Tom De Smet: 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.
Tom De Smet
Largest movements
- Receivables within one year +€418,139
up €418,139 (+76.4%), from €547,583 to €965,722
of which Other amounts receivable: +€247,692
- Cash +€369,247
up €369,247 (+78.1%), from €472,757 to €842,004
mainly Net result for the year (+€897,928) and Depreciation (+€273,149)
- Tangible fixed assets -€140,099
down €140,099 (-7.7%), from €1.8m to €1.7m
of which Plant, machinery and equipment: -€132,067
- Deferred charges and accrued income +€109,226
up €109,226 (+558%), from €19,563 to €128,788
- Stocks and contracts +€64,347
up €64,347 (+86.0%), from €74,791 to €139,138
- Reserves +€388,036
up €388,036 (+10.8%), from €3.6m to €4.0m
of which Distributable reserves: +€388,036
- Other debts +€223,704
up €223,704 (+1,367%), from €16,368 to €240,072
- Trade debts +€191,080
up €191,080 (+66.3%), from €288,370 to €479,450
- Gross operating margin -€215,297
down €215,297 (-11.1%), from €1.9m to €1.7m
- Depreciation -€135,456
down €135,456 (-33.2%), from €408,605 to €273,149
- Other operating charges -€94,893
down €94,893 (-90.0%), from €105,424 to €10,531
- Staff costs -€38,653
down €38,653 (-21.1%), from €183,504 to €144,851
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 | €3,944,969 | €4,765,829 | +€820,861 | +20.8% |
| Fixed assets | 21/28 | €1,830,275 | €1,690,177 | -€140,099 | -7.7% |
| Tangible fixed assets | 22/27 | €1,830,275 | €1,690,177 | -€140,099 | -7.7% |
| Land and buildings | 22 | €1,039,067 | €1,039,067 | = | 0.0% |
| Plant, machinery and equipment | 23 | €518,957 | €386,890 | -€132,067 | -25.4% |
| Furniture and vehicles | 24 | €272,251 | €264,220 | -€8,031 | -2.9% |
| Current assets | 29/58 | €2,114,693 | €3,075,652 | +€960,959 | +45.4% |
| Stocks and contracts in progress | 3 | €74,791 | €139,138 | +€64,347 | +86.0% |
| Stocks | 30/36 | €74,791 | €139,138 | +€64,347 | +86.0% |
| Amounts receivable within one year | 40/41 | €547,583 | €965,722 | +€418,139 | +76.4% |
| Trade receivables | 40 | €463,148 | €633,596 | +€170,448 | +36.8% |
| Other amounts receivable | 41 | €84,434 | €332,126 | +€247,692 | +293% |
| Current investments | 50/53 | €1,000,000 | €1,000,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €472,757 | €842,004 | +€369,247 | +78.1% |
| Deferred charges and accrued income | 490/1 | €19,563 | €128,788 | +€109,226 | +558% |
| Total equity and liabilities | 10/49 | €3,944,969 | €4,765,829 | +€820,861 | +20.8% |
| Equity | 10/15 | €3,620,804 | €4,008,840 | +€388,036 | +10.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €3,608,404 | €3,996,440 | +€388,036 | +10.8% |
| Tax-exempt reserves | 132 | €12,000 | €12,000 | = | 0.0% |
| Distributable reserves | 133 | €3,596,404 | €3,984,440 | +€388,036 | +10.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €324,165 | €756,990 | +€432,825 | +134% |
| Amounts payable within one year | 42/48 | €322,034 | €756,990 | +€434,956 | +135% |
| Trade debts | 44 | €288,370 | €479,450 | +€191,080 | +66.3% |
| Suppliers | 440/4 | €288,370 | €479,450 | +€191,080 | +66.3% |
| Advances received on contracts in progress | 46 | €3,184 | €0 | -€3,184 | -100% |
| Taxes, remuneration and social security | 45 | €14,112 | €37,468 | +€23,356 | +166% |
| Taxes | 450/3 | €14,112 | €37,468 | +€23,356 | +166% |
| Other amounts payable | 47/48 | €16,368 | €240,072 | +€223,704 | +1,367% |
| Accrued charges and deferred income | 492/3 | €2,131 | €0 | -€2,131 | -100% |
| Remuneration, social security and pensions | 62 | €183,504 | €144,851 | -€38,653 | -21.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €408,605 | €273,149 | -€135,456 | -33.2% |
| Other operating charges | 640/8 | €105,424 | €10,531 | -€94,893 | -90.0% |
| Gross operating margin | 9900 | €1,940,931 | €1,725,634 | -€215,297 | -11.1% |
| Operating profit (loss) | 9901 | €1,243,398 | €1,297,103 | +€53,705 | +4.3% |
| Financial income | 75/76B | €38,956 | €23,940 | -€15,015 | -38.5% |
| Recurring financial income | 75 | €38,956 | €23,940 | -€15,015 | -38.5% |
| Financial charges | 65/66B | €1,361 | €11,010 | +€9,648 | +709% |
| Recurring financial charges | 65 | €1,361 | €11,010 | +€9,648 | +709% |
| Profit (loss) for the period before taxes | 9903 | €1,280,992 | €1,310,034 | +€29,042 | +2.3% |
| Income taxes | 67/77 | €403,695 | €412,106 | +€8,410 | +2.1% |
| Profit (loss) for the period | 9904 | €877,297 | €897,928 | +€20,631 | +2.4% |
| Profit (loss) for the period to be appropriated | 9905 | €877,297 | €897,928 | +€20,631 | +2.4% |
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.