SOWI PROJECTS: 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.
SOWI PROJECTS
Largest movements
- Tangible fixed assets +€221,117
up €221,117 (+24.1%), from €917,245 to €1.1m
of which Assets under construction and advance payments: +€238,968
- Cash -€45,921
down €45,921 (-56.7%), from €81,035 to €35,113
mainly Investment in fixed assets (net) (-€240,043) and Tax, wage and social debts (-€6,968)
- Other debts +€116,949
up €116,949 (+53.6%), from €218,114 to €335,063
- Reserves +€50,823
up €50,823 (+33.7%), from €150,950 to €201,773
- Financial income +€14,991
up €14,991 (+1,139%), from €1,317 to €16,308
- Depreciation -€10,857
down €10,857 (-36.5%), from €29,783 to €18,926
- Taxes +€4,359
up €4,359 (+35.1%), from €12,433 to €16,792
- Financial charges +€2,302
up €2,302 (+29.4%), from €7,838 to €10,141
- Gross operating margin +€1,571
up €1,571 (+2.0%), from €79,596 to €81,167
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 | €1,130,926 | €1,299,789 | +€168,863 | +14.9% |
| Fixed assets | 21/28 | €945,024 | €1,166,142 | +€221,117 | +23.4% |
| Tangible fixed assets | 22/27 | €917,245 | €1,138,362 | +€221,117 | +24.1% |
| Land and buildings | 22 | €514,642 | €501,376 | -€13,266 | -2.6% |
| Furniture and vehicles | 24 | €3,601 | €2,546 | -€1,055 | -29.3% |
| Other tangible fixed assets | 26 | €11,917 | €8,388 | -€3,530 | -29.6% |
| Assets under construction and advance payments | 27 | €387,085 | €626,053 | +€238,968 | +61.7% |
| Financial fixed assets | 28 | €27,780 | €27,780 | = | 0.0% |
| Current assets | 29/58 | €185,902 | €133,647 | -€52,254 | -28.1% |
| Amounts receivable within one year | 40/41 | €24,502 | €18,169 | -€6,333 | -25.8% |
| Trade receivables | 40 | €24,502 | €18,169 | -€6,333 | -25.8% |
| Current investments | 50/53 | €80,000 | €80,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €81,035 | €35,113 | -€45,921 | -56.7% |
| Deferred charges and accrued income | 490/1 | €365 | €365 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,130,926 | €1,299,789 | +€168,863 | +14.9% |
| Equity | 10/15 | €224,550 | €275,373 | +€50,823 | +22.6% |
| Contributions | 10/11 | €73,600 | €73,600 | = | 0.0% |
| Reserves | 13 | €150,950 | €201,773 | +€50,823 | +33.7% |
| Distributable reserves | 133 | €150,950 | €201,773 | +€50,823 | +33.7% |
| Amounts payable | 17/49 | €906,376 | €1,024,416 | +€118,040 | +13.0% |
| Amounts payable within one year | 42/48 | €906,067 | €1,024,416 | +€118,349 | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €666,497 | €666,497 | = | 0.0% |
| Trade debts | 44 | €8,990 | €17,358 | +€8,368 | +93.1% |
| Suppliers | 440/4 | €8,990 | €17,358 | +€8,368 | +93.1% |
| Taxes, remuneration and social security | 45 | €12,466 | €5,497 | -€6,968 | -55.9% |
| Taxes | 450/3 | €12,466 | €5,497 | -€6,968 | -55.9% |
| Other amounts payable | 47/48 | €218,114 | €335,063 | +€116,949 | +53.6% |
| Accrued charges and deferred income | 492/3 | €309 | €0 | -€309 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,783 | €18,926 | -€10,857 | -36.5% |
| Other operating charges | 640/8 | €1,838 | €794 | -€1,044 | -56.8% |
| Gross operating margin | 9900 | €79,596 | €81,167 | +€1,571 | +2.0% |
| Operating profit (loss) | 9901 | €47,975 | €61,447 | +€13,473 | +28.1% |
| Financial income | 75/76B | €1,317 | €16,308 | +€14,991 | +1,139% |
| Recurring financial income | 75 | €1,317 | €16,308 | +€14,991 | +1,139% |
| Financial charges | 65/66B | €7,838 | €10,141 | +€2,302 | +29.4% |
| Recurring financial charges | 65 | €7,838 | €10,141 | +€2,302 | +29.4% |
| Profit (loss) for the period before taxes | 9903 | €41,453 | €67,615 | +€26,162 | +63.1% |
| Income taxes | 67/77 | €12,433 | €16,792 | +€4,359 | +35.1% |
| Profit (loss) for the period | 9904 | €29,020 | €50,823 | +€21,803 | +75.1% |
| Profit (loss) for the period to be appropriated | 9905 | €29,020 | €50,823 | +€21,803 | +75.1% |
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 28 October 2026 via checked.be.