Immo Smout: 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 Smout
Largest movements
- Receivables within one year -€92,233
down €92,233 (-93.5%), from €98,628 to €6,396
of which Trade receivables: -€47,185
- Cash -€56,014
down €56,014 (-68.1%), from €82,252 to €26,238
mainly Investment in fixed assets (net) (-€113,271) and Net result for the year (-€93,007)
- Tangible fixed assets +€31,733
up €31,733 (+3.2%), from €995,807 to €1.0m
of which Land and buildings: +€37,232
- Profit (loss) carried forward -€81,838
down €81,838 (-287%), from -€28,499 to -€110,337
- Current portion of long-term debt -€27,010
down €27,010 (-51.4%), from €52,501 to €25,492
- Debts after one year +€17,938
up €17,938 (+5.5%), from €326,058 to €343,995
- Trade debts -€12,546
down €12,546 (-39.4%), from €31,809 to €19,263
- Depreciation +€8,944
up €8,944 (+12.3%), from €72,593 to €81,537
- Gross operating margin +€3,705
up €3,705 (+15.7%), from €23,622 to €27,327
- Financial charges +€3,647
up €3,647 (+24.0%), from €15,205 to €18,852
- Other operating charges +€3,089
up €3,089 (+14.6%), from €21,190 to €24,279
- Financial income +€808
up €808, from €0 to €808
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 | €1,184,750 | €1,068,760 | -€115,991 | -9.8% |
| Fixed assets | 21/28 | €995,807 | €1,027,541 | +€31,733 | +3.2% |
| Tangible fixed assets | 22/27 | €995,807 | €1,027,541 | +€31,733 | +3.2% |
| Land and buildings | 22 | €982,858 | €1,020,090 | +€37,232 | +3.8% |
| Plant, machinery and equipment | 23 | €7,162 | €5,114 | -€2,049 | -28.6% |
| Furniture and vehicles | 24 | €5,787 | €2,337 | -€3,450 | -59.6% |
| Current assets | 29/58 | €188,943 | €41,219 | -€147,724 | -78.2% |
| Amounts receivable within one year | 40/41 | €98,628 | €6,396 | -€92,233 | -93.5% |
| Trade receivables | 40 | €53,581 | €6,396 | -€47,185 | -88.1% |
| Other amounts receivable | 41 | €45,047 | €0 | -€45,047 | -100% |
| Cash at bank and in hand | 54/58 | €82,252 | €26,238 | -€56,014 | -68.1% |
| Deferred charges and accrued income | 490/1 | €8,063 | €8,585 | +€522 | +6.5% |
| Total equity and liabilities | 10/49 | €1,184,750 | €1,068,760 | -€115,991 | -9.8% |
| Equity | 10/15 | €421,447 | €328,440 | -€93,007 | -22.1% |
| Contributions | 10/11 | €240,500 | €240,500 | = | 0.0% |
| Capital | 10 | €240,500 | €240,500 | = | 0.0% |
| Issued capital | 100 | €240,500 | €240,500 | = | 0.0% |
| Reserves | 13 | €209,447 | €198,278 | -€11,169 | -5.3% |
| Non-distributable reserves | 130/1 | €24,050 | €24,050 | = | 0.0% |
| Legal reserve | 130 | €24,050 | €24,050 | = | 0.0% |
| Tax-exempt reserves | 132 | €185,397 | €174,228 | -€11,169 | -6.0% |
| Profit (loss) carried forward | 14 | -€28,499 | -€110,337 | -€81,838 | -287% |
| Provisions and deferred taxes | 16 | €61,799 | €58,076 | -€3,723 | -6.0% |
| Deferred taxes | 168 | €61,799 | €58,076 | -€3,723 | -6.0% |
| Amounts payable | 17/49 | €701,504 | €682,243 | -€19,261 | -2.7% |
| Amounts payable after more than one year | 17 | €326,058 | €343,995 | +€17,938 | +5.5% |
| Financial debts | 170/4 | €326,058 | €343,995 | +€17,938 | +5.5% |
| Amounts payable within one year | 42/48 | €375,422 | €337,676 | -€37,746 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €52,501 | €25,492 | -€27,010 | -51.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €31,809 | €19,263 | -€12,546 | -39.4% |
| Suppliers | 440/4 | €31,809 | €19,263 | -€12,546 | -39.4% |
| Taxes, remuneration and social security | 45 | €2,779 | €9,492 | +€6,713 | +242% |
| Taxes | 450/3 | €2,779 | €9,492 | +€6,713 | +242% |
| Other amounts payable | 47/48 | €288,332 | €283,429 | -€4,903 | -1.7% |
| Accrued charges and deferred income | 492/3 | €24 | €572 | +€548 | +2,244% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,593 | €81,537 | +€8,944 | +12.3% |
| Other operating charges | 640/8 | €21,190 | €24,279 | +€3,089 | +14.6% |
| Gross operating margin | 9900 | €23,622 | €27,327 | +€3,705 | +15.7% |
| Operating profit (loss) | 9901 | -€70,161 | -€78,489 | -€8,328 | -11.9% |
| Financial income | 75/76B | €0 | €808 | +€808 | |
| Recurring financial income | 75 | €0 | €808 | +€808 | |
| Financial charges | 65/66B | €15,205 | €18,852 | +€3,647 | +24.0% |
| Recurring financial charges | 65 | €15,205 | €18,852 | +€3,647 | +24.0% |
| Profit (loss) for the period before taxes | 9903 | -€85,366 | -€96,532 | -€11,166 | -13.1% |
| Transfer from deferred taxes | 780 | €2,187 | €3,723 | +€1,536 | +70.2% |
| Income taxes | 67/77 | €217 | €198 | -€19 | -8.7% |
| Profit (loss) for the period | 9904 | -€83,396 | -€93,007 | -€9,611 | -11.5% |
| Transfer from tax-exempt reserves | 789 | €6,560 | €11,169 | +€4,609 | +70.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€76,836 | -€81,838 | -€5,003 | -6.5% |
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 19 October 2026 via checked.be.