SODENAL: 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.
SODENAL
Largest movements
- Receivables within one year +€2.0m
up €2.0m (+195%), from €1.0m to €3.0m
of which Other amounts receivable: +€2.0m
- Current investments -€976,526
down €976,526 (-13.3%), from €7.4m to €6.4m
- Cash +€411,263
up €411,263 (+331%), from €124,109 to €535,372
mainly Other debts (+€1.2m) and Current investments (+€976,526)
- Other debts +€1.2m
up €1.2m (+16.1%), from €7.7m to €8.9m
- Profit (loss) carried forward +€137,264
up €137,264 (+23.1%), from €595,362 to €732,626
- Financial income +€54,342
up €54,342 (+30.2%), from €179,994 to €234,336
of which Financial income: +€54,342
- Taxes +€13,441
up €13,441 (+41.6%), from €32,314 to €45,755
- Financial charges +€4,850
up €4,850 (+25.0%), from €19,376 to €24,226
of which Financial charges: +€4,850
- Gross operating margin +€3,329
up €3,329 (+32.7%), from -€10,169 to -€6,840
- Other operating charges -€603
down €603 (-4.2%), from €14,392 to €13,789
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 | €8,673,774 | €9,990,942 | +€1.3m | +15.2% |
| Fixed assets | 21/28 | €35,022 | €28,460 | -€6,562 | -18.7% |
| Tangible fixed assets | 22/27 | €25,022 | €18,460 | -€6,562 | -26.2% |
| Land and buildings | 22 | €21,754 | €17,664 | -€4,090 | -18.8% |
| Plant, machinery and equipment | 23 | €3,268 | €796 | -€2,472 | -75.6% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €8,638,752 | €9,962,482 | +€1.3m | +15.3% |
| Stocks and contracts in progress | 3 | €140,170 | €61,328 | -€78,842 | -56.2% |
| Stocks | 30/36 | €140,170 | €61,328 | -€78,842 | -56.2% |
| Amounts receivable within one year | 40/41 | €1,009,165 | €2,977,000 | +€2.0m | +195% |
| Trade receivables | 40 | €988,443 | €993,513 | +€5,070 | +0.5% |
| Other amounts receivable | 41 | €20,722 | €1,983,487 | +€2.0m | +9,472% |
| Current investments | 50/53 | €7,365,308 | €6,388,782 | -€976,526 | -13.3% |
| Cash at bank and in hand | 54/58 | €124,109 | €535,372 | +€411,263 | +331% |
| Total equity and liabilities | 10/49 | €8,673,774 | €9,990,942 | +€1.3m | +15.2% |
| Equity | 10/15 | €902,458 | €1,039,722 | +€137,264 | +15.2% |
| Contributions | 10/11 | €270,087 | €270,087 | = | 0.0% |
| Reserves | 13 | €27,009 | €27,009 | = | 0.0% |
| Distributable reserves | 133 | €27,009 | €27,009 | = | 0.0% |
| Profit (loss) carried forward | 14 | €595,362 | €732,626 | +€137,264 | +23.1% |
| Investment grants | 15 | €10,000 | €10,000 | = | 0.0% |
| Provisions and deferred taxes | 16 | €3,340 | €3,340 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €3,340 | €3,340 | = | 0.0% |
| Major repairs and maintenance | 162 | €3,340 | €3,340 | = | 0.0% |
| Amounts payable | 17/49 | €7,767,976 | €8,947,880 | +€1.2m | +15.2% |
| Amounts payable within one year | 42/48 | €7,765,785 | €8,945,669 | +€1.2m | +15.2% |
| Trade debts | 44 | €65,527 | €6,655 | -€58,872 | -89.8% |
| Suppliers | 440/4 | €65,527 | €6,655 | -€58,872 | -89.8% |
| Taxes, remuneration and social security | 45 | - | €2,011 | +€2,011 | |
| Taxes | 450/3 | - | €2,011 | +€2,011 | |
| Other amounts payable | 47/48 | €7,700,258 | €8,937,003 | +€1.2m | +16.1% |
| Accrued charges and deferred income | 492/3 | €2,191 | €2,211 | +€20 | +0.9% |
| Remuneration, social security and pensions | 62 | €39 | -€100 | -€139 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,761 | €6,562 | -€199 | -2.9% |
| Other operating charges | 640/8 | €14,392 | €13,789 | -€603 | -4.2% |
| Gross operating margin | 9900 | -€10,169 | -€6,840 | +€3,329 | +32.7% |
| Operating profit (loss) | 9901 | -€31,361 | -€27,091 | +€4,270 | +13.6% |
| Financial income | 75/76B | €179,994 | €234,336 | +€54,342 | +30.2% |
| Recurring financial income | 75 | €179,994 | €234,336 | +€54,342 | +30.2% |
| Non-recurring financial income | 76B | €179,994 | €234,336 | +€54,342 | +30.2% |
| Financial charges | 65/66B | €19,376 | €24,226 | +€4,850 | +25.0% |
| Recurring financial charges | 65 | €19,376 | €24,226 | +€4,850 | +25.0% |
| Non-recurring financial charges | 66B | €19,376 | €24,226 | +€4,850 | +25.0% |
| Profit (loss) for the period before taxes | 9903 | €129,257 | €183,019 | +€53,762 | +41.6% |
| Income taxes | 67/77 | €32,314 | €45,755 | +€13,441 | +41.6% |
| Profit (loss) for the period | 9904 | €96,943 | €137,264 | +€40,321 | +41.6% |
| Profit (loss) for the period to be appropriated | 9905 | €96,943 | €137,264 | +€40,321 | +41.6% |
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 20 October 2026 via checked.be.