SMITS: 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.
SMITS
Largest movements
- Cash -€568,359
down €568,359 (-49.9%), from €1.1m to €569,668
mainly Receivables within one year (-€512,020) and Investment in fixed assets (net) (-€477,342)
- Receivables within one year +€512,020
up €512,020 (+31.2%), from €1.6m to €2.2m
of which Trade receivables: +€257,250
- Tangible fixed assets +€266,023
up €266,023 (+50.2%), from €529,592 to €795,615
- Stocks and contracts +€83,290
up €83,290 (+29.1%), from €286,167 to €369,457
- Deferred charges and accrued income +€68,712
up €68,712 (+703%), from €9,770 to €78,482
- Trade debts +€400,814
up €400,814 (+26.1%), from €1.5m to €1.9m
- Debts after one year +€130,378
up €130,378 (+50.8%), from €256,842 to €387,221
- Other debts -€105,158
down €105,158 (-13.4%), from €783,258 to €678,100
- Tax, wage and social debts -€80,133
down €80,133 (-41.0%), from €195,358 to €115,224
of which Remuneration and social security: -€56,746
- Reserves -€56,068
down €56,068 (-12.2%), from €459,888 to €403,820
of which Distributable reserves: -€56,068
- Gross operating margin -€311,462
down €311,462 (-22.1%), from €1.4m to €1.1m
- Staff costs -€245,290
down €245,290 (-25.5%), from €960,066 to €714,776
- Depreciation +€69,248
up €69,248 (+53.4%), from €129,766 to €199,013
- Taxes -€43,133
down €43,133 (-53.2%), from €81,134 to €38,000
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 | €3,634,595 | €4,002,587 | +€367,992 | +10.1% |
| Fixed assets | 21/28 | €546,052 | €824,381 | +€278,329 | +51.0% |
| Intangible fixed assets | 21 | €11,235 | €23,466 | +€12,231 | +109% |
| Tangible fixed assets | 22/27 | €529,592 | €795,615 | +€266,023 | +50.2% |
| Plant, machinery and equipment | 23 | €121,288 | €200,502 | +€79,214 | +65.3% |
| Furniture and vehicles | 24 | €22,225 | €71,341 | +€49,116 | +221% |
| Leasing and similar rights | 25 | €285,622 | €305,535 | +€19,913 | +7.0% |
| Other tangible fixed assets | 26 | €100,457 | €218,238 | +€117,780 | +117% |
| Financial fixed assets | 28 | €5,225 | €5,300 | +€75 | +1.4% |
| Current assets | 29/58 | €3,088,543 | €3,178,206 | +€89,663 | +2.9% |
| Amounts receivable after more than one year | 29 | €12,000 | €6,000 | -€6,000 | -50.0% |
| Trade receivables | 290 | €12,000 | - | -€12,000 | |
| Other amounts receivable | 291 | - | €6,000 | +€6,000 | |
| Stocks and contracts in progress | 3 | €286,167 | €369,457 | +€83,290 | +29.1% |
| Stocks | 30/36 | €286,167 | €369,457 | +€83,290 | +29.1% |
| Amounts receivable within one year | 40/41 | €1,642,580 | €2,154,599 | +€512,020 | +31.2% |
| Trade receivables | 40 | €1,428,859 | €1,686,109 | +€257,250 | +18.0% |
| Other amounts receivable | 41 | €213,721 | €468,490 | +€254,769 | +119% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €1,138,027 | €569,668 | -€568,359 | -49.9% |
| Deferred charges and accrued income | 490/1 | €9,770 | €78,482 | +€68,712 | +703% |
| Total equity and liabilities | 10/49 | €3,634,595 | €4,002,587 | +€367,992 | +10.1% |
| Equity | 10/15 | €602,427 | €546,359 | -€56,068 | -9.3% |
| Contributions | 10/11 | €142,539 | €142,539 | = | 0.0% |
| Reserves | 13 | €459,888 | €403,820 | -€56,068 | -12.2% |
| Tax-exempt reserves | 132 | €11,447 | €11,447 | = | 0.0% |
| Distributable reserves | 133 | €448,442 | €392,373 | -€56,068 | -12.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €3,032,168 | €3,456,228 | +€424,060 | +14.0% |
| Amounts payable after more than one year | 17 | €256,842 | €387,221 | +€130,378 | +50.8% |
| Financial debts | 170/4 | €256,842 | €387,221 | +€130,378 | +50.8% |
| Amounts payable within one year | 42/48 | €2,775,326 | €3,065,797 | +€290,471 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €114,122 | €154,269 | +€40,147 | +35.2% |
| Financial debts | 43 | €145,292 | €180,093 | +€34,801 | +24.0% |
| Credit institutions | 430/8 | €145,292 | €164,403 | +€19,111 | +13.2% |
| Other loans | 439 | - | €15,691 | +€15,691 | |
| Trade debts | 44 | €1,537,296 | €1,938,110 | +€400,814 | +26.1% |
| Suppliers | 440/4 | €1,537,296 | €1,938,110 | +€400,814 | +26.1% |
| Taxes, remuneration and social security | 45 | €195,358 | €115,224 | -€80,133 | -41.0% |
| Taxes | 450/3 | €32,364 | €8,977 | -€23,387 | -72.3% |
| Remuneration and social security | 454/9 | €162,994 | €106,247 | -€56,746 | -34.8% |
| Other amounts payable | 47/48 | €783,258 | €678,100 | -€105,158 | -13.4% |
| Accrued charges and deferred income | 492/3 | - | €3,211 | +€3,211 | |
| Remuneration, social security and pensions | 62 | €960,066 | €714,776 | -€245,290 | -25.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,766 | €199,013 | +€69,248 | +53.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€900 | €5,693 | +€6,593 | |
| Other operating charges | 640/8 | €15,535 | €5,071 | -€10,464 | -67.4% |
| Non-recurring operating charges | 66A | €2,293 | €0 | -€2,293 | -100% |
| Gross operating margin | 9900 | €1,411,649 | €1,100,187 | -€311,462 | -22.1% |
| Operating profit (loss) | 9901 | €304,888 | €175,633 | -€129,255 | -42.4% |
| Financial income | 75/76B | €293 | €0 | -€293 | -100% |
| Recurring financial income | 75 | €293 | €0 | -€293 | -100% |
| Financial charges | 65/66B | €37,529 | €43,701 | +€6,172 | +16.4% |
| Recurring financial charges | 65 | €37,529 | €43,701 | +€6,172 | +16.4% |
| Profit (loss) for the period before taxes | 9903 | €267,652 | €131,932 | -€135,720 | -50.7% |
| Income taxes | 67/77 | €81,134 | €38,000 | -€43,133 | -53.2% |
| Profit (loss) for the period | 9904 | €186,519 | €93,932 | -€92,587 | -49.6% |
| Profit (loss) for the period to be appropriated | 9905 | €186,519 | €93,932 | -€92,587 | -49.6% |
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 13 October 2026 via checked.be.