SOGEMAT: 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
SOGEMAT
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€871,331
2024 · -€60,663-€810,668
Equity
€13.7m
2024 · €15.4m-€1.7m
Cash
€680,788
2024 · €1,404+€679,384
Balance sheet total
€21.9m
2024 · €27.6m-€5.7m
Largest movements
Assets
- Tangible fixed assets -€4.5m
down €4.5m (-52.3%), from €8.6m to €4.1m
- Deferred charges and accrued income -€3.8m
down €3.8m (-99.7%), from €3.8m to €11,357
- Receivables within one year +€2.0m
up €2.0m (+12.9%), from €15.1m to €17.1m
of which Other amounts receivable: +€1.8m
- Cash +€679,384
up €679,384 (+48,389%), from €1,404 to €680,788
mainly Investment in fixed assets (net) (+€4.2m) and Deferred charges and accrued income (+€3.8m)
Equity and liabilities
- Debts after one year -€1.9m
down €1.9m (-30.9%), from €6.3m to €4.3m
- Reserves -€1.7m
down €1.7m (-33.9%), from €4.9m to €3.3m
of which Tax-exempt reserves: -€1.0m
- Short-term financial debts -€1.6m
down €1.6m (-50.4%), from €3.3m to €1.6m
- Other debts +€467,487
up €467,487 (+122%), from €382,513 to €850,000
- Provisions -€374,542
down €374,542 (-49.3%), from €759,152 to €384,610
Income statement
- Write-downs +€3.9m
new in 2025: €3.9m
- Gross operating margin +€3.4m
up €3.4m (+186%), from €1.8m to €5.3m
- Depreciation -€311,574
down €311,574 (-46.2%), from €674,312 to €362,738
- Financial charges -€262,574
down €262,574 (-32.6%), from €805,226 to €542,653
of which Financial charges: -€209,244
- Provisions +€159,610
new in 2025: €159,610
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
-€60,663
Gross operating margin
+€3.4m
Depreciation
+€311,574
Write-downs
-€3.9m
Provisions
-€159,610
Other operating charges
-€32,379
Other operating items
-€955,759
Financial income
+€6
Financial charges
+€262,574
Taxes
-€133,210
Deferred taxes and other
+€325,743
Result 2025
-€871,331
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
+€1.0m
Investment
+€4.2m
Financing
-€4.6m
Cash 2024
€1,404
From operations (derived)
+€1.0m
Net result for the year
-€871,331
Depreciation
+€362,738
Receivables within one year
-€2.0m
Deferred charges and accrued income
+€3.8m
Provisions
-€374,542
Trade debts
-€220,483
Tax, wage and social debts
-€137,378
Other debts
+€467,487
Accrued charges and deferred income
-€4,229
Investment (derived)
+€4.2m
Investment in fixed assets (net)
+€4.2m
Financing
-€4.6m
Debts after one year
-€1.9m
Current portion of long-term debt
-€162,885
Short-term financial debts
-€1.6m
Contributions, distributions and other
-€800,000
Cash 2025
€680,788
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €27,565,358 | €21,871,586 | -€5.7m | -20.7% |
| Formation expenses | 20 | €52,534 | - | -€52,534 | |
| Fixed assets | 21/28 | €8,603,333 | €4,103,399 | -€4.5m | -52.3% |
| Tangible fixed assets | 22/27 | €8,601,110 | €4,101,176 | -€4.5m | -52.3% |
| Land and buildings | 22 | €8,601,110 | €4,101,176 | -€4.5m | -52.3% |
| Financial fixed assets | 28 | €2,223 | €2,223 | = | 0.0% |
| Current assets | 29/58 | €18,909,491 | €17,768,187 | -€1.1m | -6.0% |
| Amounts receivable within one year | 40/41 | €15,118,692 | €17,076,042 | +€2.0m | +12.9% |
| Trade receivables | 40 | €7,169 | €143,849 | +€136,680 | +1,906% |
| Other amounts receivable | 41 | €15,111,523 | €16,932,193 | +€1.8m | +12.0% |
| Cash at bank and in hand | 54/58 | €1,404 | €680,788 | +€679,384 | +48,389% |
| Deferred charges and accrued income | 490/1 | €3,789,395 | €11,357 | -€3.8m | -99.7% |
| Total equity and liabilities | 10/49 | €27,565,358 | €21,871,586 | -€5.7m | -20.7% |
