Sofina: 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.
What changed
Sofina
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€101.3m
2024 · €1.42bn-€1.32bn
Equity
€4.49bn
2024 · €3.97bn+€514.6m
Cash
€18.4m
2024 · €44.2m-€25.9m
Balance sheet total
€5.95bn
2024 · €4.94bn+€1.00bn
Largest movements
Assets
- Current investments +€781.7m
up €781.7m (+75.3%), from €1.04bn to €1.82bn
of which Other investments: +€758.4m
- Financial fixed assets +€230.8m
up €230.8m (+6.7%), from €3.42bn to €3.66bn
of which Companies linked by participating interests: +€206.9m
Equity and liabilities
- Debts after one year +€600.8m
up €600.8m (+86.2%), from €696.9m to €1.30bn
of which Financial debts: +€600.8m
- Contributions +€545.6m
up €545.6m (+648.3%), from €84.2m to €629.7m
of which Outside capital: +€539.9m
- Other debts -€118.8m
down €118.8m (-46.1%), from €257.6m to €138.9m
Income statement
- Financial income -€1.30bn
down €1.30bn (-82.9%), from €1.57bn to €268.1m
of which Financial income: -€911.0m
- Financial charges +€12.2m
up €12.2m (+11.7%), from €104.6m to €116.8m
of which Non-recurring financial charges: +€18.1m
- Staff costs +€2.9m
up €2.9m (+11.2%), from €25.7m to €28.6m
- Other operating charges +€1.5m
up €1.5m (+42.6%), from €3.6m to €5.2m
- Turnover +€1.5m
up €1.5m (+75.1%), from €2.0m to €3.4m
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
€1.42bn
Turnover
+€1.5m
Other operating income
+€364,221
Services and other goods
-€1.2m
Staff costs
-€2.9m
Depreciation
+€2,524
Write-downs
-€385,324
Provisions
-€18,198
Other operating charges
-€1.5m
Financial income
-€1.30bn
Financial charges
-€12.2m
Taxes
+€727
Result 2025
€101.3m
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.
From operations
-€27.4m
Investment
-€1.01bn
Financing
+€1.01bn
Cash 2024
€44.2m
From operations (derived)
-€27.4m
Net result for the year
+€101.3m
Depreciation
+€674,689
Receivables within one year
-€14.2m
Deferred charges and accrued income
-€3.0m
Smaller working-capital items
+€665,731
Tax, wage and social debts
+€3.1m
Other debts
-€118.8m
Accrued charges and deferred income
+€2.8m
Investment (derived)
-€1.01bn
Investment in fixed assets (net)
-€230.8m
Current investments
-€781.7m
Financing
+€1.01bn
Debts after one year
+€600.8m
Contributions, distributions and other
+€413.3m
Cash 2025
€18.4m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,943,520,460 | €5,946,704,054 | +€1.00bn | +20.3% |
| Fixed assets | 21/28 | €3,433,027,720 | €3,663,179,711 | +€230.2m | +6.7% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €8,406,455 | €7,754,023 | -€652,432 | -7.8% |
| Land and buildings | 22 | €7,443,389 | €6,991,874 | -€451,515 | -6.1% |
| Plant, machinery and equipment | 23 | €15,642 | €12,380 | -€3,262 | -20.9% |
| Furniture and vehicles | 24 | €362,860 | €258,312 | -€104,547 | -28.8% |
| Leasing and similar rights | 25 | - | €0 | = | |
| Other tangible fixed assets | 26 | €584,564 | €491,457 | -€93,107 | -15.9% |
| Assets under construction and advance payments | 27 | - | €0 | = | |
| Financial fixed assets | 28 | €3,424,621,265 | €3,655,425,688 | +€230.8m | +6.7% |
| Affiliated companies | 280/1 | €2,198,069,836 | €2,403,574,230 | +€205.5m | +9.3% |
| Participating interests | 280 | €2,198,069,836 | €2,403,574,230 | +€205.5m | +9.3% |
| Amounts receivable | 281 | - | €0 | = | |
| Companies linked by participating interests | 282/3 | €815,136,168 | €1,022,014,625 | +€206.9m | +25.4% |
| Participating interests | 282 | €813,652,805 | €1,020,457,094 | +€206.8m | +25.4% |
| Amounts receivable | 283 | €1,483,363 | €1,557,532 | +€74,169 | +5.0% |
| Other financial fixed assets | 284/8 | €411,415,261 | €229,836,833 | -€181.6m | -44.1% |
| Shares | 284 | €351,381,716 | €166,846,832 | -€184.5m | -52.5% |
| Amounts receivable and cash guarantees | 285/8 | €60,033,545 | €62,990,000 | +€3.0m | +4.9% |
