SOUVERAIN 400: 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
SOUVERAIN 400
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4.9m
2024 · €810,495+€4.1m
Equity
€10.0m
2024 · €5.1m+€4.9m
Cash
€253,508
2024 · €56,165+€197,343
Balance sheet total
€22.9m
2024 · €19.7m+€3.2m
Largest movements
Assets
- Receivables within one year +€2.3m
up €2.3m (+122%), from €1.9m to €4.2m
of which Other amounts receivable: +€2.3m
- Tangible fixed assets +€658,681
up €658,681 (+7.0%), from €9.4m to €10.1m
of which Land and buildings: +€673,557
Equity and liabilities
- Profit (loss) carried forward +€5.3m
up €5.3m, from -€356,906 to €4.9m
- Short-term financial debts -€3.4m
down €3.4m (-45.8%), from €7.4m to €4.0m
- Other debts +€1.8m
up €1.8m (+50.2%), from €3.6m to €5.4m
- Reserves -€382,439
down €382,439 (-8.2%), from €4.7m to €4.3m
of which Tax-exempt reserves: -€382,439
Income statement
- Financial income +€4.4m
up €4.4m (+635%), from €687,941 to €5.1m
- Gross operating margin -€503,649
down €503,649 (-45.5%), from €1.1m to €603,664
- Financial charges -€154,384
down €154,384 (-25.1%), from €614,722 to €460,338
- Depreciation +€57,022
up €57,022 (+15.6%), from €366,014 to €423,036
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
€810,495
Gross operating margin
-€503,649
Depreciation
-€57,022
Other operating charges
+€6,006
Other operating items
+€6,664
Financial income
+€4.4m
Financial charges
+€154,384
Taxes
-€172
Deferred taxes and other
+€107,472
Result 2025
€4.9m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€4.8m
Investment
-€1.1m
Financing
-€3.5m
Cash 2024
€56,165
From operations (derived)
+€4.8m
Net result for the year
+€4.9m
Depreciation
+€423,036
Stocks and contracts
-€56,499
Receivables within one year
-€2.3m
Smaller working-capital items
-€29
Provisions
-€127,480
Trade debts
+€129,425
Other debts
+€1.8m
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.1m
Financing
-€3.5m
Debts after one year
-€97,674
Current portion of long-term debt
+€3,342
Short-term financial debts
-€3.4m
Cash 2025
€253,508
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,672,788 | €22,918,129 | +€3.2m | +16.5% |
| Fixed assets | 21/28 | €17,590,627 | €18,259,307 | +€668,681 | +3.8% |
| Tangible fixed assets | 22/27 | €9,408,875 | €10,067,556 | +€658,681 | +7.0% |
| Land and buildings | 22 | €9,320,061 | €9,993,618 | +€673,557 | +7.2% |
| Plant, machinery and equipment | 23 | €7,213 | €3,290 | -€3,923 | -54.4% |
| Furniture and vehicles | 24 | €81,601 | €70,648 | -€10,953 | -13.4% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €8,181,751 | €8,191,751 | +€10,000 | +0.1% |
| Current assets | 29/58 | €2,082,161 | €4,658,822 | +€2.6m | +124% |
| Stocks and contracts in progress | 3 | €118,466 | €174,965 | +€56,499 | +47.7% |
| Stocks | 30/36 | €118,466 | €174,965 | +€56,499 | +47.7% |
| Amounts receivable within one year | 40/41 | €1,904,563 | €4,227,293 | +€2.3m | +122% |
| Trade receivables | 40 | €12,132 | €25,808 | +€13,677 | +113% |
| Other amounts receivable | 41 | €1,892,431 | €4,201,484 | +€2.3m | +122% |
| Cash at bank and in hand | 54/58 | €56,165 | €253,508 | +€197,343 | +351% |
