SOGECOM: 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
SOGECOM
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€1.5m
2024 · -€1.2m-€374,038
Equity
€12.3m
2024 · €11.0m+€1.3m
Cash
€1.2m
2024 · €2.3m-€1.1m
Balance sheet total
€21.2m
2024 · €23.8m-€2.6m
Largest movements
Assets
- Cash -€1.1m
down €1.1m (-47.8%), from €2.3m to €1.2m
mainly Debts after one year (-€2.2m) and Short-term financial debts (-€1.7m)
- Stocks and contracts -€886,106
down €886,106 (-16.8%), from €5.3m to €4.4m
- Tangible fixed assets -€410,472
down €410,472 (-2.6%), from €16.0m to €15.6m
of which Land and buildings: -€341,461
Equity and liabilities
- Contributions +€2.8m
up €2.8m (+23.4%), from €12.0m to €14.8m
of which Capital: +€2.8m
- Debts after one year -€2.2m
down €2.2m (-35.7%), from €6.1m to €3.9m
- Short-term financial debts -€1.7m
down €1.7m (-33.9%), from €5.1m to €3.4m
- Profit (loss) carried forward -€1.5m
down €1.5m (-163%), from -€938,359 to -€2.5m
- Other debts +€276,997
up €276,997 (+274%), from €101,260 to €378,257
Income statement
- Depreciation -€3.5m
down €3.5m (-88.8%), from €3.9m to €438,065
- Gross operating margin -€3.1m
down €3.1m, from €3.0m to -€151,456
- Write-downs +€462,106
new in 2025: €462,106
- Provisions -€110,000
down €110,000 (-100%), from €110,000 to €0
- Financial charges -€103,258
down €103,258 (-18.2%), from €568,027 to €464,768
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
-€1.2m
Gross operating margin
-€3.1m
Depreciation
+€3.5m
Write-downs
-€462,106
Provisions
+€110,000
Other operating charges
+€2,878
Financial income
+€398
Financial charges
+€103,258
Deferred taxes and other
-€476,428
Result 2025
-€1.5m
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
+€84,856
Investment
-€27,593
Financing
-€1.2m
Cash 2024
€2.3m
From operations (derived)
+€84,856
Net result for the year
-€1.5m
Depreciation
+€438,065
Stocks and contracts
+€886,106
Receivables within one year
+€175,820
Smaller working-capital items
+€6,823
Trade debts
-€35,531
Other debts
+€276,997
Accrued charges and deferred income
-€130,064
Investment (derived)
-€27,593
Investment in fixed assets (net)
-€27,593
Financing
-€1.2m
Debts after one year
-€2.2m
Current portion of long-term debt
-€59,489
Short-term financial debts
-€1.7m
Contributions, distributions and other
+€2.8m
Cash 2025
€1.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,816,423 | €21,238,831 | -€2.6m | -10.8% |
| Fixed assets | 21/28 | €16,040,569 | €15,630,097 | -€410,472 | -2.6% |
| Tangible fixed assets | 22/27 | €16,040,349 | €15,629,877 | -€410,472 | -2.6% |
| Land and buildings | 22 | €11,571,567 | €11,230,106 | -€341,461 | -3.0% |
| Plant, machinery and equipment | 23 | - | €8,894 | +€8,894 | |
| Furniture and vehicles | 24 | €220,483 | €142,579 | -€77,905 | -35.3% |
| Other tangible fixed assets | 26 | €4,248,298 | €4,248,298 | = | 0.0% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €220 | €220 | = | 0.0% |
| Current assets | 29/58 | €7,775,854 | €5,608,734 | -€2.2m | -27.9% |
| Stocks and contracts in progress | 3 | €5,289,106 | €4,403,000 | -€886,106 | -16.8% |
| Stocks | 30/36 | €5,289,106 | €4,403,000 | -€886,106 | -16.8% |
| Amounts receivable within one year | 40/41 | €179,608 | €3,788 | -€175,820 | -97.9% |
| Trade receivables | 40 | €78,270 | €3,788 | -€74,483 | -95.2% |
| Other amounts receivable | 41 | €101,337 | €0 | -€101,337 | -100% |
