SMISCO IMMO MANAGEMENT: what changed
What changed
SMISCO IMMO MANAGEMENT
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
filed annual accounts (NBB)
Net result for the year
-€994
2024 · -€2,819+€1,825
Equity
€421,466
2024 · €422,460-€994
Cash
€47
2024 · €47+€0
Balance sheet total
€986,037
2024 · €1.0m-€23,684
Largest movements
Assets
- Tangible fixed assets -€25,354
down €25,354 (-2.6%), from €979,994 to €954,640
Equity and liabilities
- Debts after one year -€49,794
down €49,794 (-16.6%), from €299,772 to €249,978
of which Financial debts: -€49,794
- Other debts +€47,308
up €47,308 (+28.0%), from €169,071 to €216,379
- Current portion of long-term debt -€14,403
down €14,403 (-22.4%), from €64,197 to €49,794
Income statement
- Gross operating margin +€11,013
up €11,013 (+12.3%), from €89,263 to €100,275
- Financial charges +€6,382
up €6,382 (+32.6%), from €19,602 to €25,984
of which Non-recurring financial charges: +€4,626
- Financial income -€3,452
down €3,452 (-98.0%), from €3,524 to €71
- Taxes -€2,252
down €2,252 (-14.0%), from €16,126 to €13,874
- Depreciation +€1,880
up €1,880 (+3.8%), from €49,081 to €50,961
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.
Result 2024
-€2,819
Gross operating margin
+€11,013
Depreciation
-€1,880
Other operating charges
+€275
Financial income
-€3,452
Financial charges
-€6,382
Taxes
+€2,252
Result 2025
-€994
raises the resultlowers the result
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.
From operations
+€87,399
Investment
-€25,607
Financing
-€61,791
Cash 2024
€47
From operations (derived)
+€87,399
Net result for the year
-€994
Depreciation
+€50,961
Receivables within one year
-€1,116
Deferred charges and accrued income
-€554
Provisions
-€1,315
Trade debts
+€691
Tax, wage and social debts
-€9,711
Other debts
+€47,308
Accrued charges and deferred income
+€2,129
Investment (derived)
-€25,607
Investment in fixed assets (net)
-€25,607
Financing
-€61,791
Debts after one year
-€49,794
Current portion of long-term debt
-€14,403
Short-term financial debts
+€2,406
Cash 2025
€47
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,009,721 | €986,037 | -€23,684 | -2.3% |
| Fixed assets | 21/28 | €980,334 | €954,980 | -€25,354 | -2.6% |
| Tangible fixed assets | 22/27 | €979,994 | €954,640 | -€25,354 | -2.6% |
| Land and buildings | 22 | €979,994 | €954,640 | -€25,354 | -2.6% |
| Financial fixed assets | 28 | €340 | €340 | = | 0.0% |
| Current assets | 29/58 | €29,387 | €31,057 | +€1,670 | +5.7% |
| Amounts receivable within one year | 40/41 | €29,340 | €30,456 | +€1,116 | +3.8% |
| Trade receivables | 40 | €29,340 | €30,456 | +€1,116 | +3.8% |
| Cash at bank and in hand | 54/58 | €47 | €47 | +€0 | +0.5% |
| Deferred charges and accrued income | 490/1 | - | €554 | +€554 | |
| Total equity and liabilities | 10/49 | €1,009,721 | €986,037 | -€23,684 | -2.3% |
| Equity | 10/15 | €422,460 | €421,466 | -€994 | -0.2% |
| Contributions | 10/11 | €85,058 | €85,058 | = | 0.0% |
| Reserves | 13 | €52,473 | €49,908 | -€2,566 | -4.9% |
| Non-distributable reserves | 130/1 | €12,145 | €12,145 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,145 | €12,145 | = | 0.0% |
| Tax-exempt reserves | 132 | €39,339 | €36,774 | -€2,566 | -6.5% |
| Distributable reserves | 133 | €989 | €989 | = | 0.0% |
| Profit (loss) carried forward | 14 | €284,929 | €286,500 | +€1,571 | +0.6% |
| Provisions and deferred taxes | 16 | €20,160 | €18,845 | -€1,315 | -6.5% |
| Deferred taxes | 168 | €20,160 | €18,845 | -€1,315 | -6.5% |
| Amounts payable | 17/49 | €567,101 | €545,726 | -€21,375 | -3.8% |
| Amounts payable after more than one year | 17 | €299,772 | €249,978 | -€49,794 | -16.6% |
| Financial debts | 170/4 | €299,727 | €249,933 | -€49,794 | -16.6% |
| Other amounts payable | 178/9 | €45 | €45 | = | 0.0% |
| Amounts payable within one year | 42/48 | €266,389 | €292,680 | +€26,291 | +9.9% |
| Current portion of amounts payable after more than one year | 42 | €64,197 | €49,794 | -€14,403 | -22.4% |
| Financial debts | 43 | €185 | €2,592 | +€2,406 | +1,298% |
| Credit institutions | 430/8 | €185 | €2,592 | +€2,406 | +1,298% |
| Trade debts | 44 | €1,741 | €2,431 | +€691 | +39.7% |
| Suppliers | 440/4 | €1,741 | €2,431 | +€691 | +39.7% |
| Taxes, remuneration and social security | 45 | €31,194 | €21,483 | -€9,711 | -31.1% |
| Taxes | 450/3 | €31,194 | €21,483 | -€9,711 | -31.1% |
| Other amounts payable | 47/48 | €169,071 | €216,379 | +€47,308 | +28.0% |
| Accrued charges and deferred income | 492/3 | €940 | €3,069 | +€2,129 | +226% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,081 | €50,961 | +€1,880 | +3.8% |
| Other operating charges | 640/8 | €12,111 | €11,836 | -€275 | -2.3% |
| Gross operating margin | 9900 | €89,263 | €100,275 | +€11,013 | +12.3% |
| Operating profit (loss) | 9901 | €28,071 | €37,478 | +€9,407 | +33.5% |
| Financial income | 75/76B | €3,524 | €71 | -€3,452 | -98.0% |
| Recurring financial income | 75 | €3,524 | €71 | -€3,452 | -98.0% |
| Financial charges | 65/66B | €19,602 | €25,984 | +€6,382 | +32.6% |
| Recurring financial charges | 65 | €19,602 | €21,358 | +€1,756 | +9.0% |
| Non-recurring financial charges | 66B | - | €4,626 | +€4,626 | |
| Profit (loss) for the period before taxes | 9903 | €11,992 | €11,565 | -€427 | -3.6% |
| Transfer from deferred taxes | 780 | €1,315 | €1,315 | = | 0.0% |
| Income taxes | 67/77 | €16,126 | €13,874 | -€2,252 | -14.0% |
| Profit (loss) for the period | 9904 | -€2,819 | -€994 | +€1,825 | +64.7% |
| Transfer from tax-exempt reserves | 789 | €2,566 | €2,566 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€254 | €1,571 | +€1,825 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.