SOVAPE: 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
SOVAPE
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€59,065
2025 · €19,301+€39,764
Equity
€1.8m
2025 · €1.7m+€59,065
Cash
€36,044
2025 · €42,894-€6,850
Balance sheet total
€1.9m
2025 · €1.9m+€35,656
Largest movements
Assets
- Current investments +€50,000
up €50,000 (+22.7%), from €220,000 to €270,000
Equity and liabilities
- Reserves +€59,065
up €59,065 (+3.9%), from €1.5m to €1.6m
of which Distributable reserves: +€84,466
Income statement
- Gross operating margin +€37,088
up €37,088 (+21.5%), from €172,832 to €209,920
- Turnover +€6,019
up €6,019 (+2.8%), from €217,605 to €223,625
- Taxes -€3,685
down €3,685 (-10.9%), from €33,797 to €30,113
- Purchases and services +€2,347
up €2,347 (+5.2%), from €44,774 to €47,120
From the 2025 result to the 2026 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 2025
€19,301
Gross operating margin
+€37,088
Depreciation
-€1,493
Other operating charges
+€646
Financial income
-€181
Financial charges
+€19
Taxes
+€3,685
Result 2026
€59,065
raises the resultlowers the result
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€156,030
Investment
-€162,880
Financing
€0
Cash 2025
€42,894
From operations (derived)
+€156,030
Net result for the year
+€59,065
Depreciation
+€125,633
Receivables within one year
-€5,259
Provisions
-€8,750
Trade debts
-€139
Tax, wage and social debts
-€14,947
Accrued charges and deferred income
+€426
Investment (derived)
-€162,880
Investment in fixed assets (net)
-€112,880
Current investments
-€50,000
Cash 2026
€36,044
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,890,488 | €1,926,144 | +€35,656 | +1.9% |
| Fixed assets | 21/28 | €1,627,421 | €1,614,668 | -€12,753 | -0.8% |
| Tangible fixed assets | 22/27 | €1,626,975 | €1,614,222 | -€12,753 | -0.8% |
| Land and buildings | 22 | €1,556,959 | €1,467,073 | -€89,886 | -5.8% |
| Plant, machinery and equipment | 23 | €56,453 | €61,491 | +€5,038 | +8.9% |
| Furniture and vehicles | 24 | €13,563 | €85,658 | +€72,095 | +532% |
| Financial fixed assets | 28 | €446 | €446 | = | 0.0% |
| Current assets | 29/58 | €263,067 | €311,475 | +€48,409 | +18.4% |
| Amounts receivable within one year | 40/41 | €173 | €5,431 | +€5,259 | +3,046% |
| Trade receivables | 40 | - | €716 | +€716 | |
| Other amounts receivable | 41 | €173 | €4,716 | +€4,543 | +2,631% |
| Current investments | 50/53 | €220,000 | €270,000 | +€50,000 | +22.7% |
| Cash at bank and in hand | 54/58 | €42,894 | €36,044 | -€6,850 | -16.0% |
| Total equity and liabilities | 10/49 | €1,890,488 | €1,926,144 | +€35,656 | +1.9% |
| Equity | 10/15 | €1,705,897 | €1,764,962 | +€59,065 | +3.5% |
| Contributions | 10/11 | €184,700 | €184,700 | = | 0.0% |
| Capital | 10 | €184,700 | €184,700 | = | 0.0% |
| Issued capital | 100 | €184,700 | €184,700 | = | 0.0% |
| Reserves | 13 | €1,521,197 | €1,580,262 | +€59,065 | +3.9% |
| Non-distributable reserves | 130/1 | €21,000 | €21,000 | = | 0.0% |
| Legal reserve | 130 | €21,000 | €21,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €308,209 | €282,808 | -€25,401 | -8.2% |
| Distributable reserves | 133 | €1,191,988 | €1,276,454 | +€84,466 | +7.1% |
| Provisions and deferred taxes | 16 | €147,500 | €138,750 | -€8,750 | -5.9% |
| Provisions for liabilities and charges | 160/5 | €25,000 | €25,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €25,000 | €25,000 | = | 0.0% |
| Deferred taxes | 168 | €122,500 | €113,750 | -€8,750 | -7.1% |
| Amounts payable | 17/49 | €37,091 | €22,432 | -€14,659 | -39.5% |
| Amounts payable within one year | 42/48 | €19,131 | €4,046 | -€15,085 | -78.9% |
| Trade debts | 44 | €334 | €196 | -€139 | -41.5% |
| Suppliers | 440/4 | €334 | €196 | -€139 | -41.5% |
| Taxes, remuneration and social security | 45 | €18,797 | €3,850 | -€14,947 | -79.5% |
| Taxes | 450/3 | €18,797 | €3,850 | -€14,947 | -79.5% |
| Accrued charges and deferred income | 492/3 | €17,960 | €18,386 | +€426 | +2.4% |
| Turnover | 70 | €217,605 | €223,625 | +€6,019 | +2.8% |
| Non-recurring operating income | 76A | - | €29,358 | +€29,358 | |
| Goods, raw materials, services and sundry goods | 60/61 | €44,774 | €47,120 | +€2,347 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,140 | €125,633 | +€1,493 | +1.2% |
| Other operating charges | 640/8 | €4,445 | €3,799 | -€646 | -14.5% |
| Gross operating margin | 9900 | €172,832 | €209,920 | +€37,088 | +21.5% |
| Operating profit (loss) | 9901 | €44,247 | €80,488 | +€36,241 | +81.9% |
| Financial income | 75/76B | €181 | - | -€181 | |
| Recurring financial income | 75 | €181 | - | -€181 | |
| Financial charges | 65/66B | €80 | €60 | -€19 | -24.4% |
| Recurring financial charges | 65 | €80 | €60 | -€19 | -24.4% |
| Profit (loss) for the period before taxes | 9903 | €44,348 | €80,427 | +€36,079 | +81.4% |
| Transfer from deferred taxes | 780 | €8,750 | €8,750 | = | 0.0% |
| Income taxes | 67/77 | €33,797 | €30,113 | -€3,685 | -10.9% |
| Profit (loss) for the period | 9904 | €19,301 | €59,065 | +€39,764 | +206% |
| Transfer from tax-exempt reserves | 789 | €21,754 | €25,401 | +€3,646 | +16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €41,055 | €84,466 | +€43,410 | +106% |
Source: filed annual accounts (NBB), financial years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.