SOBELPAP: what changed
Two fiscal 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.
SOBELPAP
Largest movements
- Receivables within one year +€23,996
up €23,996 (+44.2%), from €54,307 to €78,303
of which Trade receivables: +€19,260
- Stocks and contracts -€15,939
down €15,939 (-4.0%), from €400,936 to €384,997
- Cash +€12,624
up €12,624 (+86.9%), from €14,525 to €27,149
mainly Trade debts (+€20,369) and Stocks and contracts (+€15,939)
- Trade debts +€20,369
up €20,369 (+22.2%), from €91,830 to €112,199
- Tax, wage and social debts +€5,513
up €5,513 (+54.6%), from €10,094 to €15,607
of which Taxes: +€6,251
- Other debts -€5,041
down €5,041 (-7.7%), from €65,774 to €60,733
- Staff costs -€39,643
down €39,643 (-41.7%), from €95,149 to €55,506
- Gross operating margin -€26,759
down €26,759 (-17.4%), from €153,962 to €127,203
- Other operating charges +€16,541
up €16,541 (+33.4%), from €49,517 to €66,058
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 | €476,671 | €495,398 | +€18,727 | +3.9% |
| Fixed assets | 21/28 | €6,903 | €4,948 | -€1,955 | -28.3% |
| Tangible fixed assets | 22/27 | €6,903 | €4,948 | -€1,955 | -28.3% |
| Furniture and vehicles | 24 | €6,903 | €4,948 | -€1,955 | -28.3% |
| Current assets | 29/58 | €469,768 | €490,450 | +€20,682 | +4.4% |
| Stocks and contracts in progress | 3 | €400,936 | €384,997 | -€15,939 | -4.0% |
| Stocks | 30/36 | €400,936 | €384,997 | -€15,939 | -4.0% |
| Amounts receivable within one year | 40/41 | €54,307 | €78,303 | +€23,996 | +44.2% |
| Trade receivables | 40 | €54,307 | €73,567 | +€19,260 | +35.5% |
| Other amounts receivable | 41 | - | €4,736 | +€4,736 | |
| Cash at bank and in hand | 54/58 | €14,525 | €27,149 | +€12,624 | +86.9% |
| Total equity and liabilities | 10/49 | €476,671 | €495,398 | +€18,727 | +3.9% |
| Equity | 10/15 | €308,973 | €306,859 | -€2,114 | -0.7% |
| Contributions | 10/11 | €198,315 | €198,315 | -€0 | 0.0% |
| Capital | 10 | €198,315 | €198,315 | -€0 | 0.0% |
| Issued capital | 100 | €198,315 | €198,315 | -€0 | 0.0% |
| Reserves | 13 | €19,831 | €19,832 | +€1 | 0.0% |
| Non-distributable reserves | 130/1 | €19,831 | €19,832 | +€1 | 0.0% |
| Legal reserve | 130 | €19,831 | €19,832 | +€1 | 0.0% |
| Profit (loss) carried forward | 14 | €90,827 | €88,713 | -€2,114 | -2.3% |
| Amounts payable | 17/49 | €167,698 | €188,539 | +€20,841 | +12.4% |
| Amounts payable within one year | 42/48 | €167,698 | €188,539 | +€20,841 | +12.4% |
| Trade debts | 44 | €91,830 | €112,199 | +€20,369 | +22.2% |
| Suppliers | 440/4 | €91,830 | €112,199 | +€20,369 | +22.2% |
| Taxes, remuneration and social security | 45 | €10,094 | €15,607 | +€5,513 | +54.6% |
| Taxes | 450/3 | €1,030 | €7,281 | +€6,251 | +606.9% |
| Remuneration and social security | 454/9 | €9,064 | €8,326 | -€739 | -8.1% |
| Other amounts payable | 47/48 | €65,774 | €60,733 | -€5,041 | -7.7% |
| Remuneration, social security and pensions | 62 | €95,149 | €55,506 | -€39,643 | -41.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €575 | €1,381 | +€806 | +140.1% |
| Other operating charges | 640/8 | €49,517 | €66,058 | +€16,541 | +33.4% |
| Gross operating margin | 9900 | €153,962 | €127,203 | -€26,759 | -17.4% |
| Operating profit (loss) | 9901 | €8,721 | €4,258 | -€4,463 | -51.2% |
| Financial income | 75/76B | €825 | €655 | -€170 | -20.6% |
| Recurring financial income | 75 | €825 | €655 | -€170 | -20.6% |
| Financial charges | 65/66B | €7,200 | €6,976 | -€224 | -3.1% |
| Recurring financial charges | 65 | €7,200 | €6,976 | -€224 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €2,346 | -€2,062 | -€4,408 | |
| Income taxes | 67/77 | - | €52 | +€52 | |
| Profit (loss) for the period | 9904 | €2,346 | -€2,114 | -€4,460 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,346 | -€2,114 | -€4,460 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.