Tom 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 Smet
Largest movements
- Tangible fixed assets -€19,376
down €19,376 (-32.4%), from €59,775 to €40,400
of which Leasing and similar rights: -€17,886
- Cash +€3,284
up €3,284 (+6.8%), from €48,650 to €51,934
mainly Depreciation (+€19,830) and Deferred charges and accrued income (+€1,288)
- Receivables within one year +€2,946
up €2,946 (+12.7%), from €23,277 to €26,224
of which Trade receivables: +€2,696
- Debts after one year -€16,043
down €16,043 (-46.8%), from €34,310 to €18,268
- Gross operating margin -€44,024
down €44,024 (-64.3%), from €68,438 to €24,414
- Taxes -€10,044
down €10,044 (-96.0%), from €10,465 to €420
- Depreciation +€2,260
up €2,260 (+12.9%), from €17,570 to €19,830
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 | €133,458 | €119,025 | -€14,433 | -10.8% |
| Fixed assets | 21/28 | €59,775 | €40,400 | -€19,376 | -32.4% |
| Tangible fixed assets | 22/27 | €59,775 | €40,400 | -€19,376 | -32.4% |
| Plant, machinery and equipment | 23 | €3,055 | €2,095 | -€960 | -31.4% |
| Furniture and vehicles | 24 | €1,431 | €901 | -€530 | -37.0% |
| Leasing and similar rights | 25 | €55,289 | €37,403 | -€17,886 | -32.3% |
| Current assets | 29/58 | €73,683 | €78,625 | +€4,943 | +6.7% |
| Amounts receivable within one year | 40/41 | €23,277 | €26,224 | +€2,946 | +12.7% |
| Trade receivables | 40 | €23,277 | €25,974 | +€2,696 | +11.6% |
| Other amounts receivable | 41 | - | €250 | +€250 | |
| Cash at bank and in hand | 54/58 | €48,650 | €51,934 | +€3,284 | +6.8% |
| Deferred charges and accrued income | 490/1 | €1,755 | €467 | -€1,288 | -73.4% |
| Total equity and liabilities | 10/49 | €133,458 | €119,025 | -€14,433 | -10.8% |
| Equity | 10/15 | €36,232 | €35,539 | -€692 | -1.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €35,232 | €34,539 | -€692 | -2.0% |
| Distributable reserves | 133 | €35,232 | €34,539 | -€692 | -2.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €97,226 | €83,486 | -€13,740 | -14.1% |
| Amounts payable after more than one year | 17 | €34,310 | €18,268 | -€16,043 | -46.8% |
| Financial debts | 170/4 | €34,310 | €18,268 | -€16,043 | -46.8% |
| Amounts payable within one year | 42/48 | €62,916 | €65,218 | +€2,302 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €15,293 | €16,043 | +€749 | +4.9% |
| Trade debts | 44 | €1,902 | €2,588 | +€686 | +36.0% |
| Suppliers | 440/4 | €1,902 | €2,588 | +€686 | +36.0% |
| Taxes, remuneration and social security | 45 | €16,708 | €17,770 | +€1,061 | +6.4% |
| Taxes | 450/3 | €16,708 | €15,505 | -€1,203 | -7.2% |
| Remuneration and social security | 454/9 | - | €2,265 | +€2,265 | |
| Other amounts payable | 47/48 | €29,012 | €28,817 | -€194 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,570 | €19,830 | +€2,260 | +12.9% |
| Other operating charges | 640/8 | €903 | €920 | +€17 | +1.9% |
| Gross operating margin | 9900 | €68,438 | €24,414 | -€44,024 | -64.3% |
| Operating profit (loss) | 9901 | €49,965 | €3,664 | -€46,301 | -92.7% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100% |
| Financial charges | 65/66B | €2,570 | €2,237 | -€333 | -13.0% |
| Recurring financial charges | 65 | €2,570 | €2,237 | -€333 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | €47,397 | €1,428 | -€45,969 | -97.0% |
| Income taxes | 67/77 | €10,465 | €420 | -€10,044 | -96.0% |
| Profit (loss) for the period | 9904 | €36,932 | €1,008 | -€35,924 | -97.3% |
| Profit (loss) for the period to be appropriated | 9905 | €36,932 | €1,008 | -€35,924 | -97.3% |
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 23 October 2026 via checked.be.