SOREX: 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.
SOREX
Largest movements
- Tangible fixed assets -€172,858
down €172,858 (-18.9%), from €913,198 to €740,341
- Cash -€55,499
down €55,499 (-7.9%), from €699,471 to €643,972
mainly Net result for the year (-€162,398) and Debts after one year (-€100,000)
- Profit (loss) carried forward -€162,398
down €162,398, from €91,706 to -€70,692
- Debts after one year -€100,000
no longer reported in 2025 (was €100,000)
- Trade debts +€67,473
up €67,473 (+45.9%), from €147,151 to €214,624
- Gross operating margin +€1.2m
up €1.2m, from -€1.1m to €61,507
- Staff costs -€130,399
down €130,399 (-100.0%), from €130,399 to €0
- Financial charges -€36,209
down €36,209 (-46.0%), from €78,708 to €42,498
- Financial income -€19,950
down €19,950 (-47.3%), from €42,212 to €22,262
- Write-downs -€12,573
down €12,573 (-100.0%), from €12,573 to €0
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 | €2,687,835 | €2,477,332 | -€210,503 | -7.8% |
| Fixed assets | 21/28 | €915,527 | €740,341 | -€175,186 | -19.1% |
| Tangible fixed assets | 22/27 | €913,198 | €740,341 | -€172,858 | -18.9% |
| Land and buildings | 22 | €913,198 | €740,341 | -€172,858 | -18.9% |
| Financial fixed assets | 28 | €2,328 | - | -€2,328 | |
| Current assets | 29/58 | €1,772,308 | €1,736,992 | -€35,317 | -2.0% |
| Amounts receivable within one year | 40/41 | €72,837 | €93,020 | +€20,183 | +27.7% |
| Trade receivables | 40 | €24,660 | €27,460 | +€2,800 | +11.4% |
| Other amounts receivable | 41 | €48,177 | €65,560 | +€17,382 | +36.1% |
| Current investments | 50/53 | €1,000,000 | €1,000,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €699,471 | €643,972 | -€55,499 | -7.9% |
| Total equity and liabilities | 10/49 | €2,687,835 | €2,477,332 | -€210,503 | -7.8% |
| Equity | 10/15 | €2,425,106 | €2,262,708 | -€162,398 | -6.7% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €2,183,400 | €2,183,400 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €168,400 | €168,400 | = | 0.0% |
| Distributable reserves | 133 | €2,000,000 | €2,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €91,706 | -€70,692 | -€162,398 | |
| Amounts payable | 17/49 | €262,729 | €214,624 | -€48,105 | -18.3% |
| Amounts payable after more than one year | 17 | €100,000 | - | -€100,000 | |
| Other amounts payable | 178/9 | €100,000 | - | -€100,000 | |
| Amounts payable within one year | 42/48 | €162,729 | €214,624 | +€51,895 | +31.9% |
| Current portion of amounts payable after more than one year | 42 | €15,578 | - | -€15,578 | |
| Trade debts | 44 | €147,151 | €214,624 | +€67,473 | +45.9% |
| Suppliers | 440/4 | €147,151 | €214,624 | +€67,473 | +45.9% |
| Remuneration, social security and pensions | 62 | €130,399 | €0 | -€130,399 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €182,510 | €172,858 | -€9,653 | -5.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,573 | €0 | -€12,573 | -100.0% |
| Other operating charges | 640/8 | €27,937 | €30,811 | +€2,874 | +10.3% |
| Gross operating margin | 9900 | -€1,102,158 | €61,507 | +€1.2m | |
| Operating profit (loss) | 9901 | -€1,455,577 | -€142,162 | +€1.3m | +90.2% |
| Financial income | 75/76B | €42,212 | €22,262 | -€19,950 | -47.3% |
| Recurring financial income | 75 | €42,212 | €22,262 | -€19,950 | -47.3% |
| Financial charges | 65/66B | €78,708 | €42,498 | -€36,209 | -46.0% |
| Recurring financial charges | 65 | €78,708 | €42,498 | -€36,209 | -46.0% |
| Profit (loss) for the period before taxes | 9903 | -€1,492,073 | -€162,398 | +€1.3m | +89.1% |
| Transfer from deferred taxes | 780 | €283,455 | - | -€283,455 | |
| Income taxes | 67/77 | €377 | - | -€377 | |
| Profit (loss) for the period | 9904 | -€1,208,995 | -€162,398 | +€1.0m | +86.6% |
| Transfer from tax-exempt reserves | 789 | €893,176 | - | -€893,176 | |
| Profit (loss) for the period to be appropriated | 9905 | -€315,818 | -€162,398 | +€153,420 | +48.6% |
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 2 October 2026 via checked.be.