Michel SOETENS: 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.
Michel SOETENS
Largest movements
- Receivables within one year -€39,480
down €39,480 (-23.3%), from €169,586 to €130,106
of which Trade receivables: -€35,678
- Tangible fixed assets -€11,532
down €11,532 (-4.0%), from €285,684 to €274,152
of which Land and buildings: -€13,190
- Stocks and contracts +€10,381
up €10,381 (+5.1%), from €205,176 to €215,557
- Profit (loss) carried forward -€33,853
down €33,853 (-8.6%), from -€395,077 to -€428,930
- Debts after one year -€26,763
down €26,763 (-69.9%), from €38,308 to €11,545
- Trade debts +€15,737
up €15,737 (+1.9%), from €845,550 to €861,287
- Tax, wage and social debts +€7,439
up €7,439 (+240%), from €3,100 to €10,539
of which Taxes: +€5,131
- Gross operating margin +€77,159
up €77,159, from -€2,255 to €74,904
- Other operating charges +€47,046
up €47,046 (+352%), from €13,352 to €60,398
- Depreciation +€4,879
up €4,879 (+19.3%), from €25,255 to €30,134
- Financial charges -€3,979
down €3,979 (-38.1%), from €10,455 to €6,476
- Staff costs -€2,772
down €2,772 (-15.9%), from €17,421 to €14,649
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 | €673,947 | €636,192 | -€37,755 | -5.6% |
| Fixed assets | 21/28 | €290,069 | €278,537 | -€11,532 | -4.0% |
| Tangible fixed assets | 22/27 | €285,684 | €274,152 | -€11,532 | -4.0% |
| Land and buildings | 22 | €248,976 | €235,786 | -€13,190 | -5.3% |
| Plant, machinery and equipment | 23 | €1,870 | €16,680 | +€14,810 | +792% |
| Furniture and vehicles | 24 | €34,839 | €21,686 | -€13,153 | -37.8% |
| Financial fixed assets | 28 | €4,384 | €4,384 | = | 0.0% |
| Current assets | 29/58 | €383,878 | €357,655 | -€26,223 | -6.8% |
| Stocks and contracts in progress | 3 | €205,176 | €215,557 | +€10,381 | +5.1% |
| Stocks | 30/36 | €205,176 | €215,557 | +€10,381 | +5.1% |
| Amounts receivable within one year | 40/41 | €169,586 | €130,106 | -€39,480 | -23.3% |
| Trade receivables | 40 | €60,892 | €25,214 | -€35,678 | -58.6% |
| Other amounts receivable | 41 | €108,694 | €104,892 | -€3,802 | -3.5% |
| Cash at bank and in hand | 54/58 | €7,743 | €10,699 | +€2,957 | +38.2% |
| Deferred charges and accrued income | 490/1 | €1,374 | €1,293 | -€81 | -5.9% |
| Total equity and liabilities | 10/49 | €673,947 | €636,192 | -€37,755 | -5.6% |
| Equity | 10/15 | -€250,590 | -€284,443 | -€33,853 | -13.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €18,286 | €18,286 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €16,427 | €16,427 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€395,077 | -€428,930 | -€33,853 | -8.6% |
| Amounts payable | 17/49 | €924,537 | €920,635 | -€3,902 | -0.4% |
| Amounts payable after more than one year | 17 | €38,308 | €11,545 | -€26,763 | -69.9% |
| Financial debts | 170/4 | €38,308 | €11,545 | -€26,763 | -69.9% |
| Amounts payable within one year | 42/48 | €886,229 | €909,090 | +€22,861 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €25,470 | €26,763 | +€1,292 | +5.1% |
| Financial debts | 43 | €12,110 | €10,501 | -€1,608 | -13.3% |
| Credit institutions | 430/8 | €12,110 | €10,501 | -€1,608 | -13.3% |
| Trade debts | 44 | €845,550 | €861,287 | +€15,737 | +1.9% |
| Suppliers | 440/4 | €845,550 | €861,287 | +€15,737 | +1.9% |
| Taxes, remuneration and social security | 45 | €3,100 | €10,539 | +€7,439 | +240% |
| Taxes | 450/3 | €1,800 | €6,931 | +€5,131 | +285% |
| Remuneration and social security | 454/9 | €1,300 | €3,609 | +€2,309 | +178% |
| Remuneration, social security and pensions | 62 | €17,421 | €14,649 | -€2,772 | -15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,255 | €30,134 | +€4,879 | +19.3% |
| Other operating charges | 640/8 | €13,352 | €60,398 | +€47,046 | +352% |
| Gross operating margin | 9900 | -€2,255 | €74,904 | +€77,159 | |
| Operating profit (loss) | 9901 | -€58,283 | -€30,276 | +€28,007 | +48.1% |
| Financial income | 75/76B | €1,153 | €2,899 | +€1,746 | +151% |
| Recurring financial income | 75 | €1,153 | €2,899 | +€1,746 | +151% |
| Financial charges | 65/66B | €10,455 | €6,476 | -€3,979 | -38.1% |
| Recurring financial charges | 65 | €10,455 | €6,476 | -€3,979 | -38.1% |
| Profit (loss) for the period before taxes | 9903 | -€67,585 | -€33,853 | +€33,731 | +49.9% |
| Profit (loss) for the period | 9904 | -€67,585 | -€33,853 | +€33,731 | +49.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€67,585 | -€33,853 | +€33,731 | +49.9% |
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.