Studio M. 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.
Studio M. Smits
Largest movements
- Cash +€10,939
up €10,939 (+408%), from €2,683 to €13,622
mainly Net result for the year (+€18,278) and Depreciation (+€15,502)
- Tangible fixed assets -€7,485
down €7,485 (-9.4%), from €79,941 to €72,457
of which Furniture and vehicles: -€8,092
- Receivables within one year -€5,102
down €5,102 (-33.2%), from €15,387 to €10,285
of which Trade receivables: -€4,913
- Reserves +€18,278
up €18,278 (+110%), from €16,562 to €34,840
- Other debts -€10,032
down €10,032 (-32.1%), from €31,211 to €21,179
- Debts after one year -€9,128
down €9,128 (-26.4%), from €34,524 to €25,396
- Tax, wage and social debts -€1,994
down €1,994 (-34.6%), from €5,765 to €3,771
- Gross operating margin +€10,536
up €10,536 (+32.5%), from €32,396 to €42,932
- Depreciation +€6,533
up €6,533 (+72.8%), from €8,969 to €15,502
- Taxes +€1,414
up €1,414 (+24.5%), from €5,765 to €7,179
- Financial charges +€822
up €822 (+61.1%), from €1,346 to €2,168
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 | €98,490 | €96,363 | -€2,127 | -2.2% |
| Fixed assets | 21/28 | €79,941 | €72,457 | -€7,485 | -9.4% |
| Tangible fixed assets | 22/27 | €79,941 | €72,457 | -€7,485 | -9.4% |
| Land and buildings | 22 | €24,870 | €23,620 | -€1,250 | -5.0% |
| Plant, machinery and equipment | 23 | €12,856 | €14,714 | +€1,858 | +14.4% |
| Furniture and vehicles | 24 | €42,215 | €34,123 | -€8,092 | -19.2% |
| Current assets | 29/58 | €18,549 | €23,907 | +€5,358 | +28.9% |
| Amounts receivable within one year | 40/41 | €15,387 | €10,285 | -€5,102 | -33.2% |
| Trade receivables | 40 | €15,198 | €10,285 | -€4,913 | -32.3% |
| Other amounts receivable | 41 | €189 | - | -€189 | |
| Cash at bank and in hand | 54/58 | €2,683 | €13,622 | +€10,939 | +408% |
| Deferred charges and accrued income | 490/1 | €479 | - | -€479 | |
| Total equity and liabilities | 10/49 | €98,490 | €96,363 | -€2,127 | -2.2% |
| Equity | 10/15 | €17,562 | €35,840 | +€18,278 | +104% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €16,562 | €34,840 | +€18,278 | +110% |
| Distributable reserves | 133 | €16,562 | €34,840 | +€18,278 | +110% |
| Amounts payable | 17/49 | €80,928 | €60,523 | -€20,405 | -25.2% |
| Amounts payable after more than one year | 17 | €34,524 | €25,396 | -€9,128 | -26.4% |
| Financial debts | 170/4 | €34,524 | €25,396 | -€9,128 | -26.4% |
| Amounts payable within one year | 42/48 | €46,404 | €35,127 | -€11,277 | -24.3% |
| Current portion of amounts payable after more than one year | 42 | €8,752 | €9,128 | +€376 | +4.3% |
| Trade debts | 44 | €676 | €1,049 | +€373 | +55.1% |
| Suppliers | 440/4 | €676 | €1,049 | +€373 | +55.1% |
| Taxes, remuneration and social security | 45 | €5,765 | €3,771 | -€1,994 | -34.6% |
| Taxes | 450/3 | €5,765 | €3,771 | -€1,994 | -34.6% |
| Other amounts payable | 47/48 | €31,211 | €21,179 | -€10,032 | -32.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,969 | €15,502 | +€6,533 | +72.8% |
| Other operating charges | 640/8 | €32 | €31 | -€1 | -3.3% |
| Gross operating margin | 9900 | €32,396 | €42,932 | +€10,536 | +32.5% |
| Operating profit (loss) | 9901 | €23,395 | €27,399 | +€4,003 | +17.1% |
| Financial income | 75/76B | €277 | €226 | -€51 | -18.6% |
| Recurring financial income | 75 | €277 | €226 | -€51 | -18.6% |
| Financial charges | 65/66B | €1,346 | €2,168 | +€822 | +61.1% |
| Recurring financial charges | 65 | €1,346 | €2,168 | +€822 | +61.1% |
| Profit (loss) for the period before taxes | 9903 | €22,327 | €25,457 | +€3,130 | +14.0% |
| Income taxes | 67/77 | €5,765 | €7,179 | +€1,414 | +24.5% |
| Profit (loss) for the period | 9904 | €16,562 | €18,278 | +€1,716 | +10.4% |
| Profit (loss) for the period to be appropriated | 9905 | €16,562 | €18,278 | +€1,716 | +10.4% |
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 15 October 2026 via checked.be.