SOFRED: 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.
SOFRED
Largest movements
- Tangible fixed assets -€27,552
down €27,552 (-31.6%), from €87,093 to €59,541
of which Plant, machinery and equipment: -€16,015
- Deferred charges and accrued income -€18,280
down €18,280 (-71.7%), from €25,506 to €7,226
- Financial fixed assets +€13,415
up €13,415 (+389.4%), from €3,445 to €16,860
- Cash +€2,693
up €2,693 (+2.6%), from €104,430 to €107,123
mainly Depreciation (+€35,551) and Debts after one year (+€19,548)
- Accrued charges and deferred income -€32,323
down €32,323 (-90.0%), from €35,916 to €3,593
- Debts after one year +€19,548
up €19,548 (+182.7%), from €10,702 to €30,250
- Trade debts -€16,332
down €16,332 (-40.2%), from €40,629 to €24,297
- Other debts +€16,312
up €16,312 (+896.8%), from €1,819 to €18,131
- Tax, wage and social debts -€15,239
down €15,239 (-36.2%), from €42,089 to €26,850
of which Remuneration and social security: -€12,708
- Staff costs -€56,650
down €56,650 (-24.0%), from €235,840 to €179,190
- Gross operating margin -€6,366
down €6,366 (-2.8%), from €230,549 to €224,183
- Other operating charges -€5,390
down €5,390 (-48.9%), from €11,017 to €5,627
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 | €252,534 | €222,143 | -€30,391 | -12.0% |
| Fixed assets | 21/28 | €90,538 | €76,401 | -€14,137 | -15.6% |
| Tangible fixed assets | 22/27 | €87,093 | €59,541 | -€27,552 | -31.6% |
| Plant, machinery and equipment | 23 | €61,415 | €45,400 | -€16,015 | -26.1% |
| Furniture and vehicles | 24 | €13,366 | €5,842 | -€7,524 | -56.3% |
| Other tangible fixed assets | 26 | €12,312 | €8,299 | -€4,013 | -32.6% |
| Financial fixed assets | 28 | €3,445 | €16,860 | +€13,415 | +389.4% |
| Current assets | 29/58 | €161,996 | €145,742 | -€16,254 | -10.0% |
| Amounts receivable within one year | 40/41 | €32,060 | €31,393 | -€667 | -2.1% |
| Trade receivables | 40 | €31,923 | €30,809 | -€1,114 | -3.5% |
| Other amounts receivable | 41 | €137 | €584 | +€447 | +326.3% |
| Cash at bank and in hand | 54/58 | €104,430 | €107,123 | +€2,693 | +2.6% |
| Deferred charges and accrued income | 490/1 | €25,506 | €7,226 | -€18,280 | -71.7% |
| Total equity and liabilities | 10/49 | €252,534 | €222,143 | -€30,391 | -12.0% |
| Equity | 10/15 | €113,914 | €113,070 | -€844 | -0.7% |
| Contributions | 10/11 | €223,911 | €223,911 | = | 0.0% |
| Reserves | 13 | €2,524 | €2,524 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,524 | €2,524 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€112,521 | -€113,365 | -€844 | -0.8% |
| Amounts payable | 17/49 | €138,620 | €109,073 | -€29,547 | -21.3% |
| Amounts payable after more than one year | 17 | €10,702 | €30,250 | +€19,548 | +182.7% |
| Financial debts | 170/4 | €10,702 | €30,250 | +€19,548 | +182.7% |
| Amounts payable within one year | 42/48 | €92,002 | €75,230 | -€16,772 | -18.2% |
| Current portion of amounts payable after more than one year | 42 | €7,465 | €5,952 | -€1,513 | -20.3% |
| Trade debts | 44 | €40,629 | €24,297 | -€16,332 | -40.2% |
| Suppliers | 440/4 | €40,629 | €24,297 | -€16,332 | -40.2% |
| Taxes, remuneration and social security | 45 | €42,089 | €26,850 | -€15,239 | -36.2% |
| Taxes | 450/3 | €11,682 | €9,151 | -€2,531 | -21.7% |
| Remuneration and social security | 454/9 | €30,407 | €17,699 | -€12,708 | -41.8% |
| Other amounts payable | 47/48 | €1,819 | €18,131 | +€16,312 | +896.8% |
| Accrued charges and deferred income | 492/3 | €35,916 | €3,593 | -€32,323 | -90.0% |
| Non-recurring operating income | 76A | €30,136 | - | -€30,136 | |
| Remuneration, social security and pensions | 62 | €235,840 | €179,190 | -€56,650 | -24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,479 | €35,551 | -€1,928 | -5.1% |
| Other operating charges | 640/8 | €11,017 | €5,627 | -€5,390 | -48.9% |
| Gross operating margin | 9900 | €230,549 | €224,183 | -€6,366 | -2.8% |
| Operating profit (loss) | 9901 | -€53,787 | €3,815 | +€57,602 | |
| Financial income | 75/76B | €23 | €23 | = | 0.0% |
| Recurring financial income | 75 | €23 | €23 | = | 0.0% |
| Financial charges | 65/66B | €5,362 | €4,309 | -€1,053 | -19.6% |
| Recurring financial charges | 65 | €5,362 | €4,309 | -€1,053 | -19.6% |
| Profit (loss) for the period before taxes | 9903 | -€59,126 | -€471 | +€58,655 | +99.2% |
| Income taxes | 67/77 | €303 | €373 | +€70 | +23.1% |
| Profit (loss) for the period | 9904 | -€59,429 | -€844 | +€58,585 | +98.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€59,429 | -€844 | +€58,585 | +98.6% |
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 3 October 2026 via checked.be.