SMA 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.
SMA IMMO
Largest movements
- Tangible fixed assets -€27,125
down €27,125 (-2.8%), from €964,247 to €937,122
of which Land and buildings: -€67,865
- Debts after one year -€21,773
down €21,773 (-3.4%), from €647,286 to €625,513
- Profit (loss) carried forward -€13,894
down €13,894 (-84.4%), from €16,466 to €2,572
- Gross operating margin +€63,469
up €63,469 (+56.7%), from €111,911 to €175,380
- Financial charges +€57,111
up €57,111 (+2,507%), from €2,278 to €59,389
- Staff costs +€30,333
up €30,333 (+515%), from €5,887 to €36,220
- Other operating charges -€9,963
down €9,963 (-56.5%), from €17,627 to €7,664
- Depreciation +€6,339
up €6,339 (+8.4%), from €75,132 to €81,471
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 | €968,456 | €943,115 | -€25,341 | -2.6% |
| Fixed assets | 21/28 | €964,247 | €937,122 | -€27,125 | -2.8% |
| Tangible fixed assets | 22/27 | €964,247 | €937,122 | -€27,125 | -2.8% |
| Land and buildings | 22 | €906,521 | €838,656 | -€67,865 | -7.5% |
| Other tangible fixed assets | 26 | €57,726 | €98,467 | +€40,741 | +70.6% |
| Current assets | 29/58 | €4,209 | €5,993 | +€1,784 | +42.4% |
| Cash at bank and in hand | 54/58 | €4,209 | €5,993 | +€1,784 | +42.4% |
| Total equity and liabilities | 10/49 | €968,456 | €943,115 | -€25,341 | -2.6% |
| Equity | 10/15 | €26,466 | €12,572 | -€13,894 | -52.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,466 | €2,572 | -€13,894 | -84.4% |
| Amounts payable | 17/49 | €941,990 | €930,543 | -€11,447 | -1.2% |
| Amounts payable after more than one year | 17 | €647,286 | €625,513 | -€21,773 | -3.4% |
| Financial debts | 170/4 | €647,286 | €625,513 | -€21,773 | -3.4% |
| Amounts payable within one year | 42/48 | €294,704 | €305,030 | +€10,327 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €50,948 | €53,057 | +€2,109 | +4.1% |
| Trade debts | 44 | - | €4,037 | +€4,037 | |
| Suppliers | 440/4 | - | €4,037 | +€4,037 | |
| Taxes, remuneration and social security | 45 | €4,523 | €11,098 | +€6,575 | +145% |
| Taxes | 450/3 | €255 | €1,735 | +€1,480 | +580% |
| Remuneration and social security | 454/9 | €4,268 | €9,363 | +€5,095 | +119% |
| Other amounts payable | 47/48 | €239,232 | €236,839 | -€2,393 | -1.0% |
| Remuneration, social security and pensions | 62 | €5,887 | €36,220 | +€30,333 | +515% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,132 | €81,471 | +€6,339 | +8.4% |
| Other operating charges | 640/8 | €17,627 | €7,664 | -€9,963 | -56.5% |
| Gross operating margin | 9900 | €111,911 | €175,380 | +€63,469 | +56.7% |
| Operating profit (loss) | 9901 | €13,264 | €50,025 | +€36,761 | +277% |
| Financial charges | 65/66B | €2,278 | €59,389 | +€57,111 | +2,507% |
| Recurring financial charges | 65 | €2,278 | €59,389 | +€57,111 | +2,507% |
| Profit (loss) for the period before taxes | 9903 | €10,986 | -€9,364 | -€20,350 | |
| Income taxes | 67/77 | - | €4,530 | +€4,530 | |
| Profit (loss) for the period | 9904 | €10,986 | -€13,894 | -€24,880 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,986 | -€13,894 | -€24,880 |
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.