Dr. MORCEL SOFIE: 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.
Dr. MORCEL SOFIE
Largest movements
- Cash -€19,734
down €19,734 (-6.9%), from €286,827 to €267,093
mainly Contributions, distributions and other (-€316,855) and Other debts (-€11,884)
- Tangible fixed assets -€7,370
down €7,370 (-5.3%), from €139,361 to €131,990
of which Land and buildings: -€6,280
- Other debts -€11,884
down €11,884 (-3.6%), from €330,222 to €318,338
- Debts after one year -€7,322
down €7,322 (-6.0%), from €121,963 to €114,641
- Current portion of long-term debt -€6,456
down €6,456 (-46.9%), from €13,777 to €7,322
- Gross operating margin -€17,003
down €17,003 (-3.8%), from €443,921 to €426,918
- Taxes -€4,462
down €4,462 (-4.3%), from €103,677 to €99,215
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.
Cash bridge derived
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 | €492,247 | €461,337 | -€30,909 | -6.3% |
| Fixed assets | 21/28 | €139,361 | €131,990 | -€7,370 | -5.3% |
| Tangible fixed assets | 22/27 | €139,361 | €131,990 | -€7,370 | -5.3% |
| Land and buildings | 22 | €131,484 | €125,204 | -€6,280 | -4.8% |
| Furniture and vehicles | 24 | €7,877 | €6,786 | -€1,090 | -13.8% |
| Current assets | 29/58 | €352,886 | €329,347 | -€23,539 | -6.7% |
| Amounts receivable within one year | 40/41 | €13,654 | €10,811 | -€2,843 | -20.8% |
| Trade receivables | 40 | €13,654 | €433 | -€13,222 | -96.8% |
| Other amounts receivable | 41 | - | €10,379 | +€10,379 | |
| Current investments | 50/53 | €49,971 | €50,000 | +€29 | +0.1% |
| Cash at bank and in hand | 54/58 | €286,827 | €267,093 | -€19,734 | -6.9% |
| Deferred charges and accrued income | 490/1 | €2,433 | €1,442 | -€991 | -40.7% |
| Total equity and liabilities | 10/49 | €492,247 | €461,337 | -€30,909 | -6.3% |
| Equity | 10/15 | €1,000 | €1,000 | = | 0.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €491,247 | €460,337 | -€30,909 | -6.3% |
| Amounts payable after more than one year | 17 | €121,963 | €114,641 | -€7,322 | -6.0% |
| Financial debts | 170/4 | €121,963 | €114,641 | -€7,322 | -6.0% |
| Amounts payable within one year | 42/48 | €368,523 | €344,936 | -€23,587 | -6.4% |
| Current portion of amounts payable after more than one year | 42 | €13,777 | €7,322 | -€6,456 | -46.9% |
| Trade debts | 44 | €1,050 | €307 | -€743 | -70.8% |
| Suppliers | 440/4 | €1,050 | €307 | -€743 | -70.8% |
| Taxes, remuneration and social security | 45 | €23,473 | €18,969 | -€4,504 | -19.2% |
| Taxes | 450/3 | €23,473 | €18,969 | -€4,504 | -19.2% |
| Other amounts payable | 47/48 | €330,222 | €318,338 | -€11,884 | -3.6% |
| Accrued charges and deferred income | 492/3 | €761 | €760 | -€0 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,481 | €7,720 | -€1,761 | -18.6% |
| Other operating charges | 640/8 | €637 | €1,326 | +€689 | +108.3% |
| Gross operating margin | 9900 | €443,921 | €426,918 | -€17,003 | -3.8% |
| Operating profit (loss) | 9901 | €433,804 | €417,873 | -€15,931 | -3.7% |
| Financial income | 75/76B | €679 | €860 | +€181 | +26.6% |
| Recurring financial income | 75 | €679 | €860 | +€181 | +26.6% |
| Financial charges | 65/66B | €2,166 | €2,663 | +€497 | +22.9% |
| Recurring financial charges | 65 | €2,166 | €2,663 | +€497 | +22.9% |
| Profit (loss) for the period before taxes | 9903 | €432,317 | €416,070 | -€16,247 | -3.8% |
| Income taxes | 67/77 | €103,677 | €99,215 | -€4,462 | -4.3% |
| Profit (loss) for the period | 9904 | €328,640 | €316,855 | -€11,785 | -3.6% |
| Profit (loss) for the period to be appropriated | 9905 | €328,640 | €316,855 | -€11,785 | -3.6% |
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 11 October 2026 via checked.be.