SOWA: 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.
SOWA
Largest movements
- Receivables within one year +€42,149
up €42,149 (+9.0%), from €466,793 to €508,942
of which Other amounts receivable: +€60,437
- Cash -€39,089
down €39,089 (-44.4%), from €88,014 to €48,924
mainly Investment in fixed assets (net) (-€46,733) and Receivables within one year (-€42,149)
- Tangible fixed assets +€21,242
up €21,242 (+36.7%), from €57,839 to €79,081
of which Land and buildings: +€32,665
- Reserves +€36,149
up €36,149 (+6.3%), from €573,686 to €609,835
of which Distributable reserves: +€36,149
- Trade debts -€20,115
down €20,115 (-12.4%), from €161,668 to €141,554
- Current portion of long-term debt +€9,892
up €9,892 (+12.6%), from €78,339 to €88,231
- Gross operating margin -€85,368
down €85,368 (-53.0%), from €161,218 to €75,850
- Taxes -€27,408
down €27,408 (-63.7%), from €43,056 to €15,648
- Depreciation +€4,987
up €4,987 (+24.3%), from €20,503 to €25,491
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 | €882,194 | €909,838 | +€27,644 | +3.1% |
| Fixed assets | 21/28 | €62,639 | €83,881 | +€21,242 | +33.9% |
| Tangible fixed assets | 22/27 | €57,839 | €79,081 | +€21,242 | +36.7% |
| Land and buildings | 22 | - | €32,665 | +€32,665 | |
| Plant, machinery and equipment | 23 | €21,865 | €20,066 | -€1,799 | -8.2% |
| Furniture and vehicles | 24 | €35,974 | €26,350 | -€9,624 | -26.8% |
| Financial fixed assets | 28 | €4,799 | €4,799 | = | 0.0% |
| Current assets | 29/58 | €819,555 | €825,957 | +€6,401 | +0.8% |
| Amounts receivable after more than one year | 29 | €260,000 | €260,000 | = | 0.0% |
| Other amounts receivable | 291 | €260,000 | €260,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €1,391 | €3,685 | +€2,294 | +165% |
| Stocks | 30/36 | €1,391 | €3,685 | +€2,294 | +165% |
| Amounts receivable within one year | 40/41 | €466,793 | €508,942 | +€42,149 | +9.0% |
| Trade receivables | 40 | €225,716 | €207,429 | -€18,287 | -8.1% |
| Other amounts receivable | 41 | €241,077 | €301,514 | +€60,437 | +25.1% |
| Cash at bank and in hand | 54/58 | €88,014 | €48,924 | -€39,089 | -44.4% |
| Deferred charges and accrued income | 490/1 | €3,357 | €4,404 | +€1,047 | +31.2% |
| Total equity and liabilities | 10/49 | €882,194 | €909,838 | +€27,644 | +3.1% |
| Equity | 10/15 | €635,186 | €671,335 | +€36,149 | +5.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €573,686 | €609,835 | +€36,149 | +6.3% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,950 | €4,950 | = | 0.0% |
| Distributable reserves | 133 | €562,586 | €598,735 | +€36,149 | +6.4% |
| Amounts payable | 17/49 | €247,008 | €238,502 | -€8,506 | -3.4% |
| Amounts payable within one year | 42/48 | €247,008 | €236,785 | -€10,223 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | €78,339 | €88,231 | +€9,892 | +12.6% |
| Trade debts | 44 | €161,668 | €141,554 | -€20,115 | -12.4% |
| Suppliers | 440/4 | €161,668 | €141,554 | -€20,115 | -12.4% |
| Taxes, remuneration and social security | 45 | €7,000 | €7,000 | = | 0.0% |
| Remuneration and social security | 454/9 | €7,000 | €7,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €1,717 | +€1,717 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,503 | €25,491 | +€4,987 | +24.3% |
| Other operating charges | 640/8 | €2,805 | €3,366 | +€561 | +20.0% |
| Gross operating margin | 9900 | €161,218 | €75,850 | -€85,368 | -53.0% |
| Operating profit (loss) | 9901 | €137,909 | €46,993 | -€90,916 | -65.9% |
| Financial income | 75/76B | €9,822 | €10,661 | +€839 | +8.5% |
| Recurring financial income | 75 | €9,822 | €10,661 | +€839 | +8.5% |
| Financial charges | 65/66B | €5,189 | €5,857 | +€668 | +12.9% |
| Recurring financial charges | 65 | €5,189 | €5,857 | +€668 | +12.9% |
| Profit (loss) for the period before taxes | 9903 | €142,542 | €51,797 | -€90,745 | -63.7% |
| Income taxes | 67/77 | €43,056 | €15,648 | -€27,408 | -63.7% |
| Profit (loss) for the period | 9904 | €99,487 | €36,149 | -€63,337 | -63.7% |
| Profit (loss) for the period to be appropriated | 9905 | €99,487 | €36,149 | -€63,337 | -63.7% |
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 13 October 2026 via checked.be.