SODEFA: 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.
SODEFA
Largest movements
- Current investments -€254,036
down €254,036 (-97.7%), from €260,048 to €6,012
- Cash +€127,610
up €127,610 (+322.0%), from €39,631 to €167,241
mainly Current investments (+€254,036) and Net result for the year (+€143,708)
- Tangible fixed assets -€52,756
down €52,756 (-22.1%), from €238,746 to €185,990
of which Other tangible fixed assets: -€205,110
- Receivables within one year -€43,114
down €43,114 (-88.8%), from €48,568 to €5,454
of which Trade receivables: -€35,146
- Deferred charges and accrued income -€18,707
down €18,707 (-99.9%), from €18,731 to €24
- Profit (loss) carried forward -€239,292
down €239,292 (-92.9%), from €257,532 to €18,240
- Other debts +€120,694
up €120,694 (+2690.5%), from €4,486 to €125,180
- Reserves -€92,000
down €92,000 (-74.9%), from €122,887 to €30,887
of which Distributable reserves: -€92,000
- Short-term financial debts +€29,262
new in 2025: €29,262
- Trade debts -€28,384
down €28,384 (-50.7%), from €55,969 to €27,585
- Depreciation -€23,838
down €23,838 (-45.8%), from €51,999 to €28,161
- Gross operating margin +€7,415
up €7,415 (+3.2%), from €231,131 to €238,546
- Financial charges +€6,826
up €6,826, from -€6,210 to €616
- Taxes +€3,258
up €3,258 (+8.2%), from €39,796 to €43,054
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 | €605,724 | €364,721 | -€241,003 | -39.8% |
| Fixed assets | 21/28 | €238,746 | €185,990 | -€52,756 | -22.1% |
| Tangible fixed assets | 22/27 | €238,746 | €185,990 | -€52,756 | -22.1% |
| Land and buildings | 22 | - | €181,261 | +€181,261 | |
| Plant, machinery and equipment | 23 | €6,872 | €4,704 | -€2,168 | -31.6% |
| Furniture and vehicles | 24 | €26,764 | €25 | -€26,739 | -99.9% |
| Other tangible fixed assets | 26 | €205,110 | - | -€205,110 | |
| Current assets | 29/58 | €366,978 | €178,731 | -€188,247 | -51.3% |
| Amounts receivable within one year | 40/41 | €48,568 | €5,454 | -€43,114 | -88.8% |
| Trade receivables | 40 | €35,146 | - | -€35,146 | |
| Other amounts receivable | 41 | €13,422 | €5,454 | -€7,968 | -59.4% |
| Current investments | 50/53 | €260,048 | €6,012 | -€254,036 | -97.7% |
| Cash at bank and in hand | 54/58 | €39,631 | €167,241 | +€127,610 | +322.0% |
| Deferred charges and accrued income | 490/1 | €18,731 | €24 | -€18,707 | -99.9% |
| Total equity and liabilities | 10/49 | €605,724 | €364,721 | -€241,003 | -39.8% |
| Equity | 10/15 | €500,419 | €169,126 | -€331,293 | -66.2% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Capital | 10 | €120,000 | €120,000 | = | 0.0% |
| Issued capital | 100 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €122,887 | €30,887 | -€92,000 | -74.9% |
| Non-distributable reserves | 130/1 | €12,000 | €12,000 | = | 0.0% |
| Legal reserve | 130 | €12,000 | €12,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €92,137 | €137 | -€92,000 | -99.9% |
| Profit (loss) carried forward | 14 | €257,532 | €18,240 | -€239,292 | -92.9% |
| Amounts payable | 17/49 | €105,305 | €195,595 | +€90,290 | +85.7% |
| Amounts payable after more than one year | 17 | €5,242 | €5,242 | +€0 | 0.0% |
| Other amounts payable | 178/9 | €5,242 | €5,242 | +€0 | 0.0% |
| Amounts payable within one year | 42/48 | €96,313 | €190,353 | +€94,040 | +97.6% |
| Financial debts | 43 | - | €29,262 | +€29,262 | |
| Credit institutions | 430/8 | - | €29,262 | +€29,262 | |
| Trade debts | 44 | €55,969 | €27,585 | -€28,384 | -50.7% |
| Suppliers | 440/4 | €55,969 | €27,585 | -€28,384 | -50.7% |
| Taxes, remuneration and social security | 45 | €35,858 | €8,327 | -€27,531 | -76.8% |
| Taxes | 450/3 | €34,058 | €8,327 | -€25,731 | -75.6% |
| Remuneration and social security | 454/9 | €1,800 | - | -€1,800 | |
| Other amounts payable | 47/48 | €4,486 | €125,180 | +€120,694 | +2690.5% |
| Accrued charges and deferred income | 492/3 | €3,750 | - | -€3,750 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,999 | €28,161 | -€23,838 | -45.8% |
| Other operating charges | 640/8 | €24,608 | €24,364 | -€244 | -1.0% |
| Gross operating margin | 9900 | €231,131 | €238,546 | +€7,415 | +3.2% |
| Operating profit (loss) | 9901 | €154,524 | €186,021 | +€31,497 | +20.4% |
| Financial income | 75/76B | €3,547 | €1,357 | -€2,190 | -61.7% |
| Recurring financial income | 75 | €3,547 | €1,357 | -€2,190 | -61.7% |
| Financial charges | 65/66B | -€6,210 | €616 | +€6,826 | |
| Recurring financial charges | 65 | -€6,210 | €616 | +€6,826 | |
| Profit (loss) for the period before taxes | 9903 | €164,281 | €186,762 | +€22,481 | +13.7% |
| Income taxes | 67/77 | €39,796 | €43,054 | +€3,258 | +8.2% |
| Profit (loss) for the period | 9904 | €124,485 | €143,708 | +€19,223 | +15.4% |
| Profit (loss) for the period to be appropriated | 9905 | €124,485 | €143,708 | +€19,223 | +15.4% |
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 12 October 2026 via checked.be.