SOVAGA: 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.
SOVAGA
Largest movements
- Current investments -€793,974
down €793,974 (-28.4%), from €2.8m to €2.0m
- Stocks and contracts -€593,689
down €593,689 (-31.5%), from €1.9m to €1.3m
- Receivables after one year +€488,314
up €488,314 (+4.7%), from €10.4m to €10.9m
- Cash +€384,535
up €384,535 (+567.1%), from €67,802 to €452,337
mainly Current investments (+€793,974) and Net result for the year (+€604,196)
- Debts after one year -€1.2m
down €1.2m (-69.3%), from €1.7m to €525,891
- Reserves +€604,196
up €604,196 (+20.0%), from €3.0m to €3.6m
of which Distributable reserves: +€604,196
- Financial charges -€922,553
down €922,553 (-93.0%), from €992,059 to €69,506
of which Non-recurring financial charges: -€861,535
- Gross operating margin -€84,989
down €84,989 (-18.0%), from €471,550 to €386,561
- Financial income +€47,561
up €47,561 (+6.3%), from €754,820 to €802,381
of which Financial income: +€47,488
- Taxes +€45,252
up €45,252 (+28.7%), from €157,521 to €202,773
- Depreciation -€20,567
down €20,567 (-6.9%), from €299,360 to €278,794
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 | €25,329,285 | €24,628,657 | -€700,629 | -2.8% |
| Fixed assets | 21/28 | €9,490,717 | €9,108,975 | -€381,742 | -4.0% |
| Intangible fixed assets | 21 | €2,001 | €0 | -€2,001 | -100.0% |
| Tangible fixed assets | 22/27 | €9,295,542 | €9,103,975 | -€191,567 | -2.1% |
| Land and buildings | 22 | €9,295,542 | €9,103,975 | -€191,567 | -2.1% |
| Financial fixed assets | 28 | €193,174 | €5,000 | -€188,174 | -97.4% |
| Current assets | 29/58 | €15,838,569 | €15,519,682 | -€318,887 | -2.0% |
| Amounts receivable after more than one year | 29 | €10,403,844 | €10,892,158 | +€488,314 | +4.7% |
| Other amounts receivable | 291 | €10,403,844 | €10,892,158 | +€488,314 | +4.7% |
| Stocks and contracts in progress | 3 | €1,887,383 | €1,293,694 | -€593,689 | -31.5% |
| Stocks | 30/36 | €1,887,383 | €1,293,694 | -€593,689 | -31.5% |
| Amounts receivable within one year | 40/41 | €196,764 | €163,917 | -€32,848 | -16.7% |
| Trade receivables | 40 | €43,033 | €12,934 | -€30,099 | -69.9% |
| Other amounts receivable | 41 | €153,732 | €150,983 | -€2,749 | -1.8% |
| Current investments | 50/53 | €2,800,000 | €2,006,026 | -€793,974 | -28.4% |
| Cash at bank and in hand | 54/58 | €67,802 | €452,337 | +€384,535 | +567.1% |
| Deferred charges and accrued income | 490/1 | €482,776 | €711,551 | +€228,775 | +47.4% |
| Total equity and liabilities | 10/49 | €25,329,285 | €24,628,657 | -€700,629 | -2.8% |
| Equity | 10/15 | €21,917,868 | €22,522,064 | +€604,196 | +2.8% |
| Contributions | 10/11 | €18,889,902 | €18,889,902 | = | 0.0% |
| Reserves | 13 | €3,027,966 | €3,632,162 | +€604,196 | +20.0% |
| Tax-exempt reserves | 132 | €8,855 | €8,855 | = | 0.0% |
| Distributable reserves | 133 | €3,019,112 | €3,623,307 | +€604,196 | +20.0% |
| Amounts payable | 17/49 | €3,411,417 | €2,106,593 | -€1.3m | -38.2% |
| Amounts payable after more than one year | 17 | €1,710,273 | €525,891 | -€1.2m | -69.3% |
| Other amounts payable | 178/9 | €1,710,273 | €525,891 | -€1.2m | -69.3% |
| Amounts payable within one year | 42/48 | €1,631,489 | €1,517,136 | -€114,353 | -7.0% |
| Trade debts | 44 | €18,033 | €9,082 | -€8,951 | -49.6% |
| Suppliers | 440/4 | €18,033 | €9,082 | -€8,951 | -49.6% |
| Advances received on contracts in progress | 46 | €160,090 | €236,105 | +€76,015 | +47.5% |
| Taxes, remuneration and social security | 45 | €248,748 | €67,197 | -€181,552 | -73.0% |
| Taxes | 450/3 | €248,748 | €67,197 | -€181,552 | -73.0% |
| Other amounts payable | 47/48 | €1,204,618 | €1,204,752 | +€135 | 0.0% |
| Accrued charges and deferred income | 492/3 | €69,655 | €63,566 | -€6,089 | -8.7% |
| Non-recurring operating income | 76A | €153,185 | €7,536 | -€145,649 | -95.1% |
| Remuneration, social security and pensions | 62 | -€96 | €0 | +€96 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €299,360 | €278,794 | -€20,567 | -6.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €36,481 | €33,674 | -€2,807 | -7.7% |
| Non-recurring operating charges | 66A | €170,122 | €0 | -€170,122 | -100.0% |
| Gross operating margin | 9900 | €471,550 | €386,561 | -€84,989 | -18.0% |
| Operating profit (loss) | 9901 | -€34,318 | €74,093 | +€108,411 | |
| Financial income | 75/76B | €754,820 | €802,381 | +€47,561 | +6.3% |
| Recurring financial income | 75 | €754,820 | €802,308 | +€47,488 | +6.3% |
| Non-recurring financial income | 76B | €0 | €73 | +€73 | |
| Financial charges | 65/66B | €992,059 | €69,506 | -€922,553 | -93.0% |
| Recurring financial charges | 65 | €130,524 | €69,506 | -€61,018 | -46.7% |
| Non-recurring financial charges | 66B | €861,535 | €0 | -€861,535 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€271,557 | €806,968 | +€1.1m | |
| Income taxes | 67/77 | €157,521 | €202,773 | +€45,252 | +28.7% |
| Profit (loss) for the period | 9904 | -€429,078 | €604,196 | +€1.0m | |
| Profit (loss) for the period to be appropriated | 9905 | -€429,078 | €604,196 | +€1.0m |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.