 440/4 | €6,930 | €7,698 | +€767 | +11.1% |
| Advances received on contracts in progress | 46 | €32,934 | €55,733 | +€22,798 | +69.2% |
| Taxes, remuneration and social security | 45 | €38,526 | €6,737 | -€31,789 | -82.5% |
| Taxes | 450/3 | €11,081 | €6,737 | -€4,343 | -39.2% |
| Remuneration and social security | 454/9 | €27,446 | €0 | -€27,446 | -100% |
| Turnover | 70 | €117,576 | - | -€117,576 | |
| Goods, raw materials, services and sundry goods | 60/61 | €109,406 | - | -€109,406 | |
| Other operating charges | 640/8 | - | €2,761 | +€2,761 | |
| Non-recurring operating charges | 66A | €6,717 | €5,634 | -€1,083 | -16.1% |
| Gross operating margin | 9900 | €9,692 | €22,092 | +€12,399 | +128% |
| Operating profit (loss) | 9901 | €2,975 | €13,696 | +€10,721 | +360% |
| Financial income | 75/76B | €3,165 | €372 | -€2,793 | -88.3% |
| Recurring financial income | 75 | €3,165 | €372 | -€2,793 | -88.3% |
| Financial charges | 65/66B | €322 | €3,719 | +€3,397 | +1,054% |
| Recurring financial charges | 65 | €322 | €3,719 | +€3,397 | +1,054% |
| Profit (loss) for the period before taxes | 9903 | €5,818 | €10,349 | +€4,531 | +77.9% |
| Income taxes | 67/77 | €834 | €4,820 | +€3,986 | +478% |
| Profit (loss) for the period | 9904 | €4,983 | €5,529 | +€546 | +11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,983 | €5,529 | +€546 | +11.0% |
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.