SOLVAY: 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
SOLVAY
NACE 20.130, Manufacture of chemicals and chemical products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€59.1m
2024 · €227.0m-€167.9m
Equity
€1.63bn
2024 · €1.82bn-€195.4m
Cash
€59.9m
2024 · €84.1m-€24.2m
Balance sheet total
€4.88bn
2024 · €5.58bn-€696.0m
Largest movements
Assets
- Financial fixed assets -€461.4m
down €461.4m (-10.4%), from €4.43bn to €3.97bn
of which Affiliated companies: -€461.3m
- Receivables within one year -€207.0m
down €207.0m (-27.8%), from €745.5m to €538.4m
of which Trade receivables: -€167.4m
Equity and liabilities
- Other debts -€476.4m
down €476.4m (-27.6%), from €1.73bn to €1.25bn
- Profit (loss) carried forward -€198.2m
down €198.2m (-16.1%), from €1.23bn to €1.03bn
Income statement
- Other operating income -€93.7m
down €93.7m (-14.8%), from €632.4m to €538.8m
- Financial charges +€51.0m
up €51.0m (+18.0%), from €283.7m to €334.7m
of which Non-recurring financial charges: +€54.4m
- Other operating charges -€19.6m
down €19.6m (-51.0%), from €38.4m to €18.8m
- Write-downs +€16.1m
up €16.1m (+79.4%), from -€20.3m to -€4.2m
- Goods and materials -€12.7m
down €12.7m (-16.8%), from €75.5m to €62.9m
of which Purchases: -€12.6m
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
€227.0m
Turnover
-€11.4m
Other operating income
-€93.7m
Goods and materials
+€12.7m
Services and other goods
+€3.6m
Staff costs
+€9.2m
Depreciation
+€545,459
Write-downs
-€16.1m
Provisions
-€12.4m
Other operating charges
+€19.6m
Other operating items
-€20.7m
Financial income
-€9.7m
Financial charges
-€51.0m
Taxes
+€1.4m
Result 2025
€59.1m
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
-€184.8m
Investment
+€423.0m
Financing
-€262.4m
Cash 2024
€84.1m
From operations (derived)
-€184.8m
Net result for the year
+€59.1m
Depreciation
+€31.6m
Receivables after one year
+€643,543
Stocks and contracts
+€1.8m
Receivables within one year
+€207.0m
Deferred charges and accrued income
+€7.6m
Provisions
-€1.9m
Trade debts
-€4.3m
Tax, wage and social debts
-€8.4m
Advances received
+€6.7m
Other debts
-€476.4m
Accrued charges and deferred income
-€8.4m
Investment (derived)
+€423.0m
Investment in fixed assets (net)
+€446.9m
Current investments
-€23.9m
Financing
-€262.4m
Debts after one year
-€2.8m
Short-term financial debts
-€5.1m
Contributions, distributions and other
-€254.6m
Cash 2025
€59.9m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,575,920,247 | €4,879,966,599 | -€696.0m | -12.5% |
| Fixed assets | 21/28 | €4,535,557,137 | €4,056,993,792 | -€478.6m | -10.6% |
| Intangible fixed assets | 21 | €52,304,306 | €57,621,435 | +€5.3m | +10.2% |
| Tangible fixed assets | 22/27 | €56,049,658 | €33,612,748 | -€22.4m | -40.0% |
| Land and buildings | 22 | €39,157,818 | €23,916,185 | -€15.2m | -38.9% |
| Plant, machinery and equipment | 23 | €7,146,061 | €3,966,889 | -€3.2m | -44.5% |
| Furniture and vehicles | 24 | €3,453,022 | €3,165,393 | -€287,629 | -8.3% |
| Assets under construction and advance payments | 27 | €6,292,756 | €2,564,282 | -€3.7m | -59.3% |
| Financial fixed assets | 28 | €4,427,203,173 | €3,965,759,608 | -€461.4m | -10.4% |
| Affiliated companies | 280/1 | €4,418,273,372 | €3,956,942,326 | -€461.3m | -10.4% |
| Participating interests | 280 | €3,594,946,511 | €3,393,795,250 | -€201.2m | -5.6% |
| Amounts receivable | 281 | €823,326,861 | €563,147,077 | -€260.2m | -31.6% |
| Companies linked by participating interests | 282/3 | €2,015,958 | €2,015,958 | = | 0.0% |
| Participating interests | 282 | €2,015,958 | €2,015,958 | = | 0.0% |
| Other financial fixed assets | 284/8 | €6,913,843 | €6,801,324 | -€112,519 | -1.6% |
