SOLTHERM: 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.
SOLTHERM
Largest movements
- Tangible fixed assets +€67,039
up €67,039 (+63.7%), from €105,254 to €172,293
of which Plant, machinery and equipment: +€74,277
- Receivables after one year -€50,000
no longer reported in 2025 (was €50,000)
- Cash +€28,058
up €28,058 (+117%), from €23,979 to €52,037
mainly Receivables after one year (+€50,000) and Other debts (+€43,804)
- Deferred charges and accrued income -€18,818
no longer reported in 2025 (was €18,818)
- Receivables within one year +€11,452
up €11,452 (+15.5%), from €73,943 to €85,395
of which Other amounts receivable: +€5,995
- Other debts +€43,804
up €43,804 (+1,106%), from €3,959 to €47,763
- Debts after one year -€20,388
down €20,388 (-27.9%), from €73,040 to €52,652
- Tax, wage and social debts +€10,687
up €10,687 (+161%), from €6,639 to €17,326
of which Remuneration and social security: +€6,789
- Profit (loss) carried forward -€10,043
down €10,043 (-9.2%), from €108,722 to €98,679
- Trade debts +€3,692
up €3,692 (+52.4%), from €7,042 to €10,734
- Staff costs +€20,045
up €20,045 (+25.3%), from €79,074 to €99,120
- Gross operating margin +€11,997
up €11,997 (+9.5%), from €126,454 to €138,450
- Depreciation +€11,935
up €11,935 (+41.1%), from €29,063 to €40,998
- Taxes +€8,435
up €8,435, from -€2,790 to €5,645
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 | €282,711 | €310,225 | +€27,514 | +9.7% |
| Fixed assets | 21/28 | €105,254 | €172,293 | +€67,039 | +63.7% |
| Tangible fixed assets | 22/27 | €105,254 | €172,293 | +€67,039 | +63.7% |
| Plant, machinery and equipment | 23 | €87,009 | €161,286 | +€74,277 | +85.4% |
| Furniture and vehicles | 24 | €18,246 | €11,007 | -€7,239 | -39.7% |
| Current assets | 29/58 | €177,457 | €137,932 | -€39,525 | -22.3% |
| Amounts receivable after more than one year | 29 | €50,000 | - | -€50,000 | |
| Other amounts receivable | 291 | €50,000 | - | -€50,000 | |
| Stocks and contracts in progress | 3 | €10,717 | €500 | -€10,217 | -95.3% |
| Stocks | 30/36 | €10,717 | €500 | -€10,217 | -95.3% |
| Amounts receivable within one year | 40/41 | €73,943 | €85,395 | +€11,452 | +15.5% |
| Trade receivables | 40 | €60,182 | €65,638 | +€5,456 | +9.1% |
| Other amounts receivable | 41 | €13,761 | €19,757 | +€5,995 | +43.6% |
| Cash at bank and in hand | 54/58 | €23,979 | €52,037 | +€28,058 | +117% |
| Deferred charges and accrued income | 490/1 | €18,818 | - | -€18,818 | |
| Total equity and liabilities | 10/49 | €282,711 | €310,225 | +€27,514 | +9.7% |
| Equity | 10/15 | €171,405 | €161,361 | -€10,043 | -5.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Other | 1109/19 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €50,283 | €50,283 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,750 | €12,750 | = | 0.0% |
| Distributable reserves | 133 | €35,533 | €35,533 | = | 0.0% |
| Profit (loss) carried forward | 14 | €108,722 | €98,679 | -€10,043 | -9.2% |
| Amounts payable | 17/49 | €111,306 | €148,864 | +€37,557 | +33.7% |
| Amounts payable after more than one year | 17 | €73,040 | €52,652 | -€20,388 | -27.9% |
| Financial debts | 170/4 | €73,040 | €52,652 | -€20,388 | -27.9% |
| Amounts payable within one year | 42/48 | €38,266 | €96,212 | +€57,946 | +151% |
| Current portion of amounts payable after more than one year | 42 | €20,626 | €20,388 | -€238 | -1.2% |
| Trade debts | 44 | €7,042 | €10,734 | +€3,692 | +52.4% |
| Suppliers | 440/4 | €7,042 | €10,734 | +€3,692 | +52.4% |
| Taxes, remuneration and social security | 45 | €6,639 | €17,326 | +€10,687 | +161% |
| Taxes | 450/3 | - | €3,898 | +€3,898 | |
| Remuneration and social security | 454/9 | €6,639 | €13,428 | +€6,789 | +102% |
| Other amounts payable | 47/48 | €3,959 | €47,763 | +€43,804 | +1,106% |
| Remuneration, social security and pensions | 62 | €79,074 | €99,120 | +€20,045 | +25.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,063 | €40,998 | +€11,935 | +41.1% |
| Other operating charges | 640/8 | €1,364 | €1,626 | +€262 | +19.2% |
| Gross operating margin | 9900 | €126,454 | €138,450 | +€11,997 | +9.5% |
| Operating profit (loss) | 9901 | €16,952 | -€3,294 | -€20,246 | |
| Financial income | 75/76B | €1,947 | €2,440 | +€493 | +25.3% |
| Recurring financial income | 75 | €1,947 | €2,440 | +€493 | +25.3% |
| Financial charges | 65/66B | €3,981 | €3,545 | -€436 | -11.0% |
| Recurring financial charges | 65 | €3,981 | €3,545 | -€436 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €14,919 | -€4,398 | -€19,317 | |
| Income taxes | 67/77 | -€2,790 | €5,645 | +€8,435 | |
| Profit (loss) for the period | 9904 | €17,709 | -€10,043 | -€27,752 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,709 | -€10,043 | -€27,752 |
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.