IMMO GEORGES 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.
IMMO GEORGES SMET
Largest movements
- Tangible fixed assets -€64,854
down €64,854 (-5.8%), from €1.1m to €1.1m
of which Land and buildings: -€63,867
- Debts after one year -€94,707
down €94,707 (-17.8%), from €531,414 to €436,707
- Reserves +€26,377
up €26,377 (+11.6%), from €228,132 to €254,509
of which Distributable reserves: +€26,377
- Tax, wage and social debts +€14,017
up €14,017 (+34.3%), from €40,811 to €54,828
of which Taxes: +€14,017
- Staff costs -€24,012
down €24,012 (-99.5%), from €24,125 to €113
- Gross operating margin +€14,560
up €14,560 (+5.8%), from €249,685 to €264,245
- Taxes +€11,637
up €11,637 (+33.5%), from €34,758 to €46,395
- Other operating charges +€4,767
up €4,767 (+11.1%), from €42,857 to €47,623
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 | €1,176,666 | €1,118,246 | -€58,420 | -5.0% |
| Fixed assets | 21/28 | €1,116,449 | €1,051,596 | -€64,854 | -5.8% |
| Tangible fixed assets | 22/27 | €1,116,449 | €1,051,596 | -€64,854 | -5.8% |
| Land and buildings | 22 | €1,114,711 | €1,050,844 | -€63,867 | -5.7% |
| Plant, machinery and equipment | 23 | €1,739 | €752 | -€987 | -56.7% |
| Current assets | 29/58 | €60,217 | €66,651 | +€6,434 | +10.7% |
| Amounts receivable within one year | 40/41 | €12,656 | €8,629 | -€4,027 | -31.8% |
| Trade receivables | 40 | €12,656 | €8,629 | -€4,027 | -31.8% |
| Cash at bank and in hand | 54/58 | €46,558 | €57,019 | +€10,461 | +22.5% |
| Deferred charges and accrued income | 490/1 | €1,002 | €1,002 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,176,666 | €1,118,246 | -€58,420 | -5.0% |
| Equity | 10/15 | €463,708 | €490,085 | +€26,377 | +5.7% |
| Contributions | 10/11 | €195,836 | €195,836 | = | 0.0% |
| Capital | 10 | €195,836 | €195,836 | = | 0.0% |
| Issued capital | 100 | €195,836 | €195,836 | = | 0.0% |
| Reserves | 13 | €228,132 | €254,509 | +€26,377 | +11.6% |
| Non-distributable reserves | 130/1 | €21,900 | €21,900 | = | 0.0% |
| Legal reserve | 130 | €21,900 | €21,900 | = | 0.0% |
| Distributable reserves | 133 | €206,232 | €232,609 | +€26,377 | +12.8% |
| Profit (loss) carried forward | 14 | €39,740 | €39,740 | = | 0.0% |
| Amounts payable | 17/49 | €712,958 | €628,162 | -€84,797 | -11.9% |
| Amounts payable after more than one year | 17 | €531,414 | €436,707 | -€94,707 | -17.8% |
| Financial debts | 170/4 | €531,414 | €436,707 | -€94,707 | -17.8% |
| Amounts payable within one year | 42/48 | €177,377 | €187,287 | +€9,911 | +5.6% |
| Current portion of amounts payable after more than one year | 42 | €93,872 | €94,707 | +€836 | +0.9% |
| Trade debts | 44 | €1,392 | €0 | -€1,392 | -100% |
| Suppliers | 440/4 | €1,392 | €0 | -€1,392 | -100% |
| Taxes, remuneration and social security | 45 | €40,811 | €54,828 | +€14,017 | +34.3% |
| Taxes | 450/3 | €40,811 | €54,828 | +€14,017 | +34.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €41,302 | €37,752 | -€3,550 | -8.6% |
| Accrued charges and deferred income | 492/3 | €4,167 | €4,167 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €24,125 | €113 | -€24,012 | -99.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,187 | €64,854 | -€1,334 | -2.0% |
| Other operating charges | 640/8 | €42,857 | €47,623 | +€4,767 | +11.1% |
| Gross operating margin | 9900 | €249,685 | €264,245 | +€14,560 | +5.8% |
| Operating profit (loss) | 9901 | €116,517 | €151,655 | +€35,138 | +30.2% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €14,749 | €13,258 | -€1,491 | -10.1% |
| Recurring financial charges | 65 | €14,749 | €13,258 | -€1,491 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | €101,767 | €138,397 | +€36,630 | +36.0% |
| Income taxes | 67/77 | €34,758 | €46,395 | +€11,637 | +33.5% |
| Profit (loss) for the period | 9904 | €67,009 | €92,002 | +€24,993 | +37.3% |
| Profit (loss) for the period to be appropriated | 9905 | €67,009 | €92,002 | +€24,993 | +37.3% |
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 15 October 2026 via checked.be.