SOEX: what changed
Two fiscal 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.
SOEX
Largest movements
- Receivables within one year +€11,045
up €11,045 (+20.4%), from €54,098 to €65,143
- Tangible fixed assets -€8,601
down €8,601 (-27.9%), from €30,820 to €22,219
of which Other tangible fixed assets: -€6,242
- Cash +€1,982
up €1,982 (+2.5%), from €78,789 to €80,771
mainly Trade debts (+€16,222) and Depreciation (+€10,329)
- Deferred charges and accrued income +€1,870
new in 2025: €1,870
- Reserves -€19,000
down €19,000 (-70.4%), from €27,000 to €8,000
- Trade debts +€16,222
up €16,222 (+16.2%), from €99,965 to €116,187
- Other debts +€6,845
up €6,845 (+917.8%), from €746 to €7,591
- Tax, wage and social debts +€1,954
up €1,954 (+11.2%), from €17,476 to €19,430
of which Taxes: +€1,742
- Gross operating margin +€4,931
up €4,931 (+12.2%), from €40,337 to €45,268
- Financial charges -€944
down €944 (-33.0%), from €2,861 to €1,918
- Taxes +€528
up €528 (+15.1%), from €3,503 to €4,031
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.
Cash bridge derived
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 | €164,092 | €170,387 | +€6,295 | +3.8% |
| Fixed assets | 21/28 | €31,205 | €22,604 | -€8,601 | -27.6% |
| Tangible fixed assets | 22/27 | €30,820 | €22,219 | -€8,601 | -27.9% |
| Plant, machinery and equipment | 23 | €8,860 | €5,560 | -€3,300 | -37.2% |
| Furniture and vehicles | 24 | €1,798 | €2,739 | +€941 | +52.4% |
| Other tangible fixed assets | 26 | €20,162 | €13,920 | -€6,242 | -31.0% |
| Financial fixed assets | 28 | €385 | €385 | = | 0.0% |
| Current assets | 29/58 | €132,887 | €147,783 | +€14,896 | +11.2% |
| Amounts receivable within one year | 40/41 | €54,098 | €65,143 | +€11,045 | +20.4% |
| Trade receivables | 40 | €54,098 | €65,143 | +€11,045 | +20.4% |
| Cash at bank and in hand | 54/58 | €78,789 | €80,771 | +€1,982 | +2.5% |
| Deferred charges and accrued income | 490/1 | - | €1,870 | +€1,870 | |
| Total equity and liabilities | 10/49 | €164,092 | €170,387 | +€6,295 | +3.8% |
| Equity | 10/15 | €45,905 | €27,178 | -€18,726 | -40.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €27,000 | €8,000 | -€19,000 | -70.4% |
| Distributable reserves | 133 | €27,000 | €8,000 | -€19,000 | -70.4% |
| Profit (loss) carried forward | 14 | €305 | €578 | +€274 | +89.8% |
| Amounts payable | 17/49 | €118,187 | €143,209 | +€25,022 | +21.2% |
| Amounts payable within one year | 42/48 | €118,187 | €143,209 | +€25,022 | +21.2% |
| Trade debts | 44 | €99,965 | €116,187 | +€16,222 | +16.2% |
| Suppliers | 440/4 | €99,965 | €116,187 | +€16,222 | +16.2% |
| Taxes, remuneration and social security | 45 | €17,476 | €19,430 | +€1,954 | +11.2% |
| Taxes | 450/3 | €13,190 | €14,932 | +€1,742 | +13.2% |
| Remuneration and social security | 454/9 | €4,286 | €4,498 | +€212 | +5.0% |
| Other amounts payable | 47/48 | €746 | €7,591 | +€6,845 | +917.8% |
| Remuneration, social security and pensions | 62 | €27,217 | €26,842 | -€375 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,353 | €10,329 | -€24 | -0.2% |
| Other operating charges | 640/8 | €999 | €885 | -€114 | -11.4% |
| Gross operating margin | 9900 | €40,337 | €45,268 | +€4,931 | +12.2% |
| Operating profit (loss) | 9901 | €1,768 | €7,212 | +€5,444 | +307.9% |
| Financial income | 75/76B | €0 | €10 | +€10 | +2414.6% |
| Recurring financial income | 75 | €0 | €10 | +€10 | +2414.6% |
| Financial charges | 65/66B | €2,861 | €1,918 | -€944 | -33.0% |
| Recurring financial charges | 65 | €2,861 | €1,918 | -€944 | -33.0% |
| Profit (loss) for the period before taxes | 9903 | -€1,093 | €5,305 | +€6,398 | |
| Income taxes | 67/77 | €3,503 | €4,031 | +€528 | +15.1% |
| Profit (loss) for the period | 9904 | -€4,595 | €1,274 | +€5,869 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,595 | €1,274 | +€5,869 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.