SOULTAN: 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.
SOULTAN
Largest movements
- Tangible fixed assets +€224,719
up €224,719 (+4,281%), from €5,249 to €229,968
of which Land and buildings: +€226,418
- Cash -€51,321
down €51,321 (-61.0%), from €84,171 to €32,850
mainly Investment in fixed assets (net) (-€243,746) and Receivables within one year (-€6,543)
- Receivables within one year +€6,543
new in 2025: €6,543
of which Other amounts receivable: +€6,230
- Debts after one year +€144,150
new in 2025: €144,150
- Other debts +€21,717
up €21,717 (+189%), from €11,514 to €33,230
- Reserves +€7,547
up €7,547 (+15.2%), from €49,500 to €57,047
- Current portion of long-term debt +€6,600
new in 2025: €6,600
- Tax, wage and social debts -€3,901
down €3,901 (-46.3%), from €8,426 to €4,525
- Depreciation +€16,139
up €16,139 (+559%), from €2,888 to €19,027
- Gross operating margin +€10,869
up €10,869 (+36.6%), from €29,660 to €40,530
- Financial charges +€5,842
up €5,842 (+483%), from €1,209 to €7,051
- Taxes +€1,447
up €1,447 (+34.6%), from €4,179 to €5,626
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 | €93,920 | €273,861 | +€179,941 | +192% |
| Fixed assets | 21/28 | €8,249 | €232,968 | +€224,719 | +2,724% |
| Tangible fixed assets | 22/27 | €5,249 | €229,968 | +€224,719 | +4,281% |
| Land and buildings | 22 | - | €226,418 | +€226,418 | |
| Plant, machinery and equipment | 23 | €3,955 | €2,962 | -€993 | -25.1% |
| Furniture and vehicles | 24 | €314 | €0 | -€314 | -100% |
| Other tangible fixed assets | 26 | €980 | €588 | -€392 | -40.0% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €85,671 | €40,893 | -€44,778 | -52.3% |
| Stocks and contracts in progress | 3 | €1,500 | €1,500 | = | 0.0% |
| Stocks | 30/36 | €1,500 | €1,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | - | €6,543 | +€6,543 | |
| Trade receivables | 40 | - | €313 | +€313 | |
| Other amounts receivable | 41 | - | €6,230 | +€6,230 | |
| Cash at bank and in hand | 54/58 | €84,171 | €32,850 | -€51,321 | -61.0% |
| Total equity and liabilities | 10/49 | €93,920 | €273,861 | +€179,941 | +192% |
| Equity | 10/15 | €68,100 | €75,647 | +€7,547 | +11.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €49,500 | €57,047 | +€7,547 | +15.2% |
| Distributable reserves | 133 | €49,500 | €57,047 | +€7,547 | +15.2% |
| Amounts payable | 17/49 | €25,820 | €198,214 | +€172,394 | +668% |
| Amounts payable after more than one year | 17 | - | €144,150 | +€144,150 | |
| Financial debts | 170/4 | - | €144,150 | +€144,150 | |
| Amounts payable within one year | 42/48 | €25,820 | €54,064 | +€28,244 | +109% |
| Current portion of amounts payable after more than one year | 42 | - | €6,600 | +€6,600 | |
| Trade debts | 44 | €5,880 | €9,709 | +€3,829 | +65.1% |
| Suppliers | 440/4 | €5,833 | €9,709 | +€3,876 | +66.5% |
| Bills of exchange payable | 441 | €48 | - | -€48 | |
| Taxes, remuneration and social security | 45 | €8,426 | €4,525 | -€3,901 | -46.3% |
| Taxes | 450/3 | €8,426 | €4,525 | -€3,901 | -46.3% |
| Other amounts payable | 47/48 | €11,514 | €33,230 | +€21,717 | +189% |
| Remuneration, social security and pensions | 62 | €402 | €302 | -€100 | -24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,888 | €19,027 | +€16,139 | +559% |
| Other operating charges | 640/8 | €982 | €1,013 | +€31 | +3.1% |
| Gross operating margin | 9900 | €29,660 | €40,530 | +€10,869 | +36.6% |
| Operating profit (loss) | 9901 | €25,388 | €20,188 | -€5,200 | -20.5% |
| Financial income | 75/76B | - | €36 | +€36 | |
| Recurring financial income | 75 | - | €36 | +€36 | |
| Financial charges | 65/66B | €1,209 | €7,051 | +€5,842 | +483% |
| Recurring financial charges | 65 | €1,209 | €7,051 | +€5,842 | +483% |
| Profit (loss) for the period before taxes | 9903 | €24,179 | €13,173 | -€11,006 | -45.5% |
| Income taxes | 67/77 | €4,179 | €5,626 | +€1,447 | +34.6% |
| Profit (loss) for the period | 9904 | €20,000 | €7,547 | -€12,453 | -62.3% |
| Profit (loss) for the period to be appropriated | 9905 | €20,000 | €7,547 | -€12,453 | -62.3% |
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 21 October 2026 via checked.be.