SMIDT-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.
SMIDT-IMMO
Largest movements
- Receivables after one year -€161,114
down €161,114 (-75.7%), from €212,823 to €51,709
- Tangible fixed assets -€126,606
down €126,606 (-4.7%), from €2.7m to €2.5m
of which Land and buildings: -€126,356
- Deferred charges and accrued income -€52,132
down €52,132 (-95.4%), from €54,660 to €2,528
- Debts after one year -€244,367
down €244,367 (-20.8%), from €1.2m to €930,808
- Current portion of long-term debt +€139,853
up €139,853 (+73.1%), from €191,373 to €331,226
- Short-term financial debts -€133,332
no longer reported in 2026 (was €133,332)
- Trade debts -€125,372
down €125,372 (-98.2%), from €127,719 to €2,347
- Reserves +€59,571
up €59,571 (+3.2%), from €1.9m to €1.9m
of which Distributable reserves: +€124,228
- Gross operating margin +€79,190
up €79,190 (+46.6%), from €169,967 to €249,157
- Taxes +€21,943
up €21,943 (+110%), from €19,907 to €41,849
- Depreciation -€16,726
down €16,726 (-11.7%), from €143,332 to €126,606
- Financial charges -€5,620
down €5,620 (-15.1%), from €37,212 to €31,591
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,136,832 | €3,791,172 | -€345,660 | -8.4% |
| Fixed assets | 21/28 | €3,807,936 | €3,681,330 | -€126,606 | -3.3% |
| Tangible fixed assets | 22/27 | €2,674,964 | €2,548,358 | -€126,606 | -4.7% |
| Land and buildings | 22 | €2,674,714 | €2,548,358 | -€126,356 | -4.7% |
| Other tangible fixed assets | 26 | €250 | - | -€250 | |
| Financial fixed assets | 28 | €1,132,972 | €1,132,972 | = | 0.0% |
| Current assets | 29/58 | €328,896 | €109,842 | -€219,054 | -66.6% |
| Amounts receivable after more than one year | 29 | €212,823 | €51,709 | -€161,114 | -75.7% |
| Other amounts receivable | 291 | €212,823 | €51,709 | -€161,114 | -75.7% |
| Amounts receivable within one year | 40/41 | €47,156 | €33,807 | -€13,349 | -28.3% |
| Other amounts receivable | 41 | €47,156 | €33,807 | -€13,349 | -28.3% |
| Current investments | 50/53 | €11,070 | - | -€11,070 | |
| Cash at bank and in hand | 54/58 | €3,187 | €21,798 | +€18,611 | +584% |
| Deferred charges and accrued income | 490/1 | €54,660 | €2,528 | -€52,132 | -95.4% |
| Total equity and liabilities | 10/49 | €4,136,832 | €3,791,172 | -€345,660 | -8.4% |
| Equity | 10/15 | €1,953,541 | €2,013,112 | +€59,571 | +3.0% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €1,888,541 | €1,948,112 | +€59,571 | +3.2% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €978,814 | €914,158 | -€64,657 | -6.6% |
| Distributable reserves | 133 | €903,226 | €1,027,454 | +€124,228 | +13.8% |
| Provisions and deferred taxes | 16 | €504,238 | €470,930 | -€33,308 | -6.6% |
| Deferred taxes | 168 | €504,238 | €470,930 | -€33,308 | -6.6% |
| Amounts payable | 17/49 | €1,679,054 | €1,307,130 | -€371,923 | -22.2% |
| Amounts payable after more than one year | 17 | €1,175,175 | €930,808 | -€244,367 | -20.8% |
| Financial debts | 170/4 | €1,175,175 | €930,808 | -€244,367 | -20.8% |
| Amounts payable within one year | 42/48 | €501,824 | €376,322 | -€125,502 | -25.0% |
| Current portion of amounts payable after more than one year | 42 | €191,373 | €331,226 | +€139,853 | +73.1% |
| Financial debts | 43 | €133,332 | - | -€133,332 | |
| Credit institutions | 430/8 | €133,332 | - | -€133,332 | |
| Trade debts | 44 | €127,719 | €2,347 | -€125,372 | -98.2% |
| Suppliers | 440/4 | €127,719 | €2,347 | -€125,372 | -98.2% |
| Taxes, remuneration and social security | 45 | - | €3,349 | +€3,349 | |
| Taxes | 450/3 | - | €3,349 | +€3,349 | |
| Other amounts payable | 47/48 | €49,400 | €39,400 | -€10,000 | -20.2% |
| Accrued charges and deferred income | 492/3 | €2,055 | - | -€2,055 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €143,332 | €126,606 | -€16,726 | -11.7% |
| Other operating charges | 640/8 | €24,524 | €25,292 | +€768 | +3.1% |
| Gross operating margin | 9900 | €169,967 | €249,157 | +€79,190 | +46.6% |
| Operating profit (loss) | 9901 | €2,111 | €97,259 | +€95,148 | +4,507% |
| Financial income | 75/76B | €2,666 | €2,445 | -€221 | -8.3% |
| Recurring financial income | 75 | €2,666 | €2,445 | -€221 | -8.3% |
| Financial charges | 65/66B | €37,212 | €31,591 | -€5,620 | -15.1% |
| Recurring financial charges | 65 | €37,212 | €31,591 | -€5,620 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | -€32,435 | €68,113 | +€100,547 | |
| Transfer from deferred taxes | 780 | €37,984 | €33,308 | -€4,676 | -12.3% |
| Income taxes | 67/77 | €19,907 | €41,849 | +€21,943 | +110% |
| Profit (loss) for the period | 9904 | -€14,358 | €59,571 | +€73,929 | |
| Transfer from tax-exempt reserves | 789 | €73,733 | €64,657 | -€9,076 | -12.3% |
| Profit (loss) for the period to be appropriated | 9905 | €59,375 | €124,228 | +€64,853 | +109% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.