SOD RED: 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 RED
Largest movements
- Tangible fixed assets +€68,312
up €68,312 (+17.9%), from €380,874 to €449,186
- Debts after one year +€57,261
up €57,261 (+21.1%), from €271,525 to €328,786
- Current portion of long-term debt +€9,615
up €9,615 (+57.4%), from €16,748 to €26,363
- Other debts +€8,156
up €8,156 (+10.4%), from €78,208 to €86,365
- Gross operating margin +€26,182
up €26,182 (+175.5%), from €14,918 to €41,100
- Depreciation +€12,700
up €12,700 (+91.1%), from €13,942 to €26,642
- Financial charges +€5,267
up €5,267 (+58.7%), from €8,977 to €14,244
- Other operating charges +€2,067
up €2,067 (+93.7%), from €2,207 to €4,274
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 | €384,350 | €456,422 | +€72,072 | +18.8% |
| Formation expenses | 20 | €952 | €410 | -€542 | -56.9% |
| Fixed assets | 21/28 | €380,874 | €449,186 | +€68,312 | +17.9% |
| Tangible fixed assets | 22/27 | €380,874 | €449,186 | +€68,312 | +17.9% |
| Land and buildings | 22 | €380,874 | €449,186 | +€68,312 | +17.9% |
| Current assets | 29/58 | €2,523 | €6,826 | +€4,303 | +170.5% |
| Amounts receivable within one year | 40/41 | €0 | €593 | +€593 | |
| Trade receivables | 40 | €0 | €593 | +€593 | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €1,232 | €4,330 | +€3,098 | +251.4% |
| Deferred charges and accrued income | 490/1 | €1,291 | €1,902 | +€611 | +47.4% |
| Total equity and liabilities | 10/49 | €384,350 | €456,422 | +€72,072 | +18.8% |
| Equity | 10/15 | €12,411 | €8,351 | -€4,060 | -32.7% |
| Contributions | 10/11 | €36,000 | €36,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,589 | -€27,649 | -€4,060 | -17.2% |
| Amounts payable | 17/49 | €371,939 | €448,071 | +€76,132 | +20.5% |
| Amounts payable after more than one year | 17 | €271,525 | €328,786 | +€57,261 | +21.1% |
| Financial debts | 170/4 | €271,525 | €328,786 | +€57,261 | +21.1% |
| Amounts payable within one year | 42/48 | €96,860 | €114,680 | +€17,820 | +18.4% |
| Current portion of amounts payable after more than one year | 42 | €16,748 | €26,363 | +€9,615 | +57.4% |
| Trade debts | 44 | €418 | €934 | +€516 | +123.4% |
| Suppliers | 440/4 | €418 | €934 | +€516 | +123.4% |
| Taxes, remuneration and social security | 45 | €1,486 | €1,019 | -€467 | -31.4% |
| Taxes | 450/3 | €1,486 | €1,019 | -€467 | -31.4% |
| Other amounts payable | 47/48 | €78,208 | €86,365 | +€8,156 | +10.4% |
| Accrued charges and deferred income | 492/3 | €3,553 | €4,604 | +€1,051 | +29.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,942 | €26,642 | +€12,700 | +91.1% |
| Other operating charges | 640/8 | €2,207 | €4,274 | +€2,067 | +93.7% |
| Gross operating margin | 9900 | €14,918 | €41,100 | +€26,182 | +175.5% |
| Operating profit (loss) | 9901 | -€1,231 | €10,184 | +€11,415 | |
| Financial charges | 65/66B | €8,977 | €14,244 | +€5,267 | +58.7% |
| Recurring financial charges | 65 | €8,977 | €14,244 | +€5,267 | +58.7% |
| Profit (loss) for the period before taxes | 9903 | -€10,208 | -€4,060 | +€6,148 | +60.2% |
| Profit (loss) for the period | 9904 | -€10,208 | -€4,060 | +€6,148 | +60.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,208 | -€4,060 | +€6,148 | +60.2% |
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 9 October 2026 via checked.be.