SMULDERS - DE MEREL: 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.
SMULDERS - DE MEREL
Largest movements
- Tangible fixed assets -€17,153
down €17,153 (-35.8%), from €47,886 to €30,733
of which Plant, machinery and equipment: -€10,192
- Cash +€10,239
up €10,239 (+240%), from €4,275 to €14,514
mainly Depreciation (+€17,153) and Trade debts (+€7,033)
- Deferred charges and accrued income +€1,525
new in 2025: €1,525
- Other debts -€18,430
down €18,430 (-78.7%), from €23,416 to €4,986
- Trade debts +€7,033
up €7,033 (+77.5%), from €9,080 to €16,113
- Reserves +€4,230
up €4,230 (+42.5%), from €9,956 to €14,187
- Tax, wage and social debts +€1,154
up €1,154 (+15.1%), from €7,654 to €8,808
of which Taxes: +€1,149
- Gross operating margin -€2,982
down €2,982 (-3.3%), from €91,045 to €88,063
- Staff costs -€2,308
down €2,308 (-3.5%), from €66,425 to €64,117
- Depreciation -€1,975
down €1,975 (-10.3%), from €19,128 to €17,153
- Taxes +€1,176
up €1,176 (+291%), from €403 to €1,579
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 | €62,501 | €56,488 | -€6,013 | -9.6% |
| Fixed assets | 21/28 | €47,923 | €30,770 | -€17,153 | -35.8% |
| Tangible fixed assets | 22/27 | €47,886 | €30,733 | -€17,153 | -35.8% |
| Land and buildings | 22 | €22,212 | €17,535 | -€4,677 | -21.1% |
| Plant, machinery and equipment | 23 | €23,075 | €12,882 | -€10,192 | -44.2% |
| Furniture and vehicles | 24 | €2,599 | €316 | -€2,283 | -87.8% |
| Financial fixed assets | 28 | €37 | €37 | = | 0.0% |
| Current assets | 29/58 | €14,577 | €25,718 | +€11,140 | +76.4% |
| Stocks and contracts in progress | 3 | €6,216 | €6,017 | -€199 | -3.2% |
| Stocks | 30/36 | €6,216 | €6,017 | -€199 | -3.2% |
| Amounts receivable within one year | 40/41 | €4,087 | €3,662 | -€425 | -10.4% |
| Trade receivables | 40 | €4,087 | €3,662 | -€425 | -10.4% |
| Cash at bank and in hand | 54/58 | €4,275 | €14,514 | +€10,239 | +240% |
| Deferred charges and accrued income | 490/1 | - | €1,525 | +€1,525 | |
| Total equity and liabilities | 10/49 | €62,501 | €56,488 | -€6,013 | -9.6% |
| Equity | 10/15 | €22,351 | €26,581 | +€4,230 | +18.9% |
| Contributions | 10/11 | €12,395 | €12,395 | = | 0.0% |
| Reserves | 13 | €9,956 | €14,187 | +€4,230 | +42.5% |
| Distributable reserves | 133 | €9,956 | €14,187 | +€4,230 | +42.5% |
| Amounts payable | 17/49 | €40,150 | €29,906 | -€10,243 | -25.5% |
| Amounts payable within one year | 42/48 | €40,150 | €29,906 | -€10,243 | -25.5% |
| Trade debts | 44 | €9,080 | €16,113 | +€7,033 | +77.5% |
| Suppliers | 440/4 | €9,080 | €16,113 | +€7,033 | +77.5% |
| Taxes, remuneration and social security | 45 | €7,654 | €8,808 | +€1,154 | +15.1% |
| Taxes | 450/3 | €2,837 | €3,986 | +€1,149 | +40.5% |
| Remuneration and social security | 454/9 | €4,816 | €4,821 | +€5 | +0.1% |
| Other amounts payable | 47/48 | €23,416 | €4,986 | -€18,430 | -78.7% |
| Remuneration, social security and pensions | 62 | €66,425 | €64,117 | -€2,308 | -3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,128 | €17,153 | -€1,975 | -10.3% |
| Other operating charges | 640/8 | €560 | €573 | +€14 | +2.5% |
| Gross operating margin | 9900 | €91,045 | €88,063 | -€2,982 | -3.3% |
| Operating profit (loss) | 9901 | €4,933 | €6,219 | +€1,287 | +26.1% |
| Financial income | 75/76B | €5 | €100 | +€95 | +1,762% |
| Recurring financial income | 75 | €5 | €100 | +€95 | +1,762% |
| Financial charges | 65/66B | €500 | €510 | +€10 | +2.0% |
| Recurring financial charges | 65 | €500 | €510 | +€10 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €4,438 | €5,810 | +€1,371 | +30.9% |
| Income taxes | 67/77 | €403 | €1,579 | +€1,176 | +291% |
| Profit (loss) for the period | 9904 | €4,035 | €4,230 | +€196 | +4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €4,035 | €4,230 | +€196 | +4.8% |
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 27 October 2026 via checked.be.