SMOLDERS-STEVENS: 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.
SMOLDERS-STEVENS
Largest movements
- Tangible fixed assets -€41,433
down €41,433 (-6.1%), from €678,016 to €636,583
- Cash +€25,481
up €25,481 (+124%), from €20,521 to €46,002
mainly Depreciation (+€57,933) and Current portion of long-term debt (+€20,473)
- Receivables within one year -€13,353
down €13,353 (-42.6%), from €31,309 to €17,956
of which Trade receivables: -€18,336
- Other debts -€41,009
down €41,009 (-16.6%), from €246,660 to €205,651
- Reserves -€25,958
down €25,958 (-10.2%), from €254,508 to €228,550
- Profit (loss) carried forward +€23,484
up €23,484 (+5,358%), from €438 to €23,923
- Current portion of long-term debt +€20,473
up €20,473 (+87.4%), from €23,414 to €43,886
- Debts after one year -€18,766
down €18,766 (-10.4%), from €179,990 to €161,224
of which Financial debts: -€18,766
- Gross operating margin -€26,876
down €26,876 (-25.1%), from €107,082 to €80,206
- Taxes -€6,691
down €6,691 (-87.6%), from €7,636 to €945
- Financial charges -€1,584
down €1,584 (-7.5%), from €21,220 to €19,636
- Depreciation +€1,472
up €1,472 (+2.6%), from €56,462 to €57,933
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 | €729,846 | €700,540 | -€29,306 | -4.0% |
| Fixed assets | 21/28 | €678,016 | €636,583 | -€41,433 | -6.1% |
| Tangible fixed assets | 22/27 | €678,016 | €636,583 | -€41,433 | -6.1% |
| Land and buildings | 22 | €622,928 | €603,390 | -€19,538 | -3.1% |
| Plant, machinery and equipment | 23 | €7,853 | €6,238 | -€1,615 | -20.6% |
| Furniture and vehicles | 24 | €20,825 | €9,348 | -€11,476 | -55.1% |
| Other tangible fixed assets | 26 | €26,410 | €17,607 | -€8,803 | -33.3% |
| Current assets | 29/58 | €51,830 | €63,957 | +€12,128 | +23.4% |
| Amounts receivable within one year | 40/41 | €31,309 | €17,956 | -€13,353 | -42.6% |
| Trade receivables | 40 | €26,873 | €8,537 | -€18,336 | -68.2% |
| Other amounts receivable | 41 | €4,436 | €9,419 | +€4,983 | +112% |
| Cash at bank and in hand | 54/58 | €20,521 | €46,002 | +€25,481 | +124% |
| Total equity and liabilities | 10/49 | €729,846 | €700,540 | -€29,306 | -4.0% |
| Equity | 10/15 | €267,346 | €264,873 | -€2,473 | -0.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €254,508 | €228,550 | -€25,958 | -10.2% |
| Distributable reserves | 133 | €254,508 | €228,550 | -€25,958 | -10.2% |
| Profit (loss) carried forward | 14 | €438 | €23,923 | +€23,484 | +5,358% |
| Amounts payable | 17/49 | €462,500 | €435,667 | -€26,832 | -5.8% |
| Amounts payable after more than one year | 17 | €179,990 | €161,224 | -€18,766 | -10.4% |
| Financial debts | 170/4 | €109,990 | €91,224 | -€18,766 | -17.1% |
| Other amounts payable | 178/9 | €70,000 | €70,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €282,510 | €274,443 | -€8,067 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €23,414 | €43,886 | +€20,473 | +87.4% |
| Trade debts | 44 | €5,074 | €12,404 | +€7,330 | +144% |
| Suppliers | 440/4 | €5,074 | €12,404 | +€7,330 | +144% |
| Taxes, remuneration and social security | 45 | €7,362 | €12,502 | +€5,139 | +69.8% |
| Taxes | 450/3 | €7,362 | €12,502 | +€5,139 | +69.8% |
| Other amounts payable | 47/48 | €246,660 | €205,651 | -€41,009 | -16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,462 | €57,933 | +€1,472 | +2.6% |
| Other operating charges | 640/8 | €4,861 | €5,234 | +€373 | +7.7% |
| Gross operating margin | 9900 | €107,082 | €80,206 | -€26,876 | -25.1% |
| Operating profit (loss) | 9901 | €45,760 | €17,039 | -€28,721 | -62.8% |
| Financial income | 75/76B | €5 | €1,069 | +€1,064 | +22,035% |
| Recurring financial income | 75 | €5 | €1,069 | +€1,064 | +22,035% |
| Financial charges | 65/66B | €21,220 | €19,636 | -€1,584 | -7.5% |
| Recurring financial charges | 65 | €21,220 | €19,636 | -€1,584 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €24,545 | -€1,528 | -€26,073 | |
| Income taxes | 67/77 | €7,636 | €945 | -€6,691 | -87.6% |
| Profit (loss) for the period | 9904 | €16,909 | -€2,473 | -€19,383 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,909 | -€2,473 | -€19,383 |
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 26 October 2026 via checked.be.