'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
- Tangible fixed assets +€62,533
up €62,533 (+137%), from €45,700 to €108,233
of which Land and buildings: +€61,244
- Receivables within one year +€6,026
up €6,026 (+95.4%), from €6,315 to €12,341
of which Other amounts receivable: +€5,485
- Deferred charges and accrued income -€4,228
down €4,228 (-19.9%), from €21,266 to €17,038
- Debts after one year +€34,490
new in 2025: €34,490
- Reserves +€10,439
up €10,439 (+15.3%), from €68,276 to €78,715
- Current portion of long-term debt +€8,445
new in 2025: €8,445
- Tax, wage and social debts +€4,941
up €4,941 (+82.6%), from €5,982 to €10,924
of which Taxes: +€5,516
- Trade debts +€4,144
up €4,144 (+189%), from €2,198 to €6,342
- Gross operating margin +€6,049
up €6,049 (+11.3%), from €53,494 to €59,543
- Depreciation +€5,488
up €5,488 (+74.9%), from €7,325 to €12,813
- Staff costs -€4,094
down €4,094 (-34.1%), from €12,020 to €7,925
- Other operating charges +€2,558
up €2,558 (+347%), from €736 to €3,294
- Taxes -€811
down €811 (-8.4%), from €9,644 to €8,833
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 | €95,239 | €159,362 | +€64,123 | +67.3% |
| Fixed assets | 21/28 | €45,850 | €108,383 | +€62,533 | +136% |
| Tangible fixed assets | 22/27 | €45,700 | €108,233 | +€62,533 | +137% |
| Land and buildings | 22 | €14,646 | €75,890 | +€61,244 | +418% |
| Plant, machinery and equipment | 23 | €20,439 | €21,220 | +€781 | +3.8% |
| Furniture and vehicles | 24 | €10,615 | €11,123 | +€508 | +4.8% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €49,389 | €50,979 | +€1,590 | +3.2% |
| Stocks and contracts in progress | 3 | €1,041 | €1,215 | +€173 | +16.7% |
| Stocks | 30/36 | €1,041 | €1,215 | +€173 | +16.7% |
| Amounts receivable within one year | 40/41 | €6,315 | €12,341 | +€6,026 | +95.4% |
| Trade receivables | 40 | €6,315 | €6,855 | +€540 | +8.6% |
| Other amounts receivable | 41 | - | €5,485 | +€5,485 | |
| Cash at bank and in hand | 54/58 | €20,767 | €20,385 | -€381 | -1.8% |
| Deferred charges and accrued income | 490/1 | €21,266 | €17,038 | -€4,228 | -19.9% |
| Total equity and liabilities | 10/49 | €95,239 | €159,362 | +€64,123 | +67.3% |
| Equity | 10/15 | €86,876 | €97,315 | +€10,439 | +12.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €68,276 | €78,715 | +€10,439 | +15.3% |
| Distributable reserves | 133 | €68,276 | €78,715 | +€10,439 | +15.3% |
| Amounts payable | 17/49 | €8,363 | €62,047 | +€53,684 | +642% |
| Amounts payable after more than one year | 17 | - | €34,490 | +€34,490 | |
| Financial debts | 170/4 | - | €34,490 | +€34,490 | |
| Amounts payable within one year | 42/48 | €8,363 | €27,557 | +€19,194 | +230% |
| Current portion of amounts payable after more than one year | 42 | - | €8,445 | +€8,445 | |
| Trade debts | 44 | €2,198 | €6,342 | +€4,144 | +189% |
| Suppliers | 440/4 | €2,198 | €6,342 | +€4,144 | +189% |
| Advances received on contracts in progress | 46 | €80 | €180 | +€100 | +125% |
| Taxes, remuneration and social security | 45 | €5,982 | €10,924 | +€4,941 | +82.6% |
| Taxes | 450/3 | €4,961 | €10,477 | +€5,516 | +111% |
| Remuneration and social security | 454/9 | €1,021 | €447 | -€574 | -56.2% |
| Other amounts payable | 47/48 | €102 | €1,666 | +€1,564 | +1,526% |
| Remuneration, social security and pensions | 62 | €12,020 | €7,925 | -€4,094 | -34.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,325 | €12,813 | +€5,488 | +74.9% |
| Other operating charges | 640/8 | €736 | €3,294 | +€2,558 | +347% |
| Gross operating margin | 9900 | €53,494 | €59,543 | +€6,049 | +11.3% |
| Operating profit (loss) | 9901 | €33,412 | €35,511 | +€2,098 | +6.3% |
| Financial income | 75/76B | €1 | €194 | +€193 | +15,418% |
| Recurring financial income | 75 | €1 | €194 | +€193 | +15,418% |
| Financial charges | 65/66B | €5,115 | €4,618 | -€496 | -9.7% |
| Recurring financial charges | 65 | €5,115 | €4,618 | -€496 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | €28,299 | €31,086 | +€2,787 | +9.8% |
| Income taxes | 67/77 | €9,644 | €8,833 | -€811 | -8.4% |
| Profit (loss) for the period | 9904 | €18,655 | €22,254 | +€3,598 | +19.3% |
| Profit (loss) for the period to be appropriated | 9905 | €18,655 | €22,254 | +€3,598 | +19.3% |
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.