| Equity | 10/15 | €15,386,820 | €13,715,489 | -€1.7m | -10.9% |
| Contributions | 10/11 | €10,463,984 | €10,463,984 | = | 0.0% |
| Capital | 10 | €10,448,153 | €10,448,153 | = | 0.0% |
| Issued capital | 100 | €10,448,153 | €10,448,153 | = | 0.0% |
| Contributions outside capital | 11 | €15,831 | €15,831 | = | 0.0% |
| Share premium | 1100/10 | €15,831 | €15,831 | = | 0.0% |
| Reserves | 13 | €4,920,903 | €3,251,037 | -€1.7m | -33.9% |
| Non-distributable reserves | 130/1 | €825,990 | €832,913 | +€6,923 | +0.8% |
| Legal reserve | 130 | €825,990 | €832,913 | +€6,923 | +0.8% |
| Tax-exempt reserves | 132 | €1,865,401 | €855,612 | -€1.0m | -54.1% |
| Distributable reserves | 133 | €2,229,512 | €1,562,512 | -€667,000 | -29.9% |
| Profit (loss) carried forward | 14 | €1,933 | €468 | -€1,465 | -75.8% |
| Provisions and deferred taxes | 16 | €759,152 | €384,610 | -€374,542 | -49.3% |
| Deferred taxes | 168 | €759,152 | €384,610 | -€374,542 | -49.3% |
| Amounts payable | 17/49 | €11,419,386 | €7,771,486 | -€3.6m | -31.9% |
| Amounts payable after more than one year | 17 | €6,284,678 | €4,340,422 | -€1.9m | -30.9% |
| Financial debts | 170/4 | €6,284,678 | €4,340,422 | -€1.9m | -30.9% |
| Amounts payable within one year | 42/48 | €5,130,479 | €3,431,064 | -€1.7m | -33.1% |
| Current portion of amounts payable after more than one year | 42 | €584,641 | €421,755 | -€162,885 | -27.9% |
| Financial debts | 43 | €3,266,155 | €1,620,000 | -€1.6m | -50.4% |
| Credit institutions | 430/8 | €3,266,155 | €1,620,000 | -€1.6m | -50.4% |
| Trade debts | 44 | €650,112 | €429,629 | -€220,483 | -33.9% |
| Suppliers | 440/4 | €650,112 | €429,629 | -€220,483 | -33.9% |
| Taxes, remuneration and social security | 45 | €247,057 | €109,680 | -€137,378 | -55.6% |
| Taxes | 450/3 | €247,057 | €109,680 | -€137,378 | -55.6% |
| Other amounts payable | 47/48 | €382,513 | €850,000 | +€467,487 | +122% |
| Accrued charges and deferred income | 492/3 | €4,229 | - | -€4,229 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €674,312 | €362,738 | -€311,574 | -46.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,852,600 | +€3.9m | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €159,610 | +€159,610 | |
| Other operating charges | 640/8 | €337,479 | €369,857 | +€32,379 | +9.6% |
| Non-recurring operating charges | 66A | €428,187 | €1,383,946 | +€955,759 | +223% |
| Gross operating margin | 9900 | €1,842,923 | €5,265,916 | +€3.4m | +186% |
| Operating profit (loss) | 9901 | €402,944 | -€862,836 | -€1.3m | |
| Financial income | 75/76B | - | €6 | +€6 | |
| Recurring financial income | 75 | - | €6 | +€6 | |
| Financial charges | 65/66B | €805,226 | €542,653 | -€262,574 | -32.6% |
| Recurring financial charges | 65 | €751,897 | €542,653 | -€209,244 | -27.8% |
| Non-recurring financial charges | 66B | €53,329 | - | -€53,329 | |
| Profit (loss) for the period before taxes | 9903 | -€402,282 | -€1,405,483 | -€1.0m | -249% |
| Transfer from deferred taxes | 780 | €208,409 | €759,152 | +€550,743 | +264% |
| Transfer to deferred taxes | 680 | - | €225,000 | +€225,000 | |
| Income taxes | 67/77 | -€133,210 | - | +€133,210 | |
| Profit (loss) for the period | 9904 | -€60,663 | -€871,331 | -€810,668 | -1,336% |
| Transfer from tax-exempt reserves | 789 | €404,739 | €1,684,789 | +€1.3m | +316% |
| Transfer to tax-exempt reserves | 689 | - | €675,000 | +€675,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €344,076 | €138,458 | -€205,618 | -59.8% |
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 29 October 2026 via checked.be.