Smoutershof: 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.
Smoutershof
Largest movements
- Receivables within one year -€87,085
down €87,085 (-76.2%), from €114,280 to €27,195
of which Other amounts receivable: -€96,747
- Tangible fixed assets +€63,303
up €63,303 (+5.0%), from €1.3m to €1.3m
of which Other tangible fixed assets: +€40,952
- Cash -€35,529
down €35,529 (-69.9%), from €50,816 to €15,286
mainly Contributions, distributions and other (-€221,237) and Investment in fixed assets (net) (-€130,925)
- Debts after one year -€130,638
down €130,638 (-18.7%), from €697,391 to €566,753
- Other debts +€98,998
up €98,998 (+50.9%), from €194,373 to €293,372
- Reserves -€44,004
down €44,004 (-13.2%), from €333,152 to €289,147
- Current portion of long-term debt +€43,715
up €43,715 (+50.3%), from €86,923 to €130,638
- Trade debts -€25,413
down €25,413 (-88.9%), from €28,574 to €3,162
- Gross operating margin +€30,894
up €30,894 (+10.6%), from €290,368 to €321,262
- Depreciation +€14,609
up €14,609 (+27.6%), from €53,013 to €67,622
- Taxes +€12,470
up €12,470 (+30.3%), from €41,155 to €53,625
- Other operating charges -€6,286
down €6,286 (-62.6%), from €10,034 to €3,748
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 | €1,419,879 | €1,360,704 | -€59,174 | -4.2% |
| Fixed assets | 21/28 | €1,253,976 | €1,317,278 | +€63,303 | +5.0% |
| Tangible fixed assets | 22/27 | €1,253,976 | €1,317,278 | +€63,303 | +5.0% |
| Land and buildings | 22 | €892,551 | €877,403 | -€15,148 | -1.7% |
| Plant, machinery and equipment | 23 | €2,158 | €6,622 | +€4,464 | +207% |
| Furniture and vehicles | 24 | €30,348 | €63,382 | +€33,034 | +109% |
| Other tangible fixed assets | 26 | €328,920 | €369,872 | +€40,952 | +12.5% |
| Current assets | 29/58 | €165,903 | €43,426 | -€122,477 | -73.8% |
| Amounts receivable within one year | 40/41 | €114,280 | €27,195 | -€87,085 | -76.2% |
| Trade receivables | 40 | €1,653 | €11,315 | +€9,662 | +585% |
| Other amounts receivable | 41 | €112,627 | €15,880 | -€96,747 | -85.9% |
| Cash at bank and in hand | 54/58 | €50,816 | €15,286 | -€35,529 | -69.9% |
| Deferred charges and accrued income | 490/1 | €807 | €945 | +€138 | +17.1% |
| Total equity and liabilities | 10/49 | €1,419,879 | €1,360,704 | -€59,174 | -4.2% |
| Equity | 10/15 | €343,152 | €299,286 | -€43,866 | -12.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €333,152 | €289,147 | -€44,004 | -13.2% |
| Distributable reserves | 133 | €333,152 | €289,147 | -€44,004 | -13.2% |
| Profit (loss) carried forward | 14 | €0 | €139 | +€139 | |
| Amounts payable | 17/49 | €1,076,727 | €1,061,418 | -€15,309 | -1.4% |
| Amounts payable after more than one year | 17 | €697,391 | €566,753 | -€130,638 | -18.7% |
| Financial debts | 170/4 | €697,391 | €566,753 | -€130,638 | -18.7% |
| Amounts payable within one year | 42/48 | €379,336 | €494,666 | +€115,329 | +30.4% |
| Current portion of amounts payable after more than one year | 42 | €86,923 | €130,638 | +€43,715 | +50.3% |
| Trade debts | 44 | €28,574 | €3,162 | -€25,413 | -88.9% |
| Suppliers | 440/4 | €28,574 | €3,162 | -€25,413 | -88.9% |
| Advances received on contracts in progress | 46 | €1,650 | €0 | -€1,650 | -100% |
| Taxes, remuneration and social security | 45 | €67,815 | €67,494 | -€321 | -0.5% |
| Taxes | 450/3 | €67,815 | €67,388 | -€427 | -0.6% |
| Remuneration and social security | 454/9 | - | €106 | +€106 | |
| Other amounts payable | 47/48 | €194,373 | €293,372 | +€98,998 | +50.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €58 | €0 | -€58 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,013 | €67,622 | +€14,609 | +27.6% |
| Other operating charges | 640/8 | €10,034 | €3,748 | -€6,286 | -62.6% |
| Non-recurring operating charges | 66A | €1,690 | €0 | -€1,690 | -100% |
| Gross operating margin | 9900 | €290,368 | €321,262 | +€30,894 | +10.6% |
| Operating profit (loss) | 9901 | €225,632 | €249,892 | +€24,260 | +10.8% |
| Financial income | 75/76B | €1,277 | €139 | -€1,138 | -89.1% |
| Recurring financial income | 75 | €1,277 | €139 | -€1,138 | -89.1% |
| Financial charges | 65/66B | €16,750 | €19,035 | +€2,285 | +13.6% |
| Recurring financial charges | 65 | €16,750 | €19,035 | +€2,285 | +13.6% |
| Profit (loss) for the period before taxes | 9903 | €210,159 | €230,997 | +€20,837 | +9.9% |
| Income taxes | 67/77 | €41,155 | €53,625 | +€12,470 | +30.3% |
| Profit (loss) for the period | 9904 | €169,004 | €177,371 | +€8,367 | +5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €169,004 | €177,371 | +€8,367 | +5.0% |
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.