Studio 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 Smits
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Debts after one year -€481,516
down €481,516 (-16.0%), from €3.0m to €2.5m
- Other debts +€291,476
up €291,476 (+32.0%), from €909,984 to €1.2m
- Reserves +€122,549
up €122,549 (+2,251%), from €5,445 to €127,993
- Profit (loss) carried forward +€74,946
no longer reported in 2025 (was -€74,946)
- Gross operating margin +€349,509
up €349,509 (+668%), from €52,295 to €401,804
- Taxes +€46,213
up €46,213, from -€2 to €46,211
- Financial charges +€25,993
up €25,993 (+26.1%), from €99,497 to €125,490
- Depreciation +€7,386
up €7,386 (+30.8%), from €23,953 to €31,339
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 | €4,351,430 | €4,399,613 | +€48,184 | +1.1% |
| Fixed assets | 21/28 | €4,288,995 | €4,332,399 | +€43,404 | +1.0% |
| Tangible fixed assets | 22/27 | €288,995 | €332,399 | +€43,404 | +15.0% |
| Land and buildings | 22 | €107,639 | €123,617 | +€15,978 | +14.8% |
| Plant, machinery and equipment | 23 | - | €1,690 | +€1,690 | |
| Furniture and vehicles | 24 | €23,154 | €42,103 | +€18,949 | +81.8% |
| Other tangible fixed assets | 26 | €158,202 | €164,990 | +€6,788 | +4.3% |
| Financial fixed assets | 28 | €4,000,000 | €4,000,000 | = | 0.0% |
| Current assets | 29/58 | €62,435 | €67,214 | +€4,779 | +7.7% |
| Amounts receivable within one year | 40/41 | €20,629 | €13,775 | -€6,854 | -33.2% |
| Trade receivables | 40 | €20,624 | €13,741 | -€6,884 | -33.4% |
| Other amounts receivable | 41 | €4 | €35 | +€30 | +678% |
| Cash at bank and in hand | 54/58 | €31,843 | €1,922 | -€29,921 | -94.0% |
| Deferred charges and accrued income | 490/1 | €9,963 | €51,517 | +€41,554 | +417% |
| Total equity and liabilities | 10/49 | €4,351,430 | €4,399,613 | +€48,184 | +1.1% |
| Equity | 10/15 | -€66,501 | €130,993 | +€197,495 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €5,445 | €127,993 | +€122,549 | +2,251% |
| Distributable reserves | 133 | €5,445 | €127,993 | +€122,549 | +2,251% |
| Profit (loss) carried forward | 14 | -€74,946 | - | +€74,946 | |
| Amounts payable | 17/49 | €4,417,931 | €4,268,620 | -€149,311 | -3.4% |
| Amounts payable after more than one year | 17 | €3,015,949 | €2,534,433 | -€481,516 | -16.0% |
| Financial debts | 170/4 | €3,015,949 | €2,534,433 | -€481,516 | -16.0% |
| Amounts payable within one year | 42/48 | €1,396,372 | €1,730,070 | +€333,698 | +23.9% |
| Current portion of amounts payable after more than one year | 42 | €463,629 | €481,516 | +€17,887 | +3.9% |
| Trade debts | 44 | €21,195 | €42,051 | +€20,856 | +98.4% |
| Suppliers | 440/4 | €21,195 | €42,051 | +€20,856 | +98.4% |
| Taxes, remuneration and social security | 45 | €1,564 | €5,043 | +€3,479 | +222% |
| Taxes | 450/3 | €1,564 | €5,043 | +€3,479 | +222% |
| Other amounts payable | 47/48 | €909,984 | €1,201,460 | +€291,476 | +32.0% |
| Accrued charges and deferred income | 492/3 | €5,611 | €4,117 | -€1,494 | -26.6% |
| Non-recurring operating income | 76A | - | €248 | +€248 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,953 | €31,339 | +€7,386 | +30.8% |
| Other operating charges | 640/8 | €3,793 | €1,269 | -€2,524 | -66.5% |
| Gross operating margin | 9900 | €52,295 | €401,804 | +€349,509 | +668% |
| Operating profit (loss) | 9901 | €24,549 | €369,196 | +€344,647 | +1,404% |
| Financial charges | 65/66B | €99,497 | €125,490 | +€25,993 | +26.1% |
| Recurring financial charges | 65 | €99,497 | €125,490 | +€25,993 | +26.1% |
| Profit (loss) for the period before taxes | 9903 | -€74,948 | €243,706 | +€318,654 | |
| Income taxes | 67/77 | -€2 | €46,211 | +€46,213 | |
| Profit (loss) for the period | 9904 | -€74,946 | €197,495 | +€272,440 | |
| Profit (loss) for the period to be appropriated | 9905 | -€74,946 | €197,495 | +€272,440 |
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.