| Deferred charges and accrued income | 490/1 | €2,968 | €3,056 | +€88 | +3.0% |
| Total equity and liabilities | 10/49 | €19,672,788 | €22,918,129 | +€3.2m | +16.5% |
| Equity | 10/15 | €5,068,922 | €9,964,880 | +€4.9m | +96.6% |
| Contributions | 10/11 | €750,000 | €750,000 | = | 0.0% |
| Reserves | 13 | €4,675,828 | €4,293,389 | -€382,439 | -8.2% |
| Tax-exempt reserves | 132 | €1,315,250 | €932,811 | -€382,439 | -29.1% |
| Distributable reserves | 133 | €3,360,578 | €3,360,578 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€356,906 | €4,921,491 | +€5.3m | |
| Provisions and deferred taxes | 16 | €438,417 | €310,937 | -€127,480 | -29.1% |
| Deferred taxes | 168 | €438,417 | €310,937 | -€127,480 | -29.1% |
| Amounts payable | 17/49 | €14,165,450 | €12,642,313 | -€1.5m | -10.8% |
| Amounts payable after more than one year | 17 | €2,820,573 | €2,722,899 | -€97,674 | -3.5% |
| Financial debts | 170/4 | €2,820,573 | €2,722,899 | -€97,674 | -3.5% |
| Amounts payable within one year | 42/48 | €11,341,272 | €9,917,064 | -€1.4m | -12.6% |
| Current portion of amounts payable after more than one year | 42 | €326,372 | €329,713 | +€3,342 | +1.0% |
| Financial debts | 43 | €7,373,352 | €4,000,000 | -€3.4m | -45.8% |
| Credit institutions | 430/8 | €7,373,352 | €4,000,000 | -€3.4m | -45.8% |
| Trade debts | 44 | €14,768 | €144,193 | +€129,425 | +876% |
| Suppliers | 440/4 | €14,768 | €144,193 | +€129,425 | +876% |
| Taxes, remuneration and social security | 45 | €9,018 | €10,333 | +€1,315 | +14.6% |
| Taxes | 450/3 | €6,105 | €6,736 | +€631 | +10.3% |
| Remuneration and social security | 454/9 | €2,914 | €3,597 | +€684 | +23.5% |
| Other amounts payable | 47/48 | €3,617,762 | €5,432,825 | +€1.8m | +50.2% |
| Accrued charges and deferred income | 492/3 | €3,605 | €2,350 | -€1,255 | -34.8% |
| Non-recurring operating income | 76A | €1,081,939 | €592,121 | -€489,818 | -45.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €366,014 | €423,036 | +€57,022 | +15.6% |
| Other operating charges | 640/8 | €15,132 | €9,125 | -€6,006 | -39.7% |
| Non-recurring operating charges | 66A | €7,500 | €836 | -€6,664 | -88.9% |
| Gross operating margin | 9900 | €1,107,313 | €603,664 | -€503,649 | -45.5% |
| Operating profit (loss) | 9901 | €718,667 | €170,666 | -€548,001 | -76.3% |
| Financial income | 75/76B | €687,941 | €5,059,722 | +€4.4m | +635% |
| Recurring financial income | 75 | €687,941 | €5,059,722 | +€4.4m | +635% |
| Financial charges | 65/66B | €614,722 | €460,338 | -€154,384 | -25.1% |
| Recurring financial charges | 65 | €614,722 | €460,338 | -€154,384 | -25.1% |
| Profit (loss) for the period before taxes | 9903 | €791,886 | €4,770,050 | +€4.0m | +502% |
| Transfer from deferred taxes | 780 | €20,007 | €127,480 | +€107,472 | +537% |
| Income taxes | 67/77 | €1,399 | €1,571 | +€172 | +12.3% |
| Profit (loss) for the period | 9904 | €810,495 | €4,895,958 | +€4.1m | +504% |
| Transfer from tax-exempt reserves | 789 | €60,022 | €382,439 | +€322,417 | +537% |
| Profit (loss) for the period to be appropriated | 9905 | €870,517 | €5,278,397 | +€4.4m | +506% |
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 20 October 2026 via checked.be.