SOETENBORGH: 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.
SOETENBORGH
Largest movements
- Tangible fixed assets -€45,440
down €45,440 (-6.4%), from €709,928 to €664,488
of which Plant, machinery and equipment: -€23,363
- Receivables within one year -€31,303
down €31,303 (-73.4%), from €42,626 to €11,324
of which Trade receivables: -€31,263
- Cash +€22,451
up €22,451 (+348%), from €6,454 to €28,905
mainly Depreciation (+€45,440) and Receivables within one year (+€31,303)
- Debts after one year -€44,918
down €44,918 (-11.0%), from €408,516 to €363,597
- Other debts +€30,999
up €30,999 (+18.4%), from €168,202 to €199,202
- Profit (loss) carried forward -€24,111
down €24,111 (-47.1%), from -€51,232 to -€75,343
- Trade debts -€18,076
down €18,076 (-67.1%), from €26,930 to €8,853
- Write-downs +€22,032
new in 2025: €22,032
- Gross operating margin +€13,247
up €13,247 (+28.7%), from €46,198 to €59,445
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 | €760,526 | €706,227 | -€54,299 | -7.1% |
| Fixed assets | 21/28 | €710,128 | €664,688 | -€45,440 | -6.4% |
| Tangible fixed assets | 22/27 | €709,928 | €664,488 | -€45,440 | -6.4% |
| Land and buildings | 22 | €484,339 | €463,718 | -€20,621 | -4.3% |
| Plant, machinery and equipment | 23 | €217,962 | €194,599 | -€23,363 | -10.7% |
| Furniture and vehicles | 24 | €7,627 | €6,170 | -€1,457 | -19.1% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €50,398 | €41,540 | -€8,858 | -17.6% |
| Amounts receivable within one year | 40/41 | €42,626 | €11,324 | -€31,303 | -73.4% |
| Trade receivables | 40 | €42,578 | €11,315 | -€31,263 | -73.4% |
| Other amounts receivable | 41 | €49 | €9 | -€40 | -81.5% |
| Cash at bank and in hand | 54/58 | €6,454 | €28,905 | +€22,451 | +348% |
| Deferred charges and accrued income | 490/1 | €1,317 | €1,311 | -€7 | -0.5% |
| Total equity and liabilities | 10/49 | €760,526 | €706,227 | -€54,299 | -7.1% |
| Equity | 10/15 | €103,768 | €79,657 | -€24,111 | -23.2% |
| Contributions | 10/11 | €155,000 | €155,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€51,232 | -€75,343 | -€24,111 | -47.1% |
| Amounts payable | 17/49 | €656,758 | €626,570 | -€30,188 | -4.6% |
| Amounts payable after more than one year | 17 | €408,516 | €363,597 | -€44,918 | -11.0% |
| Financial debts | 170/4 | €408,516 | €363,597 | -€44,918 | -11.0% |
| Amounts payable within one year | 42/48 | €243,224 | €257,629 | +€14,405 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €44,876 | €44,918 | +€43 | +0.1% |
| Trade debts | 44 | €26,930 | €8,853 | -€18,076 | -67.1% |
| Suppliers | 440/4 | €26,930 | €8,853 | -€18,076 | -67.1% |
| Taxes, remuneration and social security | 45 | €3,217 | €4,656 | +€1,439 | +44.7% |
| Taxes | 450/3 | €3,217 | €4,656 | +€1,439 | +44.7% |
| Other amounts payable | 47/48 | €168,202 | €199,202 | +€30,999 | +18.4% |
| Accrued charges and deferred income | 492/3 | €5,018 | €5,344 | +€325 | +6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,690 | €45,440 | -€249 | -0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €22,032 | +€22,032 | |
| Other operating charges | 640/8 | €5,054 | €4,602 | -€452 | -8.9% |
| Gross operating margin | 9900 | €46,198 | €59,445 | +€13,247 | +28.7% |
| Operating profit (loss) | 9901 | -€4,545 | -€12,629 | -€8,084 | -178% |
| Financial income | 75/76B | €162 | €30 | -€132 | -81.6% |
| Recurring financial income | 75 | €162 | €30 | -€132 | -81.6% |
| Financial charges | 65/66B | €11,918 | €11,512 | -€407 | -3.4% |
| Recurring financial charges | 65 | €11,918 | €11,512 | -€407 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | -€16,302 | -€24,111 | -€7,810 | -47.9% |
| Income taxes | 67/77 | €0 | €0 | = | |
| Profit (loss) for the period | 9904 | -€16,302 | -€24,111 | -€7,810 | -47.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,302 | -€24,111 | -€7,810 | -47.9% |
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 18 October 2026 via checked.be.