Solar PFK: 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 PFK
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€10.6m
2024 · -€5.6m-€5.0m
Equity
€21.3m
2024 · €31.9m-€10.6m
Cash
€6.8m
2024 · €10.5m-€3.7m
Balance sheet total
€125.8m
2024 · €123.5m+€2.3m
Largest movements
Assets
- Cash -€3.7m
down €3.7m (-35.5%), from €10.5m to €6.8m
mainly Current portion of long-term debt (-€11.3m) and Net result for the year (-€10.6m)
- Deferred charges and accrued income +€3.0m
up €3.0m (+205%), from €1.5m to €4.4m
- Tangible fixed assets +€2.9m
up €2.9m (+2.8%), from €105.0m to €107.9m
Equity and liabilities
- Debts after one year +€26.2m
up €26.2m (+66.8%), from €39.2m to €65.4m
of which Financial debts: +€25.6m
- Current portion of long-term debt -€11.3m
down €11.3m (-30.7%), from €37.0m to €25.7m
- Profit (loss) carried forward -€9.9m
down €9.9m (-56.2%), from -€17.6m to -€27.5m
- Other debts -€4.0m
no longer reported in 2025 (was €4.0m)
- Accrued charges and deferred income +€2.4m
up €2.4m (+184%), from €1.3m to €3.7m
Income statement
- Services and other goods +€5.6m
up €5.6m (+265%), from €2.1m to €7.6m
- Turnover +€3.0m
up €3.0m (+91.3%), from €3.3m to €6.3m
- Financial income -€1.2m
down €1.2m (-87.1%), from €1.4m to €179,718
- Financial charges +€749,550
up €749,550 (+21.4%), from €3.5m to €4.3m
- Depreciation +€619,274
up €619,274 (+15.1%), from €4.1m to €4.7m
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
-€5.6m
Turnover
+€3.0m
Other operating income
+€404,432
Services and other goods
-€5.6m
Depreciation
-€619,274
Write-downs
-€7,477
Other operating charges
-€357,720
Financial income
-€1.2m
Financial charges
-€749,550
Deferred taxes and other
+€67,829
Result 2025
-€10.6m
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
-€11.0m
Investment
-€7.6m
Financing
+€14.9m
Cash 2024
€10.5m
From operations (derived)
-€11.0m
Net result for the year
-€10.6m
Depreciation
+€4.7m
Receivables within one year
-€179,853
Deferred charges and accrued income
-€3.0m
Provisions
-€244,591
Trade debts
-€33,115
Other debts
-€4.0m
Accrued charges and deferred income
+€2.4m
Investment (derived)
-€7.6m
Investment in fixed assets (net)
-€7.6m
Financing
+€14.9m
Debts after one year
+€26.2m
Current portion of long-term debt
-€11.3m
Cash 2025
€6.8m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €123,463,554 | €125,768,670 | +€2.3m | +1.9% |
| Fixed assets | 21/28 | €104,980,570 | €107,875,004 | +€2.9m | +2.8% |
| Tangible fixed assets | 22/27 | €104,980,570 | €107,875,004 | +€2.9m | +2.8% |
| Land and buildings | 22 | €104,980,570 | €107,875,004 | +€2.9m | +2.8% |
| Current assets | 29/58 | €18,482,984 | €17,893,666 | -€589,318 | -3.2% |
| Amounts receivable within one year | 40/41 | €6,497,096 | €6,676,949 | +€179,853 | +2.8% |
| Trade receivables | 40 | €960,351 | €1,433,010 | +€472,658 | +49.2% |
| Other amounts receivable | 41 | €5,536,744 | €5,243,939 | -€292,805 | -5.3% |
| Cash at bank and in hand | 54/58 | €10,533,388 | €6,790,787 | -€3.7m | -35.5% |
| Deferred charges and accrued income | 490/1 | €1,452,501 | €4,425,930 | +€3.0m | +205% |
| Total equity and liabilities | 10/49 | €123,463,554 | €125,768,670 | +€2.3m | +1.9% |
| Equity | 10/15 | €31,947,998 | €21,306,370 | -€10.6m | -33.3% |
