SOFRE: 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.
SOFRE
Largest movements
- Receivables after one year -€1.0m
no longer reported in 2025 (was €1.0m)
- Current investments -€873,135
no longer reported in 2025 (was €873,135)
- Cash -€176,183
down €176,183 (-96.9%), from €181,750 to €5,567
mainly Contributions, distributions and other (-€2.4m) and Debts after one year (-€9,912)
- Receivables within one year -€109,948
down €109,948 (-39.1%), from €281,495 to €171,547
of which Other amounts receivable: -€80,511
- Tangible fixed assets -€40,659
down €40,659 (-3.9%), from €1.0m to €1.0m
of which Furniture and vehicles: -€31,419
- Reserves -€2.2m
down €2.2m (-69.4%), from €3.2m to €966,825
of which Distributable reserves: -€2.2m
- Financial income +€149,480
up €149,480 (+201.0%), from €74,371 to €223,852
- Gross operating margin -€20,996
down €20,996 (-32.1%), from €65,311 to €44,314
- Depreciation -€9,022
down €9,022 (-16.4%), from €54,910 to €45,887
- Taxes -€4,021
down €4,021 (-79.4%), from €5,062 to €1,041
- Financial charges -€2,818
down €2,818 (-31.0%), from €9,092 to €6,274
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 | €3,384,707 | €1,184,864 | -€2.2m | -65.0% |
| Fixed assets | 21/28 | €1,044,989 | €1,004,330 | -€40,659 | -3.9% |
| Tangible fixed assets | 22/27 | €1,044,989 | €1,004,330 | -€40,659 | -3.9% |
| Land and buildings | 22 | €900,000 | €900,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €14,934 | €5,695 | -€9,240 | -61.9% |
| Furniture and vehicles | 24 | €130,055 | €98,635 | -€31,419 | -24.2% |
| Current assets | 29/58 | €2,339,718 | €180,534 | -€2.2m | -92.3% |
| Amounts receivable after more than one year | 29 | €1,000,000 | - | -€1.0m | |
| Other amounts receivable | 291 | €1,000,000 | - | -€1.0m | |
| Amounts receivable within one year | 40/41 | €281,495 | €171,547 | -€109,948 | -39.1% |
| Trade receivables | 40 | €32,946 | €3,509 | -€29,437 | -89.3% |
| Other amounts receivable | 41 | €248,549 | €168,038 | -€80,511 | -32.4% |
| Current investments | 50/53 | €873,135 | - | -€873,135 | |
| Cash at bank and in hand | 54/58 | €181,750 | €5,567 | -€176,183 | -96.9% |
| Deferred charges and accrued income | 490/1 | €3,339 | €3,419 | +€81 | +2.4% |
| Total equity and liabilities | 10/49 | €3,384,707 | €1,184,864 | -€2.2m | -65.0% |
| Equity | 10/15 | €3,335,684 | €1,143,825 | -€2.2m | -65.7% |
| Contributions | 10/11 | €177,000 | €177,000 | = | 0.0% |
| Capital | 10 | €177,000 | €177,000 | = | 0.0% |
| Issued capital | 100 | €177,000 | €177,000 | = | 0.0% |
| Reserves | 13 | €3,158,684 | €966,825 | -€2.2m | -69.4% |
| Non-distributable reserves | 130/1 | €17,700 | €17,700 | = | 0.0% |
| Legal reserve | 130 | €17,700 | €17,700 | = | 0.0% |
| Distributable reserves | 133 | €3,140,984 | €949,125 | -€2.2m | -69.8% |
| Amounts payable | 17/49 | €49,023 | €41,038 | -€7,984 | -16.3% |
| Amounts payable after more than one year | 17 | €32,883 | €22,971 | -€9,912 | -30.1% |
| Financial debts | 170/4 | €32,883 | €22,971 | -€9,912 | -30.1% |
| Amounts payable within one year | 42/48 | €16,140 | €18,068 | +€1,928 | +11.9% |
| Current portion of amounts payable after more than one year | 42 | €9,501 | €9,912 | +€411 | +4.3% |
| Trade debts | 44 | €369 | €518 | +€149 | +40.4% |
| Suppliers | 440/4 | €369 | €518 | +€149 | +40.4% |
| Taxes, remuneration and social security | 45 | €3,245 | €4,613 | +€1,368 | +42.2% |
| Taxes | 450/3 | €3,245 | €4,613 | +€1,368 | +42.2% |
| Other amounts payable | 47/48 | €3,025 | €3,025 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,910 | €45,887 | -€9,022 | -16.4% |
| Other operating charges | 640/8 | €6,226 | €6,822 | +€596 | +9.6% |
| Gross operating margin | 9900 | €65,311 | €44,314 | -€20,996 | -32.1% |
| Operating profit (loss) | 9901 | €4,175 | -€8,395 | -€12,570 | |
| Financial income | 75/76B | €74,371 | €223,852 | +€149,480 | +201.0% |
| Recurring financial income | 75 | €74,371 | €223,852 | +€149,480 | +201.0% |
| Financial charges | 65/66B | €9,092 | €6,274 | -€2,818 | -31.0% |
| Recurring financial charges | 65 | €9,092 | €6,274 | -€2,818 | -31.0% |
| Profit (loss) for the period before taxes | 9903 | €69,454 | €209,182 | +€139,728 | +201.2% |
| Income taxes | 67/77 | €5,062 | €1,041 | -€4,021 | -79.4% |
| Profit (loss) for the period | 9904 | €64,392 | €208,141 | +€143,749 | +223.2% |
| Profit (loss) for the period to be appropriated | 9905 | €64,392 | €208,141 | +€143,749 | +223.2% |
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 28 September 2026 via checked.be.