SOD.DEL: 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.
What changed
SOD.DEL
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€387,651
2024 · €732,343-€344,691
Equity
€6.4m
2024 · €6.4m-€18,749
Cash
€596,399
2024 · €433,680+€162,719
Balance sheet total
€10.3m
2024 · €8.0m+€2.4m
Largest movements
Assets
- Financial fixed assets +€2.7m
up €2.7m (+51.4%), from €5.3m to €8.0m
of which Affiliated companies: +€2.7m
- Receivables within one year -€970,223
down €970,223 (-57.0%), from €1.7m to €730,806
of which Other amounts receivable: -€594,497
- Current investments +€300,000
new in 2025: €300,000
- Receivables after one year +€200,000
up €200,000 (+48.5%), from €412,789 to €612,789
- Cash +€162,719
up €162,719 (+37.5%), from €433,680 to €596,399
mainly Debts after one year (+€1.9m) and Receivables within one year (+€970,223)
Equity and liabilities
- Debts after one year +€1.9m
up €1.9m (+198.4%), from €981,378 to €2.9m
of which Financial debts: +€1.6m
- Current portion of long-term debt +€242,986
up €242,986 (+381.2%), from €63,744 to €306,730
Income statement
- Services and other goods +€361,535
up €361,535 (+38.7%), from €933,071 to €1.3m
- Taxes -€107,053
down €107,053 (-42.7%), from €250,792 to €143,739
of which Taxes: -€107,261
- Staff costs +€37,220
up €37,220 (+10.4%), from €356,299 to €393,519
- Other operating income +€25,973
up €25,973 (+237.9%), from €10,918 to €36,891
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.
Result 2024
€732,343
Turnover
-€20,144
Other operating income
+€25,973
Services and other goods
-€361,535
Staff costs
-€37,220
Depreciation
-€5,316
Other operating charges
-€1,782
Other operating items
-€37,389
Financial income
+€7,598
Financial charges
-€21,928
Taxes
+€107,053
Result 2025
€387,651
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.
From operations
+€1.4m
Investment
-€3.0m
Financing
+€1.8m
Cash 2024
€433,680
From operations (derived)
+€1.4m
Net result for the year
+€387,651
Depreciation
+€56,961
Receivables after one year
-€200,000
Receivables within one year
+€970,223
Deferred charges and accrued income
-€6,541
Trade debts
+€50,837
Tax, wage and social debts
+€9,789
Other debts
+€45,900
Accrued charges and deferred income
+€36,835
Investment (derived)
-€3.0m
Investment in fixed assets (net)
-€2.7m
Current investments
-€300,000
Financing
+€1.8m
Debts after one year
+€1.9m
Current portion of long-term debt
+€242,986
Short-term financial debts
+€42,168
Contributions, distributions and other
-€406,400
Cash 2025
€596,399
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,987,092 | €10,343,657 | +€2.4m | +29.5% |
| Fixed assets | 21/28 | €5,410,829 | €8,068,358 | +€2.7m | +49.1% |
| Intangible fixed assets | 21 | €65,015 | €39,955 | -€25,060 | -38.5% |
| Tangible fixed assets | 22/27 | €80,295 | €57,562 | -€22,732 | -28.3% |
| Plant, machinery and equipment | 23 | €3,062 | €5,588 | +€2,527 | +82.5% |
| Furniture and vehicles | 24 | €23,789 | €17,911 | -€5,878 | -24.7% |
| Leasing and similar rights | 25 | €53,444 | €34,063 | -€19,381 | -36.3% |
| Financial fixed assets | 28 | €5,265,519 | €7,970,840 | +€2.7m | +51.4% |
| Affiliated companies | 280/1 | €5,265,519 | €7,970,840 | +€2.7m | +51.4% |
| Participating interests | 280 | €5,265,519 | €7,970,840 | +€2.7m | +51.4% |
| Other financial fixed assets | 284/8 | €0 | - | = | |
| Amounts receivable and cash guarantees | 285/8 | €0 | - | = | |
| Current assets | 29/58 | €2,576,263 | €2,275,300 | -€300,963 | -11.7% |
| Amounts receivable after more than one year | 29 | €412,789 | €612,789 | +€200,000 | +48.5% |
| Other amounts receivable | 291 | €412,789 | €612,789 | +€200,000 | +48.5% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,701,029 | €730,806 | -€970,223 | -57.0% |
| Trade receivables | 40 | €862,967 | €487,240 | -€375,726 | -43.5% |
| Other amounts receivable | 41 | €838,063 | €243,566 | -€594,497 | -70.9% |
| Current investments | 50/53 | - | €300,000 | +€300,000 | |
| Other investments | 51/53 | - | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €433,680 | €596,399 | +€162,719 | +37.5% |
| Deferred charges and accrued income | 490/1 | €28,764 | €35,305 | +€6,541 | +22.7% |
