So-dec: 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.
So-dec
Largest movements
- Intangible fixed assets +€105,959
up €105,959 (+928.0%), from €11,418 to €117,377
- Tangible fixed assets -€67,312
down €67,312 (-3.2%), from €2.1m to €2.0m
of which Land and buildings: -€79,841
- Receivables within one year +€64,583
up €64,583 (+139.5%), from €46,299 to €110,882
of which Trade receivables: +€49,396
- Other debts +€119,705
up €119,705 (+37.4%), from €319,828 to €439,534
- Trade debts +€111,986
up €111,986 (+367.5%), from €30,473 to €142,459
- Debts after one year -€91,689
down €91,689 (-10.4%), from €883,118 to €791,429
- Current portion of long-term debt -€48,570
down €48,570 (-20.9%), from €232,548 to €183,978
- Profit (loss) carried forward +€27,275
up €27,275 (+11.9%), from €230,157 to €257,432
- Gross operating margin -€36,858
down €36,858 (-9.4%), from €390,909 to €354,050
- Taxes -€11,792
down €11,792 (-51.7%), from €22,790 to €10,998
- Depreciation +€9,943
up €9,943 (+6.2%), from €161,102 to €171,045
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 | €2,183,429 | €2,301,007 | +€117,578 | +5.4% |
| Fixed assets | 21/28 | €2,118,981 | €2,156,992 | +€38,012 | +1.8% |
| Intangible fixed assets | 21 | €11,418 | €117,377 | +€105,959 | +928.0% |
| Tangible fixed assets | 22/27 | €2,106,228 | €2,038,916 | -€67,312 | -3.2% |
| Land and buildings | 22 | €1,994,453 | €1,914,613 | -€79,841 | -4.0% |
| Plant, machinery and equipment | 23 | €29,880 | €43,147 | +€13,267 | +44.4% |
| Furniture and vehicles | 24 | €81,895 | €81,157 | -€738 | -0.9% |
| Financial fixed assets | 28 | €1,334 | €698 | -€636 | -47.7% |
| Current assets | 29/58 | €64,448 | €144,015 | +€79,567 | +123.5% |
| Amounts receivable within one year | 40/41 | €46,299 | €110,882 | +€64,583 | +139.5% |
| Trade receivables | 40 | €42,692 | €92,088 | +€49,396 | +115.7% |
| Other amounts receivable | 41 | €3,607 | €18,794 | +€15,187 | +421.0% |
| Cash at bank and in hand | 54/58 | €5,976 | €23,467 | +€17,491 | +292.7% |
| Deferred charges and accrued income | 490/1 | €12,173 | €9,666 | -€2,507 | -20.6% |
| Total equity and liabilities | 10/49 | €2,183,429 | €2,301,007 | +€117,578 | +5.4% |
| Equity | 10/15 | €706,169 | €733,445 | +€27,275 | +3.9% |
| Contributions | 10/11 | €475,000 | €475,000 | = | 0.0% |
| Reserves | 13 | €1,012 | €1,012 | = | 0.0% |
| Distributable reserves | 133 | €1,012 | €1,012 | = | 0.0% |
| Profit (loss) carried forward | 14 | €230,157 | €257,432 | +€27,275 | +11.9% |
| Amounts payable | 17/49 | €1,477,259 | €1,567,563 | +€90,303 | +6.1% |
| Amounts payable after more than one year | 17 | €883,118 | €791,429 | -€91,689 | -10.4% |
| Financial debts | 170/4 | €883,118 | €791,429 | -€91,689 | -10.4% |
| Amounts payable within one year | 42/48 | €590,308 | €772,962 | +€182,653 | +30.9% |
| Current portion of amounts payable after more than one year | 42 | €232,548 | €183,978 | -€48,570 | -20.9% |
| Trade debts | 44 | €30,473 | €142,459 | +€111,986 | +367.5% |
| Suppliers | 440/4 | €30,473 | €142,459 | +€111,986 | +367.5% |
| Taxes, remuneration and social security | 45 | €7,459 | €6,991 | -€468 | -6.3% |
| Taxes | 450/3 | €709 | - | -€709 | |
| Remuneration and social security | 454/9 | €6,750 | €6,991 | +€241 | +3.6% |
| Other amounts payable | 47/48 | €319,828 | €439,534 | +€119,705 | +37.4% |
| Accrued charges and deferred income | 492/3 | €3,833 | €3,172 | -€661 | -17.2% |
| Non-recurring operating income | 76A | €1,370 | - | -€1,370 | |
| Remuneration, social security and pensions | 62 | €60,085 | €62,295 | +€2,209 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €161,102 | €171,045 | +€9,943 | +6.2% |
| Other operating charges | 640/8 | €13,815 | €13,160 | -€655 | -4.7% |
| Gross operating margin | 9900 | €390,909 | €354,050 | -€36,858 | -9.4% |
| Operating profit (loss) | 9901 | €155,907 | €107,551 | -€48,355 | -31.0% |
| Financial income | 75/76B | €453 | €136 | -€317 | -70.0% |
| Recurring financial income | 75 | €453 | €136 | -€317 | -70.0% |
| Financial charges | 65/66B | €70,557 | €69,414 | -€1,143 | -1.6% |
| Recurring financial charges | 65 | €70,557 | €69,414 | -€1,143 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €85,803 | €38,273 | -€47,530 | -55.4% |
| Income taxes | 67/77 | €22,790 | €10,998 | -€11,792 | -51.7% |
| Profit (loss) for the period | 9904 | €63,012 | €27,275 | -€35,737 | -56.7% |
| Profit (loss) for the period to be appropriated | 9905 | €63,012 | €27,275 | -€35,737 | -56.7% |
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.