SOETEWATER: 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.
What changed
SOETEWATER
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€28,872
2024 · -€14,283-€14,589
Equity
€19,674
2024 · €48,546-€28,872
Cash
€3,305
2024 · €5,012-€1,707
Balance sheet total
€1.1m
2024 · €1.1m-€29,939
Largest movements
Assets
- Tangible fixed assets -€29,270
down €29,270 (-5.1%), from €572,866 to €543,596
of which Leasing and similar rights: -€17,879
Equity and liabilities
- Other debts +€53,883
up €53,883 (+26.5%), from €203,051 to €256,935
- Debts after one year -€49,656
down €49,656 (-6.5%), from €762,162 to €712,506
- Profit (loss) carried forward -€28,872
down €28,872 (-634%), from -€4,553 to -€33,425
- Accrued charges and deferred income -€11,109
down €11,109 (-100%), from €11,109 to €0
Income statement
- Financial charges +€18,119
up €18,119 (+68.4%), from €26,494 to €44,614
- Gross operating margin +€3,612
up €3,612 (+7.1%), from €50,926 to €54,538
- Other operating charges +€749
up €749 (+19.5%), from €3,851 to €4,601
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.
Result 2024
-€14,283
Gross operating margin
+€3,612
Staff costs
+€186
Depreciation
+€482
Other operating charges
-€749
Financial charges
-€18,119
Result 2025
-€28,872
raises the resultlowers the result
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.
From operations
+€49,029
Investment
-€2,775
Financing
-€47,961
Cash 2024
€5,012
From operations (derived)
+€49,029
Net result for the year
-€28,872
Depreciation
+€32,045
Receivables within one year
-€1,672
Deferred charges and accrued income
+€633
Trade debts
+€1,655
Tax, wage and social debts
+€2,465
Other debts
+€53,883
Accrued charges and deferred income
-€11,109
Investment (derived)
-€2,775
Investment in fixed assets (net)
-€2,775
Financing
-€47,961
Debts after one year
-€49,656
Current portion of long-term debt
+€1,694
Cash 2025
€3,305
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,097,435 | €1,067,496 | -€29,939 | -2.7% |
| Fixed assets | 21/28 | €572,866 | €543,596 | -€29,270 | -5.1% |
| Tangible fixed assets | 22/27 | €572,866 | €543,596 | -€29,270 | -5.1% |
| Land and buildings | 22 | €164,921 | €155,588 | -€9,333 | -5.7% |
| Plant, machinery and equipment | 23 | €2,081 | €1,311 | -€771 | -37.0% |
| Furniture and vehicles | 24 | €3,640 | €2,353 | -€1,287 | -35.4% |
| Leasing and similar rights | 25 | €402,224 | €384,345 | -€17,879 | -4.4% |
| Current assets | 29/58 | €524,569 | €523,900 | -€669 | -0.1% |
| Stocks and contracts in progress | 3 | €518,166 | €518,166 | = | 0.0% |
| Stocks | 30/36 | €518,166 | €518,166 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €757 | €2,429 | +€1,672 | +221% |
| Trade receivables | 40 | €648 | €2,428 | +€1,780 | +275% |
| Other amounts receivable | 41 | €109 | €1 | -€108 | -98.8% |
| Cash at bank and in hand | 54/58 | €5,012 | €3,305 | -€1,707 | -34.1% |
| Deferred charges and accrued income | 490/1 | €633 | €0 | -€633 | -100% |
| Total equity and liabilities | 10/49 | €1,097,435 | €1,067,496 | -€29,939 | -2.7% |
| Equity | 10/15 | €48,546 | €19,674 | -€28,872 | -59.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €3,099 | €3,099 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,553 | -€33,425 | -€28,872 | -634% |
| Amounts payable | 17/49 | €1,048,889 | €1,047,821 | -€1,067 | -0.1% |
| Amounts payable after more than one year | 17 | €762,162 | €712,506 | -€49,656 | -6.5% |
| Financial debts | 170/4 | €762,162 | €712,506 | -€49,656 | -6.5% |
| Amounts payable within one year | 42/48 | €275,618 | €335,315 | +€59,698 | +21.7% |
| Current portion of amounts payable after more than one year | 42 | €49,265 | €50,959 | +€1,694 | +3.4% |
| Trade debts | 44 | €16,342 | €17,997 | +€1,655 | +10.1% |
| Suppliers | 440/4 | €16,342 | €17,997 | +€1,655 | +10.1% |
| Taxes, remuneration and social security | 45 | €6,960 | €9,424 | +€2,465 | +35.4% |
| Taxes | 450/3 | €1,349 | €908 | -€440 | -32.7% |
| Remuneration and social security | 454/9 | €5,611 | €8,516 | +€2,905 | +51.8% |
| Other amounts payable | 47/48 | €203,051 | €256,935 | +€53,883 | +26.5% |
| Accrued charges and deferred income | 492/3 | €11,109 | €0 | -€11,109 | -100% |
| Remuneration, social security and pensions | 62 | €2,337 | €2,150 | -€186 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,527 | €32,045 | -€482 | -1.5% |
| Other operating charges | 640/8 | €3,851 | €4,601 | +€749 | +19.5% |
| Gross operating margin | 9900 | €50,926 | €54,538 | +€3,612 | +7.1% |
| Operating profit (loss) | 9901 | €12,212 | €15,742 | +€3,530 | +28.9% |
| Financial charges | 65/66B | €26,494 | €44,614 | +€18,119 | +68.4% |
| Recurring financial charges | 65 | €26,494 | €44,614 | +€18,119 | +68.4% |
| Profit (loss) for the period before taxes | 9903 | -€14,283 | -€28,872 | -€14,589 | -102% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€14,283 | -€28,872 | -€14,589 | -102% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,283 | -€28,872 | -€14,589 | -102% |
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 15 October 2026 via checked.be.