| Cash at bank and in hand | 54/58 | €2,301,888 | €1,201,362 | -€1.1m | -47.8% |
| Deferred charges and accrued income | 490/1 | €5,252 | €584 | -€4,668 | -88.9% |
| Total equity and liabilities | 10/49 | €23,816,423 | €21,238,831 | -€2.6m | -10.8% |
| Equity | 10/15 | €11,039,816 | €12,306,455 | +€1.3m | +11.5% |
| Contributions | 10/11 | €11,977,671 | €14,777,671 | +€2.8m | +23.4% |
| Capital | 10 | €11,977,632 | €14,777,632 | +€2.8m | +23.4% |
| Issued capital | 100 | €11,977,632 | €14,777,632 | +€2.8m | +23.4% |
| Contributions outside capital | 11 | €39 | €39 | = | 0.0% |
| Share premium | 1100/10 | €39 | €39 | = | 0.0% |
| Reserves | 13 | €504 | €504 | = | 0.0% |
| Non-distributable reserves | 130/1 | €504 | €504 | = | 0.0% |
| Legal reserve | 130 | €504 | €504 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€938,359 | -€2,471,720 | -€1.5m | -163% |
| Provisions and deferred taxes | 16 | €110,000 | €110,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €110,000 | €110,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €110,000 | €110,000 | = | 0.0% |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €12,666,607 | €8,822,376 | -€3.8m | -30.3% |
| Amounts payable after more than one year | 17 | €6,050,744 | €3,889,304 | -€2.2m | -35.7% |
| Financial debts | 170/4 | €6,050,744 | €3,889,304 | -€2.2m | -35.7% |
| Amounts payable within one year | 42/48 | €6,324,876 | €4,772,148 | -€1.6m | -24.5% |
| Current portion of amounts payable after more than one year | 42 | €290,793 | €231,304 | -€59,489 | -20.5% |
| Financial debts | 43 | €5,126,985 | €3,390,125 | -€1.7m | -33.9% |
| Credit institutions | 430/8 | €5,126,985 | €3,390,125 | -€1.7m | -33.9% |
| Trade debts | 44 | €805,617 | €770,086 | -€35,531 | -4.4% |
| Suppliers | 440/4 | €805,617 | €770,086 | -€35,531 | -4.4% |
| Taxes, remuneration and social security | 45 | €220 | €2,375 | +€2,155 | +980% |
| Taxes | 450/3 | €220 | €2,375 | +€2,155 | +980% |
| Other amounts payable | 47/48 | €101,260 | €378,257 | +€276,997 | +274% |
| Accrued charges and deferred income | 492/3 | €290,987 | €160,923 | -€130,064 | -44.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,912,644 | €438,065 | -€3.5m | -88.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €462,106 | +€462,106 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €110,000 | €0 | -€110,000 | -100% |
| Other operating charges | 640/8 | €20,241 | €17,363 | -€2,878 | -14.2% |
| Gross operating margin | 9900 | €2,975,162 | -€151,456 | -€3.1m | |
| Operating profit (loss) | 9901 | -€1,067,723 | -€1,068,990 | -€1,267 | -0.1% |
| Financial income | 75/76B | - | €398 | +€398 | |
| Recurring financial income | 75 | - | €398 | +€398 | |
| Financial charges | 65/66B | €568,027 | €464,768 | -€103,258 | -18.2% |
| Recurring financial charges | 65 | €568,027 | €464,768 | -€103,258 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | -€1,635,750 | -€1,533,360 | +€102,389 | +6.3% |
| Transfer from deferred taxes | 780 | €476,428 | €0 | -€476,428 | -100% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€1,159,322 | -€1,533,360 | -€374,038 | -32.3% |
| Transfer from tax-exempt reserves | 789 | €925,243 | €0 | -€925,243 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€234,079 | -€1,533,360 | -€1.3m | -555% |
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 17 October 2026 via checked.be.