SOLAREC: what changed
Two fiscal 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
SOLAREC
NACE 46.331, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.7m
2024 · €6.9m-€5.1m
Equity
€89.0m
2024 · €87.6m+€1.4m
Cash
€10.7m
2024 · €20.8m-€10.1m
Balance sheet total
€340.4m
2024 · €343.9m-€3.5m
Largest movements
Assets
- Receivables within one year -€14.6m
down €14.6m (-12.8%), from €113.8m to €99.2m
of which Trade receivables: -€21.5m
- Financial fixed assets +€12.5m
up €12.5m (+2348.8%), from €532,340 to €13.0m
of which Companies linked by participating interests: +€12.2m
- Cash -€10.1m
down €10.1m (-48.6%), from €20.8m to €10.7m
mainly Investment in fixed assets (net) (-€32.9m) and Debts after one year (-€13.1m)
- Stocks and contracts +€4.3m
up €4.3m (+6.4%), from €67.3m to €71.6m
Equity and liabilities
- Current portion of long-term debt +€13.5m
up €13.5m (+79.7%), from €17.0m to €30.5m
- Debts after one year -€13.1m
down €13.1m (-9.4%), from €139.6m to €126.5m
of which Financial debts: -€13.1m
- Trade debts -€5.8m
down €5.8m (-6.1%), from €94.8m to €89.0m
of which Bills of exchange payable: -€4.3m
Income statement
- Goods and materials +€42.3m
up €42.3m (+5.4%), from €786.2m to €828.5m
of which Purchases: +€43.4m
- Turnover +€26.6m
up €26.6m (+2.9%), from €916.7m to €943.3m
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
€6.9m
Turnover
+€26.6m
Other operating income
-€174,505
Goods and materials
-€42.3m
Services and other goods
+€5.0m
Staff costs
-€2.4m
Depreciation
+€553,782
Write-downs
+€133,461
Provisions
-€84,335
Other operating charges
-€55,526
Other operating items
+€8.1m
Financial income
+€785,496
Financial charges
-€2.7m
Taxes
+€1.5m
Result 2025
€1.7m
Cash bridge derived
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
+€24.6m
Investment
-€34.9m
Financing
+€162,649
Cash 2024
€20.8m
From operations (derived)
+€24.6m
Net result for the year
+€1.7m
Depreciation
+€18.5m
Stocks and contracts
-€4.3m
Receivables within one year
+€14.6m
Deferred charges and accrued income
-€431,727
Trade debts
-€5.8m
Tax, wage and social debts
-€637,416
Other debts
+€972,645
Accrued charges and deferred income
+€31,562
Investment (derived)
-€34.9m
Investment in fixed assets (net)
-€32.9m
Current investments
-€2.0m
Financing
+€162,649
Debts after one year
-€13.1m
Current portion of long-term debt
+€13.5m
Contributions, distributions and other
-€319,915
Cash 2025
€10.7m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €343,949,129 | €340,421,569 | -€3.5m | -1.0% |
| Fixed assets | 21/28 | €136,157,439 | €150,600,923 | +€14.4m | +10.6% |
| Intangible fixed assets | 21 | €2,303,927 | €2,183,430 | -€120,497 | -5.2% |
| Tangible fixed assets | 22/27 | €133,321,172 | €135,381,643 | +€2.1m | +1.5% |
| Land and buildings | 22 | €33,176,462 | €32,148,389 | -€1.0m | -3.1% |
| Plant, machinery and equipment | 23 | €54,693,089 | €48,626,529 | -€6.1m | -11.1% |
| Furniture and vehicles | 24 | €199,471 | €75,789 | -€123,682 | -62.0% |
| Leasing and similar rights | 25 | €39,400,128 | €35,164,466 | -€4.2m | -10.8% |
| Other tangible fixed assets | 26 | €3,794,699 | €2,906,030 | -€888,669 | -23.4% |
| Assets under construction and advance payments | 27 | €2,057,323 | €16,460,440 | +€14.4m | +700.1% |
| Financial fixed assets | 28 | €532,340 | €13,035,850 | +€12.5m | +2348.8% |
