SOVANEST: 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.
SOVANEST
Largest movements
- Current investments +€16.1m
up €16.1m (+534.5%), from €3.0m to €19.1m
- Cash +€6.6m
up €6.6m (+1902.3%), from €348,462 to €7.0m
mainly Net result for the year (+€23.4m) and Contributions, distributions and other (+€10.3m)
- Financial fixed assets +€4.9m
up €4.9m (+9.7%), from €50.7m to €55.5m
- Receivables after one year +€900,000
new in 2025: €900,000
- Profit (loss) carried forward +€18.0m
up €18.0m (+133.3%), from €13.5m to €31.4m
- Revaluation surpluses +€10.3m
up €10.3m (+75.2%), from €13.7m to €24.0m
- Debts after one year -€7.3m
no longer reported in 2025 (was €7.3m)
- Reserves +€5.5m
up €5.5m (+281.7%), from €1.9m to €7.4m
of which Distributable reserves: +€5.0m
- Other debts +€1.9m
up €1.9m (+88.1%), from €2.1m to €4.0m
- Financial income +€23.1m
up €23.1m (+1227.3%), from €1.9m to €25.0m
of which Non-recurring financial income: +€24.7m
- Taxes +€412,522
up €412,522 (+412.5%), from €100,000 to €512,522
- Gross operating margin -€308,662
down €308,662 (-168.9%), from -€182,764 to -€491,426
- Staff costs +€30,382
up €30,382 (+35.1%), from €86,662 to €117,044
- Depreciation +€27,141
up €27,141 (+77.7%), from €34,947 to €62,088
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 | €54,561,181 | €83,298,550 | +€28.7m | +52.7% |
| Fixed assets | 21/28 | €51,128,586 | €56,149,526 | +€5.0m | +9.8% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €473,433 | €603,134 | +€129,701 | +27.4% |
| Furniture and vehicles | 24 | €20,265 | €179,646 | +€159,381 | +786.5% |
| Other tangible fixed assets | 26 | €453,168 | €423,488 | -€29,680 | -6.5% |
| Financial fixed assets | 28 | €50,655,153 | €55,546,392 | +€4.9m | +9.7% |
| Current assets | 29/58 | €3,432,595 | €27,149,024 | +€23.7m | +690.9% |
| Amounts receivable after more than one year | 29 | - | €900,000 | +€900,000 | |
| Other amounts receivable | 291 | - | €900,000 | +€900,000 | |
| Amounts receivable within one year | 40/41 | €68,322 | €150,630 | +€82,308 | +120.5% |
| Trade receivables | 40 | €35,622 | - | -€35,622 | |
| Other amounts receivable | 41 | €32,700 | €150,630 | +€117,930 | +360.6% |
| Current investments | 50/53 | €3,013,050 | €19,117,019 | +€16.1m | +534.5% |
| Cash at bank and in hand | 54/58 | €348,462 | €6,977,226 | +€6.6m | +1902.3% |
| Deferred charges and accrued income | 490/1 | €2,761 | €4,149 | +€1,388 | +50.3% |
| Total equity and liabilities | 10/49 | €54,561,181 | €83,298,550 | +€28.7m | +52.7% |
| Equity | 10/15 | €44,956,432 | €78,720,398 | +€33.8m | +75.1% |
| Contributions | 10/11 | €15,812,560 | €15,812,560 | = | 0.0% |
| Capital | 10 | €13,744,020 | €13,744,020 | = | 0.0% |
| Issued capital | 100 | €13,744,020 | €13,744,020 | = | 0.0% |
| Outside capital | 11 | €2,068,540 | €2,068,540 | = | 0.0% |
| Share premium | 1100/10 | €2,068,540 | €2,068,540 | = | 0.0% |
| Revaluation surpluses | 12 | €13,725,069 | €24,044,125 | +€10.3m | +75.2% |
| Reserves | 13 | €1,946,449 | €7,430,015 | +€5.5m | +281.7% |
| Non-distributable reserves | 130/1 | €890,836 | €1,374,402 | +€483,566 | +54.3% |
| Legal reserve | 130 | €890,836 | €1,374,402 | +€483,566 | +54.3% |
| Distributable reserves | 133 | €1,055,613 | €6,055,613 | +€5.0m | +473.7% |
| Profit (loss) carried forward | 14 | €13,472,354 | €31,433,698 | +€18.0m | +133.3% |
| Amounts payable | 17/49 | €9,604,749 | €4,578,152 | -€5.0m | -52.3% |
| Amounts payable after more than one year | 17 | €7,300,000 | - | -€7.3m | |
| Financial debts | 170/4 | €7,300,000 | - | -€7.3m | |
| Amounts payable within one year | 42/48 | €2,304,749 | €4,578,152 | +€2.3m | +98.6% |
| Trade debts | 44 | €92,399 | €18,268 | -€74,131 | -80.2% |
| Suppliers | 440/4 | €92,399 | €18,268 | -€74,131 | -80.2% |
| Taxes, remuneration and social security | 45 | €112,350 | €609,884 | +€497,534 | +442.8% |
| Taxes | 450/3 | €100,000 | €600,340 | +€500,340 | +500.3% |
| Remuneration and social security | 454/9 | €12,350 | €9,544 | -€2,806 | -22.7% |
| Other amounts payable | 47/48 | €2,100,000 | €3,950,000 | +€1.9m | +88.1% |
| Remuneration, social security and pensions | 62 | €86,662 | €117,044 | +€30,382 | +35.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,947 | €62,088 | +€27,141 | +77.7% |
| Other operating charges | 640/8 | €39,828 | €27,899 | -€11,929 | -30.0% |
| Gross operating margin | 9900 | -€182,764 | -€491,426 | -€308,662 | -168.9% |
| Operating profit (loss) | 9901 | -€344,201 | -€698,457 | -€354,256 | -102.9% |
| Financial income | 75/76B | €1,884,521 | €25,014,158 | +€23.1m | +1227.3% |
| Recurring financial income | 75 | €1,884,521 | €304,894 | -€1.6m | -83.8% |
| Non-recurring financial income | 76B | - | €24,709,264 | +€24.7m | |
| Financial charges | 65/66B | €381,379 | €358,269 | -€23,110 | -6.1% |
| Recurring financial charges | 65 | €381,379 | €358,269 | -€23,110 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €1,158,941 | €23,957,432 | +€22.8m | +1967.2% |
| Income taxes | 67/77 | €100,000 | €512,522 | +€412,522 | +412.5% |
| Profit (loss) for the period | 9904 | €1,058,941 | €23,444,910 | +€22.4m | +2114.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,058,941 | €23,444,910 | +€22.4m | +2114.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.