SOGEC 2: 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.
What changed
SOGEC 2
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4.1m
2024 · €18.2m-€14.1m
Equity
€35.1m
2024 · €42.2m-€7.1m
Cash
€43,329
2024 · €304,112-€260,783
Balance sheet total
€46.3m
2024 · €54.3m-€8.0m
Largest movements
Assets
- Current investments -€8.0m
down €8.0m (-88.7%), from €9.0m to €1.0m
Equity and liabilities
- Profit (loss) carried forward -€7.1m
down €7.1m (-26.6%), from €26.5m to €19.5m
- Other debts -€931,784
down €931,784 (-7.7%), from €12.1m to €11.2m
Income statement
- Financial income -€14.1m
down €14.1m (-76.5%), from €18.4m to €4.3m
of which Financial income: -€14.1m
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
€18.2m
Staff costs
-€1,161
Depreciation
-€24,985
Other operating charges
-€6,761
Other operating items
+€44,993
Financial income
-€14.1m
Financial charges
-€10,150
Taxes
+€0
Result 2025
€4.1m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€3.3m
Investment
+€7.7m
Financing
-€11.2m
Cash 2024
€304,112
From operations (derived)
+€3.3m
Net result for the year
+€4.1m
Depreciation
+€54,064
Receivables within one year
-€29,521
Deferred charges and accrued income
+€49,099
Smaller working-capital items
+€3,741
Other debts
-€931,784
Investment (derived)
+€7.7m
Investment in fixed assets (net)
-€300,943
Current investments
+€8.0m
Financing
-€11.2m
Contributions, distributions and other
-€11.2m
Cash 2025
€43,329
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €54,322,118 | €46,333,936 | -€8.0m | -14.7% |
| Fixed assets | 21/28 | €44,938,417 | €45,185,296 | +€246,879 | +0.5% |
| Tangible fixed assets | 22/27 | €1,072,096 | €1,316,691 | +€244,596 | +22.8% |
| Land and buildings | 22 | €1,024,282 | €1,142,101 | +€117,819 | +11.5% |
| Plant, machinery and equipment | 23 | - | €28,418 | +€28,418 | |
| Furniture and vehicles | 24 | €1,952 | €146,172 | +€144,220 | +7,388% |
| Assets under construction and advance payments | 27 | €45,861 | - | -€45,861 | |
| Financial fixed assets | 28 | €43,866,321 | €43,868,605 | +€2,283 | 0.0% |
| Affiliated companies | 280/1 | €1,797,970 | €1,797,970 | = | 0.0% |
| Participating interests | 280 | €1,797,970 | €1,797,970 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €42,064,295 | €42,064,295 | = | 0.0% |
| Participating interests | 282 | €42,064,295 | €42,064,295 | = | 0.0% |
| Other financial fixed assets | 284/8 | €4,056 | €6,340 | +€2,283 | +56.3% |
| Shares | 284 | €2,243 | €3,126 | +€883 | +39.3% |
| Amounts receivable and cash guarantees | 285/8 | €1,813 | €3,214 | +€1,401 | +77.3% |
| Current assets | 29/58 | €9,383,701 | €1,148,640 | -€8.2m | -87.8% |
| Amounts receivable within one year | 40/41 | €62,720 | €92,241 | +€29,521 | +47.1% |
| Other amounts receivable | 41 | €62,720 | €92,241 | +€29,521 | +47.1% |
| Current investments | 50/53 | €8,965,906 | €1,011,207 | -€8.0m | -88.7% |
| Other investments | 51/53 | €8,965,906 | €1,011,207 | -€8.0m | -88.7% |
| Cash at bank and in hand | 54/58 | €304,112 | €43,329 | -€260,783 | -85.8% |
| Deferred charges and accrued income | 490/1 | €50,963 | €1,863 | -€49,099 | -96.3% |
| Total equity and liabilities | 10/49 | €54,322,118 | €46,333,936 | -€8.0m | -14.7% |