| Shares | 284 | €5,874,718 | €6,124,699 | +€249,981 | +4.3% |
| Amounts receivable and cash guarantees | 285/8 | €1,039,125 | €676,625 | -€362,500 | -34.9% |
| Current assets | 29/58 | €1,040,363,110 | €822,972,807 | -€217.4m | -20.9% |
| Amounts receivable after more than one year | 29 | €809,882 | €166,340 | -€643,543 | -79.5% |
| Other amounts receivable | 291 | €809,882 | €166,340 | -€643,543 | -79.5% |
| Stocks and contracts in progress | 3 | €4,393,948 | €2,568,547 | -€1.8m | -41.5% |
| Stocks | 30/36 | €4,249,542 | €2,025,739 | -€2.2m | -52.3% |
| Raw materials and consumables | 30/31 | €4,249,542 | €2,025,739 | -€2.2m | -52.3% |
| Contracts in progress | 37 | €144,406 | €542,808 | +€398,402 | +275.9% |
| Amounts receivable within one year | 40/41 | €745,455,967 | €538,444,654 | -€207.0m | -27.8% |
| Trade receivables | 40 | €473,999,492 | €306,601,407 | -€167.4m | -35.3% |
| Other amounts receivable | 41 | €271,456,475 | €231,843,247 | -€39.6m | -14.6% |
| Current investments | 50/53 | €179,412,928 | €203,337,747 | +€23.9m | +13.3% |
| Own shares | 50 | €36,412,928 | €39,131,061 | +€2.7m | +7.5% |
| Other investments | 51/53 | €143,000,000 | €164,206,685 | +€21.2m | +14.8% |
| Cash at bank and in hand | 54/58 | €84,090,513 | €59,873,293 | -€24.2m | -28.8% |
| Deferred charges and accrued income | 490/1 | €26,199,872 | €18,582,227 | -€7.6m | -29.1% |
| Total equity and liabilities | 10/49 | €5,575,920,247 | €4,879,966,599 | -€696.0m | -12.5% |
| Equity | 10/15 | €1,824,303,733 | €1,628,871,283 | -€195.4m | -10.7% |
| Contributions | 10/11 | €415,409,849 | €415,409,849 | = | 0.0% |
| Capital | 10 | €236,583,447 | €236,583,447 | = | 0.0% |
| Issued capital | 100 | €236,583,447 | €236,583,447 | = | 0.0% |
| Outside capital | 11 | €178,826,402 | €178,826,402 | = | 0.0% |
| Share premium | 1100/10 | €178,826,402 | €178,826,402 | = | 0.0% |
| Reserves | 13 | €177,738,806 | €180,456,939 | +€2.7m | +1.5% |
| Non-distributable reserves | 130/1 | €60,071,273 | €62,789,406 | +€2.7m | +4.5% |
| Legal reserve | 130 | €23,658,345 | €23,658,345 | = | 0.0% |
| Own shares acquired | 1312 | €36,412,928 | €39,131,061 | +€2.7m | +7.5% |
| Tax-exempt reserves | 132 | €114,371,349 | €114,371,349 | = | 0.0% |
| Distributable reserves | 133 | €3,296,184 | €3,296,184 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,231,155,078 | €1,033,004,495 | -€198.2m | -16.1% |
| Provisions and deferred taxes | 16 | €196,940,805 | €195,089,676 | -€1.9m | -0.9% |
| Provisions for liabilities and charges | 160/5 | €196,940,805 | €195,089,676 | -€1.9m | -0.9% |
| Pensions and similar obligations | 160 | €69,269,102 | €50,868,352 | -€18.4m | -26.6% |
| Taxes | 161 | €1,988,092 | €1,970,932 | -€17,160 | -0.9% |
| Environmental obligations | 163 | €64,712,519 | €84,771,802 | +€20.1m | +31.0% |
| Other liabilities and charges | 164/5 | €60,971,093 | €57,478,591 | -€3.5m | -5.7% |
| Amounts payable | 17/49 | €3,554,675,709 | €3,056,005,640 | -€498.7m | -14.0% |
| Amounts payable after more than one year | 17 | €1,503,808,620 | €1,500,992,731 | -€2.8m | -0.2% |
| Financial debts | 170/4 | €1,500,000,000 | €1,500,000,000 | = | 0.0% |
| Unsubordinated bonds | 171 | €1,500,000,000 | €1,500,000,000 | = | 0.0% |
| Other amounts payable | 178/9 | €3,808,620 | €992,731 | -€2.8m | -73.9% |
| Amounts payable within one year | 42/48 | €1,976,448,894 | €1,489,035,309 | -€487.4m | -24.7% |
| Financial debts | 43 | €73,095,155 | €68,030,169 | -€5.1m | -6.9% |
| Credit institutions | 430/8 | €48,039 | €190,359 | +€142,320 | +296.3% |
| Other loans | 439 | €73,047,117 | €67,839,811 | -€5.2m | -7.1% |
| Trade debts | 44 | €95,027,724 | €90,736,086 | -€4.3m | -4.5% |
