SOVAG: 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.
SOVAG
Largest movements
- Financial fixed assets +€400,000
up €400,000 (+17.6%), from €2.3m to €2.7m
- Receivables within one year -€58,801
down €58,801 (-23.7%), from €247,740 to €188,939
of which Other amounts receivable: -€81,201
- Other debts +€329,349
up €329,349 (+57.2%), from €576,062 to €905,412
- Gross operating margin +€88,254
up €88,254 (+528%), from €16,712 to €104,966
- Staff costs +€11,421
up €11,421 (+19.5%), from €58,576 to €69,997
- Financial charges +€10,910
up €10,910 (+78.4%), from €13,912 to €24,822
of which Financial charges: +€6,056
- Financial income +€4,170
up €4,170 (+41.7%), from €9,998 to €14,168
- Other operating charges +€1,179
up €1,179 (+111%), from €1,065 to €2,244
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 | €2,528,260 | €2,872,556 | +€344,295 | +13.6% |
| Fixed assets | 21/28 | €2,275,150 | €2,675,150 | +€400,000 | +17.6% |
| Financial fixed assets | 28 | €2,275,150 | €2,675,150 | +€400,000 | +17.6% |
| Current assets | 29/58 | €253,110 | €197,406 | -€55,705 | -22.0% |
| Amounts receivable within one year | 40/41 | €247,740 | €188,939 | -€58,801 | -23.7% |
| Trade receivables | 40 | €64,273 | €86,673 | +€22,400 | +34.9% |
| Other amounts receivable | 41 | €183,468 | €102,266 | -€81,201 | -44.3% |
| Cash at bank and in hand | 54/58 | €5,370 | €8,467 | +€3,097 | +57.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €2,528,260 | €2,872,556 | +€344,295 | +13.6% |
| Equity | 10/15 | €1,864,161 | €1,886,232 | +€22,071 | +1.2% |
| Contributions | 10/11 | €1,343,600 | €1,343,600 | = | 0.0% |
| Reserves | 13 | €561,031 | €561,031 | = | 0.0% |
| Distributable reserves | 133 | €561,031 | €561,031 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€40,470 | -€18,399 | +€22,071 | +54.5% |
| Amounts payable | 17/49 | €664,099 | €986,324 | +€322,224 | +48.5% |
| Amounts payable within one year | 42/48 | €612,439 | €920,289 | +€307,850 | +50.3% |
| Trade debts | 44 | €8,308 | €4,127 | -€4,181 | -50.3% |
| Suppliers | 440/4 | €8,308 | €4,127 | -€4,181 | -50.3% |
| Taxes, remuneration and social security | 45 | €28,069 | €10,750 | -€17,318 | -61.7% |
| Taxes | 450/3 | €0 | €2,000 | +€2,000 | |
| Remuneration and social security | 454/9 | €28,069 | €8,750 | -€19,318 | -68.8% |
| Other amounts payable | 47/48 | €576,062 | €905,412 | +€329,349 | +57.2% |
| Accrued charges and deferred income | 492/3 | €51,661 | €66,035 | +€14,374 | +27.8% |
| Remuneration, social security and pensions | 62 | €58,576 | €69,997 | +€11,421 | +19.5% |
| Other operating charges | 640/8 | €1,065 | €2,244 | +€1,179 | +111% |
| Gross operating margin | 9900 | €16,712 | €104,966 | +€88,254 | +528% |
| Operating profit (loss) | 9901 | -€42,929 | €32,726 | +€75,655 | |
| Financial income | 75/76B | €9,998 | €14,168 | +€4,170 | +41.7% |
| Recurring financial income | 75 | €9,998 | €14,168 | +€4,170 | +41.7% |
| Financial charges | 65/66B | €13,912 | €24,822 | +€10,910 | +78.4% |
| Recurring financial charges | 65 | €13,912 | €19,968 | +€6,056 | +43.5% |
| Non-recurring financial charges | 66B | - | €4,854 | +€4,854 | |
| Profit (loss) for the period before taxes | 9903 | -€46,843 | €22,071 | +€68,914 | |
| Income taxes | 67/77 | €75 | €0 | -€75 | -100% |
| Profit (loss) for the period | 9904 | -€46,918 | €22,071 | +€68,989 | |
| Profit (loss) for the period to be appropriated | 9905 | -€46,918 | €22,071 | +€68,989 |
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 31 October 2026 via checked.be.