't Smulhuis: 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.
't Smulhuis
Largest movements
- Intangible fixed assets -€9,000
down €9,000 (-24.9%), from €36,123 to €27,123
- Receivables within one year +€7,533
up €7,533 (+277%), from €2,719 to €10,253
of which Trade receivables: +€4,564
- Tangible fixed assets +€4,397
new in 2025: €4,397
of which Plant, machinery and equipment: +€2,894
- Cash +€3,553
up €3,553 (+53.5%), from €6,642 to €10,194
mainly Depreciation (+€10,202) and Tax, wage and social debts (+€6,452)
- Stocks and contracts +€575
up €575 (+16.8%), from €3,427 to €4,002
- Tax, wage and social debts +€6,452
up €6,452 (+262%), from €2,463 to €8,915
of which Remuneration and social security: +€4,375
- Debts after one year -€6,436
down €6,436 (-24.2%), from €26,587 to €20,151
- Profit (loss) carried forward +€5,394
up €5,394, from -€2,490 to €2,904
- Current portion of long-term debt +€2,111
up €2,111 (+28.2%), from €7,483 to €9,594
- Gross operating margin +€23,554
up €23,554 (+126%), from €18,714 to €42,268
- Staff costs +€10,593
up €10,593 (+133%), from €7,951 to €18,543
- Taxes +€1,500
new in 2025: €1,500
- Depreciation +€1,325
up €1,325 (+14.9%), from €8,877 to €10,202
- Other operating charges +€1,187
up €1,187 (+140%), from €848 to €2,034
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 | €50,011 | €57,069 | +€7,059 | +14.1% |
| Fixed assets | 21/28 | €36,123 | €31,520 | -€4,603 | -12.7% |
| Intangible fixed assets | 21 | €36,123 | €27,123 | -€9,000 | -24.9% |
| Tangible fixed assets | 22/27 | - | €4,397 | +€4,397 | |
| Land and buildings | 22 | - | €1,257 | +€1,257 | |
| Plant, machinery and equipment | 23 | - | €2,894 | +€2,894 | |
| Furniture and vehicles | 24 | - | €246 | +€246 | |
| Current assets | 29/58 | €13,888 | €25,549 | +€11,661 | +84.0% |
| Stocks and contracts in progress | 3 | €3,427 | €4,002 | +€575 | +16.8% |
| Stocks | 30/36 | €3,427 | €4,002 | +€575 | +16.8% |
| Amounts receivable within one year | 40/41 | €2,719 | €10,253 | +€7,533 | +277% |
| Trade receivables | 40 | €2,361 | €6,925 | +€4,564 | +193% |
| Other amounts receivable | 41 | €358 | €3,327 | +€2,969 | +829% |
| Cash at bank and in hand | 54/58 | €6,642 | €10,194 | +€3,553 | +53.5% |
| Deferred charges and accrued income | 490/1 | €1,100 | €1,100 | = | 0.0% |
| Total equity and liabilities | 10/49 | €50,011 | €57,069 | +€7,059 | +14.1% |
| Equity | 10/15 | €7,510 | €12,904 | +€5,394 | +71.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,490 | €2,904 | +€5,394 | |
| Amounts payable | 17/49 | €42,501 | €44,165 | +€1,665 | +3.9% |
| Amounts payable after more than one year | 17 | €26,587 | €20,151 | -€6,436 | -24.2% |
| Financial debts | 170/4 | €26,587 | €20,151 | -€6,436 | -24.2% |
| Amounts payable within one year | 42/48 | €15,914 | €24,014 | +€8,101 | +50.9% |
| Current portion of amounts payable after more than one year | 42 | €7,483 | €9,594 | +€2,111 | +28.2% |
| Trade debts | 44 | €5,968 | €5,403 | -€565 | -9.5% |
| Suppliers | 440/4 | €5,968 | €5,403 | -€565 | -9.5% |
| Taxes, remuneration and social security | 45 | €2,463 | €8,915 | +€6,452 | +262% |
| Taxes | 450/3 | - | €2,077 | +€2,077 | |
| Remuneration and social security | 454/9 | €2,463 | €6,838 | +€4,375 | +178% |
| Other amounts payable | 47/48 | - | €103 | +€103 | |
| Remuneration, social security and pensions | 62 | €7,951 | €18,543 | +€10,593 | +133% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,877 | €10,202 | +€1,325 | +14.9% |
| Other operating charges | 640/8 | €848 | €2,034 | +€1,187 | +140% |
| Gross operating margin | 9900 | €18,714 | €42,268 | +€23,554 | +126% |
| Operating profit (loss) | 9901 | €1,038 | €11,487 | +€10,449 | +1,006% |
| Financial income | 75/76B | €55 | €35 | -€20 | -36.8% |
| Recurring financial income | 75 | €55 | €35 | -€20 | -36.8% |
| Financial charges | 65/66B | €3,583 | €4,628 | +€1,045 | +29.2% |
| Recurring financial charges | 65 | €3,583 | €4,628 | +€1,045 | +29.2% |
| Profit (loss) for the period before taxes | 9903 | -€2,490 | €6,894 | +€9,384 | |
| Income taxes | 67/77 | - | €1,500 | +€1,500 | |
| Profit (loss) for the period | 9904 | -€2,490 | €5,394 | +€7,884 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,490 | €5,394 | +€7,884 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.