SMETS REAL ESTATE: what changed
SMETS REAL ESTATE
Largest movements
- Receivables within one year +€37,448
up €37,448 (+159%), from €23,525 to €60,973
- Intangible fixed assets -€26,274
down €26,274 (-44.4%), from €59,116 to €32,842
- Tangible fixed assets -€1,785
down €1,785 (-17.8%), from €10,022 to €8,237
of which Other tangible fixed assets: -€1,779
- Profit (loss) carried forward +€9,934
up €9,934 (+130%), from €7,624 to €17,558
- Trade debts -€1,991
no longer reported in 2025 (was €1,991)
- Debts after one year -€1,526
down €1,526 (-2.7%), from €55,952 to €54,426
- Current portion of long-term debt +€1,203
up €1,203 (+4.9%), from €24,351 to €25,554
- Gross operating margin +€13,208
up €13,208 (+37.2%), from €35,463 to €48,670
- Financial income -€1,948
no longer reported in 2025 (was €1,948)
- Taxes +€1,692
up €1,692 (+51.1%), from €3,312 to €5,004
- Financial charges +€1,332
up €1,332 (+78.9%), from €1,688 to €3,019
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €101,584 | €110,930 | +€9,346 | +9.2% |
| Fixed assets | 21/28 | €69,138 | €41,079 | -€28,059 | -40.6% |
| Intangible fixed assets | 21 | €59,116 | €32,842 | -€26,274 | -44.4% |
| Tangible fixed assets | 22/27 | €10,022 | €8,237 | -€1,785 | -17.8% |
| Furniture and vehicles | 24 | €6 | - | -€6 | |
| Other tangible fixed assets | 26 | €10,016 | €8,237 | -€1,779 | -17.8% |
| Current assets | 29/58 | €32,446 | €69,851 | +€37,406 | +115% |
| Amounts receivable within one year | 40/41 | €23,525 | €60,973 | +€37,448 | +159% |
| Trade receivables | 40 | €23,525 | €60,973 | +€37,448 | +159% |
| Cash at bank and in hand | 54/58 | €8,451 | €8,408 | -€43 | -0.5% |
| Deferred charges and accrued income | 490/1 | €470 | €470 | = | 0.0% |
| Total equity and liabilities | 10/49 | €101,584 | €110,930 | +€9,346 | +9.2% |
| Equity | 10/15 | €11,624 | €21,558 | +€9,934 | +85.5% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,624 | €17,558 | +€9,934 | +130% |
| Amounts payable | 17/49 | €89,959 | €89,371 | -€588 | -0.7% |
| Amounts payable after more than one year | 17 | €55,952 | €54,426 | -€1,526 | -2.7% |
| Financial debts | 170/4 | €55,952 | €54,426 | -€1,526 | -2.7% |
| Amounts payable within one year | 42/48 | €34,007 | €34,945 | +€938 | +2.8% |
| Current portion of amounts payable after more than one year | 42 | €24,351 | €25,554 | +€1,203 | +4.9% |
| Trade debts | 44 | €1,991 | - | -€1,991 | |
| Suppliers | 440/4 | €1,991 | - | -€1,991 | |
| Taxes, remuneration and social security | 45 | €7,665 | €8,290 | +€625 | +8.2% |
| Taxes | 450/3 | €7,665 | €8,290 | +€625 | +8.2% |
| Other amounts payable | 47/48 | - | €1,101 | +€1,101 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,242 | €28,059 | -€182 | -0.6% |
| Other operating charges | 640/8 | €3,010 | €2,654 | -€357 | -11.8% |
| Gross operating margin | 9900 | €35,463 | €48,670 | +€13,208 | +37.2% |
| Operating profit (loss) | 9901 | €4,211 | €17,957 | +€13,747 | +326% |
| Financial income | 75/76B | €1,948 | - | -€1,948 | |
| Recurring financial income | 75 | €1,948 | - | -€1,948 | |
| Financial charges | 65/66B | €1,688 | €3,019 | +€1,332 | +78.9% |
| Recurring financial charges | 65 | €1,688 | €3,019 | +€1,332 | +78.9% |
| Profit (loss) for the period before taxes | 9903 | €4,471 | €14,938 | +€10,467 | +234% |
| Income taxes | 67/77 | €3,312 | €5,004 | +€1,692 | +51.1% |
| Profit (loss) for the period | 9904 | €1,159 | €9,934 | +€8,775 | +757% |
| Profit (loss) for the period to be appropriated | 9905 | €1,159 | €9,934 | +€8,775 | +757% |
Next steps
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 2 November 2026 via checked.be.