SFMP IMMO: 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.
SFMP IMMO
Largest movements
- Tangible fixed assets +€89,895
up €89,895 (+1,183%), from €7,601 to €97,496
- Cash -€42,741
down €42,741 (-91.9%), from €46,521 to €3,780
mainly Investment in fixed assets (net) (-€112,191) and Contributions, distributions and other (-€20,000)
- Deferred charges and accrued income -€14,333
down €14,333 (-99.3%), from €14,441 to €108
- Debts after one year +€38,970
new in 2025: €38,970
- Other debts -€14,401
down €14,401 (-39.5%), from €36,461 to €22,060
- Current portion of long-term debt +€11,671
new in 2025: €11,671
- Trade debts -€1,565
no longer reported in 2025 (was €1,565)
- Reserves -€1,410
down €1,410 (-13.9%), from €10,116 to €8,706
- Gross operating margin +€21,902
up €21,902 (+76.3%), from €28,699 to €50,601
- Depreciation +€21,258
up €21,258 (+2,048%), from €1,038 to €22,296
- Financial charges +€1,988
up €1,988 (+2,050%), from €97 to €2,085
- Taxes +€920
up €920 (+14.0%), from €6,563 to €7,483
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 | €68,563 | €101,383 | +€32,820 | +47.9% |
| Fixed assets | 21/28 | €7,601 | €97,496 | +€89,895 | +1,183% |
| Tangible fixed assets | 22/27 | €7,601 | €97,496 | +€89,895 | +1,183% |
| Furniture and vehicles | 24 | €7,601 | €97,496 | +€89,895 | +1,183% |
| Current assets | 29/58 | €60,962 | €3,887 | -€57,075 | -93.6% |
| Cash at bank and in hand | 54/58 | €46,521 | €3,780 | -€42,741 | -91.9% |
| Deferred charges and accrued income | 490/1 | €14,441 | €108 | -€14,333 | -99.3% |
| Total equity and liabilities | 10/49 | €68,563 | €101,383 | +€32,820 | +47.9% |
| Equity | 10/15 | €10,116 | €8,706 | -€1,410 | -13.9% |
| Reserves | 13 | €10,116 | €8,706 | -€1,410 | -13.9% |
| Distributable reserves | 133 | €10,116 | €8,706 | -€1,410 | -13.9% |
| Amounts payable | 17/49 | €58,447 | €92,677 | +€34,230 | +58.6% |
| Amounts payable after more than one year | 17 | - | €38,970 | +€38,970 | |
| Financial debts | 170/4 | - | €38,970 | +€38,970 | |
| Amounts payable within one year | 42/48 | €58,447 | €53,707 | -€4,740 | -8.1% |
| Current portion of amounts payable after more than one year | 42 | - | €11,671 | +€11,671 | |
| Trade debts | 44 | €1,565 | - | -€1,565 | |
| Suppliers | 440/4 | €1,565 | - | -€1,565 | |
| Taxes, remuneration and social security | 45 | €20,421 | €19,976 | -€445 | -2.2% |
| Taxes | 450/3 | €20,421 | €19,976 | -€445 | -2.2% |
| Other amounts payable | 47/48 | €36,461 | €22,060 | -€14,401 | -39.5% |
| Non-recurring operating income | 76A | €8,738 | - | -€8,738 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,038 | €22,296 | +€21,258 | +2,048% |
| Other operating charges | 640/8 | €46 | €147 | +€101 | +220% |
| Gross operating margin | 9900 | €28,699 | €50,601 | +€21,902 | +76.3% |
| Operating profit (loss) | 9901 | €27,615 | €28,158 | +€543 | +2.0% |
| Financial charges | 65/66B | €97 | €2,085 | +€1,988 | +2,050% |
| Recurring financial charges | 65 | €97 | €2,085 | +€1,988 | +2,050% |
| Profit (loss) for the period before taxes | 9903 | €27,518 | €26,073 | -€1,445 | -5.3% |
| Income taxes | 67/77 | €6,563 | €7,483 | +€920 | +14.0% |
| Profit (loss) for the period | 9904 | €20,955 | €18,590 | -€2,365 | -11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €20,955 | €18,590 | -€2,365 | -11.3% |
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 13 October 2026 via checked.be.