| Affiliated companies | 280/1 | - | €269,743 | +€269,743 | |
| Participating interests | 280 | - | €269,743 | +€269,743 | |
| Companies linked by participating interests | 282/3 | €300,493 | €12,530,750 | +€12.2m | +4070.1% |
| Participating interests | 282 | €300,493 | €12,530,750 | +€12.2m | +4070.1% |
| Other financial fixed assets | 284/8 | €231,847 | €235,357 | +€3,510 | +1.5% |
| Amounts receivable and cash guarantees | 285/8 | €231,847 | €235,357 | +€3,510 | +1.5% |
| Current assets | 29/58 | €207,791,690 | €189,820,646 | -€18.0m | -8.6% |
| Amounts receivable after more than one year | 29 | €772,972 | €772,972 | = | 0.0% |
| Trade receivables | 290 | €772,972 | €772,972 | = | 0.0% |
| Stocks and contracts in progress | 3 | €67,323,044 | €71,620,521 | +€4.3m | +6.4% |
| Stocks | 30/36 | €67,323,044 | €71,620,521 | +€4.3m | +6.4% |
| Raw materials and consumables | 30/31 | €15,138,104 | €16,610,133 | +€1.5m | +9.7% |
| Finished goods | 33 | €52,184,940 | €55,010,388 | +€2.8m | +5.4% |
| Amounts receivable within one year | 40/41 | €113,797,030 | €99,214,758 | -€14.6m | -12.8% |
| Trade receivables | 40 | €105,530,550 | €84,066,523 | -€21.5m | -20.3% |
| Other amounts receivable | 41 | €8,266,480 | €15,148,235 | +€6.9m | +83.2% |
| Current investments | 50/53 | €5,000,000 | €7,002,387 | +€2.0m | +40.0% |
| Other investments | 51/53 | €5,000,000 | €7,002,387 | +€2.0m | +40.0% |
| Cash at bank and in hand | 54/58 | €20,818,022 | €10,697,659 | -€10.1m | -48.6% |
| Deferred charges and accrued income | 490/1 | €80,622 | €512,349 | +€431,727 | +535.5% |
| Total equity and liabilities | 10/49 | €343,949,129 | €340,421,569 | -€3.5m | -1.0% |
| Equity | 10/15 | €87,591,335 | €89,003,955 | +€1.4m | +1.6% |
| Contributions | 10/11 | €55,988,524 | €55,988,524 | = | 0.0% |
| Capital | 10 | €16,346,300 | €16,346,300 | = | 0.0% |
| Issued capital | 100 | €16,346,300 | €16,346,300 | = | 0.0% |
| Outside capital | 11 | €39,642,224 | €39,642,224 | = | 0.0% |
| Share premium | 1100/10 | €39,642,224 | €39,642,224 | = | 0.0% |
| Reserves | 13 | €27,621,583 | €29,354,118 | +€1.7m | +6.3% |
| Non-distributable reserves | 130/1 | €1,359,920 | €1,475,617 | +€115,697 | +8.5% |
| Legal reserve | 130 | €1,359,920 | €1,475,617 | +€115,697 | +8.5% |
| Tax-exempt reserves | 132 | €6,203,311 | €6,257,303 | +€53,992 | +0.9% |
| Distributable reserves | 133 | €20,058,352 | €21,621,198 | +€1.6m | +7.8% |
| Profit (loss) carried forward | 14 | €1,359,244 | €1,359,244 | = | 0.0% |
| Investment grants | 15 | €2,621,984 | €2,302,069 | -€319,915 | -12.2% |
| Amounts payable | 17/49 | €256,357,794 | €251,417,614 | -€4.9m | -1.9% |
| Amounts payable after more than one year | 17 | €139,576,430 | €126,511,792 | -€13.1m | -9.4% |
| Financial debts | 170/4 | €100,795,089 | €87,730,451 | -€13.1m | -13.0% |
| Leasing and similar obligations | 172 | €22,531,767 | €22,115,709 | -€416,058 | -1.8% |
| Credit institutions | 173 | €60,563,322 | €65,614,742 | +€5.1m | +8.3% |
| Other loans | 174 | €17,700,000 | - | -€17.7m | |
| Other amounts payable | 178/9 | €38,781,341 | €38,781,341 | = | 0.0% |
| Amounts payable within one year | 42/48 | €116,739,783 | €124,832,679 | +€8.1m | +6.9% |
| Current portion of amounts payable after more than one year | 42 | €16,988,344 | €30,535,546 | +€13.5m | +79.7% |
| Trade debts | 44 | €94,757,882 | €88,968,347 | -€5.8m | -6.1% |
