SOTEL: 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.
SOTEL
Largest movements
- Tangible fixed assets -€104,160
down €104,160 (-6.8%), from €1.5m to €1.4m
- Profit (loss) carried forward -€78,344
down €78,344 (-5.9%), from -€1.3m to -€1.4m
- Debts after one year -€36,667
down €36,667 (-18.0%), from €203,334 to €166,667
- Other debts +€22,072
up €22,072 (+0.9%), from €2.5m to €2.5m
- Depreciation -€5,891
down €5,891 (-5.4%), from €110,051 to €104,160
- Other operating charges +€2,348
up €2,348 (+15.3%), from €15,305 to €17,652
- Gross operating margin -€1,160
down €1,160 (-2.6%), from €45,343 to €44,183
- Financial charges -€483
down €483 (-2.8%), from €17,021 to €16,537
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 | €1,969,319 | €1,863,579 | -€105,740 | -5.4% |
| Fixed assets | 21/28 | €1,940,980 | €1,836,820 | -€104,160 | -5.4% |
| Tangible fixed assets | 22/27 | €1,536,965 | €1,432,805 | -€104,160 | -6.8% |
| Land and buildings | 22 | €1,536,965 | €1,432,805 | -€104,160 | -6.8% |
| Financial fixed assets | 28 | €404,015 | €404,015 | = | 0.0% |
| Current assets | 29/58 | €28,339 | €26,759 | -€1,580 | -5.6% |
| Amounts receivable within one year | 40/41 | €25,509 | €25,509 | = | 0.0% |
| Other amounts receivable | 41 | €25,509 | €25,509 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,830 | €1,077 | -€1,753 | -61.9% |
| Deferred charges and accrued income | 490/1 | - | €173 | +€173 | |
| Total equity and liabilities | 10/49 | €1,969,319 | €1,863,579 | -€105,740 | -5.4% |
| Equity | 10/15 | -€845,377 | -€935,546 | -€90,169 | -10.7% |
| Contributions | 10/11 | €247,894 | €247,894 | = | 0.0% |
| Capital | 10 | €247,894 | €247,894 | = | 0.0% |
| Issued capital | 100 | €247,894 | €247,894 | = | 0.0% |
| Reserves | 13 | €225,809 | €213,984 | -€11,825 | -5.2% |
| Non-distributable reserves | 130/1 | €24,789 | €24,789 | = | 0.0% |
| Legal reserve | 130 | €24,789 | €24,789 | = | 0.0% |
| Tax-exempt reserves | 132 | €201,020 | €189,195 | -€11,825 | -5.9% |
| Profit (loss) carried forward | 14 | -€1,319,080 | -€1,397,424 | -€78,344 | -5.9% |
| Provisions and deferred taxes | 16 | €67,007 | €63,065 | -€3,942 | -5.9% |
| Deferred taxes | 168 | €67,007 | €63,065 | -€3,942 | -5.9% |
| Amounts payable | 17/49 | €2,747,690 | €2,736,060 | -€11,630 | -0.4% |
| Amounts payable after more than one year | 17 | €203,334 | €166,667 | -€36,667 | -18.0% |
| Financial debts | 170/4 | €203,334 | €166,667 | -€36,667 | -18.0% |
| Amounts payable within one year | 42/48 | €2,544,356 | €2,569,393 | +€25,037 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €40,000 | €36,667 | -€3,333 | -8.3% |
| Trade debts | 44 | €4,653 | €10,950 | +€6,298 | +135% |
| Suppliers | 440/4 | €4,653 | €10,950 | +€6,298 | +135% |
| Other amounts payable | 47/48 | €2,499,704 | €2,521,776 | +€22,072 | +0.9% |
| Remuneration, social security and pensions | 62 | €51 | -€55 | -€107 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,051 | €104,160 | -€5,891 | -5.4% |
| Other operating charges | 640/8 | €15,305 | €17,652 | +€2,348 | +15.3% |
| Gross operating margin | 9900 | €45,343 | €44,183 | -€1,160 | -2.6% |
| Operating profit (loss) | 9901 | -€80,063 | -€77,574 | +€2,490 | +3.1% |
| Financial income | 75/76B | €0 | €0 | +€0 | +127% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +127% |
| Financial charges | 65/66B | €17,021 | €16,537 | -€483 | -2.8% |
| Recurring financial charges | 65 | €17,021 | €16,537 | -€483 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | -€97,084 | -€94,111 | +€2,973 | +3.1% |
| Transfer from deferred taxes | 780 | €3,942 | €3,942 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€93,142 | -€90,169 | +€2,973 | +3.2% |
| Transfer from tax-exempt reserves | 789 | €11,825 | €11,825 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€81,318 | -€78,344 | +€2,973 | +3.7% |
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.