| Equity | 10/15 | €42,164,688 | €35,104,548 | -€7.1m | -16.7% |
| Contributions | 10/11 | €13,975,065 | €13,975,065 | = | 0.0% |
| Capital | 10 | €13,975,065 | €13,975,065 | = | 0.0% |
| Issued capital | 100 | €13,975,065 | €13,975,065 | = | 0.0% |
| Reserves | 13 | €1,652,387 | €1,652,387 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,639,874 | €1,639,874 | = | 0.0% |
| Legal reserve | 130 | €1,411,721 | €1,411,721 | = | 0.0% |
| Reserves not available under the articles | 1311 | €228,153 | €228,153 | = | 0.0% |
| Distributable reserves | 133 | €12,513 | €12,513 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,537,236 | €19,477,096 | -€7.1m | -26.6% |
| Amounts payable | 17/49 | €12,157,430 | €11,229,388 | -€928,043 | -7.6% |
| Amounts payable within one year | 42/48 | €12,157,430 | €11,229,388 | -€928,043 | -7.6% |
| Trade debts | 44 | €29,016 | €32,592 | +€3,576 | +12.3% |
| Suppliers | 440/4 | €29,016 | €32,592 | +€3,576 | +12.3% |
| Taxes, remuneration and social security | 45 | €4,619 | €4,784 | +€165 | +3.6% |
| Remuneration and social security | 454/9 | €4,619 | €4,784 | +€165 | +3.6% |
| Other amounts payable | 47/48 | €12,123,796 | €11,192,012 | -€931,784 | -7.7% |
| Operating income | 70/76A | €2,338 | €37 | -€2,301 | -98.4% |
| Other operating income | 74 | €2,338 | €37 | -€2,301 | -98.4% |
| Operating charges | 60/66A | €223,878 | €209,492 | -€14,386 | -6.4% |
| Services and other goods | 61 | €147,877 | €110,365 | -€37,512 | -25.4% |
| Remuneration, social security and pensions | 62 | €33,089 | €34,250 | +€1,161 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,079 | €54,064 | +€24,985 | +85.9% |
| Other operating charges | 640/8 | €4,052 | €10,813 | +€6,761 | +167% |
| Non-recurring operating charges | 66A | €9,781 | - | -€9,781 | |
| Operating profit (loss) | 9901 | -€221,541 | -€209,455 | +€12,086 | +5.5% |
| Financial income | 75/76B | €18,446,604 | €4,331,925 | -€14.1m | -76.5% |
| Recurring financial income | 75 | €18,446,604 | €4,331,042 | -€14.1m | -76.5% |
| Income from financial fixed assets | 750 | €17,942,024 | €4,232,752 | -€13.7m | -76.4% |
| Income from current assets | 751 | €504,569 | €98,289 | -€406,280 | -80.5% |
| Other financial income | 752/9 | €10 | €1 | -€9 | -89.9% |
| Non-recurring financial income | 76B | - | €883 | +€883 | |
| Financial charges | 65/66B | -€7,593 | €2,557 | +€10,150 | |
| Recurring financial charges | 65 | -€9,768 | €2,557 | +€12,325 | |
| Debt charges | 650 | €29,532 | - | -€29,532 | |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€44,961 | - | +€44,961 | |
| Other financial charges | 652/9 | €5,661 | €2,557 | -€3,104 | -54.8% |
| Non-recurring financial charges | 66B | €2,175 | - | -€2,175 | |
| Profit (loss) for the period before taxes | 9903 | €18,232,656 | €4,119,913 | -€14.1m | -77.4% |
| Income taxes | 67/77 | - | -€0 | -€0 | |
| Tax adjustments and reversals of tax provisions | 77 | - | €0 | +€0 | |
| Profit (loss) for the period | 9904 | €18,232,656 | €4,119,913 | -€14.1m | -77.4% |
| Profit (loss) for the period to be appropriated | 9905 | €18,232,656 | €4,119,913 | -€14.1m | -77.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.