SMA INVEST: what changed
What changed
SMA INVEST
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€28,548
2024 · -€5,816-€22,732
Equity
€529,763
2024 · €581,247-€51,484
Cash
€138,644
2024 · €32,430+€106,215
Balance sheet total
€709,174
2024 · €880,332-€171,158
Largest movements
Assets
- Financial fixed assets -€199,588
down €199,588 (-100.0%), from €199,666 to €78
- Cash +€106,215
up €106,215 (+328%), from €32,430 to €138,644
mainly Investment in fixed assets (net) (+€196,129) and Current investments (+€39,944)
- Current investments -€39,944
down €39,944 (-79.9%), from €50,000 to €10,056
- Tangible fixed assets -€32,718
down €32,718 (-9.5%), from €344,905 to €312,187
of which Land and buildings: -€31,128
Equity and liabilities
- Other debts -€109,007
down €109,007 (-40.9%), from €266,248 to €157,241
- Profit (loss) carried forward -€28,548
down €28,548 (-54.1%), from -€52,805 to -€81,353
- Reserves -€22,936
down €22,936 (-13.9%), from €165,383 to €142,447
of which Distributable reserves: -€22,936
Income statement
- Financial income -€9,855
down €9,855 (-52.2%), from €18,871 to €9,016
- Gross operating margin +€5,324
up €5,324 (+13.2%), from €40,191 to €45,514
- Financial charges -€4,376
down €4,376 (-22.4%), from €19,537 to €15,161
- Depreciation -€1,120
down €1,120 (-3.0%), from €37,297 to €36,177
- Other operating charges -€1,111
down €1,111 (-15.0%), from €7,389 to €6,278
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€5,816
Gross operating margin
+€5,324
Depreciation
+€1,120
Other operating charges
+€1,111
Other operating items
-€24,778
Financial income
-€9,855
Financial charges
+€4,376
Taxes
-€30
Result 2025
-€28,548
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€106,925
Investment
+€236,073
Financing
-€22,934
Cash 2024
€32,430
From operations (derived)
-€106,925
Net result for the year
-€28,548
Depreciation
+€36,177
Receivables after one year
+€2,174
Receivables within one year
+€2,849
Deferred charges and accrued income
+€100
Trade debts
-€7,104
Tax, wage and social debts
+€1,103
Other debts
-€109,007
Accrued charges and deferred income
-€4,669
Investment (derived)
+€236,073
Investment in fixed assets (net)
+€196,129
Current investments
+€39,944
Financing
-€22,934
Short-term financial debts
+€2
Contributions, distributions and other
-€22,936
Cash 2025
€138,644
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €880,332 | €709,174 | -€171,158 | -19.4% |
| Fixed assets | 21/28 | €544,571 | €312,265 | -€232,306 | -42.7% |
| Tangible fixed assets | 22/27 | €344,905 | €312,187 | -€32,718 | -9.5% |
| Land and buildings | 22 | €330,789 | €299,661 | -€31,128 | -9.4% |
| Plant, machinery and equipment | 23 | €4,904 | €7,192 | +€2,287 | +46.6% |
| Furniture and vehicles | 24 | €9,211 | €5,334 | -€3,877 | -42.1% |
| Financial fixed assets | 28 | €199,666 | €78 | -€199,588 | -100.0% |
| Current assets | 29/58 | €335,761 | €396,909 | +€61,148 | +18.2% |
| Amounts receivable after more than one year | 29 | €229,131 | €226,957 | -€2,174 | -0.9% |
| Other amounts receivable | 291 | €229,131 | €226,957 | -€2,174 | -0.9% |
| Amounts receivable within one year | 40/41 | €22,922 | €20,073 | -€2,849 | -12.4% |
| Trade receivables | 40 | €22,922 | €15,619 | -€7,303 | -31.9% |
| Other amounts receivable | 41 | €0 | €4,455 | +€4,455 | |
| Current investments | 50/53 | €50,000 | €10,056 | -€39,944 | -79.9% |
| Cash at bank and in hand | 54/58 | €32,430 | €138,644 | +€106,215 | +328% |
| Deferred charges and accrued income | 490/1 | €1,278 | €1,179 | -€100 | -7.8% |
| Total equity and liabilities | 10/49 | €880,332 | €709,174 | -€171,158 | -19.4% |
| Equity | 10/15 | €581,247 | €529,763 | -€51,484 | -8.9% |
| Contributions | 10/11 | €468,669 | €468,669 | = | 0.0% |
| Reserves | 13 | €165,383 | €142,447 | -€22,936 | -13.9% |
| Non-distributable reserves | 130/1 | €8,606 | €8,606 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,606 | €8,606 | = | 0.0% |
| Distributable reserves | 133 | €156,777 | €133,841 | -€22,936 | -14.6% |
| Profit (loss) carried forward | 14 | -€52,805 | -€81,353 | -€28,548 | -54.1% |
| Amounts payable | 17/49 | €299,085 | €179,411 | -€119,674 | -40.0% |
| Amounts payable within one year | 42/48 | €279,767 | €164,762 | -€115,005 | -41.1% |
| Financial debts | 43 | €111 | €113 | +€2 | +2.0% |
| Credit institutions | 430/8 | €111 | €113 | +€2 | +2.0% |
| Trade debts | 44 | €7,494 | €390 | -€7,104 | -94.8% |
| Suppliers | 440/4 | €7,494 | €390 | -€7,104 | -94.8% |
| Taxes, remuneration and social security | 45 | €5,915 | €7,018 | +€1,103 | +18.7% |
| Taxes | 450/3 | €5,915 | €7,018 | +€1,103 | +18.7% |
| Other amounts payable | 47/48 | €266,248 | €157,241 | -€109,007 | -40.9% |
| Accrued charges and deferred income | 492/3 | €19,318 | €14,649 | -€4,669 | -24.2% |
| Non-recurring operating income | 76A | €0 | €14,024 | +€14,024 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,297 | €36,177 | -€1,120 | -3.0% |
| Other operating charges | 640/8 | €7,389 | €6,278 | -€1,111 | -15.0% |
| Non-recurring operating charges | 66A | - | €24,778 | +€24,778 | |
| Gross operating margin | 9900 | €40,191 | €45,514 | +€5,324 | +13.2% |
| Operating profit (loss) | 9901 | -€4,496 | -€21,719 | -€17,224 | -383% |
| Financial income | 75/76B | €18,871 | €9,016 | -€9,855 | -52.2% |
| Recurring financial income | 75 | €18,871 | €9,016 | -€9,855 | -52.2% |
| Financial charges | 65/66B | €19,537 | €15,161 | -€4,376 | -22.4% |
| Recurring financial charges | 65 | €19,537 | €15,161 | -€4,376 | -22.4% |
| Profit (loss) for the period before taxes | 9903 | -€5,162 | -€27,865 | -€22,703 | -440% |
| Income taxes | 67/77 | €653 | €683 | +€30 | +4.6% |
| Profit (loss) for the period | 9904 | -€5,816 | -€28,548 | -€22,732 | -391% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,816 | -€28,548 | -€22,732 | -391% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.