SOFRAT: 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
SOFRAT
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.1m
2024 · €2.1m-€964,369
Equity
€26.8m
2024 · €25.7m+€1.1m
Cash
€4.4m
2024 · €4.3m+€19,889
Balance sheet total
€37.4m
2024 · €31.6m+€5.7m
Largest movements
Assets
- Receivables after one year +€4.8m
new in 2025: €4.8m
- Current investments +€1.7m
up €1.7m (+25.4%), from €6.6m to €8.2m
- Tangible fixed assets -€1.4m
down €1.4m (-7.2%), from €19.3m to €17.9m
of which Land and buildings: -€1.4m
- Deferred charges and accrued income +€384,097
up €384,097 (+182.3%), from €210,710 to €594,807
Equity and liabilities
- Debts after one year +€5.0m
new in 2025: €5.0m
- Reserves +€706,466
up €706,466 (+12.8%), from €5.5m to €6.2m
of which Tax-exempt reserves: +€495,966
- Current portion of long-term debt -€426,000
down €426,000 (-63.2%), from €674,500 to €248,500
- Profit (loss) carried forward +€409,431
up €409,431 (+3.2%), from €12.7m to €13.1m
Income statement
- Gross operating margin -€1.5m
down €1.5m (-32.7%), from €4.5m to €3.0m
- Provisions -€300,395
down €300,395 (-100.0%), from €300,395 to €0
- Financial charges -€203,149
down €203,149 (-34.3%), from €591,855 to €388,706
of which Financial charges: -€363,198
- Taxes -€95,343
down €95,343 (-16.2%), from €587,344 to €492,001
- Depreciation -€87,565
down €87,565 (-10.2%), from €855,771 to €768,206
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
€2.1m
Gross operating margin
-€1.5m
Depreciation
+€87,565
Provisions
+€300,395
Other operating charges
-€51,193
Other operating items
-€78,431
Financial income
-€47,759
Financial charges
+€203,149
Taxes
+€95,343
Result 2025
€1.1m
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
-€3.6m
Investment
-€983,079
Financing
+€4.6m
Cash 2024
€4.3m
From operations (derived)
-€3.6m
Net result for the year
+€1.1m
Depreciation
+€768,206
Receivables after one year
-€4.8m
Receivables within one year
-€295,359
Deferred charges and accrued income
-€384,097
Provisions
+€73,251
Trade debts
-€59,148
Other debts
-€192,238
Accrued charges and deferred income
+€235,789
Investment (derived)
-€983,079
Investment in fixed assets (net)
+€685,477
Current investments
-€1.7m
Financing
+€4.6m
Debts after one year
+€5.0m
Current portion of long-term debt
-€426,000
Cash 2025
€4.4m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €31,648,106 | €37,395,657 | +€5.7m | +18.2% |
| Fixed assets | 21/28 | €19,854,209 | €18,400,526 | -€1.5m | -7.3% |
| Tangible fixed assets | 22/27 | €19,286,579 | €17,899,835 | -€1.4m | -7.2% |
| Land and buildings | 22 | €19,234,304 | €17,856,744 | -€1.4m | -7.2% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €38,709 | €28,800 | -€9,909 | -25.6% |
| Other tangible fixed assets | 26 | €13,566 | €14,291 | +€725 | +5.3% |
| Financial fixed assets | 28 | €567,630 | €500,691 | -€66,939 | -11.8% |
| Current assets | 29/58 | €11,793,897 | €18,995,131 | +€7.2m | +61.1% |
| Amounts receivable after more than one year | 29 | - | €4,833,333 | +€4.8m | |
| Other amounts receivable | 291 | - | €4,833,333 | +€4.8m | |
| Amounts receivable within one year | 40/41 | €681,527 | €976,886 | +€295,359 | +43.3% |
| Trade receivables | 40 | €184,653 | €262,659 | +€78,006 | +42.2% |
| Other amounts receivable | 41 | €496,874 | €714,227 | +€217,353 | +43.7% |
| Current investments | 50/53 | €6,559,648 | €8,228,204 | +€1.7m | +25.4% |
| Cash at bank and in hand | 54/58 | €4,342,012 | €4,361,901 | +€19,889 | +0.5% |
