SORTBAT: 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.
SORTBAT
Largest movements
- Financial fixed assets +€4.7m
up €4.7m (+466659.3%), from €1,000 to €4.7m
- Tangible fixed assets +€2.0m
up €2.0m (+242.1%), from €825,676 to €2.8m
of which Plant, machinery and equipment: +€2.0m
- Receivables within one year +€953,596
up €953,596 (+100.7%), from €947,134 to €1.9m
of which Trade receivables: +€983,154
- Cash -€856,169
down €856,169 (-89.4%), from €957,532 to €101,363
mainly Investment in fixed assets (net) (-€7.3m) and Receivables within one year (-€953,596)
- Intangible fixed assets +€99,212
new in 2025: €99,212
- Debts after one year +€5.2m
new in 2025: €5.2m
- Trade debts +€1.2m
up €1.2m (+192.1%), from €623,830 to €1.8m
- Other debts +€323,645
new in 2025: €323,645
- Accrued charges and deferred income +€101,732
up €101,732 (+27087.4%), from €376 to €102,108
- Gross operating margin +€958,717
up €958,717 (+63.4%), from €1.5m to €2.5m
- Staff costs +€346,978
up €346,978 (+21.6%), from €1.6m to €2.0m
- Depreciation +€267,722
up €267,722 (+116.6%), from €229,580 to €497,302
- Financial income +€125,094
up €125,094 (+1659.9%), from €7,536 to €132,630
- Financial charges +€58,074
up €58,074 (+526.1%), from €11,039 to €69,113
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 | €2,930,588 | €9,835,665 | +€6.9m | +235.6% |
| Fixed assets | 21/28 | €826,676 | €7,591,658 | +€6.8m | +818.3% |
| Intangible fixed assets | 21 | - | €99,212 | +€99,212 | |
| Tangible fixed assets | 22/27 | €825,676 | €2,824,852 | +€2.0m | +242.1% |
| Plant, machinery and equipment | 23 | €616,709 | €2,620,584 | +€2.0m | +324.9% |
| Furniture and vehicles | 24 | €127,311 | €103,542 | -€23,769 | -18.7% |
| Other tangible fixed assets | 26 | €16,877 | €100,726 | +€83,849 | +496.8% |
| Assets under construction and advance payments | 27 | €64,779 | €0 | -€64,779 | -100.0% |
| Financial fixed assets | 28 | €1,000 | €4,667,593 | +€4.7m | +466659.3% |
| Current assets | 29/58 | €2,103,912 | €2,244,007 | +€140,095 | +6.7% |
| Amounts receivable within one year | 40/41 | €947,134 | €1,900,730 | +€953,596 | +100.7% |
| Trade receivables | 40 | €818,981 | €1,802,135 | +€983,154 | +120.0% |
| Other amounts receivable | 41 | €128,153 | €98,595 | -€29,558 | -23.1% |
| Cash at bank and in hand | 54/58 | €957,532 | €101,363 | -€856,169 | -89.4% |
| Deferred charges and accrued income | 490/1 | €199,246 | €241,915 | +€42,669 | +21.4% |
| Total equity and liabilities | 10/49 | €2,930,588 | €9,835,665 | +€6.9m | +235.6% |
| Equity | 10/15 | €2,018,561 | €2,072,042 | +€53,481 | +2.6% |
| Contributions | 10/11 | €1,750,000 | €1,750,000 | = | 0.0% |
| Capital | 10 | €1,750,000 | €1,750,000 | = | 0.0% |
| Issued capital | 100 | €1,750,000 | €1,750,000 | = | 0.0% |
| Reserves | 13 | €375,000 | €375,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €175,000 | €175,000 | = | 0.0% |
| Legal reserve | 130 | €175,000 | €175,000 | = | 0.0% |
| Distributable reserves | 133 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€106,439 | -€52,958 | +€53,481 | +50.2% |
| Amounts payable | 17/49 | €912,027 | €7,763,623 | +€6.9m | +751.2% |
| Amounts payable after more than one year | 17 | - | €5,200,000 | +€5.2m | |
| Financial debts | 170/4 | - | €5,200,000 | +€5.2m | |
| Amounts payable within one year | 42/48 | €911,651 | €2,461,515 | +€1.5m | +170.0% |
| Trade debts | 44 | €623,830 | €1,821,926 | +€1.2m | +192.1% |
| Suppliers | 440/4 | €623,830 | €1,821,926 | +€1.2m | +192.1% |
| Advances received on contracts in progress | 46 | €77,146 | €74,275 | -€2,871 | -3.7% |
| Taxes, remuneration and social security | 45 | €210,676 | €241,670 | +€30,994 | +14.7% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €210,676 | €241,670 | +€30,994 | +14.7% |
| Other amounts payable | 47/48 | - | €323,645 | +€323,645 | |
| Accrued charges and deferred income | 492/3 | €376 | €102,108 | +€101,732 | +27087.4% |
| Non-recurring operating income | 76A | €0 | €1,155,490 | +€1.2m | |
| Remuneration, social security and pensions | 62 | €1,607,703 | €1,954,682 | +€346,978 | +21.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €229,580 | €497,302 | +€267,722 | +116.6% |
| Other operating charges | 640/8 | €5,727 | €6,780 | +€1,053 | +18.4% |
| Gross operating margin | 9900 | €1,511,972 | €2,470,690 | +€958,717 | +63.4% |
| Operating profit (loss) | 9901 | -€331,038 | €11,926 | +€342,964 | |
| Financial income | 75/76B | €7,536 | €132,630 | +€125,094 | +1659.9% |
| Recurring financial income | 75 | €7,536 | €132,630 | +€125,094 | +1659.9% |
| Financial charges | 65/66B | €11,039 | €69,113 | +€58,074 | +526.1% |
| Recurring financial charges | 65 | €11,039 | €69,113 | +€58,074 | +526.1% |
| Profit (loss) for the period before taxes | 9903 | -€334,541 | €75,443 | +€409,984 | |
| Income taxes | 67/77 | -€894 | €21,961 | +€22,856 | |
| Profit (loss) for the period | 9904 | -€333,647 | €53,481 | +€387,128 | |
| Profit (loss) for the period to be appropriated | 9905 | -€333,647 | €53,481 | +€387,128 |
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 9 October 2026 via checked.be.