Solfina: 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.
Solfina
Largest movements
- Cash -€37,499
down €37,499 (-50.6%), from €74,037 to €36,537
mainly Net result for the year (-€178,193) and Debts after one year (-€24,011)
- Receivables within one year -€37,203
down €37,203 (-18.1%), from €205,663 to €168,460
of which Trade receivables: -€38,594
- Tangible fixed assets -€25,973
down €25,973 (-7.9%), from €327,703 to €301,730
of which Land and buildings: -€15,461
- Profit (loss) carried forward -€122,147
new in 2025: -€122,147
- Reserves -€56,046
down €56,046 (-28.5%), from €196,699 to €140,654
of which Distributable reserves: -€56,046
- Other debts +€54,735
up €54,735 (+317%), from €17,292 to €72,027
- Trade debts +€31,973
up €31,973 (+46.9%), from €68,188 to €100,161
- Debts after one year -€24,011
down €24,011 (-8.9%), from €269,111 to €245,100
- Gross operating margin -€398,816
down €398,816 (-36.8%), from €1.1m to €685,085
- Staff costs -€199,196
down €199,196 (-19.8%), from €1.0m to €805,257
- Taxes -€15,150
down €15,150 (-85.6%), from €17,700 to €2,550
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 | €765,045 | €663,553 | -€101,492 | -13.3% |
| Fixed assets | 21/28 | €330,296 | €308,527 | -€21,769 | -6.6% |
| Intangible fixed assets | 21 | €2,594 | €1,797 | -€797 | -30.7% |
| Tangible fixed assets | 22/27 | €327,703 | €301,730 | -€25,973 | -7.9% |
| Land and buildings | 22 | €309,514 | €294,054 | -€15,461 | -5.0% |
| Plant, machinery and equipment | 23 | €8,116 | €3,944 | -€4,172 | -51.4% |
| Furniture and vehicles | 24 | €10,073 | €3,733 | -€6,340 | -62.9% |
| Financial fixed assets | 28 | - | €5,000 | +€5,000 | |
| Current assets | 29/58 | €434,749 | €355,025 | -€79,723 | -18.3% |
| Amounts receivable within one year | 40/41 | €205,663 | €168,460 | -€37,203 | -18.1% |
| Trade receivables | 40 | €198,363 | €159,768 | -€38,594 | -19.5% |
| Other amounts receivable | 41 | €7,300 | €8,692 | +€1,392 | +19.1% |
| Current investments | 50/53 | €140,000 | €140,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €74,037 | €36,537 | -€37,499 | -50.6% |
| Deferred charges and accrued income | 490/1 | €15,049 | €10,028 | -€5,021 | -33.4% |
| Total equity and liabilities | 10/49 | €765,045 | €663,553 | -€101,492 | -13.3% |
| Equity | 10/15 | €215,299 | €37,107 | -€178,193 | -82.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €196,699 | €140,654 | -€56,046 | -28.5% |
| Non-distributable reserves | 130/1 | €140,000 | €140,000 | = | 0.0% |
| Own shares acquired | 1312 | €140,000 | €140,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €654 | €654 | = | 0.0% |
| Distributable reserves | 133 | €56,046 | - | -€56,046 | |
| Profit (loss) carried forward | 14 | - | -€122,147 | -€122,147 | |
| Amounts payable | 17/49 | €549,746 | €626,446 | +€76,700 | +14.0% |
| Amounts payable after more than one year | 17 | €269,111 | €245,100 | -€24,011 | -8.9% |
| Financial debts | 170/4 | €269,111 | €245,100 | -€24,011 | -8.9% |
| Amounts payable within one year | 42/48 | €259,315 | €357,931 | +€98,617 | +38.0% |
| Current portion of amounts payable after more than one year | 42 | €23,455 | €24,011 | +€556 | +2.4% |
| Financial debts | 43 | €10,537 | €25,000 | +€14,463 | +137% |
| Credit institutions | 430/8 | €10,537 | €25,000 | +€14,463 | +137% |
| Trade debts | 44 | €68,188 | €100,161 | +€31,973 | +46.9% |
| Suppliers | 440/4 | €68,188 | €100,161 | +€31,973 | +46.9% |
| Taxes, remuneration and social security | 45 | €139,843 | €136,732 | -€3,111 | -2.2% |
| Taxes | 450/3 | €55,243 | €42,128 | -€13,114 | -23.7% |
| Remuneration and social security | 454/9 | €84,601 | €94,604 | +€10,004 | +11.8% |
| Other amounts payable | 47/48 | €17,292 | €72,027 | +€54,735 | +317% |
| Accrued charges and deferred income | 492/3 | €21,320 | €23,415 | +€2,095 | +9.8% |
| Remuneration, social security and pensions | 62 | €1,004,453 | €805,257 | -€199,196 | -19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,384 | €27,305 | -€3,079 | -10.1% |
| Other operating charges | 640/8 | €3,436 | €3,776 | +€340 | +9.9% |
| Gross operating margin | 9900 | €1,083,900 | €685,085 | -€398,816 | -36.8% |
| Operating profit (loss) | 9901 | €45,627 | -€151,254 | -€196,881 | |
| Financial income | 75/76B | €17 | €1 | -€16 | -96.5% |
| Recurring financial income | 75 | €17 | €1 | -€16 | -96.5% |
| Financial charges | 65/66B | €28,295 | €24,389 | -€3,906 | -13.8% |
| Recurring financial charges | 65 | €28,295 | €24,389 | -€3,906 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €17,349 | -€175,643 | -€192,991 | |
| Income taxes | 67/77 | €17,700 | €2,550 | -€15,150 | -85.6% |
| Profit (loss) for the period | 9904 | -€351 | -€178,193 | -€177,842 | -50,664% |
| Profit (loss) for the period to be appropriated | 9905 | -€351 | -€178,193 | -€177,842 | -50,664% |
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 17 October 2026 via checked.be.