SMART REALTY: 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.
SMART REALTY
Largest movements
- Tangible fixed assets +€500,625
up €500,625 (+98.2%), from €510,022 to €1.0m
of which Land and buildings: +€480,400
- Cash -€20,310
down €20,310 (-68.4%), from €29,697 to €9,386
mainly Investment in fixed assets (net) (-€535,745) and Net result for the year (-€16,988)
- Other debts +€411,400
up €411,400 (+101.6%), from €404,928 to €816,328
- Debts after one year +€73,663
up €73,663 (+36.0%), from €204,365 to €278,028
- Profit (loss) carried forward -€16,988
down €16,988 (-18.5%), from -€91,835 to -€108,823
- Current portion of long-term debt +€11,543
up €11,543 (+65.7%), from €17,576 to €29,119
- Depreciation +€11,843
up €11,843 (+50.9%), from €23,278 to €35,121
- Gross operating margin +€11,829
up €11,829 (+38.6%), from €30,640 to €42,469
- Financial charges +€8,604
up €8,604 (+201.0%), from €4,280 to €12,884
- Other operating charges +€1,525
up €1,525 (+226.8%), from €673 to €2,198
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.
Cash bridge derived
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 | €541,332 | €1,020,852 | +€479,520 | +88.6% |
| Fixed assets | 21/28 | €510,022 | €1,010,647 | +€500,625 | +98.2% |
| Tangible fixed assets | 22/27 | €510,022 | €1,010,647 | +€500,625 | +98.2% |
| Land and buildings | 22 | €499,551 | €979,951 | +€480,400 | +96.2% |
| Plant, machinery and equipment | 23 | €1,456 | - | -€1,456 | |
| Furniture and vehicles | 24 | €242 | - | -€242 | |
| Other tangible fixed assets | 26 | €8,772 | €30,695 | +€21,923 | +249.9% |
| Current assets | 29/58 | €31,310 | €10,205 | -€21,105 | -67.4% |
| Amounts receivable within one year | 40/41 | €1,614 | €819 | -€795 | -49.2% |
| Trade receivables | 40 | €880 | - | -€880 | |
| Other amounts receivable | 41 | €734 | €819 | +€85 | +11.6% |
| Cash at bank and in hand | 54/58 | €29,697 | €9,386 | -€20,310 | -68.4% |
| Total equity and liabilities | 10/49 | €541,332 | €1,020,852 | +€479,520 | +88.6% |
| Equity | 10/15 | -€85,635 | -€102,623 | -€16,988 | -19.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€91,835 | -€108,823 | -€16,988 | -18.5% |
| Amounts payable | 17/49 | €626,967 | €1,123,475 | +€496,508 | +79.2% |
| Amounts payable after more than one year | 17 | €204,365 | €278,028 | +€73,663 | +36.0% |
| Financial debts | 170/4 | €204,365 | €278,028 | +€73,663 | +36.0% |
| Amounts payable within one year | 42/48 | €422,602 | €845,447 | +€422,846 | +100.1% |
| Current portion of amounts payable after more than one year | 42 | €17,576 | €29,119 | +€11,543 | +65.7% |
| Taxes, remuneration and social security | 45 | €98 | - | -€98 | |
| Taxes | 450/3 | €98 | - | -€98 | |
| Other amounts payable | 47/48 | €404,928 | €816,328 | +€411,400 | +101.6% |
| Non-recurring operating income | 76A | €880 | - | -€880 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,278 | €35,121 | +€11,843 | +50.9% |
| Other operating charges | 640/8 | €673 | €2,198 | +€1,525 | +226.8% |
| Non-recurring operating charges | 66A | - | €9,255 | +€9,255 | |
| Gross operating margin | 9900 | €30,640 | €42,469 | +€11,829 | +38.6% |
| Operating profit (loss) | 9901 | €6,689 | -€4,104 | -€10,794 | |
| Financial charges | 65/66B | €4,280 | €12,884 | +€8,604 | +201.0% |
| Recurring financial charges | 65 | €4,280 | €12,884 | +€8,604 | +201.0% |
| Profit (loss) for the period before taxes | 9903 | €2,409 | -€16,988 | -€19,397 | |
| Profit (loss) for the period | 9904 | €2,409 | -€16,988 | -€19,397 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,409 | -€16,988 | -€19,397 |
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 10 October 2026 via checked.be.