SMITS GRACE: 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 GRACE
Largest movements
- Receivables within one year +€25,377
up €25,377 (+20.1%), from €126,181 to €151,559
of which Other amounts receivable: +€69,382
- Receivables after one year -€21,846
down €21,846 (-6.8%), from €319,543 to €297,697
- Cash +€7,536
up €7,536 (+71.9%), from €10,485 to €18,021
mainly Net result for the year (+€79,757) and Receivables after one year (+€21,846)
- Tangible fixed assets -€5,866
down €5,866 (-15.9%), from €36,974 to €31,108
of which Other tangible fixed assets: -€4,339
- Reserves +€47,425
up €47,425 (+11.1%), from €428,970 to €476,394
of which Distributable reserves: +€47,425
- Other debts -€43,289
down €43,289 (-98.4%), from €44,005 to €716
- Tax, wage and social debts -€19,415
down €19,415 (-83.7%), from €23,198 to €3,783
- Current portion of long-term debt +€18,821
new in 2025: €18,821
- Gross operating margin +€10,693
up €10,693 (+10.1%), from €105,375 to €116,068
- Taxes +€2,285
up €2,285 (+6.4%), from €35,882 to €38,166
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 | €496,410 | €501,628 | +€5,217 | +1.1% |
| Fixed assets | 21/28 | €39,948 | €34,082 | -€5,866 | -14.7% |
| Tangible fixed assets | 22/27 | €36,974 | €31,108 | -€5,866 | -15.9% |
| Plant, machinery and equipment | 23 | €2,673 | €1,967 | -€706 | -26.4% |
| Furniture and vehicles | 24 | €3,491 | €2,670 | -€821 | -23.5% |
| Other tangible fixed assets | 26 | €30,810 | €26,471 | -€4,339 | -14.1% |
| Financial fixed assets | 28 | €2,975 | €2,975 | = | 0.0% |
| Current assets | 29/58 | €456,462 | €467,545 | +€11,083 | +2.4% |
| Amounts receivable after more than one year | 29 | €319,543 | €297,697 | -€21,846 | -6.8% |
| Other amounts receivable | 291 | €319,543 | €297,697 | -€21,846 | -6.8% |
| Amounts receivable within one year | 40/41 | €126,181 | €151,559 | +€25,377 | +20.1% |
| Trade receivables | 40 | €44,005 | - | -€44,005 | |
| Other amounts receivable | 41 | €82,177 | €151,559 | +€69,382 | +84.4% |
| Cash at bank and in hand | 54/58 | €10,485 | €18,021 | +€7,536 | +71.9% |
| Deferred charges and accrued income | 490/1 | €252 | €268 | +€16 | +6.4% |
| Total equity and liabilities | 10/49 | €496,410 | €501,628 | +€5,217 | +1.1% |
| Equity | 10/15 | €428,970 | €476,394 | +€47,425 | +11.1% |
| Reserves | 13 | €428,970 | €476,394 | +€47,425 | +11.1% |
| Tax-exempt reserves | 132 | €11,149 | €11,149 | = | 0.0% |
| Distributable reserves | 133 | €417,820 | €465,245 | +€47,425 | +11.4% |
| Amounts payable | 17/49 | €67,441 | €25,233 | -€42,207 | -62.6% |
| Amounts payable within one year | 42/48 | €67,441 | €25,233 | -€42,207 | -62.6% |
| Current portion of amounts payable after more than one year | 42 | - | €18,821 | +€18,821 | |
| Trade debts | 44 | €238 | €1,913 | +€1,675 | +702.5% |
| Suppliers | 440/4 | €238 | €1,913 | +€1,675 | +702.5% |
| Taxes, remuneration and social security | 45 | €23,198 | €3,783 | -€19,415 | -83.7% |
| Taxes | 450/3 | €23,198 | €3,783 | -€19,415 | -83.7% |
| Other amounts payable | 47/48 | €44,005 | €716 | -€43,289 | -98.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,107 | €5,866 | +€759 | +14.9% |
| Other operating charges | 640/8 | €674 | €697 | +€23 | +3.4% |
| Gross operating margin | 9900 | €105,375 | €116,068 | +€10,693 | +10.1% |
| Operating profit (loss) | 9901 | €99,594 | €109,505 | +€9,911 | +10.0% |
| Financial income | 75/76B | €9,945 | €9,340 | -€605 | -6.1% |
| Recurring financial income | 75 | €9,945 | €9,340 | -€605 | -6.1% |
| Financial charges | 65/66B | €616 | €921 | +€305 | +49.6% |
| Recurring financial charges | 65 | €616 | €921 | +€305 | +49.6% |
| Profit (loss) for the period before taxes | 9903 | €108,923 | €117,924 | +€9,000 | +8.3% |
| Income taxes | 67/77 | €35,882 | €38,166 | +€2,285 | +6.4% |
| Profit (loss) for the period | 9904 | €73,041 | €79,757 | +€6,716 | +9.2% |
| Profit (loss) for the period to be appropriated | 9905 | €73,041 | €79,757 | +€6,716 | +9.2% |
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 10 October 2026 via checked.be.