Smits Construct: 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.
Smits Construct
Largest movements
- Stocks and contracts -€18,973
no longer reported in 2025 (was €18,973)
- Receivables within one year +€15,930
up €15,930 (+71.6%), from €22,237 to €38,168
of which Trade receivables: +€19,950
- Tangible fixed assets -€7,899
down €7,899 (-73.6%), from €10,730 to €2,831
of which Furniture and vehicles: -€8,779
- Current portion of long-term debt -€7,895
down €7,895 (-91.6%), from €8,618 to €722
- Trade debts -€3,958
down €3,958 (-22.3%), from €17,760 to €13,802
- Gross operating margin -€9,584
down €9,584 (-52.6%), from €18,228 to €8,644
- Taxes -€2,525
down €2,525 (-88.1%), from €2,865 to €340
- Other operating charges -€1,189
down €1,189 (-69.6%), from €1,709 to €520
- Depreciation +€740
up €740 (+8.5%), from €8,678 to €9,418
- Financial income +€689
up €689 (+75.0%), from €919 to €1,608
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 | €256,862 | €243,309 | -€13,553 | -5.3% |
| Fixed assets | 21/28 | €10,730 | €2,831 | -€7,899 | -73.6% |
| Tangible fixed assets | 22/27 | €10,730 | €2,831 | -€7,899 | -73.6% |
| Plant, machinery and equipment | 23 | €1,466 | €2,345 | +€879 | +60.0% |
| Furniture and vehicles | 24 | €9,264 | €486 | -€8,779 | -94.8% |
| Current assets | 29/58 | €246,132 | €240,478 | -€5,654 | -2.3% |
| Stocks and contracts in progress | 3 | €18,973 | - | -€18,973 | |
| Contracts in progress | 37 | €18,973 | - | -€18,973 | |
| Amounts receivable within one year | 40/41 | €22,237 | €38,168 | +€15,930 | +71.6% |
| Trade receivables | 40 | €12,778 | €32,728 | +€19,950 | +156.1% |
| Other amounts receivable | 41 | €9,459 | €5,440 | -€4,019 | -42.5% |
| Current investments | 50/53 | €192,632 | €190,257 | -€2,375 | -1.2% |
| Cash at bank and in hand | 54/58 | €10,194 | €7,700 | -€2,494 | -24.5% |
| Deferred charges and accrued income | 490/1 | €2,096 | €4,353 | +€2,257 | +107.7% |
| Total equity and liabilities | 10/49 | €256,862 | €243,309 | -€13,553 | -5.3% |
| Equity | 10/15 | €219,292 | €219,142 | -€150 | -0.1% |
| Contributions | 10/11 | €7,240 | €7,240 | = | 0.0% |
| Reserves | 13 | €212,052 | €211,902 | -€150 | -0.1% |
| Distributable reserves | 133 | €212,052 | €211,902 | -€150 | -0.1% |
| Amounts payable | 17/49 | €37,570 | €24,167 | -€13,403 | -35.7% |
| Amounts payable after more than one year | 17 | €722 | - | -€722 | |
| Financial debts | 170/4 | €722 | - | -€722 | |
| Amounts payable within one year | 42/48 | €36,848 | €24,167 | -€12,681 | -34.4% |
| Current portion of amounts payable after more than one year | 42 | €8,618 | €722 | -€7,895 | -91.6% |
| Trade debts | 44 | €17,760 | €13,802 | -€3,958 | -22.3% |
| Suppliers | 440/4 | €17,760 | €13,802 | -€3,958 | -22.3% |
| Taxes, remuneration and social security | 45 | €6,539 | €6,598 | +€59 | +0.9% |
| Taxes | 450/3 | €6,539 | €6,598 | +€59 | +0.9% |
| Other amounts payable | 47/48 | €3,931 | €3,045 | -€886 | -22.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,678 | €9,418 | +€740 | +8.5% |
| Other operating charges | 640/8 | €1,709 | €520 | -€1,189 | -69.6% |
| Gross operating margin | 9900 | €18,228 | €8,644 | -€9,584 | -52.6% |
| Operating profit (loss) | 9901 | €7,842 | -€1,293 | -€9,135 | |
| Financial income | 75/76B | €919 | €1,608 | +€689 | +75.0% |
| Recurring financial income | 75 | €919 | €1,608 | +€689 | +75.0% |
| Financial charges | 65/66B | €589 | €125 | -€464 | -78.8% |
| Recurring financial charges | 65 | €332 | €125 | -€207 | -62.3% |
| Non-recurring financial charges | 66B | €257 | - | -€257 | |
| Profit (loss) for the period before taxes | 9903 | €8,171 | €190 | -€7,981 | -97.7% |
| Income taxes | 67/77 | €2,865 | €340 | -€2,525 | -88.1% |
| Profit (loss) for the period | 9904 | €5,306 | -€150 | -€5,457 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,306 | -€150 | -€5,457 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.