| Total equity and liabilities | 10/49 | €7,987,092 | €10,343,657 | +€2.4m | +29.5% |
| Equity | 10/15 | €6,443,776 | €6,425,028 | -€18,749 | -0.3% |
| Contributions | 10/11 | €2,622,500 | €2,622,500 | = | 0.0% |
| Capital | 10 | €2,022,500 | €2,022,500 | = | 0.0% |
| Issued capital | 100 | €2,022,500 | €2,022,500 | = | 0.0% |
| Outside capital | 11 | €600,000 | €600,000 | = | 0.0% |
| Share premium | 1100/10 | €600,000 | €600,000 | = | 0.0% |
| Reserves | 13 | €1,917,000 | €1,917,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €202,250 | €202,250 | = | 0.0% |
| Legal reserve | 130 | €202,250 | €202,250 | = | 0.0% |
| Distributable reserves | 133 | €1,714,750 | €1,714,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,904,276 | €1,885,528 | -€18,749 | -1.0% |
| Amounts payable | 17/49 | €1,543,315 | €3,918,630 | +€2.4m | +153.9% |
| Amounts payable after more than one year | 17 | €981,378 | €2,928,178 | +€1.9m | +198.4% |
| Financial debts | 170/4 | €981,378 | €2,628,178 | +€1.6m | +167.8% |
| Subordinated loans | 170 | €585,121 | €585,121 | = | 0.0% |
| Leasing and similar obligations | 172 | €34,917 | €22,168 | -€12,748 | -36.5% |
| Credit institutions | 173 | €361,341 | €2,020,889 | +€1.7m | +459.3% |
| Other amounts payable | 178/9 | - | €300,000 | +€300,000 | |
| Amounts payable within one year | 42/48 | €561,937 | €953,617 | +€391,680 | +69.7% |
| Current portion of amounts payable after more than one year | 42 | €63,744 | €306,730 | +€242,986 | +381.2% |
| Financial debts | 43 | - | €42,168 | +€42,168 | |
| Credit institutions | 430/8 | - | €42,168 | +€42,168 | |
| Trade debts | 44 | €41,210 | €92,047 | +€50,837 | +123.4% |
| Suppliers | 440/4 | €41,210 | €92,047 | +€50,837 | +123.4% |
| Taxes, remuneration and social security | 45 | €96,483 | €106,272 | +€9,789 | +10.1% |
| Taxes | 450/3 | €56,839 | €59,131 | +€2,292 | +4.0% |
| Remuneration and social security | 454/9 | €39,644 | €47,141 | +€7,497 | +18.9% |
| Other amounts payable | 47/48 | €360,500 | €406,400 | +€45,900 | +12.7% |
| Accrued charges and deferred income | 492/3 | €0 | €36,835 | +€36,835 | |
| Operating income | 70/76A | €2,347,598 | €2,316,018 | -€31,580 | -1.3% |
| Turnover | 70 | €2,299,270 | €2,279,127 | -€20,144 | -0.9% |
| Other operating income | 74 | €10,918 | €36,891 | +€25,973 | +237.9% |
| Non-recurring operating income | 76A | €37,409 | €0 | -€37,409 | -100.0% |
| Operating charges | 60/66A | €1,345,323 | €1,751,157 | +€405,833 | +30.2% |
| Services and other goods | 61 | €933,071 | €1,294,606 | +€361,535 | +38.7% |
| Remuneration, social security and pensions | 62 | €356,299 | €393,519 | +€37,220 | +10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,645 | €56,961 | +€5,316 | +10.3% |
| Other operating charges | 640/8 | €4,289 | €6,071 | +€1,782 | +41.6% |
| Non-recurring operating charges | 66A | €20 | €0 | -€20 | -100.0% |
| Operating profit (loss) | 9901 | €1,002,274 | €564,861 | -€437,414 | -43.6% |
| Financial income | 75/76B | €20,777 | €28,375 | +€7,598 | +36.6% |
| Recurring financial income | 75 | €20,777 | €28,375 | +€7,598 | +36.6% |
| Income from financial fixed assets | 750 | €20,696 | €28,375 | +€7,679 | +37.1% |
| Other financial income | 752/9 | €81 | €0 | -€81 | -99.9% |
| Financial charges | 65/66B | €39,917 | €61,846 | +€21,928 | +54.9% |
| Recurring financial charges | 65 | €39,917 | €61,846 | +€21,928 | +54.9% |
| Debt charges | 650 | €38,456 | €57,839 | +€19,384 | +50.4% |
| Other financial charges | 652/9 | €1,462 | €4,006 | +€2,545 | +174.1% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €983,134 | €531,390 | -€451,744 | -45.9% |
| Income taxes | 67/77 | €250,792 | €143,739 | -€107,053 | -42.7% |
| Taxes | 670/3 | €251,000 | €143,739 | -€107,261 | -42.7% |
| Tax adjustments and reversals of tax provisions | 77 | €208 | €0 | -€208 | -100.0% |
| Profit (loss) for the period | 9904 | €732,343 | €387,651 | -€344,691 | -47.1% |
| Profit (loss) for the period to be appropriated | 9905 | €732,343 | €387,651 | -€344,691 | -47.1% |
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 7 October 2026 via checked.be.