SOGEPAL: 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.
SOGEPAL
Largest movements
- Financial fixed assets -€2.6m
down €2.6m (-100.0%), from €2.6m to €1
- Profit (loss) carried forward -€2.2m
down €2.2m (-125.6%), from -€1.7m to -€3.9m
- Debts after one year -€401,559
down €401,559 (-37.8%), from €1.1m to €661,688
- Financial charges +€2.2m
up €2.2m (+442496.0%), from €486 to €2.2m
of which Non-recurring financial charges: +€2.2m
- Gross operating margin -€416,946
no longer reported in 2025 (was €416,946)
- Write-downs -€190,959
no longer reported in 2025 (was €190,959)
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,553,551 | €1 | -€2.6m | -100.0% |
| Fixed assets | 21/28 | €2,553,551 | €1 | -€2.6m | -100.0% |
| Financial fixed assets | 28 | €2,553,551 | €1 | -€2.6m | -100.0% |
| Total equity and liabilities | 10/49 | €2,553,551 | €1 | -€2.6m | -100.0% |
| Equity | 10/15 | €354,936 | -€1,797,635 | -€2.2m | |
| Contributions | 10/11 | €1,884,800 | €1,884,800 | = | 0.0% |
| Capital | 10 | €1,884,800 | €1,884,800 | = | 0.0% |
| Issued capital | 100 | €1,884,800 | €1,884,800 | = | 0.0% |
| Reserves | 13 | €183,851 | €183,851 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,674 | €9,674 | = | 0.0% |
| Legal reserve | 130 | €9,674 | €9,674 | = | 0.0% |
| Distributable reserves | 133 | €174,177 | €174,177 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,713,715 | -€3,866,287 | -€2.2m | -125.6% |
| Amounts payable | 17/49 | €2,198,615 | €1,797,636 | -€400,979 | -18.2% |
| Amounts payable after more than one year | 17 | €1,063,247 | €661,688 | -€401,559 | -37.8% |
| Financial debts | 170/4 | €1,063,247 | €661,688 | -€401,559 | -37.8% |
| Amounts payable within one year | 42/48 | €1,135,368 | €1,135,949 | +€581 | +0.1% |
| Financial debts | 43 | €145 | €195 | +€49 | +34.1% |
| Credit institutions | 430/8 | €145 | €195 | +€49 | +34.1% |
| Trade debts | 44 | €2,173 | €85 | -€2,088 | -96.1% |
| Suppliers | 440/4 | €2,173 | €85 | -€2,088 | -96.1% |
| Other amounts payable | 47/48 | €1,133,050 | €1,135,669 | +€2,620 | +0.2% |
| Non-recurring operating income | 76A | €424,932 | - | -€424,932 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €190,959 | - | -€190,959 | |
| Other operating charges | 640/8 | €1,365 | €493 | -€872 | -63.9% |
| Gross operating margin | 9900 | €416,946 | - | -€416,946 | |
| Operating profit (loss) | 9901 | €224,621 | -€493 | -€225,114 | |
| Financial charges | 65/66B | €486 | €2,152,079 | +€2.2m | +442496.0% |
| Recurring financial charges | 65 | €486 | €88 | -€398 | -81.9% |
| Non-recurring financial charges | 66B | - | €2,151,991 | +€2.2m | |
| Profit (loss) for the period before taxes | 9903 | €224,135 | -€2,152,572 | -€2.4m | |
| Profit (loss) for the period | 9904 | €224,135 | -€2,152,572 | -€2.4m | |
| Profit (loss) for the period to be appropriated | 9905 | €224,135 | -€2,152,572 | -€2.4m |
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 12 October 2026 via checked.be.