| Deferred charges and accrued income | 490/1 | €210,710 | €594,807 | +€384,097 | +182.3% |
| Total equity and liabilities | 10/49 | €31,648,106 | €37,395,657 | +€5.7m | +18.2% |
| Equity | 10/15 | €25,707,227 | €26,823,124 | +€1.1m | +4.3% |
| Contributions | 10/11 | €7,500,000 | €7,500,000 | = | 0.0% |
| Capital | 10 | €7,500,000 | €7,500,000 | = | 0.0% |
| Issued capital | 100 | €7,500,000 | €7,500,000 | = | 0.0% |
| Reserves | 13 | €5,517,457 | €6,223,923 | +€706,466 | +12.8% |
| Non-distributable reserves | 130/1 | €750,000 | €750,000 | = | 0.0% |
| Legal reserve | 130 | €750,000 | €750,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,307,407 | €2,803,373 | +€495,966 | +21.5% |
| Distributable reserves | 133 | €2,460,050 | €2,670,550 | +€210,500 | +8.6% |
| Profit (loss) carried forward | 14 | €12,689,770 | €13,099,201 | +€409,431 | +3.2% |
| Provisions and deferred taxes | 16 | €238,234 | €311,485 | +€73,251 | +30.7% |
| Provisions for liabilities and charges | 160/5 | €184,653 | €262,659 | +€78,006 | +42.2% |
| Other liabilities and charges | 164/5 | €184,653 | €262,659 | +€78,006 | +42.2% |
| Deferred taxes | 168 | €53,581 | €48,826 | -€4,755 | -8.9% |
| Amounts payable | 17/49 | €5,702,645 | €10,261,048 | +€4.6m | +79.9% |
| Amounts payable after more than one year | 17 | - | €5,000,000 | +€5.0m | |
| Financial debts | 170/4 | - | €5,000,000 | +€5.0m | |
| Amounts payable within one year | 42/48 | €5,360,023 | €4,682,637 | -€677,386 | -12.6% |
| Current portion of amounts payable after more than one year | 42 | €674,500 | €248,500 | -€426,000 | -63.2% |
| Trade debts | 44 | €76,763 | €17,615 | -€59,148 | -77.1% |
| Suppliers | 440/4 | €76,763 | €17,615 | -€59,148 | -77.1% |
| Other amounts payable | 47/48 | €4,608,760 | €4,416,522 | -€192,238 | -4.2% |
| Accrued charges and deferred income | 492/3 | €342,622 | €578,411 | +€235,789 | +68.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €855,771 | €768,206 | -€87,565 | -10.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €300,395 | €0 | -€300,395 | -100.0% |
| Other operating charges | 640/8 | €372,815 | €424,008 | +€51,193 | +13.7% |
| Non-recurring operating charges | 66A | -€65,690 | €12,741 | +€78,431 | |
| Gross operating margin | 9900 | €4,504,150 | €3,030,712 | -€1.5m | -32.7% |
| Operating profit (loss) | 9901 | €3,040,859 | €1,825,757 | -€1.2m | -40.0% |
| Financial income | 75/76B | €213,851 | €166,092 | -€47,759 | -22.3% |
| Recurring financial income | 75 | €209,993 | €166,092 | -€43,901 | -20.9% |
| Non-recurring financial income | 76B | €3,858 | €0 | -€3,858 | -100.0% |
| Financial charges | 65/66B | €591,855 | €388,706 | -€203,149 | -34.3% |
| Recurring financial charges | 65 | €591,855 | €228,657 | -€363,198 | -61.4% |
| Non-recurring financial charges | 66B | - | €160,049 | +€160,049 | |
| Profit (loss) for the period before taxes | 9903 | €2,662,855 | €1,603,143 | -€1.1m | -39.8% |
| Transfer from deferred taxes | 780 | €4,755 | €4,755 | = | 0.0% |
| Income taxes | 67/77 | €587,344 | €492,001 | -€95,343 | -16.2% |
| Profit (loss) for the period | 9904 | €2,080,266 | €1,115,897 | -€964,369 | -46.4% |
| Transfer from tax-exempt reserves | 789 | €1,166,984 | €219,734 | -€947,250 | -81.2% |
| Transfer to tax-exempt reserves | 689 | €1,094,600 | €715,700 | -€378,900 | -34.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,152,650 | €619,931 | -€1.5m | -71.2% |
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.