Soeki - Racing: 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.
Soeki - Racing
Largest movements
- Tangible fixed assets +€384,114
up €384,114 (+34.0%), from €1.1m to €1.5m
of which Land and buildings: +€419,275
- Cash -€78,904
down €78,904 (-34.2%), from €230,434 to €151,530
mainly Investment in fixed assets (net) (-€530,139) and Trade debts (-€65,624)
- Debts after one year +€349,043
up €349,043 (+59.8%), from €583,633 to €932,676
of which Financial debts: +€319,043
- Reserves +€203,265
up €203,265 (+410%), from €49,589 to €252,854
of which Distributable reserves: +€207,028
- Profit (loss) carried forward -€163,427
no longer reported in 2025 (was €163,427)
- Trade debts -€65,624
down €65,624 (-41.4%), from €158,374 to €92,750
- Current portion of long-term debt -€24,818
down €24,818 (-18.5%), from €133,807 to €108,989
- Gross operating margin +€56,509
up €56,509 (+31.8%), from €177,644 to €234,153
- Financial charges +€13,007
up €13,007 (+54.0%), from €24,094 to €37,102
- Depreciation +€12,440
up €12,440 (+8.6%), from €144,679 to €157,119
- Taxes +€4,587
up €4,587 (+6,174%), from €74 to €4,661
- Financial income +€4,381
up €4,381 (+24.2%), from €18,087 to €22,468
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 | €1,405,308 | €1,707,852 | +€302,544 | +21.5% |
| Fixed assets | 21/28 | €1,151,982 | €1,525,002 | +€373,020 | +32.4% |
| Intangible fixed assets | 21 | €10,919 | €0 | -€10,919 | -100% |
| Tangible fixed assets | 22/27 | €1,130,677 | €1,514,791 | +€384,114 | +34.0% |
| Land and buildings | 22 | €434,573 | €853,848 | +€419,275 | +96.5% |
| Plant, machinery and equipment | 23 | €683,789 | €648,217 | -€35,572 | -5.2% |
| Furniture and vehicles | 24 | €962 | €4,836 | +€3,874 | +403% |
| Other tangible fixed assets | 26 | €11,352 | €7,889 | -€3,463 | -30.5% |
| Financial fixed assets | 28 | €10,386 | €10,211 | -€175 | -1.7% |
| Current assets | 29/58 | €253,326 | €182,851 | -€70,475 | -27.8% |
| Stocks and contracts in progress | 3 | €3,441 | €12,029 | +€8,588 | +250% |
| Stocks | 30/36 | €3,441 | €12,029 | +€8,588 | +250% |
| Amounts receivable within one year | 40/41 | €15,895 | €11,069 | -€4,826 | -30.4% |
| Trade receivables | 40 | €3,298 | €1,460 | -€1,838 | -55.7% |
| Other amounts receivable | 41 | €12,597 | €9,609 | -€2,988 | -23.7% |
| Current investments | 50/53 | €2,528 | €2,528 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €230,434 | €151,530 | -€78,904 | -34.2% |
| Deferred charges and accrued income | 490/1 | €1,028 | €5,695 | +€4,667 | +454% |
| Total equity and liabilities | 10/49 | €1,405,308 | €1,707,852 | +€302,544 | +21.5% |
| Equity | 10/15 | €475,649 | €493,413 | +€17,764 | +3.7% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €49,589 | €252,854 | +€203,265 | +410% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,763 | - | -€3,763 | |
| Distributable reserves | 133 | €38,389 | €245,418 | +€207,028 | +539% |
| Profit (loss) carried forward | 14 | €163,427 | - | -€163,427 | |
| Investment grants | 15 | €188,264 | €166,190 | -€22,074 | -11.7% |
| Provisions and deferred taxes | 16 | €43,434 | €38,950 | -€4,484 | -10.3% |
| Deferred taxes | 168 | €43,434 | €38,950 | -€4,484 | -10.3% |
| Amounts payable | 17/49 | €886,225 | €1,175,490 | +€289,265 | +32.6% |
| Amounts payable after more than one year | 17 | €583,633 | €932,676 | +€349,043 | +59.8% |
| Financial debts | 170/4 | €483,633 | €802,676 | +€319,043 | +66.0% |
| Other amounts payable | 178/9 | €100,000 | €130,000 | +€30,000 | +30.0% |
| Amounts payable within one year | 42/48 | €302,592 | €242,557 | -€60,036 | -19.8% |
| Current portion of amounts payable after more than one year | 42 | €133,807 | €108,989 | -€24,818 | -18.5% |
| Trade debts | 44 | €158,374 | €92,750 | -€65,624 | -41.4% |
| Suppliers | 440/4 | €158,374 | €92,750 | -€65,624 | -41.4% |
| Taxes, remuneration and social security | 45 | €2,315 | €26,200 | +€23,885 | +1,032% |
| Taxes | 450/3 | €2,315 | €25,703 | +€23,388 | +1,010% |
| Remuneration and social security | 454/9 | - | €497 | +€497 | |
| Other amounts payable | 47/48 | €8,096 | €14,617 | +€6,521 | +80.5% |
| Accrued charges and deferred income | 492/3 | - | €257 | +€257 | |
| Remuneration, social security and pensions | 62 | - | €1,756 | +€1,756 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,679 | €157,119 | +€12,440 | +8.6% |
| Other operating charges | 640/8 | €17,227 | €20,630 | +€3,403 | +19.8% |
| Gross operating margin | 9900 | €177,644 | €234,153 | +€56,509 | +31.8% |
| Operating profit (loss) | 9901 | €15,738 | €54,649 | +€38,911 | +247% |
| Financial income | 75/76B | €18,087 | €22,468 | +€4,381 | +24.2% |
| Recurring financial income | 75 | €18,087 | €22,468 | +€4,381 | +24.2% |
| Financial charges | 65/66B | €24,094 | €37,102 | +€13,007 | +54.0% |
| Recurring financial charges | 65 | €24,094 | €37,102 | +€13,007 | +54.0% |
| Profit (loss) for the period before taxes | 9903 | €9,731 | €40,015 | +€30,284 | +311% |
| Transfer from deferred taxes | 780 | €3,144 | €4,484 | +€1,341 | +42.6% |
| Income taxes | 67/77 | €74 | €4,661 | +€4,587 | +6,174% |
| Profit (loss) for the period | 9904 | €12,800 | €39,838 | +€27,038 | +211% |
| Transfer from tax-exempt reserves | 789 | €3,763 | €3,763 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €16,563 | €43,601 | +€27,038 | +163% |
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 28 October 2026 via checked.be.