Solarco: 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.
Solarco
Largest movements
- Tangible fixed assets -€222,793
down €222,793 (-15.9%), from €1.4m to €1.2m
of which Assets under construction and advance payments: -€360,000
- Current investments -€200,000
down €200,000 (-100%), from €200,000 to €0
- Receivables within one year +€41,868
up €41,868 (+111%), from €37,791 to €79,659
of which Other amounts receivable: +€50,907
- Cash +€17,750
up €17,750 (+50.6%), from €35,086 to €52,835
mainly Net result for the year (+€342,674) and Current investments (+€200,000)
- Profit (loss) carried forward -€299,095
down €299,095 (-100%), from €299,095 to €0
- Debts after one year -€36,021
down €36,021 (-34.7%), from €103,822 to €67,801
- Reserves -€18,231
down €18,231 (-2.1%), from €861,745 to €843,513
of which Tax-exempt reserves: -€180,805
- Gross operating margin +€193,873
up €193,873 (+87.1%), from €222,541 to €416,414
- Taxes -€32,580
down €32,580 (-81.8%), from €39,826 to €7,247
- Financial income -€8,251
down €8,251 (-22.9%), from €36,055 to €27,804
- Depreciation +€5,431
up €5,431 (+6.4%), from €85,278 to €90,709
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,680,192 | €1,316,843 | -€363,349 | -21.6% |
| Fixed assets | 21/28 | €1,404,789 | €1,181,995 | -€222,793 | -15.9% |
| Tangible fixed assets | 22/27 | €1,400,789 | €1,177,995 | -€222,793 | -15.9% |
| Plant, machinery and equipment | 23 | €1,040,789 | €1,177,995 | +€137,207 | +13.2% |
| Assets under construction and advance payments | 27 | €360,000 | €0 | -€360,000 | -100% |
| Financial fixed assets | 28 | €4,000 | €4,000 | = | 0.0% |
| Current assets | 29/58 | €275,403 | €134,848 | -€140,555 | -51.0% |
| Amounts receivable within one year | 40/41 | €37,791 | €79,659 | +€41,868 | +111% |
| Trade receivables | 40 | €37,475 | €28,436 | -€9,039 | -24.1% |
| Other amounts receivable | 41 | €316 | €51,223 | +€50,907 | +16,105% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100% |
| Cash at bank and in hand | 54/58 | €35,086 | €52,835 | +€17,750 | +50.6% |
| Deferred charges and accrued income | 490/1 | €2,527 | €2,353 | -€173 | -6.9% |
| Total equity and liabilities | 10/49 | €1,680,192 | €1,316,843 | -€363,349 | -21.6% |
| Equity | 10/15 | €1,510,840 | €1,193,513 | -€317,326 | -21.0% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Reserves | 13 | €861,745 | €843,513 | -€18,231 | -2.1% |
| Tax-exempt reserves | 132 | €859,747 | €678,942 | -€180,805 | -21.0% |
| Distributable reserves | 133 | €1,998 | €164,571 | +€162,573 | +8,136% |
| Profit (loss) carried forward | 14 | €299,095 | €0 | -€299,095 | -100% |
| Amounts payable | 17/49 | €169,352 | €123,329 | -€46,022 | -27.2% |
| Amounts payable after more than one year | 17 | €103,822 | €67,801 | -€36,021 | -34.7% |
| Financial debts | 170/4 | €103,822 | €67,801 | -€36,021 | -34.7% |
| Amounts payable within one year | 42/48 | €65,188 | €55,390 | -€9,798 | -15.0% |
| Current portion of amounts payable after more than one year | 42 | €35,445 | €36,021 | +€577 | +1.6% |
| Trade debts | 44 | €28,770 | €19,369 | -€9,401 | -32.7% |
| Suppliers | 440/4 | €28,770 | €19,369 | -€9,401 | -32.7% |
| Taxes, remuneration and social security | 45 | €974 | €0 | -€974 | -100% |
| Taxes | 450/3 | €974 | €0 | -€974 | -100% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €341 | €138 | -€203 | -59.4% |
| Non-recurring operating income | 76A | €0 | €115,580 | +€115,580 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,278 | €90,709 | +€5,431 | +6.4% |
| Other operating charges | 640/8 | €1,108 | €1,143 | +€35 | +3.1% |
| Gross operating margin | 9900 | €222,541 | €416,414 | +€193,873 | +87.1% |
| Operating profit (loss) | 9901 | €136,155 | €324,563 | +€188,408 | +138% |
| Financial income | 75/76B | €36,055 | €27,804 | -€8,251 | -22.9% |
| Recurring financial income | 75 | €36,055 | €27,804 | -€8,251 | -22.9% |
| Financial charges | 65/66B | €3,015 | €2,446 | -€569 | -18.9% |
| Recurring financial charges | 65 | €3,015 | €2,446 | -€569 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | €169,195 | €349,920 | +€180,725 | +107% |
| Income taxes | 67/77 | €39,826 | €7,247 | -€32,580 | -81.8% |
| Profit (loss) for the period | 9904 | €129,369 | €342,674 | +€213,305 | +165% |
| Transfer from tax-exempt reserves | 789 | - | €180,805 | +€180,805 | |
| Transfer to tax-exempt reserves | 689 | €10,090 | €0 | -€10,090 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €119,279 | €523,478 | +€404,200 | +339% |
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 20 October 2026 via checked.be.