SOFINVAL: 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.
SOFINVAL
Largest movements
- Tangible fixed assets +€712,295
up €712,295 (+7.5%), from €9.5m to €10.2m
of which Land and buildings: +€643,513
- Debts after one year +€620,089
up €620,089 (+16.0%), from €3.9m to €4.5m
of which Financial debts: +€503,446
- Reserves +€218,933
up €218,933 (+4.8%), from €4.6m to €4.8m
of which Distributable reserves: +€260,438
- Gross operating margin +€190,225
up €190,225 (+22.2%), from €856,026 to €1.0m
- Depreciation +€158,509
up €158,509 (+36.3%), from €436,512 to €595,021
- Taxes +€11,235
up €11,235 (+10.2%), from €110,202 to €121,436
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 | €9,623,861 | €10,339,502 | +€715,641 | +7.4% |
| Fixed assets | 21/28 | €9,465,105 | €10,177,401 | +€712,295 | +7.5% |
| Tangible fixed assets | 22/27 | €9,465,105 | €10,177,401 | +€712,295 | +7.5% |
| Land and buildings | 22 | €9,253,684 | €9,897,197 | +€643,513 | +7.0% |
| Other tangible fixed assets | 26 | €210,607 | €280,059 | +€69,452 | +33.0% |
| Assets under construction and advance payments | 27 | €814 | €146 | -€669 | -82.1% |
| Current assets | 29/58 | €158,756 | €162,102 | +€3,346 | +2.1% |
| Amounts receivable within one year | 40/41 | €1,129 | - | -€1,129 | |
| Other amounts receivable | 41 | €1,129 | - | -€1,129 | |
| Cash at bank and in hand | 54/58 | €157,627 | €162,102 | +€4,475 | +2.8% |
| Total equity and liabilities | 10/49 | €9,623,861 | €10,339,502 | +€715,641 | +7.4% |
| Equity | 10/15 | €4,625,099 | €4,844,032 | +€218,933 | +4.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,601,484 | €4,820,417 | +€218,933 | +4.8% |
| Tax-exempt reserves | 132 | €602,721 | €561,216 | -€41,504 | -6.9% |
| Distributable reserves | 133 | €3,998,763 | €4,259,201 | +€260,438 | +6.5% |
| Profit (loss) carried forward | 14 | €5,015 | €5,015 | = | 0.0% |
| Provisions and deferred taxes | 16 | €310,354 | €288,982 | -€21,372 | -6.9% |
| Deferred taxes | 168 | €310,354 | €288,982 | -€21,372 | -6.9% |
| Amounts payable | 17/49 | €4,688,409 | €5,206,488 | +€518,080 | +11.1% |
| Amounts payable after more than one year | 17 | €3,870,291 | €4,490,380 | +€620,089 | +16.0% |
| Financial debts | 170/4 | €3,326,934 | €3,830,380 | +€503,446 | +15.1% |
| Other amounts payable | 178/9 | €543,357 | €660,000 | +€116,643 | +21.5% |
| Amounts payable within one year | 42/48 | €818,118 | €716,109 | -€102,009 | -12.5% |
| Current portion of amounts payable after more than one year | 42 | €636,551 | €540,423 | -€96,128 | -15.1% |
| Taxes, remuneration and social security | 45 | €73,625 | €61,146 | -€12,479 | -16.9% |
| Taxes | 450/3 | €73,625 | €61,146 | -€12,479 | -16.9% |
| Other amounts payable | 47/48 | €107,942 | €114,539 | +€6,597 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €436,512 | €595,021 | +€158,509 | +36.3% |
| Other operating charges | 640/8 | €960 | €968 | +€7 | +0.8% |
| Gross operating margin | 9900 | €856,026 | €1,046,250 | +€190,225 | +22.2% |
| Operating profit (loss) | 9901 | €418,554 | €450,262 | +€31,708 | +7.6% |
| Financial income | 75/76B | €205 | €211 | +€6 | +2.9% |
| Recurring financial income | 75 | €205 | €211 | +€6 | +2.9% |
| Financial charges | 65/66B | €134,747 | €131,475 | -€3,272 | -2.4% |
| Recurring financial charges | 65 | €134,747 | €131,475 | -€3,272 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €284,012 | €318,998 | +€34,986 | +12.3% |
| Transfer from deferred taxes | 780 | €21,372 | €21,372 | = | 0.0% |
| Income taxes | 67/77 | €110,202 | €121,436 | +€11,235 | +10.2% |
| Profit (loss) for the period | 9904 | €195,181 | €218,933 | +€23,752 | +12.2% |
| Transfer from tax-exempt reserves | 789 | €41,504 | €41,504 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €236,686 | €260,438 | +€23,752 | +10.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.