SOFIE VAN MIEGHEM: 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.
SOFIE VAN MIEGHEM
Largest movements
- Tangible fixed assets +€46,304
up €46,304 (+12.0%), from €387,166 to €433,470
of which Land and buildings: +€56,632
- Intangible fixed assets -€29,695
down €29,695 (-14.9%), from €198,994 to €169,299
- Receivables within one year +€20,898
up €20,898 (+434.4%), from €4,810 to €25,708
of which Other amounts receivable: +€20,934
- Cash -€10,193
down €10,193 (-38.9%), from €26,229 to €16,036
mainly Investment in fixed assets (net) (-€77,485) and Debts after one year (-€22,851)
- Reserves +€24,645
up €24,645 (+10.9%), from €226,649 to €251,294
of which Distributable reserves: +€52,015
- Debts after one year -€22,851
down €22,851 (-7.1%), from €320,939 to €298,088
- Trade debts +€14,556
up €14,556 (+158.9%), from €9,161 to €23,717
- Current portion of long-term debt +€11,725
up €11,725 (+21.8%), from €53,828 to €65,553
- Gross operating margin -€33,587
down €33,587 (-18.1%), from €185,105 to €151,518
- Taxes -€7,324
down €7,324 (-33.1%), from €22,129 to €14,805
- Staff costs -€2,845
down €2,845 (-6.3%), from €45,418 to €42,573
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 | €658,053 | €686,323 | +€28,270 | +4.3% |
| Fixed assets | 21/28 | €587,125 | €603,735 | +€16,610 | +2.8% |
| Intangible fixed assets | 21 | €198,994 | €169,299 | -€29,695 | -14.9% |
| Tangible fixed assets | 22/27 | €387,166 | €433,470 | +€46,304 | +12.0% |
| Land and buildings | 22 | €337,003 | €393,635 | +€56,632 | +16.8% |
| Plant, machinery and equipment | 23 | €2,768 | €1,525 | -€1,243 | -44.9% |
| Furniture and vehicles | 24 | €47,394 | €38,310 | -€9,084 | -19.2% |
| Financial fixed assets | 28 | €965 | €965 | = | 0.0% |
| Current assets | 29/58 | €70,928 | €82,588 | +€11,660 | +16.4% |
| Amounts receivable within one year | 40/41 | €4,810 | €25,708 | +€20,898 | +434.4% |
| Trade receivables | 40 | €82 | €46 | -€36 | -43.9% |
| Other amounts receivable | 41 | €4,729 | €25,662 | +€20,934 | +442.7% |
| Current investments | 50/53 | €14,786 | €15,862 | +€1,076 | +7.3% |
| Cash at bank and in hand | 54/58 | €26,229 | €16,036 | -€10,193 | -38.9% |
| Deferred charges and accrued income | 490/1 | €25,103 | €24,982 | -€121 | -0.5% |
| Total equity and liabilities | 10/49 | €658,053 | €686,323 | +€28,270 | +4.3% |
| Equity | 10/15 | €245,249 | €269,894 | +€24,645 | +10.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €226,649 | €251,294 | +€24,645 | +10.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €51,461 | €24,091 | -€27,370 | -53.2% |
| Distributable reserves | 133 | €173,329 | €225,344 | +€52,015 | +30.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | 0.0% |
| Provisions and deferred taxes | 16 | €9,551 | €7,448 | -€2,103 | -22.0% |
| Deferred taxes | 168 | €9,551 | €7,448 | -€2,103 | -22.0% |
| Amounts payable | 17/49 | €403,252 | €408,980 | +€5,728 | +1.4% |
| Amounts payable after more than one year | 17 | €320,939 | €298,088 | -€22,851 | -7.1% |
| Financial debts | 170/4 | €320,939 | €298,088 | -€22,851 | -7.1% |
| Amounts payable within one year | 42/48 | €81,886 | €108,994 | +€27,108 | +33.1% |
| Current portion of amounts payable after more than one year | 42 | €53,828 | €65,553 | +€11,725 | +21.8% |
| Financial debts | 43 | €1,654 | €3,383 | +€1,728 | +104.5% |
| Credit institutions | 430/8 | €1,654 | €3,383 | +€1,728 | +104.5% |
| Trade debts | 44 | €9,161 | €23,717 | +€14,556 | +158.9% |
| Suppliers | 440/4 | €9,161 | €23,717 | +€14,556 | +158.9% |
| Taxes, remuneration and social security | 45 | €16,150 | €16,341 | +€192 | +1.2% |
| Taxes | 450/3 | €7,093 | €7,093 | = | 0.0% |
| Remuneration and social security | 454/9 | €9,057 | €9,248 | +€192 | +2.1% |
| Other amounts payable | 47/48 | €1,093 | €0 | -€1,093 | -100.0% |
| Accrued charges and deferred income | 492/3 | €427 | €1,898 | +€1,471 | +344.0% |
| Remuneration, social security and pensions | 62 | €45,418 | €42,573 | -€2,845 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,557 | €60,876 | +€319 | +0.5% |
| Other operating charges | 640/8 | €3,462 | €3,139 | -€322 | -9.3% |
| Gross operating margin | 9900 | €185,105 | €151,518 | -€33,587 | -18.1% |
| Operating profit (loss) | 9901 | €75,668 | €44,930 | -€30,738 | -40.6% |
| Financial income | 75/76B | €291 | €1,302 | +€1,011 | +347.7% |
| Recurring financial income | 75 | €291 | €1,302 | +€1,011 | +347.7% |
| Financial charges | 65/66B | €9,765 | €8,885 | -€880 | -9.0% |
| Recurring financial charges | 65 | €9,765 | €8,885 | -€880 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €66,194 | €37,347 | -€28,847 | -43.6% |
| Transfer from deferred taxes | 780 | €2,103 | €2,103 | = | 0.0% |
| Income taxes | 67/77 | €22,129 | €14,805 | -€7,324 | -33.1% |
| Profit (loss) for the period | 9904 | €46,167 | €24,645 | -€21,523 | -46.6% |
| Transfer from tax-exempt reserves | 789 | €6,316 | €27,370 | +€21,054 | +333.4% |
| Profit (loss) for the period to be appropriated | 9905 | €52,483 | €52,015 | -€468 | -0.9% |
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 7 October 2026 via checked.be.