SMW 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.
SMW IMMO
Largest movements
- Tangible fixed assets -€91,938
down €91,938 (-2.6%), from €3.5m to €3.4m
- Debts after one year -€213,855
down €213,855 (-7.8%), from €2.7m to €2.5m
- Profit (loss) carried forward +€135,501
up €135,501 (+64.0%), from €211,696 to €347,196
- Gross operating margin +€46,492
up €46,492 (+14.4%), from €323,737 to €370,230
- Taxes +€20,331
up €20,331 (+84.0%), from €24,192 to €44,522
- Financial income -€11,073
down €11,073 (-67.5%), from €16,399 to €5,325
- Other operating charges -€7,587
down €7,587 (-37.3%), from €20,352 to €12,765
- Financial charges -€3,851
down €3,851 (-4.1%), from €94,680 to €90,829
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.
Derived cash bridge
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 | €3,504,085 | €3,453,964 | -€50,121 | -1.4% |
| Fixed assets | 21/28 | €3,483,077 | €3,391,139 | -€91,938 | -2.6% |
| Tangible fixed assets | 22/27 | €3,481,777 | €3,389,839 | -€91,938 | -2.6% |
| Land and buildings | 22 | €3,481,777 | €3,389,839 | -€91,938 | -2.6% |
| Financial fixed assets | 28 | €1,300 | €1,300 | = | 0.0% |
| Current assets | 29/58 | €21,008 | €62,825 | +€41,817 | +199% |
| Amounts receivable within one year | 40/41 | €20,808 | €27,825 | +€7,017 | +33.7% |
| Other amounts receivable | 41 | €20,808 | €27,825 | +€7,017 | +33.7% |
| Cash at bank and in hand | 54/58 | €200 | €31,678 | +€31,478 | +15,749% |
| Deferred charges and accrued income | 490/1 | - | €3,321 | +€3,321 | |
| Total equity and liabilities | 10/49 | €3,504,085 | €3,453,964 | -€50,121 | -1.4% |
| Equity | 10/15 | €476,045 | €606,220 | +€130,175 | +27.3% |
| Contributions | 10/11 | €105,000 | €105,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €211,696 | €347,196 | +€135,501 | +64.0% |
| Investment grants | 15 | €159,349 | €154,024 | -€5,325 | -3.3% |
| Amounts payable | 17/49 | €3,028,040 | €2,847,743 | -€180,296 | -6.0% |
| Amounts payable after more than one year | 17 | €2,744,617 | €2,530,762 | -€213,855 | -7.8% |
| Financial debts | 170/4 | €2,744,617 | €2,530,762 | -€213,855 | -7.8% |
| Amounts payable within one year | 42/48 | €283,422 | €306,869 | +€23,447 | +8.3% |
| Current portion of amounts payable after more than one year | 42 | €232,883 | €247,946 | +€15,063 | +6.5% |
| Trade debts | 44 | €20,540 | €3,401 | -€17,139 | -83.4% |
| Suppliers | 440/4 | €20,540 | €3,401 | -€17,139 | -83.4% |
| Taxes, remuneration and social security | 45 | - | €19,522 | +€19,522 | |
| Taxes | 450/3 | - | €19,522 | +€19,522 | |
| Other amounts payable | 47/48 | €30,000 | €36,000 | +€6,000 | +20.0% |
| Accrued charges and deferred income | 492/3 | - | €10,112 | +€10,112 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,938 | €91,938 | = | 0.0% |
| Other operating charges | 640/8 | €20,352 | €12,765 | -€7,587 | -37.3% |
| Gross operating margin | 9900 | €323,737 | €370,230 | +€46,492 | +14.4% |
| Operating profit (loss) | 9901 | €211,448 | €265,527 | +€54,079 | +25.6% |
| Financial income | 75/76B | €16,399 | €5,325 | -€11,073 | -67.5% |
| Recurring financial income | 75 | €16,399 | €5,325 | -€11,073 | -67.5% |
| Financial charges | 65/66B | €94,680 | €90,829 | -€3,851 | -4.1% |
| Recurring financial charges | 65 | €94,680 | €90,829 | -€3,851 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €133,166 | €180,023 | +€46,857 | +35.2% |
| Income taxes | 67/77 | €24,192 | €44,522 | +€20,331 | +84.0% |
| Profit (loss) for the period | 9904 | €108,974 | €135,501 | +€26,526 | +24.3% |
| Profit (loss) for the period to be appropriated | 9905 | €108,974 | €135,501 | +€26,526 | +24.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.