THE OBJECT SMITH: 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.
THE OBJECT SMITH
Largest movements
- Tangible fixed assets -€24,262
down €24,262 (-36.7%), from €66,159 to €41,897
of which Furniture and vehicles: -€18,342
- Cash +€21,627
up €21,627 (+47.1%), from €45,929 to €67,555
mainly Depreciation (+€24,691) and Net result for the year (+€20,183)
- Receivables within one year -€3,366
down €3,366 (-14.9%), from €22,635 to €19,269
of which Other amounts receivable: -€5,586
- Reserves +€20,183
up €20,183 (+11.2%), from €179,648 to €199,830
of which Non-distributable reserves: +€20,183
- Current portion of long-term debt -€13,385
no longer reported in 2025 (was €13,385)
- Other debts -€6,607
down €6,607 (-43.0%), from €15,355 to €8,748
- Tax, wage and social debts -€4,263
down €4,263 (-84.9%), from €5,021 to €758
- Gross operating margin +€13,866
up €13,866 (+34.3%), from €40,448 to €54,314
- Depreciation -€11,397
down €11,397 (-31.6%), from €36,088 to €24,691
- Taxes +€7,418
up €7,418 (+616%), from €1,204 to €8,622
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 | €228,664 | €223,265 | -€5,399 | -2.4% |
| Fixed assets | 21/28 | €66,159 | €41,897 | -€24,262 | -36.7% |
| Tangible fixed assets | 22/27 | €66,159 | €41,897 | -€24,262 | -36.7% |
| Plant, machinery and equipment | 23 | €1,538 | €211 | -€1,327 | -86.3% |
| Furniture and vehicles | 24 | €28,609 | €10,267 | -€18,342 | -64.1% |
| Other tangible fixed assets | 26 | €36,011 | €31,419 | -€4,592 | -12.8% |
| Current assets | 29/58 | €162,505 | €181,368 | +€18,863 | +11.6% |
| Amounts receivable within one year | 40/41 | €22,635 | €19,269 | -€3,366 | -14.9% |
| Trade receivables | 40 | €13,504 | €15,724 | +€2,220 | +16.4% |
| Other amounts receivable | 41 | €9,132 | €3,546 | -€5,586 | -61.2% |
| Current investments | 50/53 | €92,191 | €92,712 | +€521 | +0.6% |
| Cash at bank and in hand | 54/58 | €45,929 | €67,555 | +€21,627 | +47.1% |
| Deferred charges and accrued income | 490/1 | €1,749 | €1,831 | +€82 | +4.7% |
| Total equity and liabilities | 10/49 | €228,664 | €223,265 | -€5,399 | -2.4% |
| Equity | 10/15 | €192,048 | €212,230 | +€20,183 | +10.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €179,648 | €199,830 | +€20,183 | +11.2% |
| Non-distributable reserves | 130/1 | €179,465 | €199,648 | +€20,183 | +11.2% |
| Reserves not available under the articles | 1311 | €4,631 | €4,631 | = | 0.0% |
| Other | 1319 | €174,834 | €195,017 | +€20,183 | +11.5% |
| Tax-exempt reserves | 132 | €183 | €183 | = | 0.0% |
| Amounts payable | 17/49 | €36,616 | €11,035 | -€25,581 | -69.9% |
| Amounts payable within one year | 42/48 | €35,285 | €10,005 | -€25,281 | -71.6% |
| Current portion of amounts payable after more than one year | 42 | €13,385 | - | -€13,385 | |
| Trade debts | 44 | €1,524 | €498 | -€1,026 | -67.3% |
| Suppliers | 440/4 | €1,524 | €498 | -€1,026 | -67.3% |
| Taxes, remuneration and social security | 45 | €5,021 | €758 | -€4,263 | -84.9% |
| Taxes | 450/3 | €5,021 | €758 | -€4,263 | -84.9% |
| Other amounts payable | 47/48 | €15,355 | €8,748 | -€6,607 | -43.0% |
| Accrued charges and deferred income | 492/3 | €1,331 | €1,030 | -€301 | -22.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,088 | €24,691 | -€11,397 | -31.6% |
| Other operating charges | 640/8 | €583 | €600 | +€16 | +2.8% |
| Non-recurring operating charges | 66A | €53 | €141 | +€88 | +167% |
| Gross operating margin | 9900 | €40,448 | €54,314 | +€13,866 | +34.3% |
| Operating profit (loss) | 9901 | €3,724 | €28,882 | +€25,158 | +675% |
| Financial income | 75/76B | €1,333 | €1,213 | -€120 | -9.0% |
| Recurring financial income | 75 | €1,333 | €1,213 | -€120 | -9.0% |
| Financial charges | 65/66B | €1,770 | €1,290 | -€480 | -27.1% |
| Recurring financial charges | 65 | €1,770 | €1,290 | -€480 | -27.1% |
| Profit (loss) for the period before taxes | 9903 | €3,287 | €28,805 | +€25,518 | +776% |
| Income taxes | 67/77 | €1,204 | €8,622 | +€7,418 | +616% |
| Profit (loss) for the period | 9904 | €2,083 | €20,183 | +€18,100 | +869% |
| Profit (loss) for the period to be appropriated | 9905 | €2,083 | €20,183 | +€18,100 | +869% |
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 23 October 2026 via checked.be.