SOBELGEP: 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.
SOBELGEP
Largest movements
- Tangible fixed assets +€2.3m
up €2.3m (+162,095%), from €1,449 to €2.4m
of which Land and buildings: +€2.3m
- Financial fixed assets -€1.5m
down €1.5m (-100.0%), from €1.5m to €496
- Intangible fixed assets +€166,543
new in 2025: €166,543
- Receivables within one year +€51,849
up €51,849 (+760%), from €6,822 to €58,671
of which Other amounts receivable: +€44,038
- Deferred charges and accrued income +€29,506
new in 2025: €29,506
- Debts after one year +€735,902
up €735,902 (+75.6%), from €973,986 to €1.7m
of which Financial debts: +€1.5m
- Reserves +€285,000
up €285,000 (+345%), from €82,709 to €367,709
- Current portion of long-term debt -€264,426
down €264,426 (-95.8%), from €276,000 to €11,574
- Provisions +€161,136
new in 2025: €161,136
- Short-term financial debts +€152,382
up €152,382 (+6,755%), from €2,256 to €154,638
- Financial income +€320,200
up €320,200 (+1,071%), from €29,890 to €350,090
- Gross operating margin +€159,260
up €159,260, from -€2,373 to €156,887
- Depreciation +€106,946
up €106,946 (+41,452%), from €258 to €107,204
- Taxes +€66,619
up €66,619 (+4,203%), from €1,585 to €68,204
- Financial charges +€39,301
up €39,301 (+459%), from €8,567 to €47,868
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 | €1,482,249 | €2,620,645 | +€1.1m | +76.8% |
| Fixed assets | 21/28 | €1,475,427 | €2,517,239 | +€1.0m | +70.6% |
| Intangible fixed assets | 21 | - | €166,543 | +€166,543 | |
| Tangible fixed assets | 22/27 | €1,449 | €2,350,200 | +€2.3m | +162,095% |
| Land and buildings | 22 | - | €2,316,761 | +€2.3m | |
| Furniture and vehicles | 24 | €1,449 | €33,439 | +€31,990 | +2,208% |
| Financial fixed assets | 28 | €1,473,978 | €496 | -€1.5m | -100.0% |
| Current assets | 29/58 | €6,822 | €103,406 | +€96,584 | +1,416% |
| Amounts receivable within one year | 40/41 | €6,822 | €58,671 | +€51,849 | +760% |
| Trade receivables | 40 | €6,822 | €14,633 | +€7,811 | +114% |
| Other amounts receivable | 41 | - | €44,038 | +€44,038 | |
| Cash at bank and in hand | 54/58 | - | €15,229 | +€15,229 | |
| Deferred charges and accrued income | 490/1 | - | €29,506 | +€29,506 | |
| Total equity and liabilities | 10/49 | €1,482,249 | €2,620,645 | +€1.1m | +76.8% |
| Equity | 10/15 | €173,591 | €464,429 | +€290,838 | +168% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €82,709 | €367,709 | +€285,000 | +345% |
| Distributable reserves | 133 | €82,709 | €367,709 | +€285,000 | +345% |
| Profit (loss) carried forward | 14 | €84,685 | €90,523 | +€5,838 | +6.9% |
| Provisions and deferred taxes | 16 | - | €161,136 | +€161,136 | |
| Deferred taxes | 168 | - | €161,136 | +€161,136 | |
| Amounts payable | 17/49 | €1,308,658 | €1,995,080 | +€686,422 | +52.5% |
| Amounts payable after more than one year | 17 | €973,986 | €1,709,888 | +€735,902 | +75.6% |
| Financial debts | 170/4 | - | €1,531,388 | +€1.5m | |
| Other amounts payable | 178/9 | €973,986 | €178,500 | -€795,486 | -81.7% |
| Amounts payable within one year | 42/48 | €332,721 | €260,272 | -€72,449 | -21.8% |
| Current portion of amounts payable after more than one year | 42 | €276,000 | €11,574 | -€264,426 | -95.8% |
| Financial debts | 43 | €2,256 | €154,638 | +€152,382 | +6,755% |
| Credit institutions | 430/8 | €2,256 | €154,638 | +€152,382 | +6,755% |
| Trade debts | 44 | €10,768 | €45,281 | +€34,513 | +321% |
| Suppliers | 440/4 | €10,768 | €45,281 | +€34,513 | +321% |
| Taxes, remuneration and social security | 45 | €7,833 | €33,779 | +€25,946 | +331% |
| Taxes | 450/3 | €7,833 | €33,779 | +€25,946 | +331% |
| Other amounts payable | 47/48 | €35,864 | €15,000 | -€20,864 | -58.2% |
| Accrued charges and deferred income | 492/3 | €1,951 | €24,920 | +€22,969 | +1,177% |
| Non-recurring operating income | 76A | - | €150,177 | +€150,177 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €258 | €107,204 | +€106,946 | +41,452% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€1,200 | -€1,200 | |
| Other operating charges | 640/8 | €1,205 | €21,261 | +€20,056 | +1,664% |
| Gross operating margin | 9900 | -€2,373 | €156,887 | +€159,260 | |
| Operating profit (loss) | 9901 | -€3,836 | €29,622 | +€33,458 | |
| Financial income | 75/76B | €29,890 | €350,090 | +€320,200 | +1,071% |
| Recurring financial income | 75 | €29,890 | €350,090 | +€320,200 | +1,071% |
| Financial charges | 65/66B | €8,567 | €47,868 | +€39,301 | +459% |
| Recurring financial charges | 65 | €8,567 | €47,868 | +€39,301 | +459% |
| Profit (loss) for the period before taxes | 9903 | €17,487 | €331,844 | +€314,357 | +1,798% |
| Transfer from deferred taxes | 780 | - | €42,198 | +€42,198 | |
| Income taxes | 67/77 | €1,585 | €68,204 | +€66,619 | +4,203% |
| Profit (loss) for the period | 9904 | €15,902 | €305,838 | +€289,936 | +1,823% |
| Profit (loss) for the period to be appropriated | 9905 | €15,902 | €305,838 | +€289,936 | +1,823% |
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 15 October 2026 via checked.be.