WILLY SMETS: 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.
WILLY SMETS
Largest movements
- Cash -€201,098
down €201,098 (-48.1%), from €418,418 to €217,320
mainly Net result for the year (-€72,097) and Receivables within one year (-€53,756)
- Receivables within one year +€53,756
up €53,756 (+60.5%), from €88,883 to €142,639
of which Other amounts receivable: +€64,589
- Tangible fixed assets -€44,508
down €44,508 (-18.1%), from €245,682 to €201,174
of which Furniture and vehicles: -€31,980
- Reserves -€72,097
down €72,097 (-8.6%), from €835,165 to €763,068
- Other debts -€49,070
down €49,070 (-56.9%), from €86,236 to €37,166
- Trade debts -€33,868
down €33,868 (-53.1%), from €63,754 to €29,886
- Tax, wage and social debts -€30,388
down €30,388 (-28.0%), from €108,475 to €78,087
of which Taxes: -€23,260
- Gross operating margin -€243,928
down €243,928 (-34.1%), from €715,793 to €471,865
- Taxes -€53,469
down €53,469, from €48,432 to -€5,037
- Depreciation -€13,908
down €13,908 (-23.8%), from €58,416 to €44,508
- Staff costs +€7,469
up €7,469 (+1.6%), from €465,769 to €473,238
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 | €1,170,917 | €971,577 | -€199,340 | -17.0% |
| Fixed assets | 21/28 | €252,575 | €208,067 | -€44,508 | -17.6% |
| Tangible fixed assets | 22/27 | €245,682 | €201,174 | -€44,508 | -18.1% |
| Plant, machinery and equipment | 23 | €119,184 | €106,656 | -€12,528 | -10.5% |
| Furniture and vehicles | 24 | €126,498 | €94,518 | -€31,980 | -25.3% |
| Financial fixed assets | 28 | €6,893 | €6,893 | = | 0.0% |
| Current assets | 29/58 | €918,342 | €763,510 | -€154,832 | -16.9% |
| Stocks and contracts in progress | 3 | €411,041 | €403,551 | -€7,490 | -1.8% |
| Stocks | 30/36 | €411,041 | €403,551 | -€7,490 | -1.8% |
| Amounts receivable within one year | 40/41 | €88,883 | €142,639 | +€53,756 | +60.5% |
| Trade receivables | 40 | €32,236 | €21,403 | -€10,833 | -33.6% |
| Other amounts receivable | 41 | €56,647 | €121,236 | +€64,589 | +114% |
| Cash at bank and in hand | 54/58 | €418,418 | €217,320 | -€201,098 | -48.1% |
| Total equity and liabilities | 10/49 | €1,170,917 | €971,577 | -€199,340 | -17.0% |
| Equity | 10/15 | €876,085 | €803,988 | -€72,097 | -8.2% |
| Contributions | 10/11 | €40,920 | €40,920 | = | 0.0% |
| Reserves | 13 | €835,165 | €763,068 | -€72,097 | -8.6% |
| Distributable reserves | 133 | €835,165 | €763,068 | -€72,097 | -8.6% |
| Amounts payable | 17/49 | €294,832 | €167,589 | -€127,243 | -43.2% |
| Amounts payable after more than one year | 17 | €22,173 | €12,603 | -€9,570 | -43.2% |
| Financial debts | 170/4 | €22,173 | €12,603 | -€9,570 | -43.2% |
| Amounts payable within one year | 42/48 | €272,659 | €154,986 | -€117,673 | -43.2% |
| Current portion of amounts payable after more than one year | 42 | €14,194 | €9,847 | -€4,347 | -30.6% |
| Trade debts | 44 | €63,754 | €29,886 | -€33,868 | -53.1% |
| Suppliers | 440/4 | €63,754 | €29,886 | -€33,868 | -53.1% |
| Taxes, remuneration and social security | 45 | €108,475 | €78,087 | -€30,388 | -28.0% |
| Taxes | 450/3 | €25,343 | €2,083 | -€23,260 | -91.8% |
| Remuneration and social security | 454/9 | €83,132 | €76,004 | -€7,128 | -8.6% |
| Other amounts payable | 47/48 | €86,236 | €37,166 | -€49,070 | -56.9% |
| Remuneration, social security and pensions | 62 | €465,769 | €473,238 | +€7,469 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,416 | €44,508 | -€13,908 | -23.8% |
| Other operating charges | 640/8 | €41,386 | €36,178 | -€5,208 | -12.6% |
| Gross operating margin | 9900 | €715,793 | €471,865 | -€243,928 | -34.1% |
| Operating profit (loss) | 9901 | €150,222 | -€82,059 | -€232,281 | |
| Financial income | 75/76B | €16,597 | €11,569 | -€5,028 | -30.3% |
| Recurring financial income | 75 | €16,597 | €11,569 | -€5,028 | -30.3% |
| Financial charges | 65/66B | €5,818 | €6,644 | +€826 | +14.2% |
| Recurring financial charges | 65 | €5,818 | €6,644 | +€826 | +14.2% |
| Profit (loss) for the period before taxes | 9903 | €161,001 | -€77,134 | -€238,135 | |
| Income taxes | 67/77 | €48,432 | -€5,037 | -€53,469 | |
| Profit (loss) for the period | 9904 | €112,569 | -€72,097 | -€184,666 | |
| Profit (loss) for the period to be appropriated | 9905 | €112,569 | -€72,097 | -€184,666 |
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 24 October 2026 via checked.be.