| Suppliers | 440/4 | €95,027,724 | €90,736,086 | -€4.3m | -4.5% |
| Advances received on contracts in progress | 46 | €5,581,971 | €12,277,837 | +€6.7m | +120.0% |
| Taxes, remuneration and social security | 45 | €76,749,344 | €68,379,546 | -€8.4m | -10.9% |
| Taxes | 450/3 | €47,778,205 | €42,047,180 | -€5.7m | -12.0% |
| Remuneration and social security | 454/9 | €28,971,139 | €26,332,366 | -€2.6m | -9.1% |
| Other amounts payable | 47/48 | €1,725,994,700 | €1,249,611,670 | -€476.4m | -27.6% |
| Accrued charges and deferred income | 492/3 | €74,418,195 | €65,977,600 | -€8.4m | -11.3% |
| Operating income | 70/76A | €767,921,205 | €666,363,203 | -€101.6m | -13.2% |
| Turnover | 70 | €83,637,615 | €72,242,404 | -€11.4m | -13.6% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €1,122,859 | €397,205 | -€725,654 | -64.6% |
| Own construction capitalised | 72 | €11,610,212 | €17,128,838 | +€5.5m | +47.5% |
| Other operating income | 74 | €632,438,375 | €538,776,519 | -€93.7m | -14.8% |
| Non-recurring operating income | 76A | €39,112,144 | €37,818,238 | -€1.3m | -3.3% |
| Operating charges | 60/66A | €683,749,322 | €690,925,276 | +€7.2m | +1.0% |
| Goods for resale, raw materials and consumables | 60 | €75,523,693 | €62,870,483 | -€12.7m | -16.8% |
| Purchases | 600/8 | €73,235,606 | €60,646,680 | -€12.6m | -17.2% |
| Change in stocks: decrease (increase) | 609 | €2,288,087 | €2,223,803 | -€64,284 | -2.8% |
| Services and other goods | 61 | €391,230,214 | €387,665,814 | -€3.6m | -0.9% |
| Remuneration, social security and pensions | 62 | €121,340,194 | €112,097,488 | -€9.2m | -7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,181,643 | €31,636,185 | -€545,459 | -1.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€20,294,806 | -€4,172,600 | +€16.1m | +79.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€2,275,738 | €10,173,922 | +€12.4m | |
| Other operating charges | 640/8 | €38,371,962 | €18,810,245 | -€19.6m | -51.0% |
| Non-recurring operating charges | 66A | €47,672,159 | €71,843,740 | +€24.2m | +50.7% |
| Operating profit (loss) | 9901 | €84,171,883 | -€24,562,073 | -€108.7m | |
| Financial income | 75/76B | €431,956,339 | €422,300,851 | -€9.7m | -2.2% |
| Recurring financial income | 75 | €387,307,288 | €421,656,298 | +€34.3m | +8.9% |
| Income from financial fixed assets | 750 | €269,986,332 | €289,257,605 | +€19.3m | +7.1% |
| Income from current assets | 751 | €53,937,004 | €55,388,798 | +€1.5m | +2.7% |
| Other financial income | 752/9 | €63,383,952 | €77,009,896 | +€13.6m | +21.5% |
| Non-recurring financial income | 76B | €44,649,050 | €644,553 | -€44.0m | -98.6% |
| Financial charges | 65/66B | €283,705,511 | €334,658,647 | +€51.0m | +18.0% |
| Recurring financial charges | 65 | €190,826,395 | €187,354,590 | -€3.5m | -1.8% |
| Debt charges | 650 | €119,085,745 | €101,903,959 | -€17.2m | -14.4% |
| Other financial charges | 652/9 | €71,740,651 | €85,450,630 | +€13.7m | +19.1% |
| Non-recurring financial charges | 66B | €92,879,116 | €147,304,057 | +€54.4m | +58.6% |
| Profit (loss) for the period before taxes | 9903 | €232,422,710 | €63,080,132 | -€169.3m | -72.9% |
| Income taxes | 67/77 | €5,395,522 | €3,954,189 | -€1.4m | -26.7% |
| Taxes | 670/3 | €5,747,602 | €4,317,768 | -€1.4m | -24.9% |
| Tax adjustments and reversals of tax provisions | 77 | €352,080 | €363,578 | +€11,498 | +3.3% |
| Profit (loss) for the period | 9904 | €227,027,189 | €59,125,942 | -€167.9m | -74.0% |
| Profit (loss) for the period to be appropriated | 9905 | €227,027,189 | €59,125,942 | -€167.9m | -74.0% |
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.