SMASH IMMO: what changed
Two fiscal 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.
SMASH IMMO
Largest movements
- Tangible fixed assets -€2.1m
down €2.1m (-63.0%), from €3.3m to €1.2m
of which Plant, machinery and equipment: -€1.8m
- Cash -€1.0m
down €1.0m (-95.7%), from €1.1m to €46,036
mainly Debts after one year (-€1.8m) and Contributions, distributions and other (-€901,110)
- Stocks and contracts -€621,764
down €621,764 (-100.0%), from €621,764 to €0
- Receivables within one year -€588,908
down €588,908 (-81.9%), from €718,633 to €129,725
of which Trade receivables: -€512,555
- Financial fixed assets -€105,145
down €105,145 (-100.0%), from €105,145 to €0
- Debts after one year -€1.8m
down €1.8m (-62.6%), from €2.9m to €1.1m
- Other debts -€720,017
down €720,017 (-94.7%), from €759,970 to €39,954
- Reserves -€591,738
down €591,738 (-82.6%), from €716,048 to €124,309
of which Distributable reserves: -€554,238
- Current portion of long-term debt -€400,408
down €400,408 (-82.8%), from €483,387 to €82,980
- Trade debts -€375,202
down €375,202 (-99.2%), from €378,265 to €3,063
- Gross operating margin -€2.8m
down €2.8m (-94.1%), from €3.0m to €177,443
- Staff costs -€1.7m
down €1.7m (-100.0%), from €1.7m to €50
- Depreciation -€495,326
down €495,326 (-84.0%), from €589,987 to €94,662
- Other operating charges -€307,796
down €307,796 (-94.6%), from €325,447 to €17,650
- Financial income -€122,300
down €122,300 (-93.5%), from €130,857 to €8,556
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 | €5,873,772 | €1,396,705 | -€4.5m | -76.2% |
| Fixed assets | 21/28 | €3,391,106 | €1,214,731 | -€2.2m | -64.2% |
| Intangible fixed assets | 21 | €6,603 | €0 | -€6,603 | -100.0% |
| Tangible fixed assets | 22/27 | €3,279,358 | €1,214,731 | -€2.1m | -63.0% |
| Land and buildings | 22 | €1,330,346 | €1,207,609 | -€122,737 | -9.2% |
| Plant, machinery and equipment | 23 | €1,758,370 | €4,396 | -€1.8m | -99.8% |
| Furniture and vehicles | 24 | €174,453 | €0 | -€174,453 | -100.0% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €16,190 | €0 | -€16,190 | -100.0% |
| Assets under construction and advance payments | 27 | €0 | €2,726 | +€2,726 | |
| Financial fixed assets | 28 | €105,145 | €0 | -€105,145 | -100.0% |
| Current assets | 29/58 | €2,482,666 | €181,974 | -€2.3m | -92.7% |
| Stocks and contracts in progress | 3 | €621,764 | €0 | -€621,764 | -100.0% |
| Stocks | 30/36 | €621,764 | €0 | -€621,764 | -100.0% |
| Amounts receivable within one year | 40/41 | €718,633 | €129,725 | -€588,908 | -81.9% |
| Trade receivables | 40 | €530,153 | €17,598 | -€512,555 | -96.7% |
| Other amounts receivable | 41 | €188,480 | €112,127 | -€76,353 | -40.5% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €1,075,315 | €46,036 | -€1.0m | -95.7% |
| Deferred charges and accrued income | 490/1 | €66,955 | €6,213 | -€60,742 | -90.7% |
| Total equity and liabilities | 10/49 | €5,873,772 | €1,396,705 | -€4.5m | -76.2% |
| Equity | 10/15 | €1,034,469 | €171,593 | -€862,876 | -83.4% |
| Contributions | 10/11 | €18,600 | €3,651 | -€14,949 | -80.4% |
| Reserves | 13 | €716,048 | €124,309 | -€591,738 | -82.6% |
| Tax-exempt reserves | 132 | €37,500 | €0 | -€37,500 | -100.0% |
| Distributable reserves | 133 | €678,548 | €124,309 | -€554,238 | -81.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €299,821 | €43,633 | -€256,189 | -85.4% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €4,839,303 | €1,225,113 | -€3.6m | -74.7% |
| Amounts payable after more than one year | 17 | €2,903,002 | €1,086,709 | -€1.8m | -62.6% |
| Financial debts | 170/4 | €2,903,002 | €1,086,709 | -€1.8m | -62.6% |
| Amounts payable within one year | 42/48 | €1,870,777 | €129,967 | -€1.7m | -93.1% |
| Current portion of amounts payable after more than one year | 42 | €483,387 | €82,980 | -€400,408 | -82.8% |
| Financial debts | 43 | €21,730 | €0 | -€21,730 | -100.0% |
| Credit institutions | 430/8 | €21,730 | €0 | -€21,730 | -100.0% |
| Trade debts | 44 | €378,265 | €3,063 | -€375,202 | -99.2% |
| Suppliers | 440/4 | €378,265 | €3,063 | -€375,202 | -99.2% |
| Taxes, remuneration and social security | 45 | €227,424 | €3,970 | -€223,454 | -98.3% |
| Taxes | 450/3 | €99,627 | €3,823 | -€95,803 | -96.2% |
| Remuneration and social security | 454/9 | €127,798 | €147 | -€127,651 | -99.9% |
| Other amounts payable | 47/48 | €759,970 | €39,954 | -€720,017 | -94.7% |
| Accrued charges and deferred income | 492/3 | €65,524 | €8,437 | -€57,087 | -87.1% |
| Remuneration, social security and pensions | 62 | €1,723,546 | €50 | -€1.7m | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €589,987 | €94,662 | -€495,326 | -84.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €325,447 | €17,650 | -€307,796 | -94.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €3,026,249 | €177,443 | -€2.8m | -94.1% |
| Operating profit (loss) | 9901 | €387,268 | €65,081 | -€322,188 | -83.2% |
| Financial income | 75/76B | €130,857 | €8,556 | -€122,300 | -93.5% |
| Recurring financial income | 75 | €130,857 | €8,556 | -€122,300 | -93.5% |
| Financial charges | 65/66B | €83,164 | €20,102 | -€63,062 | -75.8% |
| Recurring financial charges | 65 | €83,164 | €20,102 | -€63,062 | -75.8% |
| Profit (loss) for the period before taxes | 9903 | €434,961 | €53,535 | -€381,426 | -87.7% |
| Transfer from deferred taxes | 780 | €310 | €0 | -€310 | -100.0% |
| Income taxes | 67/77 | €128,870 | €15,301 | -€113,569 | -88.1% |
| Profit (loss) for the period | 9904 | €306,401 | €38,234 | -€268,167 | -87.5% |
| Transfer from tax-exempt reserves | 789 | €1,239 | €0 | -€1,239 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €307,640 | €38,234 | -€269,406 | -87.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.