SOGEI: 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.
SOGEI
Largest movements
- Receivables within one year +€990,682
up €990,682 (+330.9%), from €299,354 to €1.3m
of which Other amounts receivable: +€1.0m
- Stocks and contracts -€191,909
down €191,909 (-4.3%), from €4.5m to €4.3m
- Cash -€121,758
down €121,758 (-83.5%), from €145,888 to €24,130
mainly Receivables within one year (-€990,682) and Net result for the year (-€94,636)
- Deferred charges and accrued income +€85,198
up €85,198 (+15253.1%), from €559 to €85,756
- Current portion of long-term debt +€409,380
new in 2025: €409,380
- Debts after one year +€365,000
up €365,000 (+14.6%), from €2.5m to €2.9m
- Profit (loss) carried forward -€94,636
down €94,636 (-7.3%), from €1.3m to €1.2m
- Gross operating margin +€79,426
up €79,426 (+179.2%), from €44,326 to €123,753
- Provisions +€60,000
no longer reported in 2025 (was -€60,000)
- Financial charges +€22,348
up €22,348 (+15.9%), from €140,630 to €162,978
- Financial income +€21,770
up €21,770 (+959.9%), from €2,268 to €24,038
- Other operating charges +€2,328
up €2,328 (+8.2%), from €28,551 to €30,879
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 | €5,483,869 | €6,198,228 | +€714,360 | +13.0% |
| Fixed assets | 21/28 | €537,319 | €489,465 | -€47,854 | -8.9% |
| Tangible fixed assets | 22/27 | €529,879 | €482,025 | -€47,854 | -9.0% |
| Land and buildings | 22 | €529,879 | €482,025 | -€47,854 | -9.0% |
| Financial fixed assets | 28 | €7,440 | €7,440 | = | 0.0% |
| Current assets | 29/58 | €4,946,550 | €5,708,763 | +€762,213 | +15.4% |
| Stocks and contracts in progress | 3 | €4,500,749 | €4,308,841 | -€191,909 | -4.3% |
| Stocks | 30/36 | €4,500,749 | €4,308,841 | -€191,909 | -4.3% |
| Amounts receivable within one year | 40/41 | €299,354 | €1,290,036 | +€990,682 | +330.9% |
| Trade receivables | 40 | €33,014 | €15,613 | -€17,401 | -52.7% |
| Other amounts receivable | 41 | €266,340 | €1,274,423 | +€1.0m | +378.5% |
| Cash at bank and in hand | 54/58 | €145,888 | €24,130 | -€121,758 | -83.5% |
| Deferred charges and accrued income | 490/1 | €559 | €85,756 | +€85,198 | +15253.1% |
| Total equity and liabilities | 10/49 | €5,483,869 | €6,198,228 | +€714,360 | +13.0% |
| Equity | 10/15 | €2,309,253 | €2,214,617 | -€94,636 | -4.1% |
| Contributions | 10/11 | €105,355 | €105,355 | = | 0.0% |
| Capital | 10 | €105,355 | €105,355 | = | 0.0% |
| Issued capital | 100 | €105,355 | €105,355 | = | 0.0% |
| Reserves | 13 | €910,535 | €910,535 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,535 | €10,535 | = | 0.0% |
| Legal reserve | 130 | €10,535 | €10,535 | = | 0.0% |
| Distributable reserves | 133 | €900,000 | €900,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,293,363 | €1,198,727 | -€94,636 | -7.3% |
| Amounts payable | 17/49 | €3,174,616 | €3,983,611 | +€808,996 | +25.5% |
| Amounts payable after more than one year | 17 | €2,505,000 | €2,870,000 | +€365,000 | +14.6% |
| Financial debts | 170/4 | €2,505,000 | €2,870,000 | +€365,000 | +14.6% |
| Amounts payable within one year | 42/48 | €669,616 | €1,088,679 | +€419,063 | +62.6% |
| Current portion of amounts payable after more than one year | 42 | - | €409,380 | +€409,380 | |
| Trade debts | 44 | €1,335 | €3,232 | +€1,897 | +142.1% |
| Suppliers | 440/4 | €1,335 | €3,232 | +€1,897 | +142.1% |
| Taxes, remuneration and social security | 45 | €47 | - | -€47 | |
| Remuneration and social security | 454/9 | €47 | - | -€47 | |
| Other amounts payable | 47/48 | €668,233 | €676,066 | +€7,833 | +1.2% |
| Accrued charges and deferred income | 492/3 | - | €24,933 | +€24,933 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,025 | €47,854 | -€172 | -0.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€60,000 | - | +€60,000 | |
| Other operating charges | 640/8 | €28,551 | €30,879 | +€2,328 | +8.2% |
| Gross operating margin | 9900 | €44,326 | €123,753 | +€79,426 | +179.2% |
| Operating profit (loss) | 9901 | €27,750 | €45,020 | +€17,270 | +62.2% |
| Financial income | 75/76B | €2,268 | €24,038 | +€21,770 | +959.9% |
| Recurring financial income | 75 | €2,268 | €24,038 | +€21,770 | +959.9% |
| Financial charges | 65/66B | €140,630 | €162,978 | +€22,348 | +15.9% |
| Recurring financial charges | 65 | €140,630 | €162,978 | +€22,348 | +15.9% |
| Profit (loss) for the period before taxes | 9903 | -€110,612 | -€93,921 | +€16,692 | +15.1% |
| Income taxes | 67/77 | €687 | €716 | +€28 | +4.1% |
| Profit (loss) for the period | 9904 | -€111,300 | -€94,636 | +€16,663 | +15.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€111,300 | -€94,636 | +€16,663 | +15.0% |
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 4 October 2026 via checked.be.