SOVAREK: 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.
SOVAREK
Largest movements
- Tangible fixed assets +€2.9m
up €2.9m (+801%), from €360,579 to €3.2m
of which Land and buildings: +€2.9m
- Intangible fixed assets +€350,243
new in 2025: €350,243
- Debts after one year +€2.6m
up €2.6m (+443%), from €578,414 to €3.1m
- Other debts +€388,383
up €388,383 (+57.7%), from €672,566 to €1.1m
- Reserves +€183,272
up €183,272 (+23.5%), from €781,273 to €964,545
of which Distributable reserves: +€183,272
- Current portion of long-term debt +€115,701
up €115,701 (+88.3%), from €130,961 to €246,662
- Gross operating margin +€70,541
up €70,541 (+23.2%), from €303,681 to €374,222
- Financial charges +€38,628
up €38,628 (+294%), from €13,119 to €51,747
- Depreciation +€17,345
up €17,345 (+145%), from €11,951 to €29,296
- Taxes +€16,264
up €16,264 (+74.8%), from €21,736 to €38,000
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 | €2,213,884 | €5,454,667 | +€3.2m | +146% |
| Formation expenses | 20 | €35,144 | €29,583 | -€5,561 | -15.8% |
| Fixed assets | 21/28 | €2,110,579 | €5,347,851 | +€3.2m | +153% |
| Intangible fixed assets | 21 | - | €350,243 | +€350,243 | |
| Tangible fixed assets | 22/27 | €360,579 | €3,247,608 | +€2.9m | +801% |
| Land and buildings | 22 | €354,277 | €3,243,362 | +€2.9m | +815% |
| Leasing and similar rights | 25 | €6,302 | €4,246 | -€2,056 | -32.6% |
| Financial fixed assets | 28 | €1,750,000 | €1,750,000 | = | 0.0% |
| Current assets | 29/58 | €68,161 | €77,234 | +€9,073 | +13.3% |
| Amounts receivable within one year | 40/41 | €47,364 | €42,928 | -€4,436 | -9.4% |
| Trade receivables | 40 | €29,100 | €29,040 | -€60 | -0.2% |
| Other amounts receivable | 41 | €18,264 | €13,888 | -€4,376 | -24.0% |
| Cash at bank and in hand | 54/58 | €18,925 | €32,362 | +€13,437 | +71.0% |
| Deferred charges and accrued income | 490/1 | €1,872 | €1,944 | +€72 | +3.8% |
| Total equity and liabilities | 10/49 | €2,213,884 | €5,454,667 | +€3.2m | +146% |
| Equity | 10/15 | €791,273 | €974,545 | +€183,272 | +23.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Contributions outside capital | 11 | €10,000 | €10,000 | = | 0.0% |
| Other | 1109/19 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €781,273 | €964,545 | +€183,272 | +23.5% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Distributable reserves | 133 | €780,273 | €963,545 | +€183,272 | +23.5% |
| Amounts payable | 17/49 | €1,422,611 | €4,480,123 | +€3.1m | +215% |
| Amounts payable after more than one year | 17 | €578,414 | €3,141,752 | +€2.6m | +443% |
| Financial debts | 170/4 | €578,414 | €3,141,752 | +€2.6m | +443% |
| Amounts payable within one year | 42/48 | €838,451 | €1,332,071 | +€493,620 | +58.9% |
| Current portion of amounts payable after more than one year | 42 | €130,961 | €246,662 | +€115,701 | +88.3% |
| Trade debts | 44 | €3,418 | €2,118 | -€1,300 | -38.0% |
| Suppliers | 440/4 | €3,418 | €2,118 | -€1,300 | -38.0% |
| Taxes, remuneration and social security | 45 | €31,506 | €22,341 | -€9,165 | -29.1% |
| Taxes | 450/3 | €31,506 | €22,341 | -€9,165 | -29.1% |
| Other amounts payable | 47/48 | €672,566 | €1,060,949 | +€388,383 | +57.7% |
| Accrued charges and deferred income | 492/3 | €5,746 | €6,300 | +€554 | +9.6% |
| Non-recurring operating income | 76A | €20,000 | €200,000 | +€180,000 | +900% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,951 | €29,296 | +€17,345 | +145% |
| Other operating charges | 640/8 | €2,355 | €2,659 | +€304 | +12.9% |
| Gross operating margin | 9900 | €303,681 | €374,222 | +€70,541 | +23.2% |
| Operating profit (loss) | 9901 | €289,375 | €342,267 | +€52,892 | +18.3% |
| Financial income | 75/76B | - | €2,813 | +€2,813 | |
| Recurring financial income | 75 | - | €2,813 | +€2,813 | |
| Financial charges | 65/66B | €13,119 | €51,747 | +€38,628 | +294% |
| Recurring financial charges | 65 | €13,119 | €51,747 | +€38,628 | +294% |
| Profit (loss) for the period before taxes | 9903 | €276,256 | €293,333 | +€17,077 | +6.2% |
| Income taxes | 67/77 | €21,736 | €38,000 | +€16,264 | +74.8% |
| Profit (loss) for the period | 9904 | €254,520 | €255,332 | +€812 | +0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €254,520 | €255,332 | +€812 | +0.3% |
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 21 October 2026 via checked.be.