SOETEN: 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.
SOETEN
Largest movements
- Tangible fixed assets +€736,245
up €736,245 (+45.7%), from €1.6m to €2.3m
of which Other tangible fixed assets: +€710,893
- Receivables within one year +€201,268
up €201,268 (+124%), from €161,753 to €363,021
of which Other amounts receivable: +€105,681
- Receivables after one year +€157,543
up €157,543 (+123%), from €128,405 to €285,948
- Cash +€45,797
up €45,797 (+45.4%), from €100,895 to €146,692
mainly Trade debts (+€543,403) and Debts after one year (+€320,499)
- Stocks and contracts -€44,865
down €44,865 (-9.7%), from €460,182 to €415,317
- Trade debts +€543,403
up €543,403 (+560%), from €97,101 to €640,504
- Debts after one year +€320,499
up €320,499 (+22.9%), from €1.4m to €1.7m
of which Other amounts payable: +€348,636
- Reserves +€243,300
up €243,300 (+33.9%), from €718,134 to €961,434
of which Distributable reserves: +€327,500
- Other debts -€42,824
down €42,824 (-100%), from €42,824 to €0
- Gross operating margin +€118,954
up €118,954 (+34.2%), from €347,523 to €466,478
- Staff costs +€44,295
up €44,295 (+589%), from €7,520 to €51,815
- Depreciation +€17,586
up €17,586 (+84.0%), from €20,948 to €38,535
- Taxes +€8,188
up €8,188 (+10.8%), from €75,565 to €83,753
- Write-downs +€5,614
up €5,614 (+175%), from €3,210 to €8,825
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 | €2,533,067 | €3,608,157 | +€1.1m | +42.4% |
| Fixed assets | 21/28 | €1,658,047 | €2,390,562 | +€732,514 | +44.2% |
| Intangible fixed assets | 21 | €7,531 | €3,799 | -€3,731 | -49.5% |
| Tangible fixed assets | 22/27 | €1,610,167 | €2,346,412 | +€736,245 | +45.7% |
| Land and buildings | 22 | €573,325 | €556,215 | -€17,110 | -3.0% |
| Plant, machinery and equipment | 23 | €1,917 | €3,014 | +€1,096 | +57.2% |
| Furniture and vehicles | 24 | €5,328 | €46,694 | +€41,366 | +776% |
| Other tangible fixed assets | 26 | €1,029,597 | €1,740,490 | +€710,893 | +69.0% |
| Financial fixed assets | 28 | €40,350 | €40,350 | = | 0.0% |
| Current assets | 29/58 | €875,019 | €1,217,596 | +€342,576 | +39.2% |
| Amounts receivable after more than one year | 29 | €128,405 | €285,948 | +€157,543 | +123% |
| Other amounts receivable | 291 | €128,405 | €285,948 | +€157,543 | +123% |
| Stocks and contracts in progress | 3 | €460,182 | €415,317 | -€44,865 | -9.7% |
| Stocks | 30/36 | €460,182 | €415,317 | -€44,865 | -9.7% |
| Amounts receivable within one year | 40/41 | €161,753 | €363,021 | +€201,268 | +124% |
| Trade receivables | 40 | €91,994 | €187,581 | +€95,588 | +104% |
| Other amounts receivable | 41 | €69,759 | €175,440 | +€105,681 | +151% |
| Current investments | 50/53 | €2,223 | €0 | -€2,223 | -100% |
| Cash at bank and in hand | 54/58 | €100,895 | €146,692 | +€45,797 | +45.4% |
| Deferred charges and accrued income | 490/1 | €21,562 | €6,619 | -€14,944 | -69.3% |
| Total equity and liabilities | 10/49 | €2,533,067 | €3,608,157 | +€1.1m | +42.4% |
| Equity | 10/15 | €753,134 | €996,434 | +€243,300 | +32.3% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €718,134 | €961,434 | +€243,300 | +33.9% |
| Tax-exempt reserves | 132 | €84,200 | €0 | -€84,200 | -100% |
| Distributable reserves | 133 | €633,934 | €961,434 | +€327,500 | +51.7% |
| Amounts payable | 17/49 | €1,779,933 | €2,611,723 | +€831,790 | +46.7% |
| Amounts payable after more than one year | 17 | €1,400,090 | €1,720,589 | +€320,499 | +22.9% |
| Financial debts | 170/4 | €529,339 | €501,202 | -€28,137 | -5.3% |
| Other amounts payable | 178/9 | €870,751 | €1,219,388 | +€348,636 | +40.0% |
| Amounts payable within one year | 42/48 | €374,661 | €889,299 | +€514,638 | +137% |
| Current portion of amounts payable after more than one year | 42 | €33,879 | €37,893 | +€4,013 | +11.8% |
| Financial debts | 43 | €170,875 | €179,268 | +€8,393 | +4.9% |
| Credit institutions | 430/8 | €170,875 | €179,268 | +€8,393 | +4.9% |
| Trade debts | 44 | €97,101 | €640,504 | +€543,403 | +560% |
| Suppliers | 440/4 | €97,101 | €640,504 | +€543,403 | +560% |
| Taxes, remuneration and social security | 45 | €29,981 | €31,635 | +€1,653 | +5.5% |
| Taxes | 450/3 | €26,519 | €25,744 | -€775 | -2.9% |
| Remuneration and social security | 454/9 | €3,462 | €5,891 | +€2,428 | +70.1% |
| Other amounts payable | 47/48 | €42,824 | €0 | -€42,824 | -100% |
| Accrued charges and deferred income | 492/3 | €5,182 | €1,835 | -€3,347 | -64.6% |
| Non-recurring operating income | 76A | - | €6,624 | +€6,624 | |
| Remuneration, social security and pensions | 62 | €7,520 | €51,815 | +€44,295 | +589% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,948 | €38,535 | +€17,586 | +84.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,210 | €8,825 | +€5,614 | +175% |
| Other operating charges | 640/8 | €7,753 | €11,406 | +€3,653 | +47.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €347,523 | €466,478 | +€118,954 | +34.2% |
| Operating profit (loss) | 9901 | €308,092 | €355,898 | +€47,806 | +15.5% |
| Financial income | 75/76B | €4,084 | €2,861 | -€1,223 | -29.9% |
| Recurring financial income | 75 | €4,084 | €2,861 | -€1,223 | -29.9% |
| Financial charges | 65/66B | €27,939 | €31,706 | +€3,767 | +13.5% |
| Recurring financial charges | 65 | €27,939 | €31,706 | +€3,767 | +13.5% |
| Profit (loss) for the period before taxes | 9903 | €284,237 | €327,054 | +€42,816 | +15.1% |
| Income taxes | 67/77 | €75,565 | €83,753 | +€8,188 | +10.8% |
| Profit (loss) for the period | 9904 | €208,672 | €243,300 | +€34,628 | +16.6% |
| Transfer from tax-exempt reserves | 789 | €42,100 | €84,200 | +€42,100 | +100% |
| Profit (loss) for the period to be appropriated | 9905 | €250,772 | €327,500 | +€76,728 | +30.6% |
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 16 October 2026 via checked.be.