De SOEUR: 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.
De SOEUR
Largest movements
- Tangible fixed assets +€32,746
up €32,746 (+40.8%), from €80,226 to €112,971
of which Leasing and similar rights: +€27,981
- Cash -€16,766
down €16,766 (-57.3%), from €29,283 to €12,517
mainly Investment in fixed assets (net) (-€62,301) and Accrued charges and deferred income (-€21,311)
- Receivables within one year +€8,218
up €8,218 (+30.8%), from €26,675 to €34,893
of which Other amounts receivable: +€6,755
- Stocks and contracts -€1,670
down €1,670 (-25.5%), from €6,540 to €4,870
- Accrued charges and deferred income -€21,311
no longer reported in 2025 (was €21,311)
- Debts after one year +€18,895
new in 2025: €18,895
- Trade debts +€14,397
up €14,397 (+86.3%), from €16,680 to €31,077
- Tax, wage and social debts +€11,920
up €11,920 (+64.2%), from €18,579 to €30,499
of which Taxes: +€8,042
- Other debts -€10,414
no longer reported in 2025 (was €10,414)
- Gross operating margin -€36,266
down €36,266 (-23.9%), from €151,941 to €115,675
- Staff costs +€33,657
up €33,657 (+94.3%), from €35,706 to €69,364
- Taxes -€13,930
down €13,930 (-83.0%), from €16,792 to €2,862
- Depreciation +€5,436
up €5,436 (+22.5%), from €24,120 to €29,556
- Financial charges +€3,452
up €3,452 (+93.0%), from €3,711 to €7,163
of which Non-recurring financial charges: +€2,520
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 | €144,187 | €166,374 | +€22,187 | +15.4% |
| Fixed assets | 21/28 | €80,226 | €112,971 | +€32,746 | +40.8% |
| Tangible fixed assets | 22/27 | €80,226 | €112,971 | +€32,746 | +40.8% |
| Plant, machinery and equipment | 23 | €32,554 | €39,814 | +€7,259 | +22.3% |
| Furniture and vehicles | 24 | €24,043 | €24,624 | +€582 | +2.4% |
| Leasing and similar rights | 25 | - | €27,981 | +€27,981 | |
| Other tangible fixed assets | 26 | €23,629 | €20,553 | -€3,076 | -13.0% |
| Current assets | 29/58 | €63,962 | €53,403 | -€10,559 | -16.5% |
| Stocks and contracts in progress | 3 | €6,540 | €4,870 | -€1,670 | -25.5% |
| Stocks | 30/36 | €6,540 | €4,870 | -€1,670 | -25.5% |
| Amounts receivable within one year | 40/41 | €26,675 | €34,893 | +€8,218 | +30.8% |
| Trade receivables | 40 | €22,650 | €24,113 | +€1,464 | +6.5% |
| Other amounts receivable | 41 | €4,025 | €10,780 | +€6,755 | +168% |
| Cash at bank and in hand | 54/58 | €29,283 | €12,517 | -€16,766 | -57.3% |
| Deferred charges and accrued income | 490/1 | €1,464 | €1,123 | -€341 | -23.3% |
| Total equity and liabilities | 10/49 | €144,187 | €166,374 | +€22,187 | +15.4% |
| Equity | 10/15 | €73,036 | €79,876 | +€6,839 | +9.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | - | €6,839 | +€6,839 | |
| Distributable reserves | 133 | - | €6,839 | +€6,839 | |
| Profit (loss) carried forward | 14 | €71,036 | €71,036 | = | 0.0% |
| Amounts payable | 17/49 | €71,151 | €86,498 | +€15,348 | +21.6% |
| Amounts payable after more than one year | 17 | - | €18,895 | +€18,895 | |
| Financial debts | 170/4 | - | €18,895 | +€18,895 | |
| Amounts payable within one year | 42/48 | €49,840 | €67,604 | +€17,764 | +35.6% |
| Current portion of amounts payable after more than one year | 42 | €4,167 | €6,027 | +€1,861 | +44.7% |
| Trade debts | 44 | €16,680 | €31,077 | +€14,397 | +86.3% |
| Suppliers | 440/4 | €16,680 | €31,077 | +€14,397 | +86.3% |
| Taxes, remuneration and social security | 45 | €18,579 | €30,499 | +€11,920 | +64.2% |
| Taxes | 450/3 | €16,914 | €24,956 | +€8,042 | +47.5% |
| Remuneration and social security | 454/9 | €1,665 | €5,543 | +€3,878 | +233% |
| Other amounts payable | 47/48 | €10,414 | - | -€10,414 | |
| Accrued charges and deferred income | 492/3 | €21,311 | - | -€21,311 | |
| Remuneration, social security and pensions | 62 | €35,706 | €69,364 | +€33,657 | +94.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,120 | €29,556 | +€5,436 | +22.5% |
| Other operating charges | 640/8 | €657 | €693 | +€36 | +5.5% |
| Gross operating margin | 9900 | €151,941 | €115,675 | -€36,266 | -23.9% |
| Operating profit (loss) | 9901 | €91,457 | €16,062 | -€75,395 | -82.4% |
| Financial income | 75/76B | €83 | €803 | +€720 | +868% |
| Recurring financial income | 75 | €83 | €803 | +€720 | +868% |
| Financial charges | 65/66B | €3,711 | €7,163 | +€3,452 | +93.0% |
| Recurring financial charges | 65 | €3,711 | €4,643 | +€932 | +25.1% |
| Non-recurring financial charges | 66B | - | €2,520 | +€2,520 | |
| Profit (loss) for the period before taxes | 9903 | €87,828 | €9,701 | -€78,127 | -89.0% |
| Income taxes | 67/77 | €16,792 | €2,862 | -€13,930 | -83.0% |
| Profit (loss) for the period | 9904 | €71,036 | €6,839 | -€64,197 | -90.4% |
| Profit (loss) for the period to be appropriated | 9905 | €71,036 | €6,839 | -€64,197 | -90.4% |
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 13 October 2026 via checked.be.