SOLITHERM: 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.
SOLITHERM
Largest movements
- Financial fixed assets -€1.2m
down €1.2m (-99.8%), from €1.2m to €2,410
- Tangible fixed assets +€568,146
up €568,146 (+19.3%), from €2.9m to €3.5m
of which Land and buildings: +€749,886
- Cash -€497,805
down €497,805 (-59.8%), from €831,951 to €334,146
mainly Contributions, distributions and other (-€698,003) and Other debts (-€600,000)
- Receivables within one year -€291,524
down €291,524 (-29.4%), from €991,145 to €699,621
of which Trade receivables: -€319,820
- Reserves -€1.5m
down €1.5m (-82.8%), from €1.8m to €308,030
of which Distributable reserves: -€1.5m
- Revaluation surpluses +€851,997
new in 2025: €851,997
- Short-term financial debts +€628,374
up €628,374 (+404.6%), from €155,296 to €783,670
- Other debts -€600,000
down €600,000 (-100.0%), from €600,000 to €0
- Debts after one year -€520,298
down €520,298 (-22.6%), from €2.3m to €1.8m
- Gross operating margin -€1.2m
down €1.2m (-29.8%), from €4.1m to €2.9m
- Staff costs -€318,525
down €318,525 (-13.6%), from €2.3m to €2.0m
- Taxes -€233,391
down €233,391 (-88.6%), from €263,358 to €29,966
- Depreciation +€67,682
up €67,682 (+14.8%), from €456,142 to €523,824
- Write-downs +€52,163
up €52,163, from €0 to €52,163
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,863,691 | €5,486,582 | -€1.4m | -20.1% |
| Fixed assets | 21/28 | €4,144,054 | €3,512,200 | -€631,854 | -15.2% |
| Tangible fixed assets | 22/27 | €2,941,643 | €3,509,789 | +€568,146 | +19.3% |
| Land and buildings | 22 | €1,839,987 | €2,589,873 | +€749,886 | +40.8% |
| Plant, machinery and equipment | 23 | €688,999 | €630,899 | -€58,100 | -8.4% |
| Furniture and vehicles | 24 | €93,713 | €84,860 | -€8,853 | -9.4% |
| Leasing and similar rights | 25 | €318,945 | €204,157 | -€114,788 | -36.0% |
| Financial fixed assets | 28 | €1,202,410 | €2,410 | -€1.2m | -99.8% |
| Current assets | 29/58 | €2,719,637 | €1,974,382 | -€745,255 | -27.4% |
| Stocks and contracts in progress | 3 | €878,457 | €882,356 | +€3,899 | +0.4% |
| Stocks | 30/36 | €878,457 | €882,356 | +€3,899 | +0.4% |
| Amounts receivable within one year | 40/41 | €991,145 | €699,621 | -€291,524 | -29.4% |
| Trade receivables | 40 | €941,117 | €621,297 | -€319,820 | -34.0% |
| Other amounts receivable | 41 | €50,028 | €78,324 | +€28,296 | +56.6% |
| Cash at bank and in hand | 54/58 | €831,951 | €334,146 | -€497,805 | -59.8% |
| Deferred charges and accrued income | 490/1 | €18,085 | €58,260 | +€40,176 | +222.2% |
| Total equity and liabilities | 10/49 | €6,863,691 | €5,486,582 | -€1.4m | -20.1% |
| Equity | 10/15 | €2,426,097 | €1,800,027 | -€626,070 | -25.8% |
| Contributions | 10/11 | €640,000 | €640,000 | = | 0.0% |
| Capital | 10 | €640,000 | €640,000 | = | 0.0% |
| Issued capital | 100 | €640,000 | €640,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €851,997 | +€851,997 | |
| Reserves | 13 | €1,786,097 | €308,030 | -€1.5m | -82.8% |
| Non-distributable reserves | 130/1 | €87,269 | €87,269 | = | 0.0% |
| Legal reserve | 130 | €64,000 | €64,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €23,269 | €23,269 | = | 0.0% |
| Tax-exempt reserves | 132 | €49,906 | €49,906 | = | 0.0% |
| Distributable reserves | 133 | €1,648,922 | €170,855 | -€1.5m | -89.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €4,437,594 | €3,686,555 | -€751,039 | -16.9% |
| Amounts payable after more than one year | 17 | €2,305,580 | €1,785,282 | -€520,298 | -22.6% |
| Financial debts | 170/4 | €2,305,580 | €1,785,282 | -€520,298 | -22.6% |
| Amounts payable within one year | 42/48 | €2,132,014 | €1,834,285 | -€297,730 | -14.0% |
| Current portion of amounts payable after more than one year | 42 | €536,941 | €520,298 | -€16,642 | -3.1% |
| Financial debts | 43 | €155,296 | €783,670 | +€628,374 | +404.6% |
| Credit institutions | 430/8 | €155,296 | €783,670 | +€628,374 | +404.6% |
| Trade debts | 44 | €624,457 | €363,823 | -€260,635 | -41.7% |
| Suppliers | 440/4 | €624,457 | €363,823 | -€260,635 | -41.7% |
| Taxes, remuneration and social security | 45 | €215,320 | €166,493 | -€48,827 | -22.7% |
| Taxes | 450/3 | €34,720 | €65,344 | +€30,625 | +88.2% |
| Remuneration and social security | 454/9 | €180,601 | €101,149 | -€79,451 | -44.0% |
| Other amounts payable | 47/48 | €600,000 | €0 | -€600,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €66,988 | +€66,988 | |
| Non-recurring operating income | 76A | €2,323 | €0 | -€2,323 | -100.0% |
| Remuneration, social security and pensions | 62 | €2,346,523 | €2,027,998 | -€318,525 | -13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €456,142 | €523,824 | +€67,682 | +14.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €52,163 | +€52,163 | |
| Other operating charges | 640/8 | €57,544 | €56,336 | -€1,208 | -2.1% |
| Non-recurring operating charges | 66A | €250 | €0 | -€250 | -100.0% |
| Gross operating margin | 9900 | €4,148,623 | €2,911,590 | -€1.2m | -29.8% |
| Operating profit (loss) | 9901 | €1,288,164 | €251,269 | -€1.0m | -80.5% |
| Financial income | 75/76B | €62,214 | €51,883 | -€10,331 | -16.6% |
| Recurring financial income | 75 | €62,214 | €51,883 | -€10,331 | -16.6% |
| Financial charges | 65/66B | €247,713 | €201,253 | -€46,461 | -18.8% |
| Recurring financial charges | 65 | €247,713 | €201,253 | -€46,461 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €1,102,664 | €101,900 | -€1.0m | -90.8% |
| Income taxes | 67/77 | €263,358 | €29,966 | -€233,391 | -88.6% |
| Profit (loss) for the period | 9904 | €839,307 | €71,933 | -€767,373 | -91.4% |
| Profit (loss) for the period to be appropriated | 9905 | €839,307 | €71,933 | -€767,373 | -91.4% |
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 29 September 2026 via checked.be.