SOTRAGEX: 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.
SOTRAGEX
Largest movements
- Cash -€119,253
no longer reported in 2025 (was €119,253)
mainly Investment in fixed assets (net) (-€75,229) and Trade debts (-€59,726)
- Tangible fixed assets +€43,068
up €43,068 (+76.1%), from €56,594 to €99,662
of which Furniture and vehicles: +€44,140
- Deferred charges and accrued income -€6,228
down €6,228 (-80.7%), from €7,718 to €1,490
- Receivables within one year +€2,794
up €2,794 (+5.0%), from €56,418 to €59,212
of which Trade receivables: +€17,563
- Trade debts -€59,726
down €59,726 (-59.7%), from €100,088 to €40,362
- Debts after one year +€50,676
new in 2025: €50,676
- Profit (loss) carried forward -€37,907
down €37,907, from €8,670 to -€29,237
- Current portion of long-term debt -€32,865
down €32,865 (-60.7%), from €54,175 to €21,310
- Short-term financial debts +€14,647
new in 2025: €14,647
- Gross operating margin -€55,551
down €55,551 (-77.6%), from €71,598 to €16,047
- Depreciation +€15,222
up €15,222 (+85.9%), from €17,724 to €32,946
- Taxes -€6,037
down €6,037 (-38.0%), from €15,875 to €9,838
- Financial charges +€2,442
up €2,442 (+154.2%), from €1,584 to €4,026
- Other operating charges +€2,196
up €2,196 (+52.7%), from €4,170 to €6,366
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 | €242,337 | €161,934 | -€80,404 | -33.2% |
| Fixed assets | 21/28 | €58,948 | €101,232 | +€42,283 | +71.7% |
| Intangible fixed assets | 21 | €2,354 | €1,569 | -€785 | -33.3% |
| Tangible fixed assets | 22/27 | €56,594 | €99,662 | +€43,068 | +76.1% |
| Plant, machinery and equipment | 23 | €3,825 | €2,753 | -€1,072 | -28.0% |
| Furniture and vehicles | 24 | €52,770 | €96,909 | +€44,140 | +83.6% |
| Current assets | 29/58 | €183,389 | €60,702 | -€122,687 | -66.9% |
| Amounts receivable within one year | 40/41 | €56,418 | €59,212 | +€2,794 | +5.0% |
| Trade receivables | 40 | €33,426 | €50,988 | +€17,563 | +52.5% |
| Other amounts receivable | 41 | €22,992 | €8,224 | -€14,768 | -64.2% |
| Cash at bank and in hand | 54/58 | €119,253 | - | -€119,253 | |
| Deferred charges and accrued income | 490/1 | €7,718 | €1,490 | -€6,228 | -80.7% |
| Total equity and liabilities | 10/49 | €242,337 | €161,934 | -€80,404 | -33.2% |
| Equity | 10/15 | €72,670 | €34,763 | -€37,907 | -52.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €63,000 | €63,000 | = | 0.0% |
| Distributable reserves | 133 | €63,000 | €63,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,670 | -€29,237 | -€37,907 | |
| Amounts payable | 17/49 | €169,667 | €127,170 | -€42,497 | -25.0% |
| Amounts payable after more than one year | 17 | - | €50,676 | +€50,676 | |
| Financial debts | 170/4 | - | €50,676 | +€50,676 | |
| Amounts payable within one year | 42/48 | €169,667 | €76,495 | -€93,173 | -54.9% |
| Current portion of amounts payable after more than one year | 42 | €54,175 | €21,310 | -€32,865 | -60.7% |
| Financial debts | 43 | - | €14,647 | +€14,647 | |
| Credit institutions | 430/8 | - | €14,647 | +€14,647 | |
| Trade debts | 44 | €100,088 | €40,362 | -€59,726 | -59.7% |
| Suppliers | 440/4 | €100,088 | €40,362 | -€59,726 | -59.7% |
| Taxes, remuneration and social security | 45 | €14,571 | €175 | -€14,396 | -98.8% |
| Taxes | 450/3 | €14,571 | €175 | -€14,396 | -98.8% |
| Other amounts payable | 47/48 | €833 | - | -€833 | |
| Remuneration, social security and pensions | 62 | - | €811 | +€811 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,724 | €32,946 | +€15,222 | +85.9% |
| Other operating charges | 640/8 | €4,170 | €6,366 | +€2,196 | +52.7% |
| Gross operating margin | 9900 | €71,598 | €16,047 | -€55,551 | -77.6% |
| Operating profit (loss) | 9901 | €49,704 | -€24,075 | -€73,780 | |
| Financial income | 75/76B | €504 | €33 | -€471 | -93.4% |
| Recurring financial income | 75 | €504 | €33 | -€471 | -93.4% |
| Financial charges | 65/66B | €1,584 | €4,026 | +€2,442 | +154.2% |
| Recurring financial charges | 65 | €1,584 | €4,026 | +€2,442 | +154.2% |
| Profit (loss) for the period before taxes | 9903 | €48,624 | -€28,069 | -€76,693 | |
| Income taxes | 67/77 | €15,875 | €9,838 | -€6,037 | -38.0% |
| Profit (loss) for the period | 9904 | €32,750 | -€37,907 | -€70,656 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,750 | -€37,907 | -€70,656 |
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 8 October 2026 via checked.be.