SOLAR HOLDCO: 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
SOLAR HOLDCO
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€7.7m
2024 · -€2.8m-€4.9m
Equity
€104.3m
2024 · €77.7m+€26.6m
Cash
€1.2m
2024 · €1.3m-€42,767
Balance sheet total
€107.1m
2024 · €151.8m-€44.6m
Largest movements
Assets
- Receivables after one year -€39.0m
no longer reported in 2025 (was €39.0m)
- Financial fixed assets -€7.8m
down €7.8m (-7.3%), from €108.0m to €100.2m
- Receivables within one year +€2.3m
up €2.3m (+64.6%), from €3.5m to €5.8m
Equity and liabilities
- Current portion of long-term debt -€58.9m
no longer reported in 2025 (was €58.9m)
- Contributions +€34.3m
up €34.3m (+28.3%), from €121.3m to €155.6m
- Debts after one year -€11.3m
no longer reported in 2025 (was €11.3m)
- Profit (loss) carried forward -€7.7m
down €7.7m (-17.7%), from -€43.6m to -€51.3m
Income statement
- Financial charges +€3.3m
up €3.3m (+71.1%), from €4.7m to €8.0m
of which Non-recurring financial charges: +€4.5m
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
-€2.8m
Depreciation
+€12,732
Other operating charges
-€1,396
Other operating items
-€178,165
Financial income
-€1.4m
Financial charges
-€3.3m
Taxes
+€76,101
Result 2025
-€7.7m
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
+€28.0m
Investment
+€7.8m
Financing
-€35.9m
Cash 2024
€1.3m
From operations (derived)
+€28.0m
Net result for the year
-€7.7m
Depreciation
+€6,005
Receivables after one year
+€39.0m
Receivables within one year
-€2.3m
Other debts
-€1.0m
Accrued charges and deferred income
-€3,237
Investment (derived)
+€7.8m
Investment in fixed assets (net)
+€7.8m
Financing
-€35.9m
Debts after one year
-€11.3m
Current portion of long-term debt
-€58.9m
Contributions, distributions and other
+€34.3m
Cash 2025
€1.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €151,766,181 | €107,142,385 | -€44.6m | -29.4% |
| Formation expenses | 20 | €6,005 | - | -€6,005 | |
| Fixed assets | 21/28 | €108,007,504 | €100,175,052 | -€7.8m | -7.3% |
| Financial fixed assets | 28 | €108,007,504 | €100,175,052 | -€7.8m | -7.3% |
| Affiliated companies | 280/1 | €108,007,504 | €100,175,052 | -€7.8m | -7.3% |
| Participating interests | 280 | €108,007,504 | €100,175,052 | -€7.8m | -7.3% |
| Current assets | 29/58 | €43,752,672 | €6,967,334 | -€36.8m | -84.1% |
| Amounts receivable after more than one year | 29 | €39,000,000 | - | -€39.0m | |
| Other amounts receivable | 291 | €39,000,000 | - | -€39.0m | |
| Amounts receivable within one year | 40/41 | €3,492,571 | €5,750,000 | +€2.3m | +64.6% |
| Other amounts receivable | 41 | €3,492,571 | €5,750,000 | +€2.3m | +64.6% |
| Cash at bank and in hand | 54/58 | €1,260,100 | €1,217,334 | -€42,767 | -3.4% |
| Total equity and liabilities | 10/49 | €151,766,181 | €107,142,385 | -€44.6m | -29.4% |
| Equity | 10/15 | €77,674,004 | €104,260,082 | +€26.6m | +34.2% |
| Contributions | 10/11 | €121,305,231 | €155,603,903 | +€34.3m | +28.3% |
| Profit (loss) carried forward | 14 | -€43,631,227 | -€51,343,821 | -€7.7m | -17.7% |
| Amounts payable | 17/49 | €74,092,177 | €2,882,304 | -€71.2m | -96.1% |
| Amounts payable after more than one year | 17 | €11,305,970 | - | -€11.3m | |
| Financial debts | 170/4 | €11,305,970 | - | -€11.3m | |
| Other loans | 174 | €11,305,970 | - | -€11.3m | |
| Amounts payable within one year | 42/48 | €62,771,203 | €2,870,536 | -€59.9m | -95.4% |
| Current portion of amounts payable after more than one year | 42 | €58,860,947 | - | -€58.9m | |
| Other amounts payable | 47/48 | €3,910,256 | €2,870,536 | -€1.0m | -26.6% |
| Accrued charges and deferred income | 492/3 | €15,004 | €11,767 | -€3,237 | -21.6% |
| Operating income | 70/76A | €100,000 | - | -€100,000 | |
| Other operating income | 74 | €100,000 | - | -€100,000 | |
| Operating charges | 60/66A | €78,898 | €145,726 | +€66,828 | +84.7% |
| Services and other goods | 61 | €60,161 | €138,326 | +€78,165 | +130% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,737 | €6,005 | -€12,732 | -68.0% |
| Other operating charges | 640/8 | - | €1,396 | +€1,396 | |
| Operating profit (loss) | 9901 | €21,102 | -€145,726 | -€166,828 | |
| Financial income | 75/76B | €1,899,328 | €449,812 | -€1.4m | -76.3% |
| Recurring financial income | 75 | €1,899,328 | €449,812 | -€1.4m | -76.3% |
| Income from current assets | 751 | €1,899,328 | €449,812 | -€1.4m | -76.3% |
| Financial charges | 65/66B | €4,684,096 | €8,016,679 | +€3.3m | +71.1% |
| Recurring financial charges | 65 | €1,351,465 | €184,227 | -€1.2m | -86.4% |
| Debt charges | 650 | €1,350,865 | €183,619 | -€1.2m | -86.4% |
| Other financial charges | 652/9 | €600 | €609 | +€9 | +1.4% |
| Non-recurring financial charges | 66B | €3,332,631 | €7,832,452 | +€4.5m | +135% |
| Profit (loss) for the period before taxes | 9903 | -€2,763,666 | -€7,712,594 | -€4.9m | -179% |
| Income taxes | 67/77 | €76,101 | - | -€76,101 | |
| Taxes | 670/3 | €76,101 | - | -€76,101 | |
| Profit (loss) for the period | 9904 | -€2,839,767 | -€7,712,594 | -€4.9m | -172% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,839,767 | -€7,712,594 | -€4.9m | -172% |
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 26 October 2026 via checked.be.