Smitz-Otsuki: 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.
Smitz-Otsuki
Largest movements
- Cash +€55,052
up €55,052 (+25.5%), from €215,779 to €270,831
mainly Net result for the year (+€48,977) and Depreciation (+€34,727)
- Tangible fixed assets -€34,727
down €34,727 (-38.4%), from €90,426 to €55,699
of which Plant, machinery and equipment: -€26,050
- Stocks and contracts +€3,452
up €3,452 (+575%), from €600 to €4,052
- Reserves +€50,974
up €50,974 (+38.5%), from €132,478 to €183,451
of which Distributable reserves: +€60,000
- Other debts -€31,356
down €31,356 (-37.0%), from €84,656 to €53,300
- Tax, wage and social debts +€10,603
up €10,603 (+241%), from €4,400 to €15,003
- Trade debts +€8,941
up €8,941 (+30.3%), from €29,464 to €38,405
- Debts after one year -€7,271
down €7,271 (-41.0%), from €17,714 to €10,443
- Depreciation -€26,689
down €26,689 (-43.5%), from €61,415 to €34,727
- Taxes +€22,830
up €22,830 (+335%), from €6,815 to €29,645
- Gross operating margin +€9,060
up €9,060 (+8.3%), from €108,570 to €117,630
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 | €317,839 | €340,286 | +€22,446 | +7.1% |
| Fixed assets | 21/28 | €90,426 | €55,699 | -€34,727 | -38.4% |
| Tangible fixed assets | 22/27 | €90,426 | €55,699 | -€34,727 | -38.4% |
| Plant, machinery and equipment | 23 | €76,184 | €50,134 | -€26,050 | -34.2% |
| Furniture and vehicles | 24 | €14,242 | €5,565 | -€8,677 | -60.9% |
| Current assets | 29/58 | €227,413 | €284,586 | +€57,173 | +25.1% |
| Stocks and contracts in progress | 3 | €600 | €4,052 | +€3,452 | +575% |
| Stocks | 30/36 | €600 | €4,052 | +€3,452 | +575% |
| Amounts receivable within one year | 40/41 | €10,361 | €8,997 | -€1,364 | -13.2% |
| Trade receivables | 40 | €7,283 | €8,997 | +€1,714 | +23.5% |
| Other amounts receivable | 41 | €3,078 | €0 | -€3,078 | -100% |
| Cash at bank and in hand | 54/58 | €215,779 | €270,831 | +€55,052 | +25.5% |
| Deferred charges and accrued income | 490/1 | €674 | €706 | +€33 | +4.9% |
| Total equity and liabilities | 10/49 | €317,839 | €340,286 | +€22,446 | +7.1% |
| Equity | 10/15 | €151,310 | €200,287 | +€48,977 | +32.4% |
| Contributions | 10/11 | €6,400 | €6,400 | = | 0.0% |
| Reserves | 13 | €132,478 | €183,451 | +€50,974 | +38.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €62,669 | €53,643 | -€9,026 | -14.4% |
| Distributable reserves | 133 | €69,808 | €129,808 | +€60,000 | +85.9% |
| Profit (loss) carried forward | 14 | €12,432 | €10,436 | -€1,996 | -16.1% |
| Provisions and deferred taxes | 16 | €13,718 | €10,709 | -€3,009 | -21.9% |
| Deferred taxes | 168 | €13,718 | €10,709 | -€3,009 | -21.9% |
| Amounts payable | 17/49 | €152,812 | €129,290 | -€23,522 | -15.4% |
| Amounts payable after more than one year | 17 | €17,714 | €10,443 | -€7,271 | -41.0% |
| Financial debts | 170/4 | €17,714 | €10,443 | -€7,271 | -41.0% |
| Amounts payable within one year | 42/48 | €130,441 | €113,979 | -€16,462 | -12.6% |
| Current portion of amounts payable after more than one year | 42 | €11,921 | €7,271 | -€4,650 | -39.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €29,464 | €38,405 | +€8,941 | +30.3% |
| Suppliers | 440/4 | €29,464 | €38,405 | +€8,941 | +30.3% |
| Taxes, remuneration and social security | 45 | €4,400 | €15,003 | +€10,603 | +241% |
| Taxes | 450/3 | €4,400 | €15,003 | +€10,603 | +241% |
| Other amounts payable | 47/48 | €84,656 | €53,300 | -€31,356 | -37.0% |
| Accrued charges and deferred income | 492/3 | €4,657 | €4,867 | +€211 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,415 | €34,727 | -€26,689 | -43.5% |
| Other operating charges | 640/8 | €968 | €773 | -€195 | -20.1% |
| Gross operating margin | 9900 | €108,570 | €117,630 | +€9,060 | +8.3% |
| Operating profit (loss) | 9901 | €46,187 | €82,130 | +€35,943 | +77.8% |
| Financial income | 75/76B | €765 | €303 | -€462 | -60.4% |
| Recurring financial income | 75 | €765 | €303 | -€462 | -60.4% |
| Financial charges | 65/66B | €5,843 | €6,820 | +€976 | +16.7% |
| Recurring financial charges | 65 | €5,843 | €6,820 | +€976 | +16.7% |
| Profit (loss) for the period before taxes | 9903 | €41,109 | €75,614 | +€34,505 | +83.9% |
| Transfer from deferred taxes | 780 | €2,736 | €3,009 | +€273 | +10.0% |
| Income taxes | 67/77 | €6,815 | €29,645 | +€22,830 | +335% |
| Profit (loss) for the period | 9904 | €37,030 | €48,977 | +€11,947 | +32.3% |
| Transfer from tax-exempt reserves | 789 | €8,208 | €9,026 | +€818 | +10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €45,239 | €58,004 | +€12,765 | +28.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.