SOGEPA: 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.
SOGEPA
Largest movements
- Financial fixed assets -€2.2m
no longer reported in 2025 (was €2.2m)
- Cash +€1.0m
up €1.0m (+3,433%), from €30,323 to €1.1m
mainly Investment in fixed assets (net) (+€1.1m) and Net result for the year (+€478,004)
- Tangible fixed assets +€1.0m
up €1.0m (+333%), from €303,793 to €1.3m
of which Land and buildings: +€1.0m
- Receivables after one year +€300,000
new in 2025: €300,000
- Receivables within one year -€204,395
down €204,395 (-94.0%), from €217,520 to €13,125
of which Other amounts receivable: -€207,492
- Other debts -€414,493
down €414,493 (-46.3%), from €895,357 to €480,864
- Reserves +€264,658
up €264,658 (+518%), from €51,130 to €315,788
of which Tax-exempt reserves: +€249,472
- Profit (loss) carried forward +€138,346
up €138,346 (+9.9%), from €1.4m to €1.5m
- Financial income +€553,918
new in 2025: €553,918
- Gross operating margin -€207,401
down €207,401 (-96.4%), from €215,249 to €7,848
- Depreciation +€25,231
up €25,231 (+109%), from €23,127 to €48,358
- Other operating charges +€6,959
up €6,959 (+66.1%), from €10,522 to €17,481
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 | €2,708,886 | €2,702,030 | -€6,856 | -0.3% |
| Fixed assets | 21/28 | €2,461,043 | €1,316,721 | -€1.1m | -46.5% |
| Tangible fixed assets | 22/27 | €303,793 | €1,316,721 | +€1.0m | +333% |
| Land and buildings | 22 | €301,688 | €1,314,616 | +€1.0m | +336% |
| Furniture and vehicles | 24 | €2,105 | €2,105 | = | 0.0% |
| Financial fixed assets | 28 | €2,157,250 | - | -€2.2m | |
| Current assets | 29/58 | €247,843 | €1,385,309 | +€1.1m | +459% |
| Amounts receivable after more than one year | 29 | - | €300,000 | +€300,000 | |
| Other amounts receivable | 291 | - | €300,000 | +€300,000 | |
| Amounts receivable within one year | 40/41 | €217,520 | €13,125 | -€204,395 | -94.0% |
| Trade receivables | 40 | €1,500 | €4,597 | +€3,097 | +206% |
| Other amounts receivable | 41 | €216,020 | €8,528 | -€207,492 | -96.1% |
| Cash at bank and in hand | 54/58 | €30,323 | €1,071,307 | +€1.0m | +3,433% |
| Deferred charges and accrued income | 490/1 | - | €877 | +€877 | |
| Total equity and liabilities | 10/49 | €2,708,886 | €2,702,030 | -€6,856 | -0.3% |
| Equity | 10/15 | €1,801,423 | €2,204,427 | +€403,004 | +22.4% |
| Contributions | 10/11 | €359,446 | €359,446 | = | 0.0% |
| Capital | 10 | €359,446 | €359,446 | = | 0.0% |
| Issued capital | 100 | €359,446 | €359,446 | = | 0.0% |
| Reserves | 13 | €51,130 | €315,788 | +€264,658 | +518% |
| Non-distributable reserves | 130/1 | €35,944 | €35,944 | = | 0.0% |
| Legal reserve | 130 | €35,944 | €35,944 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,186 | €264,658 | +€249,472 | +1,643% |
| Distributable reserves | 133 | - | €15,186 | +€15,186 | |
| Profit (loss) carried forward | 14 | €1,390,847 | €1,529,193 | +€138,346 | +9.9% |
| Amounts payable | 17/49 | €907,463 | €497,603 | -€409,860 | -45.2% |
| Amounts payable within one year | 42/48 | €903,315 | €494,193 | -€409,122 | -45.3% |
| Trade debts | 44 | €7,958 | €8,294 | +€336 | +4.2% |
| Suppliers | 440/4 | €7,958 | €8,294 | +€336 | +4.2% |
| Taxes, remuneration and social security | 45 | - | €5,035 | +€5,035 | |
| Taxes | 450/3 | - | €5,035 | +€5,035 | |
| Other amounts payable | 47/48 | €895,357 | €480,864 | -€414,493 | -46.3% |
| Accrued charges and deferred income | 492/3 | €4,148 | €3,410 | -€738 | -17.8% |
| Non-recurring operating income | 76A | €187,613 | €4,000 | -€183,613 | -97.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,127 | €48,358 | +€25,231 | +109% |
| Other operating charges | 640/8 | €10,522 | €17,481 | +€6,959 | +66.1% |
| Gross operating margin | 9900 | €215,249 | €7,848 | -€207,401 | -96.4% |
| Operating profit (loss) | 9901 | €181,600 | -€57,991 | -€239,591 | |
| Financial income | 75/76B | - | €553,918 | +€553,918 | |
| Recurring financial income | 75 | - | €553,918 | +€553,918 | |
| Financial charges | 65/66B | €18,566 | €17,923 | -€643 | -3.5% |
| Recurring financial charges | 65 | €18,566 | €17,923 | -€643 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €163,034 | €478,004 | +€314,970 | +193% |
| Income taxes | 67/77 | - | €0 | = | |
| Profit (loss) for the period | 9904 | €163,034 | €478,004 | +€314,970 | +193% |
| Transfer from tax-exempt reserves | 789 | - | €8,973 | +€8,973 | |
| Profit (loss) for the period to be appropriated | 9905 | €163,034 | €486,977 | +€323,943 | +199% |
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 18 October 2026 via checked.be.