STEVE SMITS: 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.
STEVE SMITS
Largest movements
- Cash +€171,522
up €171,522 (+187%), from €91,499 to €263,021
mainly Net result for the year (+€186,155) and Other debts (+€156,605)
- Receivables within one year -€72,525
down €72,525 (-16.5%), from €440,091 to €367,567
of which Trade receivables: -€46,294
- Tangible fixed assets +€17,835
up €17,835 (+15.7%), from €113,413 to €131,249
of which Furniture and vehicles: +€34,321
- Other debts +€156,605
up €156,605 (+344%), from €45,544 to €202,149
- Trade debts -€29,945
down €29,945 (-63.1%), from €47,451 to €17,506
- Tax, wage and social debts +€20,026
up €20,026 (+255%), from €7,848 to €27,874
of which Taxes: +€16,699
- Reserves -€15,995
down €15,995 (-3.9%), from €405,825 to €389,831
- Debts after one year -€15,318
down €15,318 (-10.2%), from €149,494 to €134,177
- Gross operating margin +€152,034
up €152,034 (+40.9%), from €371,864 to €523,898
- Write-downs +€39,820
up €39,820, from €0 to €39,820
- Taxes +€26,699
up €26,699 (+47.0%), from €56,833 to €83,532
- Staff costs +€23,658
up €23,658 (+14.1%), from €168,171 to €191,830
- Financial income -€8,131
down €8,131 (-47.9%), from €16,962 to €8,831
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 | €712,134 | €828,253 | +€116,119 | +16.3% |
| Fixed assets | 21/28 | €139,285 | €157,121 | +€17,835 | +12.8% |
| Tangible fixed assets | 22/27 | €113,413 | €131,249 | +€17,835 | +15.7% |
| Plant, machinery and equipment | 23 | €2,253 | €1,458 | -€795 | -35.3% |
| Furniture and vehicles | 24 | €4,779 | €39,100 | +€34,321 | +718% |
| Leasing and similar rights | 25 | €105,000 | €90,000 | -€15,000 | -14.3% |
| Other tangible fixed assets | 26 | €1,382 | €691 | -€691 | -50.0% |
| Financial fixed assets | 28 | €25,872 | €25,872 | = | 0.0% |
| Current assets | 29/58 | €572,849 | €671,133 | +€98,284 | +17.2% |
| Stocks and contracts in progress | 3 | €34,645 | €33,880 | -€765 | -2.2% |
| Stocks | 30/36 | €21,545 | €21,980 | +€435 | +2.0% |
| Contracts in progress | 37 | €13,100 | €11,900 | -€1,200 | -9.2% |
| Amounts receivable within one year | 40/41 | €440,091 | €367,567 | -€72,525 | -16.5% |
| Trade receivables | 40 | €223,894 | €177,600 | -€46,294 | -20.7% |
| Other amounts receivable | 41 | €216,198 | €189,967 | -€26,231 | -12.1% |
| Cash at bank and in hand | 54/58 | €91,499 | €263,021 | +€171,522 | +187% |
| Deferred charges and accrued income | 490/1 | €6,613 | €6,665 | +€52 | +0.8% |
| Total equity and liabilities | 10/49 | €712,134 | €828,253 | +€116,119 | +16.3% |
| Equity | 10/15 | €405,825 | €389,831 | -€15,995 | -3.9% |
| Reserves | 13 | €405,825 | €389,831 | -€15,995 | -3.9% |
| Distributable reserves | 133 | €405,825 | €389,831 | -€15,995 | -3.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €41,398 | €41,398 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €41,398 | €41,398 | = | 0.0% |
| Pensions and similar obligations | 160 | €10,000 | €10,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €31,398 | €31,398 | = | 0.0% |
| Amounts payable | 17/49 | €264,911 | €397,024 | +€132,114 | +49.9% |
| Amounts payable after more than one year | 17 | €149,494 | €134,177 | -€15,318 | -10.2% |
| Financial debts | 170/4 | €149,494 | €134,177 | -€15,318 | -10.2% |
| Amounts payable within one year | 42/48 | €115,416 | €262,848 | +€147,432 | +128% |
| Current portion of amounts payable after more than one year | 42 | €14,572 | €15,318 | +€746 | +5.1% |
| Trade debts | 44 | €47,451 | €17,506 | -€29,945 | -63.1% |
| Suppliers | 440/4 | €47,451 | €17,506 | -€29,945 | -63.1% |
| Taxes, remuneration and social security | 45 | €7,848 | €27,874 | +€20,026 | +255% |
| Taxes | 450/3 | €6,833 | €23,532 | +€16,699 | +244% |
| Remuneration and social security | 454/9 | €1,015 | €4,342 | +€3,327 | +328% |
| Other amounts payable | 47/48 | €45,544 | €202,149 | +€156,605 | +344% |
| Remuneration, social security and pensions | 62 | €168,171 | €191,830 | +€23,658 | +14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,099 | €23,639 | -€1,460 | -5.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €39,820 | +€39,820 | |
| Other operating charges | 640/8 | €2,227 | €1,909 | -€318 | -14.3% |
| Non-recurring operating charges | 66A | €250 | €0 | -€250 | -100% |
| Gross operating margin | 9900 | €371,864 | €523,898 | +€152,034 | +40.9% |
| Operating profit (loss) | 9901 | €176,117 | €266,701 | +€90,583 | +51.4% |
| Financial income | 75/76B | €16,962 | €8,831 | -€8,131 | -47.9% |
| Recurring financial income | 75 | €16,962 | €8,831 | -€8,131 | -47.9% |
| Financial charges | 65/66B | €6,855 | €5,845 | -€1,010 | -14.7% |
| Recurring financial charges | 65 | €6,855 | €5,845 | -€1,010 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €186,224 | €269,687 | +€83,463 | +44.8% |
| Income taxes | 67/77 | €56,833 | €83,532 | +€26,699 | +47.0% |
| Profit (loss) for the period | 9904 | €129,391 | €186,155 | +€56,764 | +43.9% |
| Profit (loss) for the period to be appropriated | 9905 | €129,391 | €186,155 | +€56,764 | +43.9% |
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.