SOTENO: 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.
What changed
SOTENO
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€450,680
2024 · -€568,056+€1.0m
Equity
€2.0m
2024 · €1.5m+€450,680
Cash
€42,049
2024 · €80,980-€38,931
Balance sheet total
€5.5m
2024 · €5.5m-€40,645
Largest movements
Assets
- Receivables within one year +€100,728
up €100,728 (+28.9%), from €347,964 to €448,692
of which Trade receivables: +€166,281
- Tangible fixed assets -€100,555
down €100,555 (-2.3%), from €4.4m to €4.3m
of which Land and buildings: -€133,691
Equity and liabilities
- Profit (loss) carried forward +€503,593
up €503,593, from -€93,339 to €410,254
- Debts after one year -€281,806
down €281,806 (-10.3%), from €2.7m to €2.5m
of which Financial debts: -€167,288
- Other debts -€168,888
down €168,888 (-31.4%), from €538,226 to €369,338
Income statement
- Financial charges -€705,230
down €705,230 (-86.6%), from €814,749 to €109,518
of which Financial charges: -€680,280
- Gross operating margin +€242,318
up €242,318 (+53.6%), from €452,039 to €694,358
- Financial income +€98,840
up €98,840 (+3240.0%), from €3,051 to €101,890
- Depreciation +€27,111
up €27,111 (+17.2%), from €157,593 to €184,704
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
-€568,056
Gross operating margin
+€242,318
Staff costs
+€425
Depreciation
-€27,111
Other operating charges
-€2,482
Financial income
+€98,840
Financial charges
+€705,230
Taxes
+€139
Deferred taxes and other
+€1,376
Result 2025
€450,680
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
+€320,473
Investment
-€82,781
Financing
-€276,623
Cash 2024
€80,980
From operations (derived)
+€320,473
Net result for the year
+€450,680
Depreciation
+€184,704
Receivables within one year
-€100,728
Smaller working-capital items
+€862
Provisions
-€17,229
Tax, wage and social debts
-€30,236
Other debts
-€168,888
Accrued charges and deferred income
+€1,309
Investment (derived)
-€82,781
Investment in fixed assets (net)
-€82,781
Financing
-€276,623
Debts after one year
-€281,806
Current portion of long-term debt
+€5,182
Cash 2025
€42,049
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,540,718 | €5,500,073 | -€40,645 | -0.7% |
| Fixed assets | 21/28 | €5,104,798 | €5,002,875 | -€101,923 | -2.0% |
| Tangible fixed assets | 22/27 | €4,377,753 | €4,277,198 | -€100,555 | -2.3% |
| Land and buildings | 22 | €4,199,244 | €4,065,553 | -€133,691 | -3.2% |
| Plant, machinery and equipment | 23 | €115,737 | €164,202 | +€48,466 | +41.9% |
| Furniture and vehicles | 24 | €62,772 | €47,442 | -€15,330 | -24.4% |
| Financial fixed assets | 28 | €727,045 | €725,677 | -€1,368 | -0.2% |
| Current assets | 29/58 | €435,920 | €497,198 | +€61,278 | +14.1% |
| Amounts receivable within one year | 40/41 | €347,964 | €448,692 | +€100,728 | +28.9% |
| Trade receivables | 40 | €252,580 | €418,861 | +€166,281 | +65.8% |
| Other amounts receivable | 41 | €95,384 | €29,831 | -€65,553 | -68.7% |
| Cash at bank and in hand | 54/58 | €80,980 | €42,049 | -€38,931 | -48.1% |
| Deferred charges and accrued income | 490/1 | €6,976 | €6,457 | -€519 | -7.4% |
| Total equity and liabilities | 10/49 | €5,540,718 | €5,500,073 | -€40,645 | -0.7% |
| Equity | 10/15 | €1,527,390 | €1,978,070 | +€450,680 | +29.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,558,729 | €1,505,816 | -€52,913 | -3.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,552,529 | €1,499,616 | -€52,913 | -3.4% |
| Profit (loss) carried forward | 14 | -€93,339 | €410,254 | +€503,593 | |
| Provisions and deferred taxes | 16 | €483,595 | €466,366 | -€17,229 | -3.6% |
| Deferred taxes | 168 | €483,595 | €466,366 | -€17,229 | -3.6% |
| Amounts payable | 17/49 | €3,529,733 | €3,055,637 | -€474,095 | -13.4% |
| Amounts payable after more than one year | 17 | €2,742,185 | €2,460,380 | -€281,806 | -10.3% |
| Financial debts | 170/4 | €2,335,910 | €2,168,623 | -€167,288 | -7.2% |
| Other amounts payable | 178/9 | €406,275 | €291,757 | -€114,518 | -28.2% |
| Amounts payable within one year | 42/48 | €770,255 | €576,656 | -€193,599 | -25.1% |
| Current portion of amounts payable after more than one year | 42 | €162,105 | €167,288 | +€5,182 | +3.2% |
| Trade debts | 44 | €18,219 | €18,561 | +€342 | +1.9% |
| Suppliers | 440/4 | €18,219 | €18,561 | +€342 | +1.9% |
| Taxes, remuneration and social security | 45 | €51,704 | €21,469 | -€30,236 | -58.5% |
| Taxes | 450/3 | €45,851 | €13,998 | -€31,853 | -69.5% |
| Remuneration and social security | 454/9 | €5,853 | €7,471 | +€1,618 | +27.6% |
| Other amounts payable | 47/48 | €538,226 | €369,338 | -€168,888 | -31.4% |
| Accrued charges and deferred income | 492/3 | €17,292 | €18,602 | +€1,309 | +7.6% |
| Non-recurring operating income | 76A | €1,407 | - | -€1,407 | |
| Remuneration, social security and pensions | 62 | €49,548 | €49,122 | -€425 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €157,593 | €184,704 | +€27,111 | +17.2% |
| Other operating charges | 640/8 | €16,301 | €18,784 | +€2,482 | +15.2% |
| Gross operating margin | 9900 | €452,039 | €694,358 | +€242,318 | +53.6% |
| Operating profit (loss) | 9901 | €228,597 | €441,748 | +€213,151 | +93.2% |
| Financial income | 75/76B | €3,051 | €101,890 | +€98,840 | +3240.0% |
| Recurring financial income | 75 | €3,051 | €101,890 | +€98,840 | +3240.0% |
| Financial charges | 65/66B | €814,749 | €109,518 | -€705,230 | -86.6% |
| Recurring financial charges | 65 | €789,799 | €109,518 | -€680,280 | -86.1% |
| Non-recurring financial charges | 66B | €24,950 | - | -€24,950 | |
| Profit (loss) for the period before taxes | 9903 | -€583,101 | €434,120 | +€1.0m | |
| Transfer from deferred taxes | 780 | €15,853 | €17,229 | +€1,376 | +8.7% |
| Income taxes | 67/77 | €809 | €669 | -€139 | -17.2% |
| Profit (loss) for the period | 9904 | -€568,056 | €450,680 | +€1.0m | |
| Transfer from tax-exempt reserves | 789 | €48,786 | €52,913 | +€4,127 | +8.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€519,270 | €503,593 | +€1.0m |
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 10 October 2026 via checked.be.