| Suppliers | 440/4 | €83,609,484 | €82,100,236 | -€1.5m | -1.8% |
| Bills of exchange payable | 441 | €11,148,398 | €6,868,111 | -€4.3m | -38.4% |
| Taxes, remuneration and social security | 45 | €4,893,557 | €4,256,141 | -€637,416 | -13.0% |
| Taxes | 450/3 | €979,381 | €342,413 | -€636,968 | -65.0% |
| Remuneration and social security | 454/9 | €3,914,176 | €3,913,728 | -€448 | 0.0% |
| Other amounts payable | 47/48 | €100,000 | €1,072,645 | +€972,645 | +972.6% |
| Accrued charges and deferred income | 492/3 | €41,581 | €73,143 | +€31,562 | +75.9% |
| Operating income | 70/76A | €916,569,241 | €951,040,917 | +€34.5m | +3.8% |
| Turnover | 70 | €916,720,751 | €943,298,348 | +€26.6m | +2.9% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€5,843,550 | €2,825,448 | +€8.7m | |
| Other operating income | 74 | €4,852,374 | €4,677,869 | -€174,505 | -3.6% |
| Non-recurring operating income | 76A | €839,666 | €239,252 | -€600,414 | -71.5% |
| Operating charges | 60/66A | €903,832,250 | €943,066,550 | +€39.2m | +4.3% |
| Goods for resale, raw materials and consumables | 60 | €786,171,998 | €828,521,837 | +€42.3m | +5.4% |
| Purchases | 600/8 | €787,149,478 | €830,565,563 | +€43.4m | +5.5% |
| Change in stocks: decrease (increase) | 609 | -€977,480 | -€2,043,726 | -€1.1m | -109.1% |
| Services and other goods | 61 | €64,299,764 | €59,278,664 | -€5.0m | -7.8% |
| Remuneration, social security and pensions | 62 | €31,062,783 | €33,509,862 | +€2.4m | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,009,995 | €18,456,213 | -€553,782 | -2.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €750,091 | €616,630 | -€133,461 | -17.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €1,881,856 | €1,966,191 | +€84,335 | +4.5% |
| Other operating charges | 640/8 | €646,944 | €702,470 | +€55,526 | +8.6% |
| Non-recurring operating charges | 66A | €8,819 | €14,683 | +€5,864 | +66.5% |
| Operating profit (loss) | 9901 | €12,736,991 | €7,974,367 | -€4.8m | -37.4% |
| Financial income | 75/76B | €1,593,510 | €2,379,006 | +€785,496 | +49.3% |
| Recurring financial income | 75 | €1,593,510 | €2,379,006 | +€785,496 | +49.3% |
| Income from current assets | 751 | €334,254 | €769,456 | +€435,202 | +130.2% |
| Other financial income | 752/9 | €1,259,256 | €1,609,550 | +€350,294 | +27.8% |
| Financial charges | 65/66B | €5,402,061 | €8,069,699 | +€2.7m | +49.4% |
| Recurring financial charges | 65 | €5,402,061 | €8,069,699 | +€2.7m | +49.4% |
| Debt charges | 650 | €4,950,733 | €4,987,766 | +€37,033 | +0.7% |
| Other financial charges | 652/9 | €451,328 | €3,081,933 | +€2.6m | +582.9% |
| Profit (loss) for the period before taxes | 9903 | €8,928,440 | €2,283,674 | -€6.6m | -74.4% |
| Income taxes | 67/77 | €2,077,669 | €551,139 | -€1.5m | -73.5% |
| Taxes | 670/3 | €2,077,736 | €1,241,139 | -€836,597 | -40.3% |
| Tax adjustments and reversals of tax provisions | 77 | €67 | €690,000 | +€689,933 | +1029750.7% |
| Profit (loss) for the period | 9904 | €6,850,771 | €1,732,535 | -€5.1m | -74.7% |
| Transfer from tax-exempt reserves | 789 | - | €2,079,740 | +€2.1m | |
| Transfer to tax-exempt reserves | 689 | €997,770 | €1,616,838 | +€619,068 | +62.0% |
| Profit (loss) for the period to be appropriated | 9905 | €5,853,001 | €2,195,437 | -€3.7m | -62.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.