SOD’AH: 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.
SOD’AH
Largest movements
- Receivables after one year +€30,000
new in 2025: €30,000
- Receivables within one year -€24,661
down €24,661 (-47.9%), from €51,443 to €26,781
of which Trade receivables: -€27,124
- Intangible fixed assets -€9,750
down €9,750 (-16.6%), from €58,901 to €49,151
- Deferred charges and accrued income +€6,138
up €6,138 (+239%), from €2,564 to €8,703
- Cash -€4,268
down €4,268 (-18.7%), from €22,805 to €18,537
mainly Contributions, distributions and other (-€96,612) and Receivables after one year (-€30,000)
- Profit (loss) carried forward -€54,077
no longer reported in 2025 (was €54,077)
- Debts after one year +€28,016
up €28,016 (+190%), from €14,754 to €42,770
- Other debts +€24,867
up €24,867 (+91.2%), from €27,253 to €52,120
- Current portion of long-term debt +€9,809
up €9,809 (+170%), from €5,753 to €15,562
- Tax, wage and social debts -€9,757
down €9,757 (-39.7%), from €24,546 to €14,789
- Gross operating margin -€11,942
down €11,942 (-14.0%), from €85,459 to €73,516
- Depreciation -€6,831
down €6,831 (-38.2%), from €17,873 to €11,042
- Taxes -€3,037
down €3,037 (-18.7%), from €16,245 to €13,208
- Other operating charges +€1,780
up €1,780 (+93.7%), from €1,899 to €3,679
- Financial charges +€1,680
up €1,680 (+122%), from €1,373 to €3,053
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 | €139,527 | €136,222 | -€3,304 | -2.4% |
| Fixed assets | 21/28 | €62,715 | €52,201 | -€10,514 | -16.8% |
| Intangible fixed assets | 21 | €58,901 | €49,151 | -€9,750 | -16.6% |
| Tangible fixed assets | 22/27 | €3,621 | €2,857 | -€764 | -21.1% |
| Furniture and vehicles | 24 | €3,621 | €2,857 | -€764 | -21.1% |
| Financial fixed assets | 28 | €193 | €193 | = | 0.0% |
| Current assets | 29/58 | €76,812 | €84,021 | +€7,209 | +9.4% |
| Amounts receivable after more than one year | 29 | - | €30,000 | +€30,000 | |
| Other amounts receivable | 291 | - | €30,000 | +€30,000 | |
| Amounts receivable within one year | 40/41 | €51,443 | €26,781 | -€24,661 | -47.9% |
| Trade receivables | 40 | €51,443 | €24,319 | -€27,124 | -52.7% |
| Other amounts receivable | 41 | - | €2,463 | +€2,463 | |
| Cash at bank and in hand | 54/58 | €22,805 | €18,537 | -€4,268 | -18.7% |
| Deferred charges and accrued income | 490/1 | €2,564 | €8,703 | +€6,138 | +239% |
| Total equity and liabilities | 10/49 | €139,527 | €136,222 | -€3,304 | -2.4% |
| Equity | 10/15 | €57,077 | €3,000 | -€54,077 | -94.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,077 | - | -€54,077 | |
| Amounts payable | 17/49 | €82,450 | €133,222 | +€50,773 | +61.6% |
| Amounts payable after more than one year | 17 | €14,754 | €42,770 | +€28,016 | +190% |
| Financial debts | 170/4 | €14,754 | €42,770 | +€28,016 | +190% |
| Amounts payable within one year | 42/48 | €67,696 | €89,061 | +€21,365 | +31.6% |
| Current portion of amounts payable after more than one year | 42 | €5,753 | €15,562 | +€9,809 | +170% |
| Trade debts | 44 | €9,844 | €6,290 | -€3,554 | -36.1% |
| Suppliers | 440/4 | €9,844 | €6,290 | -€3,554 | -36.1% |
| Advances received on contracts in progress | 46 | €300 | €300 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €24,546 | €14,789 | -€9,757 | -39.7% |
| Taxes | 450/3 | €24,546 | €14,789 | -€9,757 | -39.7% |
| Other amounts payable | 47/48 | €27,253 | €52,120 | +€24,867 | +91.2% |
| Accrued charges and deferred income | 492/3 | - | €1,392 | +€1,392 | |
| Non-recurring operating income | 76A | - | €2,844 | +€2,844 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,873 | €11,042 | -€6,831 | -38.2% |
| Other operating charges | 640/8 | €1,899 | €3,679 | +€1,780 | +93.7% |
| Gross operating margin | 9900 | €85,459 | €73,516 | -€11,942 | -14.0% |
| Operating profit (loss) | 9901 | €65,686 | €58,795 | -€6,891 | -10.5% |
| Financial charges | 65/66B | €1,373 | €3,053 | +€1,680 | +122% |
| Recurring financial charges | 65 | €1,373 | €3,053 | +€1,680 | +122% |
| Profit (loss) for the period before taxes | 9903 | €64,313 | €55,742 | -€8,571 | -13.3% |
| Income taxes | 67/77 | €16,245 | €13,208 | -€3,037 | -18.7% |
| Profit (loss) for the period | 9904 | €48,068 | €42,534 | -€5,534 | -11.5% |
| Profit (loss) for the period to be appropriated | 9905 | €48,068 | €42,534 | -€5,534 | -11.5% |
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 14 October 2026 via checked.be.