SOLAREX: 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.
SOLAREX
Largest movements
- Cash +€33,614
up €33,614 (+409%), from €8,214 to €41,828
mainly Short-term financial debts (+€107,191) and Net result for the year (+€70,401)
- Current investments +€28,080
up €28,080 (+936%), from €3,000 to €31,080
- Receivables within one year +€11,411
up €11,411 (+4.2%), from €272,505 to €283,915
of which Other amounts receivable: +€154,445
- Short-term financial debts +€107,191
new in 2025: €107,191
- Reserves +€70,401
up €70,401 (+60.6%), from €116,246 to €186,647
- Trade debts -€61,514
down €61,514 (-34.1%), from €180,502 to €118,988
- Current portion of long-term debt -€49,791
down €49,791 (-100%), from €49,791 to €0
- Gross operating margin +€113,809
up €113,809 (+85.3%), from €133,460 to €247,270
- Staff costs +€43,329
up €43,329 (+49.4%), from €87,745 to €131,074
- Taxes +€18,429
up €18,429 (+142%), from €12,975 to €31,405
- Financial charges +€7,466
up €7,466 (+488%), from €1,529 to €8,995
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 | €364,728 | €434,482 | +€69,753 | +19.1% |
| Fixed assets | 21/28 | €27,891 | €26,275 | -€1,616 | -5.8% |
| Tangible fixed assets | 22/27 | €22,491 | €20,875 | -€1,616 | -7.2% |
| Plant, machinery and equipment | 23 | €2,629 | €2,055 | -€574 | -21.8% |
| Furniture and vehicles | 24 | €19,862 | €18,821 | -€1,042 | -5.2% |
| Financial fixed assets | 28 | €5,400 | €5,400 | = | 0.0% |
| Current assets | 29/58 | €336,837 | €408,206 | +€71,369 | +21.2% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €272,505 | €283,915 | +€11,411 | +4.2% |
| Trade receivables | 40 | €202,151 | €59,117 | -€143,034 | -70.8% |
| Other amounts receivable | 41 | €70,354 | €224,799 | +€154,445 | +220% |
| Current investments | 50/53 | €3,000 | €31,080 | +€28,080 | +936% |
| Cash at bank and in hand | 54/58 | €8,214 | €41,828 | +€33,614 | +409% |
| Deferred charges and accrued income | 490/1 | €3,119 | €1,383 | -€1,735 | -55.6% |
| Total equity and liabilities | 10/49 | €364,728 | €434,482 | +€69,753 | +19.1% |
| Equity | 10/15 | €122,446 | €192,847 | +€70,401 | +57.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €116,246 | €186,647 | +€70,401 | +60.6% |
| Distributable reserves | 133 | €116,246 | €186,647 | +€70,401 | +60.6% |
| Amounts payable | 17/49 | €242,283 | €241,635 | -€648 | -0.3% |
| Amounts payable within one year | 42/48 | €242,283 | €241,635 | -€648 | -0.3% |
| Current portion of amounts payable after more than one year | 42 | €49,791 | €0 | -€49,791 | -100% |
| Financial debts | 43 | - | €107,191 | +€107,191 | |
| Credit institutions | 430/8 | - | €107,191 | +€107,191 | |
| Trade debts | 44 | €180,502 | €118,988 | -€61,514 | -34.1% |
| Suppliers | 440/4 | €180,502 | €118,988 | -€61,514 | -34.1% |
| Taxes, remuneration and social security | 45 | €11,990 | €15,456 | +€3,466 | +28.9% |
| Taxes | 450/3 | - | €89 | +€89 | |
| Remuneration and social security | 454/9 | €11,990 | €15,368 | +€3,377 | +28.2% |
| Remuneration, social security and pensions | 62 | €87,745 | €131,074 | +€43,329 | +49.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,011 | €7,282 | +€2,271 | +45.3% |
| Other operating charges | 640/8 | €1,451 | €1,819 | +€367 | +25.3% |
| Gross operating margin | 9900 | €133,460 | €247,270 | +€113,809 | +85.3% |
| Operating profit (loss) | 9901 | €39,254 | €107,095 | +€67,841 | +173% |
| Financial income | 75/76B | €1,328 | €3,706 | +€2,377 | +179% |
| Recurring financial income | 75 | €1,328 | €3,706 | +€2,377 | +179% |
| Financial charges | 65/66B | €1,529 | €8,995 | +€7,466 | +488% |
| Recurring financial charges | 65 | €1,529 | €8,995 | +€7,466 | +488% |
| Profit (loss) for the period before taxes | 9903 | €39,053 | €101,806 | +€62,753 | +161% |
| Income taxes | 67/77 | €12,975 | €31,405 | +€18,429 | +142% |
| Profit (loss) for the period | 9904 | €26,078 | €70,401 | +€44,324 | +170% |
| Profit (loss) for the period to be appropriated | 9905 | €26,078 | €70,401 | +€44,324 | +170% |
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 14 October 2026 via checked.be.