SODEFI: 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.
SODEFI
Largest movements
- Tangible fixed assets +€216,547
up €216,547 (+19.4%), from €1.1m to €1.3m
of which Land and buildings: +€240,267
- Cash -€151,937
down €151,937 (-29.2%), from €520,043 to €368,106
mainly Investment in fixed assets (net) (-€347,755) and Contributions, distributions and other (-€81,128)
- Receivables within one year -€37,377
down €37,377 (-12.6%), from €296,189 to €258,812
of which Trade receivables: -€41,488
- Financial fixed assets +€21,000
up €21,000 (+37.4%), from €56,190 to €77,190
- Debts after one year +€187,119
up €187,119 (+192.3%), from €97,298 to €284,417
of which Financial debts: +€187,119
- Profit (loss) carried forward -€51,874
down €51,874 (-10.9%), from €475,929 to €424,056
- Tax, wage and social debts -€49,720
down €49,720 (-70.2%), from €70,857 to €21,137
of which Taxes: -€42,098
- Reserves -€49,414
down €49,414 (-7.0%), from €701,949 to €652,536
of which Distributable reserves: -€81,128
- Other debts +€30,021
up €30,021 (+19.3%), from €155,877 to €185,899
- Gross operating margin -€154,754
down €154,754 (-37.5%), from €413,081 to €258,327
- Taxes -€38,918
down €38,918 (-97.0%), from €40,134 to €1,216
- Depreciation +€21,644
up €21,644 (+24.4%), from €88,564 to €110,208
- Staff costs -€7,434
down €7,434 (-6.3%), from €117,873 to €110,439
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 | €2,003,212 | €2,078,044 | +€74,833 | +3.7% |
| Fixed assets | 21/28 | €1,174,022 | €1,411,569 | +€237,547 | +20.2% |
| Tangible fixed assets | 22/27 | €1,117,833 | €1,334,380 | +€216,547 | +19.4% |
| Land and buildings | 22 | €987,409 | €1,227,676 | +€240,267 | +24.3% |
| Plant, machinery and equipment | 23 | €111,702 | €95,399 | -€16,303 | -14.6% |
| Furniture and vehicles | 24 | €18,722 | €11,305 | -€7,417 | -39.6% |
| Financial fixed assets | 28 | €56,190 | €77,190 | +€21,000 | +37.4% |
| Current assets | 29/58 | €829,189 | €666,475 | -€162,714 | -19.6% |
| Amounts receivable within one year | 40/41 | €296,189 | €258,812 | -€37,377 | -12.6% |
| Trade receivables | 40 | €178,888 | €137,400 | -€41,488 | -23.2% |
| Other amounts receivable | 41 | €117,301 | €121,412 | +€4,111 | +3.5% |
| Current investments | 50/53 | €6,000 | €21,000 | +€15,000 | +250.0% |
| Cash at bank and in hand | 54/58 | €520,043 | €368,106 | -€151,937 | -29.2% |
| Deferred charges and accrued income | 490/1 | €6,958 | €18,557 | +€11,599 | +166.7% |
| Total equity and liabilities | 10/49 | €2,003,212 | €2,078,044 | +€74,833 | +3.7% |
| Equity | 10/15 | €1,509,659 | €1,408,372 | -€101,287 | -6.7% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Revaluation surpluses | 12 | €207,833 | €207,833 | = | 0.0% |
| Reserves | 13 | €701,949 | €652,536 | -€49,414 | -7.0% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Tax-exempt reserves | 132 | €359,923 | €391,637 | +€31,714 | +8.8% |
| Distributable reserves | 133 | €329,632 | €248,504 | -€81,128 | -24.6% |
| Profit (loss) carried forward | 14 | €475,929 | €424,056 | -€51,874 | -10.9% |
| Provisions and deferred taxes | 16 | €58,373 | €55,779 | -€2,594 | -4.4% |
| Deferred taxes | 168 | €58,373 | €55,779 | -€2,594 | -4.4% |
| Amounts payable | 17/49 | €435,180 | €613,894 | +€178,714 | +41.1% |
| Amounts payable after more than one year | 17 | €97,298 | €284,417 | +€187,119 | +192.3% |
| Financial debts | 170/4 | €79,714 | €266,833 | +€187,119 | +234.7% |
| Other amounts payable | 178/9 | €17,585 | €17,585 | = | 0.0% |
| Amounts payable within one year | 42/48 | €337,882 | €329,477 | -€8,405 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €47,444 | €55,589 | +€8,145 | +17.2% |
| Trade debts | 44 | €63,703 | €65,851 | +€2,149 | +3.4% |
| Suppliers | 440/4 | €63,703 | €65,851 | +€2,149 | +3.4% |
| Advances received on contracts in progress | 46 | - | €1,000 | +€1,000 | |
| Taxes, remuneration and social security | 45 | €70,857 | €21,137 | -€49,720 | -70.2% |
| Taxes | 450/3 | €47,600 | €5,502 | -€42,098 | -88.4% |
| Remuneration and social security | 454/9 | €23,257 | €15,635 | -€7,623 | -32.8% |
| Other amounts payable | 47/48 | €155,877 | €185,899 | +€30,021 | +19.3% |
| Remuneration, social security and pensions | 62 | €117,873 | €110,439 | -€7,434 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,564 | €110,208 | +€21,644 | +24.4% |
| Other operating charges | 640/8 | €12,727 | €14,377 | +€1,650 | +13.0% |
| Gross operating margin | 9900 | €413,081 | €258,327 | -€154,754 | -37.5% |
| Operating profit (loss) | 9901 | €193,917 | €23,303 | -€170,614 | -88.0% |
| Financial income | 75/76B | €6,329 | €9,592 | +€3,263 | +51.6% |
| Recurring financial income | 75 | €6,329 | €9,592 | +€3,263 | +51.6% |
| Financial charges | 65/66B | €55,249 | €54,433 | -€816 | -1.5% |
| Recurring financial charges | 65 | €55,249 | €54,433 | -€816 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | €144,997 | -€21,537 | -€166,535 | |
| Transfer from deferred taxes | 780 | €435 | €2,594 | +€2,158 | +495.7% |
| Income taxes | 67/77 | €40,134 | €1,216 | -€38,918 | -97.0% |
| Profit (loss) for the period | 9904 | €105,299 | -€20,159 | -€125,458 | |
| Transfer from tax-exempt reserves | 789 | €1,742 | €10,386 | +€8,644 | +496.3% |
| Transfer to tax-exempt reserves | 689 | €58,940 | €42,100 | -€16,840 | -28.6% |
| Profit (loss) for the period to be appropriated | 9905 | €48,101 | -€51,874 | -€99,974 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.