SMAG 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.
SMAG IMMO
Largest movements
- Tangible fixed assets +€669,063
up €669,063 (+114%), from €587,081 to €1.3m
of which Assets under construction and advance payments: +€715,914
- Debts after one year +€635,504
up €635,504 (+163%), from €389,919 to €1.0m
of which Financial debts: +€635,504
- Trade debts +€45,261
up €45,261 (+146,665%), from €31 to €45,292
- Current portion of long-term debt -€15,367
down €15,367 (-100%), from €15,367 to €0
- Depreciation -€129,022
down €129,022 (-73.4%), from €175,873 to €46,851
- Financial charges +€7,748
up €7,748 (+42.6%), from €18,189 to €25,937
- Other operating charges +€3,487
up €3,487 (+48.6%), from €7,179 to €10,666
- Gross operating margin -€1,524
down €1,524 (-1.6%), from €94,319 to €92,795
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 | €784,958 | €1,468,100 | +€683,141 | +87.0% |
| Fixed assets | 21/28 | €587,081 | €1,256,143 | +€669,063 | +114% |
| Tangible fixed assets | 22/27 | €587,081 | €1,256,143 | +€669,063 | +114% |
| Land and buildings | 22 | €568,763 | €521,912 | -€46,851 | -8.2% |
| Assets under construction and advance payments | 27 | €18,318 | €734,231 | +€715,914 | +3,908% |
| Current assets | 29/58 | €197,878 | €211,956 | +€14,078 | +7.1% |
| Amounts receivable within one year | 40/41 | €2,275 | €5,554 | +€3,279 | +144% |
| Other amounts receivable | 41 | €2,275 | €5,554 | +€3,279 | +144% |
| Cash at bank and in hand | 54/58 | €185,929 | €193,296 | +€7,367 | +4.0% |
| Deferred charges and accrued income | 490/1 | €9,674 | €13,106 | +€3,432 | +35.5% |
| Total equity and liabilities | 10/49 | €784,958 | €1,468,100 | +€683,141 | +87.0% |
| Equity | 10/15 | €354,064 | €363,405 | +€9,341 | +2.6% |
| Contributions | 10/11 | €280,000 | €280,000 | = | 0.0% |
| Capital | 10 | €280,000 | €280,000 | = | 0.0% |
| Issued capital | 100 | €280,000 | €280,000 | = | 0.0% |
| Reserves | 13 | €28,000 | €28,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €28,000 | €28,000 | = | 0.0% |
| Legal reserve | 130 | €28,000 | €28,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,064 | €55,405 | +€9,341 | +20.3% |
| Amounts payable | 17/49 | €430,895 | €1,104,695 | +€673,800 | +156% |
| Amounts payable after more than one year | 17 | €389,919 | €1,025,423 | +€635,504 | +163% |
| Financial debts | 170/4 | €0 | €635,504 | +€635,504 | |
| Other amounts payable | 178/9 | €389,919 | €389,919 | = | 0.0% |
| Amounts payable within one year | 42/48 | €18,627 | €45,292 | +€26,665 | +143% |
| Current portion of amounts payable after more than one year | 42 | €15,367 | €0 | -€15,367 | -100% |
| Trade debts | 44 | €31 | €45,292 | +€45,261 | +146,665% |
| Suppliers | 440/4 | €31 | €45,292 | +€45,261 | +146,665% |
| Taxes, remuneration and social security | 45 | €3,229 | €0 | -€3,229 | -100% |
| Taxes | 450/3 | €3,229 | €0 | -€3,229 | -100% |
| Accrued charges and deferred income | 492/3 | €22,349 | €33,980 | +€11,631 | +52.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €175,873 | €46,851 | -€129,022 | -73.4% |
| Other operating charges | 640/8 | €7,179 | €10,666 | +€3,487 | +48.6% |
| Gross operating margin | 9900 | €94,319 | €92,795 | -€1,524 | -1.6% |
| Operating profit (loss) | 9901 | -€88,733 | €35,278 | +€124,011 | |
| Financial charges | 65/66B | €18,189 | €25,937 | +€7,748 | +42.6% |
| Recurring financial charges | 65 | €18,189 | €25,937 | +€7,748 | +42.6% |
| Profit (loss) for the period before taxes | 9903 | -€106,922 | €9,341 | +€116,263 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€106,922 | €9,341 | +€116,263 | |
| Profit (loss) for the period to be appropriated | 9905 | -€106,922 | €9,341 | +€116,263 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.