SoHoW: 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
SoHoW
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€6.1m
2024 · -€4.5m-€1.6m
Equity
€2.9m
2024 · €9.0m-€6.1m
Cash
€38,691
2024 · €53,518-€14,826
Balance sheet total
€21.7m
2024 · €27.3m-€5.5m
Largest movements
Assets
- Financial fixed assets -€4.8m
down €4.8m (-21.7%), from €22.2m to €17.4m
- Receivables within one year -€2.8m
down €2.8m (-72.5%), from €3.8m to €1.0m
of which Other amounts receivable: -€2.7m
- Receivables after one year +€2.1m
up €2.1m (+192%), from €1.1m to €3.2m
of which Other amounts receivable: +€3.2m
Equity and liabilities
- Profit (loss) carried forward -€6.1m
down €6.1m (-68.5%), from -€8.9m to -€15.0m
- Debts after one year +€1.7m
up €1.7m (+11.5%), from €14.6m to €16.2m
of which Other amounts payable: +€1.9m
- Short-term financial debts -€731,016
down €731,016 (-24.0%), from €3.0m to €2.3m
Income statement
- Write-downs +€1.3m
new in 2025: €1.3m
- Financial charges +€324,827
up €324,827 (+6.3%), from €5.1m to €5.4m
of which Non-recurring financial charges: +€462,939
- Financial income +€130,948
up €130,948 (+35.2%), from €372,496 to €503,444
of which Non-recurring financial income: +€170,253
- Gross operating margin -€82,076
down €82,076 (-21.2%), from €387,672 to €305,596
- Other operating charges +€7,695
up €7,695 (+342%), from €2,253 to €9,948
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
-€4.5m
Gross operating margin
-€82,076
Staff costs
+€6,919
Depreciation
-€3,167
Write-downs
-€1.3m
Other operating charges
-€7,695
Other operating items
+€16,107
Financial income
+€130,948
Financial charges
-€324,827
Taxes
+€721
Result 2025
-€6.1m
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
-€5.6m
Investment
+€4.8m
Financing
+€762,989
Cash 2024
€53,518
From operations (derived)
-€5.6m
Net result for the year
-€6.1m
Depreciation
+€6,997
Receivables after one year
-€2.1m
Receivables within one year
+€2.8m
Deferred charges and accrued income
+€15,296
Trade debts
+€18,228
Tax, wage and social debts
-€29,978
Accrued charges and deferred income
-€173,785
Investment (derived)
+€4.8m
Investment in fixed assets (net)
+€4.8m
Financing
+€762,989
Debts after one year
+€1.7m
Current portion of long-term debt
-€182,139
Short-term financial debts
-€731,016
Cash 2025
€38,691
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €27,256,677 | €21,740,307 | -€5.5m | -20.2% |
| Fixed assets | 21/28 | €22,264,742 | €17,429,874 | -€4.8m | -21.7% |
| Intangible fixed assets | 21 | €323 | €23 | -€300 | -92.8% |
| Tangible fixed assets | 22/27 | €22,568 | €17,127 | -€5,442 | -24.1% |
| Plant, machinery and equipment | 23 | €9,698 | €7,689 | -€2,010 | -20.7% |
| Furniture and vehicles | 24 | €12,870 | €9,438 | -€3,432 | -26.7% |
| Financial fixed assets | 28 | €22,241,850 | €17,412,724 | -€4.8m | -21.7% |
| Current assets | 29/58 | €4,991,935 | €4,310,433 | -€681,502 | -13.7% |
| Amounts receivable after more than one year | 29 | €1,100,000 | €3,214,811 | +€2.1m | +192% |
| Trade receivables | 290 | €1,100,000 | €0 | -€1.1m | -100% |
| Other amounts receivable | 291 | - | €3,214,811 | +€3.2m | |
| Amounts receivable within one year | 40/41 | €3,814,069 | €1,047,879 | -€2.8m | -72.5% |
| Trade receivables | 40 | €236,764 | €162,609 | -€74,156 | -31.3% |
| Other amounts receivable | 41 | €3,577,305 | €885,270 | -€2.7m | -75.3% |
