SMOLENAERS: 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.
SMOLENAERS
Largest movements
- Tangible fixed assets -€15,902
down €15,902 (-3.1%), from €507,286 to €491,384
of which Other tangible fixed assets: -€19,572
- Receivables within one year +€9,400
new in 2025: €9,400
of which Other amounts receivable: +€6,600
- Cash +€7,762
up €7,762 (+18.5%), from €41,998 to €49,760
No liability line moved by more than 1% of the balance sheet total.
- Depreciation -€1,264
down €1,264 (-5.7%), from €21,994 to €20,730
- Gross operating margin -€896
down €896 (-3.2%), from €28,152 to €27,256
- Other operating charges -€744
down €744 (-13.0%), from €5,708 to €4,964
- Taxes +€400
new in 2025: €400
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €555,444 | €555,633 | +€189 | 0.0% |
| Fixed assets | 21/28 | €507,286 | €491,384 | -€15,902 | -3.1% |
| Tangible fixed assets | 22/27 | €507,286 | €491,384 | -€15,902 | -3.1% |
| Land and buildings | 22 | €186,837 | €195,631 | +€8,794 | +4.7% |
| Plant, machinery and equipment | 23 | €11,212 | €6,089 | -€5,124 | -45.7% |
| Other tangible fixed assets | 26 | €309,236 | €289,664 | -€19,572 | -6.3% |
| Current assets | 29/58 | €48,158 | €64,249 | +€16,091 | +33.4% |
| Amounts receivable after more than one year | 29 | €2,900 | €2,900 | = | 0.0% |
| Other amounts receivable | 291 | €2,900 | €2,900 | = | 0.0% |
| Amounts receivable within one year | 40/41 | - | €9,400 | +€9,400 | |
| Trade receivables | 40 | - | €2,800 | +€2,800 | |
| Other amounts receivable | 41 | - | €6,600 | +€6,600 | |
| Cash at bank and in hand | 54/58 | €41,998 | €49,760 | +€7,762 | +18.5% |
| Deferred charges and accrued income | 490/1 | €3,260 | €2,188 | -€1,071 | -32.9% |
| Total equity and liabilities | 10/49 | €555,444 | €555,633 | +€189 | 0.0% |
| Equity | 10/15 | €159,813 | €161,640 | +€1,827 | +1.1% |
| Contributions | 10/11 | €99,000 | €99,000 | = | 0.0% |
| Capital | 10 | €99,000 | €99,000 | = | 0.0% |
| Issued capital | 100 | €99,000 | €99,000 | = | 0.0% |
| Reserves | 13 | €60,813 | €62,640 | +€1,827 | +3.0% |
| Non-distributable reserves | 130/1 | €24,789 | €24,789 | = | 0.0% |
| Legal reserve | 130 | €24,789 | €24,789 | = | 0.0% |
| Distributable reserves | 133 | €36,024 | €37,851 | +€1,827 | +5.1% |
| Amounts payable | 17/49 | €395,631 | €393,993 | -€1,638 | -0.4% |
| Amounts payable after more than one year | 17 | €392,514 | €392,073 | -€442 | -0.1% |
| Financial debts | 170/4 | €392,514 | €392,073 | -€442 | -0.1% |
| Amounts payable within one year | 42/48 | €3,117 | €1,920 | -€1,197 | -38.4% |
| Other amounts payable | 47/48 | €3,117 | €1,920 | -€1,197 | -38.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,994 | €20,730 | -€1,264 | -5.7% |
| Other operating charges | 640/8 | €5,708 | €4,964 | -€744 | -13.0% |
| Gross operating margin | 9900 | €28,152 | €27,256 | -€896 | -3.2% |
| Operating profit (loss) | 9901 | €450 | €1,562 | +€1,112 | +247% |
| Financial charges | 65/66B | €153 | €255 | +€102 | +66.5% |
| Recurring financial charges | 65 | €153 | €255 | +€102 | +66.5% |
| Profit (loss) for the period before taxes | 9903 | €297 | €1,307 | +€1,010 | +340% |
| Income taxes | 67/77 | - | €400 | +€400 | |
| Profit (loss) for the period | 9904 | €297 | €907 | +€610 | +205% |
| Profit (loss) for the period to be appropriated | 9905 | €297 | €907 | +€610 | +205% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.