SOGEREST - BELGIUM: 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
SOGEREST - BELGIUM
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€17,231
2024 · -€36,980+€54,211
Equity
€1.6m
2024 · €1.6m+€17,231
Cash
€3,956
2024 · €90,388-€86,433
Balance sheet total
€5.9m
2024 · €5.5m+€417,566
Largest movements
Assets
- Receivables within one year +€642,916
up €642,916 (+19.2%), from €3.4m to €4.0m
of which Other amounts receivable: +€3.1m
- Tangible fixed assets -€297,884
down €297,884 (-16.3%), from €1.8m to €1.5m
of which Other tangible fixed assets: -€182,093
- Deferred charges and accrued income +€152,780
up €152,780 (+6,357%), from €2,403 to €155,184
- Cash -€86,433
down €86,433 (-95.6%), from €90,388 to €3,956
mainly Receivables within one year (-€642,916) and Trade debts (-€517,681)
Equity and liabilities
- Other debts +€889,779
up €889,779 (+38.4%), from €2.3m to €3.2m
- Trade debts -€517,681
down €517,681 (-65.0%), from €796,457 to €278,776
- Debts after one year -€104,610
down €104,610 (-20.2%), from €516,981 to €412,371
of which Financial debts: -€104,610
- Tax, wage and social debts +€104,115
up €104,115 (+165%), from €63,096 to €167,211
Income statement
- Other operating income -€173,062
down €173,062 (-34.5%), from €501,455 to €328,393
- Financial charges -€130,777
down €130,777 (-50.0%), from €261,522 to €130,744
- Services and other goods -€61,036
down €61,036 (-4.0%), from €1.5m to €1.5m
- Depreciation -€47,228
down €47,228 (-13.4%), from €353,087 to €305,859
- Turnover -€32,359
down €32,359 (-1.8%), from €1.8m to €1.7m
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
-€36,980
Turnover
-€32,359
Other operating income
-€173,062
Services and other goods
+€61,036
Depreciation
+€47,228
Other operating charges
+€1,918
Other operating items
+€10,007
Financial income
+€18,666
Financial charges
+€130,777
Taxes
-€10,000
Result 2025
€17,231
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
+€10,060
Investment
-€14,162
Financing
-€82,332
Cash 2024
€90,388
From operations (derived)
+€10,060
Net result for the year
+€17,231
Depreciation
+€305,859
Receivables within one year
-€642,916
Deferred charges and accrued income
-€152,780
Trade debts
-€517,681
Tax, wage and social debts
+€104,115
Other debts
+€889,779
Accrued charges and deferred income
+€6,453
Investment (derived)
-€14,162
Investment in fixed assets (net)
-€14,162
Financing
-€82,332
Debts after one year
-€104,610
Current portion of long-term debt
+€4,212
Short-term financial debts
+€18,067
Cash 2025
€3,956
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,514,850 | €5,932,416 | +€417,566 | +7.6% |
| Fixed assets | 21/28 | €2,067,377 | €1,775,680 | -€291,697 | -14.1% |
| Intangible fixed assets | 21 | €674 | €154 | -€520 | -77.2% |
| Tangible fixed assets | 22/27 | €1,827,691 | €1,529,807 | -€297,884 | -16.3% |
| Land and buildings | 22 | €178,702 | €172,200 | -€6,501 | -3.6% |
| Plant, machinery and equipment | 23 | €442,240 | €380,444 | -€61,797 | -14.0% |
| Furniture and vehicles | 24 | €152,768 | €111,860 | -€40,908 | -26.8% |
| Other tangible fixed assets | 26 | €946,663 | €764,570 | -€182,093 | -19.2% |
| Assets under construction and advance payments | 27 | €107,318 | €100,734 | -€6,585 | -6.1% |
| Financial fixed assets | 28 | €239,012 | €245,719 | +€6,707 | +2.8% |
| Affiliated companies | 280/1 | €154,895 | €161,292 | +€6,397 | +4.1% |
| Participating interests | 280 | €154,895 | €161,292 | +€6,397 | +4.1% |
| Other financial fixed assets | 284/8 | €84,117 | €84,427 | +€310 | +0.4% |
| Shares | 284 | - | €310 | +€310 | |
| Amounts receivable and cash guarantees | 285/8 | €84,117 | €84,117 | = | 0.0% |
| Current assets | 29/58 | €3,447,473 | €4,156,736 | +€709,263 | +20.6% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €3,354,681 | €3,997,597 | +€642,916 | +19.2% |