| Current assets | 29/58 | €1,510,492,740 | €2,283,524,344 | +€773.0m | +51.2% |
| Amounts receivable after more than one year | 29 | - | €0 | = | |
| Trade receivables | 290 | - | €0 | = | |
| Other amounts receivable | 291 | - | €0 | = | |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Stocks | 30/36 | - | €0 | = | |
| Raw materials and consumables | 30/31 | - | €0 | = | |
| Work in progress | 32 | - | €0 | = | |
| Finished goods | 33 | - | €0 | = | |
| Goods purchased for resale | 34 | - | €0 | = | |
| Property held for sale | 35 | - | €0 | = | |
| Advance payments | 36 | - | €0 | = | |
| Contracts in progress | 37 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €424,907,267 | €439,082,150 | +€14.2m | +3.3% |
| Trade receivables | 40 | €2,284,883 | €3,276,201 | +€991,318 | +43.4% |
| Other amounts receivable | 41 | €422,622,384 | €435,805,949 | +€13.2m | +3.1% |
| Current investments | 50/53 | €1,037,873,519 | €1,819,560,861 | +€781.7m | +75.3% |
| Own shares | 50 | €229,206,268 | €252,453,348 | +€23.2m | +10.1% |
| Other investments | 51/53 | €808,667,251 | €1,567,107,513 | +€758.4m | +93.8% |
| Cash at bank and in hand | 54/58 | €44,238,479 | €18,375,910 | -€25.9m | -58.5% |
| Deferred charges and accrued income | 490/1 | €3,473,475 | €6,505,424 | +€3.0m | +87.3% |
| Total equity and liabilities | 10/49 | €4,943,520,460 | €5,946,704,054 | +€1.00bn | +20.3% |
| Equity | 10/15 | €3,970,432,453 | €4,485,023,471 | +€514.6m | +13.0% |
| Contributions | 10/11 | €84,154,798 | €629,708,242 | +€545.6m | +648.3% |
| Capital | 10 | €79,734,940 | €85,430,292 | +€5.7m | +7.1% |
| Issued capital | 100 | €79,734,940 | €85,430,292 | +€5.7m | +7.1% |
| Uncalled capital | 101 | - | €0 | = | |
| Outside capital | 11 | €4,419,858 | €544,277,950 | +€539.9m | +12214.4% |
| Share premium | 1100/10 | €4,419,858 | €544,277,950 | +€539.9m | +12214.4% |
| Reserves | 13 | €2,392,295,869 | €2,393,873,080 | +€1.6m | +0.1% |
| Non-distributable reserves | 130/1 | €262,000,047 | €285,816,662 | +€23.8m | +9.1% |
| Legal reserve | 130 | €7,973,494 | €8,543,029 | +€569,535 | +7.1% |
| Reserves not available under the articles | 1311 | - | €24,820,285 | +€24.8m | |
| Own shares acquired | 1312 | €229,206,268 | €252,453,348 | +€23.2m | +10.1% |
| Other | 1319 | €24,820,285 | - | -€24.8m | |
| Tax-exempt reserves | 132 | €130,295,822 | €108,056,418 | -€22.2m | -17.1% |
| Distributable reserves | 133 | €2,000,000,000 | €2,000,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,493,899,721 | €1,461,363,593 | -€32.5m | -2.2% |
| Investment grants | 15 | €82,065 | €78,556 | -€3,509 | -4.3% |
| Provisions and deferred taxes | 16 | €1,730,689 | €1,573,876 | -€156,813 | -9.1% |
| Provisions for liabilities and charges | 160/5 | €639,393 | €562,381 | -€77,012 | -12.0% |
| Pensions and similar obligations | 160 | €611,628 | €457,901 | -€153,728 | -25.1% |
| Taxes | 161 | - | €0 | = | |
| Major repairs and maintenance | 162 | - | €0 | = | |
| Environmental obligations | 163 | - | €104,481 | +€104,481 | |
| Other liabilities and charges | 164/5 | €27,765 | €0 | -€27,765 | -100.0% |
| Deferred taxes | 168 | €1,091,296 | €1,011,495 | -€79,801 | -7.3% |
| Amounts payable | 17/49 | €971,357,318 | €1,460,106,708 | +€488.7m | +50.3% |
| Amounts payable after more than one year | 17 | €696,861,163 | €1,297,644,550 | +€600.8m | +86.2% |
| Financial debts | 170/4 | €696,861,163 | €1,297,644,550 | +€600.8m | +86.2% |
| Other loans | 174 | €696,861,163 | €1,297,644,550 | +€600.8m | +86.2% |
| Trade debts | 175 | - | €0 | = | |
| Suppliers | 1750 | - | €0 | = | |
| Bills of exchange payable | 1751 | - | €0 | = | |
| Advances received on contracts in progress | 176 | - | €0 | = | |
| Other amounts payable | 178/9 | - | €0 | = | |
| Amounts payable within one year | 42/48 | €271,830,678 | €156,956,171 | -€114.9m | -42.3% |