| Cash at bank and in hand | 54/58 | €53,518 | €38,691 | -€14,826 | -27.7% |
| Deferred charges and accrued income | 490/1 | €24,348 | €9,052 | -€15,296 | -62.8% |
| Total equity and liabilities | 10/49 | €27,256,677 | €21,740,307 | -€5.5m | -20.2% |
| Equity | 10/15 | €8,990,383 | €2,896,559 | -€6.1m | -67.8% |
| Contributions | 10/11 | €17,537,500 | €17,537,500 | = | 0.0% |
| Capital | 10 | €17,537,500 | €17,537,500 | = | 0.0% |
| Issued capital | 100 | €17,537,500 | €17,537,500 | = | 0.0% |
| Reserves | 13 | €345,797 | €345,797 | = | 0.0% |
| Non-distributable reserves | 130/1 | €45,797 | €45,797 | = | 0.0% |
| Legal reserve | 130 | €45,797 | €45,797 | = | 0.0% |
| Distributable reserves | 133 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,892,914 | -€14,986,738 | -€6.1m | -68.5% |
| Amounts payable | 17/49 | €18,266,294 | €18,843,748 | +€577,454 | +3.2% |
| Amounts payable after more than one year | 17 | €14,564,843 | €16,240,986 | +€1.7m | +11.5% |
| Financial debts | 170/4 | €219,565 | €0 | -€219,565 | -100% |
| Other amounts payable | 178/9 | €14,345,277 | €16,240,986 | +€1.9m | +13.2% |
| Amounts payable within one year | 42/48 | €3,520,069 | €2,595,164 | -€924,905 | -26.3% |
| Current portion of amounts payable after more than one year | 42 | €401,704 | €219,565 | -€182,139 | -45.3% |
| Financial debts | 43 | €3,048,408 | €2,317,392 | -€731,016 | -24.0% |
| Credit institutions | 430/8 | €3,048,408 | €2,317,392 | -€731,016 | -24.0% |
| Trade debts | 44 | €21,311 | €39,539 | +€18,228 | +85.5% |
| Suppliers | 440/4 | €21,311 | €39,539 | +€18,228 | +85.5% |
| Taxes, remuneration and social security | 45 | €48,646 | €18,668 | -€29,978 | -61.6% |
| Taxes | 450/3 | €30,474 | €1,681 | -€28,793 | -94.5% |
| Remuneration and social security | 454/9 | €18,172 | €16,988 | -€1,185 | -6.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €181,382 | €7,597 | -€173,785 | -95.8% |
| Non-recurring operating income | 76A | €7,657 | €0 | -€7,657 | -100% |
| Remuneration, social security and pensions | 62 | €127,582 | €120,662 | -€6,919 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,830 | €6,997 | +€3,167 | +82.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,315,500 | +€1.3m | |
| Other operating charges | 640/8 | €2,253 | €9,948 | +€7,695 | +342% |
| Non-recurring operating charges | 66A | €17,107 | €1,000 | -€16,107 | -94.2% |
| Gross operating margin | 9900 | €387,672 | €305,596 | -€82,076 | -21.2% |
| Operating profit (loss) | 9901 | €236,901 | -€1,148,511 | -€1.4m | |
| Financial income | 75/76B | €372,496 | €503,444 | +€130,948 | +35.2% |
| Recurring financial income | 75 | €371,875 | €332,570 | -€39,305 | -10.6% |
| Non-recurring financial income | 76B | €621 | €170,874 | +€170,253 | +27,427% |
| Financial charges | 65/66B | €5,123,927 | €5,448,755 | +€324,827 | +6.3% |
| Recurring financial charges | 65 | €586,857 | €448,745 | -€138,112 | -23.5% |
| Non-recurring financial charges | 66B | €4,537,071 | €5,000,010 | +€462,939 | +10.2% |
| Profit (loss) for the period before taxes | 9903 | -€4,514,531 | -€6,093,822 | -€1.6m | -35.0% |
| Income taxes | 67/77 | €723 | €2 | -€721 | -99.7% |
| Profit (loss) for the period | 9904 | -€4,515,254 | -€6,093,823 | -€1.6m | -35.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,515,254 | -€6,093,823 | -€1.6m | -35.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.