STUDIO SMITZ: what changed
Two fiscal 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 SMITZ
Largest movements
- Receivables within one year +€3,122
up €3,122 (+223.4%), from €1,397 to €4,519
of which Trade receivables: +€4,455
- Stocks and contracts +€2,004
up €2,004 (+48.4%), from €4,139 to €6,143
- Tangible fixed assets +€1,943
up €1,943 (+43.6%), from €4,457 to €6,400
of which Plant, machinery and equipment: +€2,633
- Intangible fixed assets +€1,700
new in 2025: €1,700
- Reserves +€9,496
up €9,496 (+10.1%), from €94,140 to €103,635
- Other debts -€3,625
down €3,625 (-31.2%), from €11,613 to €7,988
- Trade debts +€3,458
up €3,458 (+61.1%), from €5,657 to €9,116
- Gross operating margin +€19,117
up €19,117 (+153.0%), from €12,491 to €31,607
- Taxes +€7,724
up €7,724 (+1016.6%), from €760 to €8,484
- Depreciation -€1,862
down €1,862 (-37.7%), from €4,943 to €3,081
- Other operating charges -€1,339
down €1,339 (-35.6%), from €3,765 to €2,426
- Financial income +€816
up €816 (+256.8%), from €318 to €1,134
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.
Cash bridge derived
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 | €137,635 | €147,855 | +€10,220 | +7.4% |
| Fixed assets | 21/28 | €4,457 | €8,101 | +€3,644 | +81.8% |
| Intangible fixed assets | 21 | - | €1,700 | +€1,700 | |
| Tangible fixed assets | 22/27 | €4,457 | €6,400 | +€1,943 | +43.6% |
| Land and buildings | 22 | €1,379 | €689 | -€689 | -50.0% |
| Plant, machinery and equipment | 23 | €3,078 | €5,711 | +€2,633 | +85.5% |
| Current assets | 29/58 | €133,179 | €139,754 | +€6,576 | +4.9% |
| Stocks and contracts in progress | 3 | €4,139 | €6,143 | +€2,004 | +48.4% |
| Stocks | 30/36 | €4,139 | €6,143 | +€2,004 | +48.4% |
| Amounts receivable within one year | 40/41 | €1,397 | €4,519 | +€3,122 | +223.4% |
| Trade receivables | 40 | €64 | €4,519 | +€4,455 | +7000.8% |
| Other amounts receivable | 41 | €1,334 | €0 | -€1,334 | -100.0% |
| Cash at bank and in hand | 54/58 | €127,425 | €128,595 | +€1,170 | +0.9% |
| Deferred charges and accrued income | 490/1 | €217 | €497 | +€280 | +129.0% |
| Total equity and liabilities | 10/49 | €137,635 | €147,855 | +€10,220 | +7.4% |
| Equity | 10/15 | €115,027 | €124,523 | +€9,496 | +8.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €94,140 | €103,635 | +€9,496 | +10.1% |
| Distributable reserves | 133 | €94,140 | €103,635 | +€9,496 | +10.1% |
| Profit (loss) carried forward | 14 | €2,288 | €2,288 | = | 0.0% |
| Amounts payable | 17/49 | €22,608 | €23,332 | +€724 | +3.2% |
| Amounts payable within one year | 42/48 | €22,608 | €23,332 | +€724 | +3.2% |
| Trade debts | 44 | €5,657 | €9,116 | +€3,458 | +61.1% |
| Suppliers | 440/4 | €5,657 | €9,116 | +€3,458 | +61.1% |
| Advances received on contracts in progress | 46 | €77 | €0 | -€77 | -100.0% |
| Taxes, remuneration and social security | 45 | €5,261 | €6,229 | +€967 | +18.4% |
| Taxes | 450/3 | €5,261 | €6,229 | +€967 | +18.4% |
| Other amounts payable | 47/48 | €11,613 | €7,988 | -€3,625 | -31.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,943 | €3,081 | -€1,862 | -37.7% |
| Other operating charges | 640/8 | €3,765 | €2,426 | -€1,339 | -35.6% |
| Gross operating margin | 9900 | €12,491 | €31,607 | +€19,117 | +153.0% |
| Operating profit (loss) | 9901 | €3,783 | €26,100 | +€22,318 | +590.0% |
| Financial income | 75/76B | €318 | €1,134 | +€816 | +256.8% |
| Recurring financial income | 75 | €318 | €1,134 | +€816 | +256.8% |
| Financial charges | 65/66B | -€120 | €312 | +€433 | |
| Recurring financial charges | 65 | -€120 | €312 | +€433 | |
| Profit (loss) for the period before taxes | 9903 | €4,221 | €26,922 | +€22,701 | +537.8% |
| Income taxes | 67/77 | €760 | €8,484 | +€7,724 | +1016.6% |
| Profit (loss) for the period | 9904 | €3,462 | €18,439 | +€14,977 | +432.7% |
| Profit (loss) for the period to be appropriated | 9905 | €3,462 | €18,439 | +€14,977 | +432.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.