| Current portion of amounts payable after more than one year | 42 | - | €0 | = | |
| Financial debts | 43 | - | €0 | = | |
| Other loans | 439 | - | €0 | = | |
| Trade debts | 44 | €3,133,499 | €3,956,043 | +€822,544 | +26.3% |
| Suppliers | 440/4 | €3,133,499 | €3,956,043 | +€822,544 | +26.3% |
| Bills of exchange payable | 441 | - | €0 | = | |
| Advances received on contracts in progress | 46 | - | €0 | = | |
| Taxes, remuneration and social security | 45 | €11,049,348 | €14,115,332 | +€3.1m | +27.7% |
| Taxes | 450/3 | €387,751 | €822,483 | +€434,731 | +112.1% |
| Remuneration and social security | 454/9 | €10,661,596 | €13,292,850 | +€2.6m | +24.7% |
| Other amounts payable | 47/48 | €257,647,831 | €138,884,795 | -€118.8m | -46.1% |
| Accrued charges and deferred income | 492/3 | €2,665,476 | €5,505,986 | +€2.8m | +106.6% |
| Operating income | 70/76A | €6,597,780 | €8,429,143 | +€1.8m | +27.8% |
| Turnover | 70 | €1,954,597 | €3,421,739 | +€1.5m | +75.1% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | - | €0 | = | |
| Own construction capitalised | 72 | - | €0 | = | |
| Other operating income | 74 | €4,643,182 | €5,007,403 | +€364,221 | +7.8% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Operating charges | 60/66A | €52,404,968 | €58,459,072 | +€6.1m | +11.6% |
| Goods for resale, raw materials and consumables | 60 | - | €0 | = | |
| Purchases | 600/8 | - | €0 | = | |
| Change in stocks: decrease (increase) | 609 | - | €0 | = | |
| Services and other goods | 61 | €22,469,506 | €23,703,671 | +€1.2m | +5.5% |
| Remuneration, social security and pensions | 62 | €25,721,913 | €28,592,803 | +€2.9m | +11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €677,213 | €674,689 | -€2,524 | -0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €385,324 | +€385,324 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€95,210 | -€77,012 | +€18,198 | +19.1% |
| Other operating charges | 640/8 | €3,631,547 | €5,179,598 | +€1.5m | +42.6% |
| Non-recurring operating charges | 66A | - | €0 | = | |
| Operating profit (loss) | 9901 | -€45,807,188 | -€50,029,929 | -€4.2m | -9.2% |
| Financial income | 75/76B | €1,567,598,336 | €268,081,031 | -€1.30bn | -82.9% |
| Recurring financial income | 75 | €1,064,535,600 | €153,544,082 | -€911.0m | -85.6% |
| Income from financial fixed assets | 750 | €1,032,841,518 | €103,343,896 | -€929.5m | -90.0% |
| Income from current assets | 751 | €20,407,424 | €15,813,621 | -€4.6m | -22.5% |
| Other financial income | 752/9 | €11,286,657 | €34,386,565 | +€23.1m | +204.7% |
| Non-recurring financial income | 76B | €503,062,736 | €114,536,949 | -€388.5m | -77.2% |
| Financial charges | 65/66B | €104,632,252 | €116,846,601 | +€12.2m | +11.7% |
| Recurring financial charges | 65 | €19,956,189 | €14,059,429 | -€5.9m | -29.5% |
| Debt charges | 650 | €8,794,744 | €13,979,280 | +€5.2m | +59.0% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €4,625,862 | -€12,033,638 | -€16.7m | |
| Other financial charges | 652/9 | €6,535,583 | €12,113,788 | +€5.6m | +85.4% |
| Non-recurring financial charges | 66B | €84,676,063 | €102,787,171 | +€18.1m | +21.4% |
| Profit (loss) for the period before taxes | 9903 | €1,417,158,896 | €101,204,502 | -€1.32bn | -92.9% |
| Transfer from deferred taxes | 780 | €79,801 | €79,801 | = | 0.0% |
| Income taxes | 67/77 | €6,658 | €5,931 | -€727 | -10.9% |
| Taxes | 670/3 | €6,658 | €5,931 | -€727 | -10.9% |
| Profit (loss) for the period | 9904 | €1,417,232,039 | €101,278,371 | -€1.32bn | -92.9% |
| Transfer from tax-exempt reserves | 789 | €9,139,404 | €22,239,404 | +€13.1m | +143.3% |
| Transfer to tax-exempt reserves | 689 | - | €0 | = | |
| Profit (loss) for the period to be appropriated | 9905 | €1,426,371,443 | €123,517,776 | -€1.30bn | -91.3% |
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 29 September 2026 via checked.be.