| Contributions | 10/11 | €18,939,116 | €18,939,116 | = | 0.0% |
| Revaluation surpluses | 12 | €13,812,653 | €13,812,653 | = | 0.0% |
| Reserves | 13 | €16,814,180 | €16,080,407 | -€733,773 | -4.4% |
| Tax-exempt reserves | 132 | €16,814,180 | €16,080,407 | -€733,773 | -4.4% |
| Profit (loss) carried forward | 14 | -€17,617,952 | -€27,525,807 | -€9.9m | -56.2% |
| Provisions and deferred taxes | 16 | €5,604,727 | €5,360,136 | -€244,591 | -4.4% |
| Deferred taxes | 168 | €5,604,727 | €5,360,136 | -€244,591 | -4.4% |
| Amounts payable | 17/49 | €85,910,830 | €99,102,165 | +€13.2m | +15.4% |
| Amounts payable after more than one year | 17 | €39,209,759 | €65,411,181 | +€26.2m | +66.8% |
| Financial debts | 170/4 | €39,000,000 | €64,563,253 | +€25.6m | +65.5% |
| Credit institutions | 173 | - | €64,563,253 | +€64.6m | |
| Other loans | 174 | €39,000,000 | - | -€39.0m | |
| Other amounts payable | 178/9 | €209,759 | €847,928 | +€638,168 | +304% |
| Amounts payable within one year | 42/48 | €45,407,433 | €30,010,855 | -€15.4m | -33.9% |
| Current portion of amounts payable after more than one year | 42 | €37,008,752 | €25,660,947 | -€11.3m | -30.7% |
| Trade debts | 44 | €33,115 | - | -€33,115 | |
| Suppliers | 440/4 | €33,115 | - | -€33,115 | |
| Taxes, remuneration and social security | 45 | €4,349,908 | €4,349,908 | = | 0.0% |
| Taxes | 450/3 | €4,349,908 | €4,349,908 | = | 0.0% |
| Other amounts payable | 47/48 | €4,015,658 | - | -€4.0m | |
| Accrued charges and deferred income | 492/3 | €1,293,637 | €3,680,129 | +€2.4m | +184% |
| Operating income | 70/76A | €4,974,014 | €8,363,881 | +€3.4m | +68.2% |
| Turnover | 70 | €3,268,724 | €6,254,159 | +€3.0m | +91.3% |
| Other operating income | 74 | €1,705,290 | €2,109,722 | +€404,432 | +23.7% |
| Operating charges | 60/66A | €8,636,768 | €15,173,511 | +€6.5m | +75.7% |
| Services and other goods | 61 | €2,091,363 | €7,643,635 | +€5.6m | +265% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,091,560 | €4,710,835 | +€619,274 | +15.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,477 | +€7,477 | |
| Other operating charges | 640/8 | €2,453,844 | €2,811,564 | +€357,720 | +14.6% |
| Operating profit (loss) | 9901 | -€3,662,754 | -€6,809,630 | -€3.1m | -85.9% |
| Financial income | 75/76B | €1,388,819 | €179,718 | -€1.2m | -87.1% |
| Recurring financial income | 75 | €1,388,819 | €179,718 | -€1.2m | -87.1% |
| Income from current assets | 751 | €1,388,819 | €179,718 | -€1.2m | -87.1% |
| Financial charges | 65/66B | €3,506,758 | €4,256,308 | +€749,550 | +21.4% |
| Recurring financial charges | 65 | €3,506,758 | €4,256,308 | +€749,550 | +21.4% |
| Debt charges | 650 | €3,505,757 | €4,255,380 | +€749,623 | +21.4% |
| Other financial charges | 652/9 | €1,001 | €928 | -€73 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | -€5,780,693 | -€10,886,219 | -€5.1m | -88.3% |
| Transfer from deferred taxes | 780 | €176,762 | €244,591 | +€67,829 | +38.4% |
| Profit (loss) for the period | 9904 | -€5,603,930 | -€10,641,628 | -€5.0m | -89.9% |
| Transfer from tax-exempt reserves | 789 | €530,287 | €733,773 | +€203,486 | +38.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,073,643 | -€9,907,855 | -€4.8m | -95.3% |
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 25 October 2026 via checked.be.