SOUDAWELD: 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.
SOUDAWELD
Largest movements
- Receivables within one year +€182,659
up €182,659 (+277%), from €65,879 to €248,538
of which Trade receivables: +€182,433
- Financial fixed assets +€175,000
up €175,000 (+250,000%), from €70 to €175,070
- Current investments -€24,240
down €24,240 (-20.1%), from €120,363 to €96,123
- Tangible fixed assets -€19,295
down €19,295 (-42.0%), from €45,990 to €26,695
of which Plant, machinery and equipment: -€13,546
- Cash +€13,146
up €13,146 (+81.4%), from €16,151 to €29,297
mainly Trade debts (+€118,410) and Debts after one year (+€102,380)
- Trade debts +€118,410
up €118,410 (+314%), from €37,758 to €156,168
- Debts after one year +€102,380
new in 2025: €102,380
- Reserves +€54,858
up €54,858 (+23.5%), from €233,559 to €288,417
- Current portion of long-term debt +€28,850
up €28,850, from €0 to €28,850
- Tax, wage and social debts +€26,835
up €26,835 (+896%), from €2,995 to €29,830
- Gross operating margin -€22,529
down €22,529 (-18.8%), from €119,891 to €97,362
- Depreciation -€8,479
down €8,479 (-28.6%), from €29,685 to €21,206
- Taxes -€3,234
down €3,234 (-16.4%), from €19,777 to €16,543
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 | €307,073 | €630,010 | +€322,938 | +105% |
| Fixed assets | 21/28 | €46,060 | €201,765 | +€155,705 | +338% |
| Tangible fixed assets | 22/27 | €45,990 | €26,695 | -€19,295 | -42.0% |
| Plant, machinery and equipment | 23 | €39,690 | €26,144 | -€13,546 | -34.1% |
| Furniture and vehicles | 24 | €6,300 | €551 | -€5,749 | -91.3% |
| Financial fixed assets | 28 | €70 | €175,070 | +€175,000 | +250,000% |
| Current assets | 29/58 | €261,013 | €428,245 | +€167,233 | +64.1% |
| Stocks and contracts in progress | 3 | €54,635 | €53,900 | -€735 | -1.3% |
| Stocks | 30/36 | €54,635 | €53,900 | -€735 | -1.3% |
| Amounts receivable within one year | 40/41 | €65,879 | €248,538 | +€182,659 | +277% |
| Trade receivables | 40 | €59,671 | €242,104 | +€182,433 | +306% |
| Other amounts receivable | 41 | €6,208 | €6,434 | +€226 | +3.6% |
| Current investments | 50/53 | €120,363 | €96,123 | -€24,240 | -20.1% |
| Cash at bank and in hand | 54/58 | €16,151 | €29,297 | +€13,146 | +81.4% |
| Deferred charges and accrued income | 490/1 | €3,985 | €388 | -€3,597 | -90.3% |
| Total equity and liabilities | 10/49 | €307,073 | €630,010 | +€322,938 | +105% |
| Equity | 10/15 | €252,159 | €307,017 | +€54,858 | +21.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €233,559 | €288,417 | +€54,858 | +23.5% |
| Distributable reserves | 133 | €233,559 | €288,417 | +€54,858 | +23.5% |
| Amounts payable | 17/49 | €54,913 | €322,993 | +€268,080 | +488% |
| Amounts payable after more than one year | 17 | - | €102,380 | +€102,380 | |
| Financial debts | 170/4 | - | €102,380 | +€102,380 | |
| Amounts payable within one year | 42/48 | €53,058 | €220,466 | +€167,407 | +316% |
| Current portion of amounts payable after more than one year | 42 | €0 | €28,850 | +€28,850 | |
| Financial debts | 43 | €5,000 | €5,000 | = | 0.0% |
| Credit institutions | 430/8 | €5,000 | €5,000 | = | 0.0% |
| Trade debts | 44 | €37,758 | €156,168 | +€118,410 | +314% |
| Suppliers | 440/4 | €37,758 | €156,168 | +€118,410 | +314% |
| Taxes, remuneration and social security | 45 | €2,995 | €29,830 | +€26,835 | +896% |
| Taxes | 450/3 | €2,995 | €29,830 | +€26,835 | +896% |
| Other amounts payable | 47/48 | €7,305 | €617 | -€6,688 | -91.6% |
| Accrued charges and deferred income | 492/3 | €1,855 | €147 | -€1,708 | -92.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,685 | €21,206 | -€8,479 | -28.6% |
| Other operating charges | 640/8 | €2,055 | €1,788 | -€266 | -13.0% |
| Gross operating margin | 9900 | €119,891 | €97,362 | -€22,529 | -18.8% |
| Operating profit (loss) | 9901 | €88,151 | €74,368 | -€13,784 | -15.6% |
| Financial income | 75/76B | €564 | €1,086 | +€522 | +92.6% |
| Recurring financial income | 75 | €564 | €1,086 | +€522 | +92.6% |
| Financial charges | 65/66B | €3,438 | €4,053 | +€615 | +17.9% |
| Recurring financial charges | 65 | €3,438 | €4,053 | +€615 | +17.9% |
| Profit (loss) for the period before taxes | 9903 | €85,277 | €71,401 | -€13,876 | -16.3% |
| Income taxes | 67/77 | €19,777 | €16,543 | -€3,234 | -16.4% |
| Profit (loss) for the period | 9904 | €65,501 | €54,858 | -€10,643 | -16.2% |
| Profit (loss) for the period to be appropriated | 9905 | €65,501 | €54,858 | -€10,643 | -16.2% |
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.