SOPAM: 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.
SOPAM
Largest movements
- Current investments +€459,575
up €459,575 (+17.0%), from €2.7m to €3.2m
- Receivables within one year +€359,131
up €359,131 (+99.0%), from €362,591 to €721,721
of which Other amounts receivable: +€335,599
- Cash -€57,303
down €57,303 (-30.1%), from €190,565 to €133,262
mainly Current investments (-€459,575) and Contributions, distributions and other (-€378,506)
- Reserves +€483,590
up €483,590 (+9.9%), from €4.9m to €5.4m
of which Distributable reserves: +€283,590
- Other debts +€200,000
new in 2025: €200,000
- Financial charges +€59,362
up €59,362, from -€14,694 to €44,668
- Financial income +€36,564
up €36,564 (+4.2%), from €867,661 to €904,224
of which Non-recurring financial income: +€343,607
- Taxes -€23,408
down €23,408 (-17.3%), from €135,274 to €111,866
- Gross operating margin +€11,604
up €11,604 (+8.8%), from €132,574 to €144,178
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 | €4,928,597 | €5,613,504 | +€684,907 | +13.9% |
| Fixed assets | 21/28 | €1,665,809 | €1,587,319 | -€78,490 | -4.7% |
| Tangible fixed assets | 22/27 | €85,569 | €59,174 | -€26,394 | -30.8% |
| Furniture and vehicles | 24 | €82,524 | €56,732 | -€25,792 | -31.3% |
| Other tangible fixed assets | 26 | €3,045 | €2,442 | -€603 | -19.8% |
| Financial fixed assets | 28 | €1,580,240 | €1,528,144 | -€52,096 | -3.3% |
| Current assets | 29/58 | €3,262,789 | €4,026,186 | +€763,397 | +23.4% |
| Amounts receivable within one year | 40/41 | €362,591 | €721,721 | +€359,131 | +99.0% |
| Trade receivables | 40 | €21,074 | €44,606 | +€23,532 | +111.7% |
| Other amounts receivable | 41 | €341,517 | €677,115 | +€335,599 | +98.3% |
| Current investments | 50/53 | €2,703,688 | €3,163,264 | +€459,575 | +17.0% |
| Cash at bank and in hand | 54/58 | €190,565 | €133,262 | -€57,303 | -30.1% |
| Deferred charges and accrued income | 490/1 | €5,945 | €7,939 | +€1,994 | +33.5% |
| Total equity and liabilities | 10/49 | €4,928,597 | €5,613,504 | +€684,907 | +13.9% |
| Equity | 10/15 | €4,904,472 | €5,388,061 | +€483,590 | +9.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €4,898,193 | €5,381,782 | +€483,590 | +9.9% |
| Non-distributable reserves | 130/1 | - | €200,000 | +€200,000 | |
| Own shares acquired | 1312 | - | €200,000 | +€200,000 | |
| Distributable reserves | 133 | €4,898,193 | €5,181,782 | +€283,590 | +5.8% |
| Profit (loss) carried forward | 14 | €79 | €79 | = | 0.0% |
| Amounts payable | 17/49 | €24,125 | €225,443 | +€201,317 | +834.5% |
| Amounts payable within one year | 42/48 | €24,125 | €225,443 | +€201,317 | +834.5% |
| Trade debts | 44 | €6,005 | €5,731 | -€274 | -4.6% |
| Suppliers | 440/4 | €6,005 | €5,731 | -€274 | -4.6% |
| Taxes, remuneration and social security | 45 | €18,120 | €19,712 | +€1,592 | +8.8% |
| Taxes | 450/3 | €17,924 | €19,516 | +€1,592 | +8.9% |
| Remuneration and social security | 454/9 | €196 | €196 | = | 0.0% |
| Other amounts payable | 47/48 | - | €200,000 | +€200,000 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,344 | €26,394 | +€50 | +0.2% |
| Other operating charges | 640/8 | €3,805 | €3,378 | -€427 | -11.2% |
| Gross operating margin | 9900 | €132,574 | €144,178 | +€11,604 | +8.8% |
| Operating profit (loss) | 9901 | €102,425 | €114,406 | +€11,981 | +11.7% |
| Financial income | 75/76B | €867,661 | €904,224 | +€36,564 | +4.2% |
| Recurring financial income | 75 | €867,661 | €560,617 | -€307,044 | -35.4% |
| Non-recurring financial income | 76B | €0 | €343,607 | +€343,607 | |
| Financial charges | 65/66B | -€14,694 | €44,668 | +€59,362 | |
| Recurring financial charges | 65 | -€14,694 | €44,668 | +€59,362 | |
| Profit (loss) for the period before taxes | 9903 | €984,780 | €973,962 | -€10,818 | -1.1% |
| Income taxes | 67/77 | €135,274 | €111,866 | -€23,408 | -17.3% |
| Profit (loss) for the period | 9904 | €849,506 | €862,096 | +€12,590 | +1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €849,506 | €862,096 | +€12,590 | +1.5% |
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 3 October 2026 via checked.be.