| Trade receivables | 40 | €2,570,778 | €89,693 | -€2.5m | -96.5% |
| Other amounts receivable | 41 | €783,903 | €3,907,904 | +€3.1m | +399% |
| Cash at bank and in hand | 54/58 | €90,388 | €3,956 | -€86,433 | -95.6% |
| Deferred charges and accrued income | 490/1 | €2,403 | €155,184 | +€152,780 | +6,357% |
| Total equity and liabilities | 10/49 | €5,514,850 | €5,932,416 | +€417,566 | +7.6% |
| Equity | 10/15 | €1,606,331 | €1,623,562 | +€17,231 | +1.1% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €401,829 | €443,929 | +€42,100 | +10.5% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,246 | €63,346 | +€42,100 | +198% |
| Distributable reserves | 133 | €374,386 | €374,386 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,142,528 | €1,117,659 | -€24,869 | -2.2% |
| Amounts payable | 17/49 | €3,908,519 | €4,308,854 | +€400,335 | +10.2% |
| Amounts payable after more than one year | 17 | €516,981 | €412,371 | -€104,610 | -20.2% |
| Financial debts | 170/4 | €506,531 | €401,921 | -€104,610 | -20.7% |
| Credit institutions | 173 | €506,531 | €401,921 | -€104,610 | -20.7% |
| Other amounts payable | 178/9 | €10,450 | €10,450 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,279,169 | €3,777,661 | +€498,492 | +15.2% |
| Current portion of amounts payable after more than one year | 42 | €100,399 | €104,610 | +€4,212 | +4.2% |
| Financial debts | 43 | - | €18,067 | +€18,067 | |
| Credit institutions | 430/8 | - | €18,067 | +€18,067 | |
| Trade debts | 44 | €796,457 | €278,776 | -€517,681 | -65.0% |
| Suppliers | 440/4 | €796,457 | €278,776 | -€517,681 | -65.0% |
| Taxes, remuneration and social security | 45 | €63,096 | €167,211 | +€104,115 | +165% |
| Taxes | 450/3 | €63,096 | €167,211 | +€104,115 | +165% |
| Other amounts payable | 47/48 | €2,319,217 | €3,208,997 | +€889,779 | +38.4% |
| Accrued charges and deferred income | 492/3 | €112,369 | €118,822 | +€6,453 | +5.7% |
| Operating income | 70/76A | €2,264,009 | €2,068,594 | -€195,415 | -8.6% |
| Turnover | 70 | €1,762,553 | €1,730,194 | -€32,359 | -1.8% |
| Other operating income | 74 | €501,455 | €328,393 | -€173,062 | -34.5% |
| Non-recurring operating income | 76A | - | €10,007 | +€10,007 | |
| Operating charges | 60/66A | €2,039,477 | €1,929,295 | -€110,182 | -5.4% |
| Services and other goods | 61 | €1,514,301 | €1,453,265 | -€61,036 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €353,087 | €305,859 | -€47,228 | -13.4% |
| Other operating charges | 640/8 | €172,090 | €170,172 | -€1,918 | -1.1% |
| Operating profit (loss) | 9901 | €224,531 | €139,299 | -€85,233 | -38.0% |
| Financial income | 75/76B | €11 | €18,677 | +€18,666 | +175,766% |
| Recurring financial income | 75 | €11 | €18,677 | +€18,666 | +175,766% |
| Income from financial fixed assets | 750 | - | €891 | +€891 | |
| Income from current assets | 751 | - | €17,786 | +€17,786 | |
| Other financial income | 752/9 | €11 | €0 | -€11 | -100% |
| Financial charges | 65/66B | €261,522 | €130,744 | -€130,777 | -50.0% |
| Recurring financial charges | 65 | €261,522 | €130,744 | -€130,777 | -50.0% |
| Debt charges | 650 | €33,153 | €128,890 | +€95,737 | +289% |
| Other financial charges | 652/9 | €228,369 | €1,854 | -€226,514 | -99.2% |
| Profit (loss) for the period before taxes | 9903 | -€36,980 | €27,231 | +€64,211 | |
| Income taxes | 67/77 | - | €10,000 | +€10,000 | |
| Taxes | 670/3 | - | €10,000 | +€10,000 | |
| Profit (loss) for the period | 9904 | -€36,980 | €17,231 | +€54,211 | |
| Transfer from tax-exempt reserves | 789 | €35,600 | €0 | -€35,600 | -100% |
| Transfer to tax-exempt reserves | 689 | - | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,380 | -€24,869 | -€23,489 | -1,702% |
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 31 October 2026 via checked.be.