SOGEMAD: 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.
SOGEMAD
Largest movements
- Tangible fixed assets -€1.2m
down €1.2m (-9.6%), from €12.5m to €11.3m
of which Land and buildings: -€1.2m
- Receivables within one year +€214,316
up €214,316 (+28.9%), from €741,506 to €955,822
of which Trade receivables: +€214,316
- Cash -€184,401
down €184,401 (-31.7%), from €581,364 to €396,963
mainly Other debts (-€1.2m) and Receivables within one year (-€214,316)
- Other debts -€1.2m
down €1.2m (-18.2%), from €6.6m to €5.4m
- Revaluation surpluses -€285,601
down €285,601 (-7.7%), from €3.7m to €3.4m
- Reserves +€285,601
up €285,601 (+3.7%), from €7.8m to €8.1m
of which Distributable reserves: +€285,601
- Gross operating margin +€206,749
up €206,749 (+12.6%), from €1.6m to €1.9m
- Taxes +€26,744
up €26,744 (+13.6%), from €196,892 to €223,635
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,603,333 | €13,479,059 | -€1.1m | -7.7% |
| Fixed assets | 21/28 | €13,270,028 | €12,078,773 | -€1.2m | -9.0% |
| Tangible fixed assets | 22/27 | €12,469,646 | €11,278,391 | -€1.2m | -9.6% |
| Land and buildings | 22 | €12,464,801 | €11,274,346 | -€1.2m | -9.6% |
| Plant, machinery and equipment | 23 | €4,846 | €4,045 | -€800 | -16.5% |
| Financial fixed assets | 28 | €800,382 | €800,382 | = | 0.0% |
| Current assets | 29/58 | €1,333,306 | €1,400,286 | +€66,980 | +5.0% |
| Amounts receivable within one year | 40/41 | €741,506 | €955,822 | +€214,316 | +28.9% |
| Trade receivables | 40 | €741,506 | €955,822 | +€214,316 | +28.9% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €581,364 | €396,963 | -€184,401 | -31.7% |
| Deferred charges and accrued income | 490/1 | €10,436 | €47,501 | +€37,065 | +355% |
| Total equity and liabilities | 10/49 | €14,603,333 | €13,479,059 | -€1.1m | -7.7% |
| Equity | 10/15 | €7,320,206 | €7,395,321 | +€75,115 | +1.0% |
| Contributions | 10/11 | €864,193 | €864,193 | = | 0.0% |
| Capital | 10 | €864,193 | €864,193 | = | 0.0% |
| Issued capital | 100 | €864,193 | €864,193 | = | 0.0% |
| Revaluation surpluses | 12 | €3,710,951 | €3,425,349 | -€285,601 | -7.7% |
| Reserves | 13 | €7,771,447 | €8,057,049 | +€285,601 | +3.7% |
| Non-distributable reserves | 130/1 | €8,204 | €8,204 | = | 0.0% |
| Legal reserve | 130 | €8,204 | €8,204 | = | 0.0% |
| Distributable reserves | 133 | €7,763,244 | €8,048,845 | +€285,601 | +3.7% |
| Profit (loss) carried forward | 14 | -€5,026,385 | -€4,951,271 | +€75,115 | +1.5% |
| Amounts payable | 17/49 | €7,283,127 | €6,083,738 | -€1.2m | -16.5% |
| Amounts payable within one year | 42/48 | €7,077,731 | €5,878,414 | -€1.2m | -16.9% |
| Trade debts | 44 | €409,174 | €339,870 | -€69,304 | -16.9% |
| Suppliers | 440/4 | €409,174 | €339,870 | -€69,304 | -16.9% |
| Taxes, remuneration and social security | 45 | €60,412 | €130,398 | +€69,986 | +116% |
| Taxes | 450/3 | €49,131 | €117,945 | +€68,814 | +140% |
| Remuneration and social security | 454/9 | €11,281 | €12,454 | +€1,173 | +10.4% |
| Other amounts payable | 47/48 | €6,608,145 | €5,408,145 | -€1.2m | -18.2% |
| Accrued charges and deferred income | 492/3 | €205,397 | €205,325 | -€72 | 0.0% |
| Non-recurring operating income | 76A | €15,192 | €965 | -€14,227 | -93.6% |
| Remuneration, social security and pensions | 62 | €8,223 | €8,665 | +€441 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,246,953 | €1,241,442 | -€5,512 | -0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€93,323 | -€81,259 | +€12,064 | +12.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €374,711 | €383,426 | +€8,714 | +2.3% |
| Gross operating margin | 9900 | €1,644,693 | €1,851,441 | +€206,749 | +12.6% |
| Operating profit (loss) | 9901 | €108,128 | €299,168 | +€191,041 | +177% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €2,648 | €419 | -€2,228 | -84.2% |
| Recurring financial charges | 65 | €2,648 | €419 | -€2,228 | -84.2% |
| Profit (loss) for the period before taxes | 9903 | €105,480 | €298,750 | +€193,270 | +183% |
| Income taxes | 67/77 | €196,892 | €223,635 | +€26,744 | +13.6% |
| Profit (loss) for the period | 9904 | -€91,412 | €75,115 | +€166,526 | |
| Profit (loss) for the period to be appropriated | 9905 | -€91,412 | €75,115 | +€166,526 |
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.