SMAX 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.
SMAX IMMO
Largest movements
- Stocks and contracts -€810,874
down €810,874 (-32.2%), from €2.5m to €1.7m
- Receivables within one year +€60,000
new in 2024: €60,000
- Debts after one year -€729,441
down €729,441 (-74.2%), from €982,868 to €253,427
- Advances received -€289,238
down €289,238 (-49.9%), from €579,451 to €290,213
- Profit (loss) carried forward +€249,789
up €249,789 (+140.6%), from €177,605 to €427,395
- Tax, wage and social debts +€55,404
up €55,404 (+282.6%), from €19,606 to €75,010
- Other debts -€53,215
down €53,215 (-19.1%), from €279,078 to €225,864
- Gross operating margin +€273,676
up €273,676 (+131.0%), from €208,946 to €482,622
- Other operating charges -€184,237
down €184,237 (-97.3%), from €189,331 to €5,093
- Taxes +€120,407
up €120,407 (+2481.9%), from €4,852 to €125,259
- Financial charges +€97,831
up €97,831 (+79770.9%), from €123 to €97,954
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,619,858 | €1,866,437 | -€753,422 | -28.8% |
| Fixed assets | 21/28 | €103,314 | €99,897 | -€3,417 | -3.3% |
| Tangible fixed assets | 22/27 | €29,314 | €24,787 | -€4,527 | -15.4% |
| Furniture and vehicles | 24 | €14,286 | €11,429 | -€2,857 | -20.0% |
| Other tangible fixed assets | 26 | €15,028 | €13,358 | -€1,670 | -11.1% |
| Financial fixed assets | 28 | €74,000 | €75,110 | +€1,110 | +1.5% |
| Current assets | 29/58 | €2,516,544 | €1,766,540 | -€750,005 | -29.8% |
| Stocks and contracts in progress | 3 | €2,515,864 | €1,704,990 | -€810,874 | -32.2% |
| Stocks | 30/36 | €2,515,864 | €1,704,990 | -€810,874 | -32.2% |
| Amounts receivable within one year | 40/41 | - | €60,000 | +€60,000 | |
| Other amounts receivable | 41 | - | €60,000 | +€60,000 | |
| Cash at bank and in hand | 54/58 | €680 | €1,550 | +€870 | +127.9% |
| Total equity and liabilities | 10/49 | €2,619,858 | €1,866,437 | -€753,422 | -28.8% |
| Equity | 10/15 | €191,860 | €441,650 | +€249,789 | +130.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €177,605 | €427,395 | +€249,789 | +140.6% |
| Amounts payable | 17/49 | €2,427,998 | €1,424,787 | -€1.0m | -41.3% |
| Amounts payable after more than one year | 17 | €982,868 | €253,427 | -€729,441 | -74.2% |
| Financial debts | 170/4 | €982,868 | €253,427 | -€729,441 | -74.2% |
| Amounts payable within one year | 42/48 | €1,445,130 | €1,171,360 | -€273,770 | -18.9% |
| Current portion of amounts payable after more than one year | 42 | €64,267 | €77,760 | +€13,493 | +21.0% |
| Trade debts | 44 | €502,729 | €502,514 | -€215 | 0.0% |
| Suppliers | 440/4 | €502,729 | €502,514 | -€215 | 0.0% |
| Advances received on contracts in progress | 46 | €579,451 | €290,213 | -€289,238 | -49.9% |
| Taxes, remuneration and social security | 45 | €19,606 | €75,010 | +€55,404 | +282.6% |
| Taxes | 450/3 | €19,606 | €75,010 | +€55,404 | +282.6% |
| Other amounts payable | 47/48 | €279,078 | €225,864 | -€53,215 | -19.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,527 | €4,527 | = | 0.0% |
| Other operating charges | 640/8 | €189,331 | €5,093 | -€184,237 | -97.3% |
| Gross operating margin | 9900 | €208,946 | €482,622 | +€273,676 | +131.0% |
| Operating profit (loss) | 9901 | €15,088 | €473,002 | +€457,913 | +3034.9% |
| Financial charges | 65/66B | €123 | €97,954 | +€97,831 | +79770.9% |
| Recurring financial charges | 65 | €123 | €97,954 | +€97,831 | +79770.9% |
| Profit (loss) for the period before taxes | 9903 | €14,966 | €375,048 | +€360,082 | +2406.0% |
| Income taxes | 67/77 | €4,852 | €125,259 | +€120,407 | +2481.9% |
| Profit (loss) for the period | 9904 | €10,114 | €249,789 | +€239,675 | +2369.7% |
| Profit (loss) for the period to be appropriated | 9905 | €10,114 | €249,789 | +€239,675 | +2369.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.