SUNRIZE: 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.
SUNRIZE
Largest movements
- Current investments +€1.7m
new in 2025: €1.7m
- Cash -€1.0m
down €1.0m (-87.1%), from €1.2m to €148,116
mainly Current investments (-€1.7m) and Short-term financial debts (-€1.6m)
- Receivables within one year -€307,948
down €307,948 (-69.5%), from €442,791 to €134,843
of which Trade receivables: -€192,240
- Tangible fixed assets -€51,231
down €51,231 (-1.8%), from €2.9m to €2.9m
of which Plant, machinery and equipment: -€46,573
- Short-term financial debts -€1.6m
down €1.6m (-100.0%), from €1.6m to €0
- Debts after one year +€1.5m
up €1.5m (+173.3%), from €877,025 to €2.4m
- Other debts +€348,773
up €348,773 (+30.0%), from €1.2m to €1.5m
- Current portion of long-term debt +€76,622
up €76,622 (+258.2%), from €29,671 to €106,293
- Gross operating margin -€586,118
down €586,118 (-82.1%), from €714,312 to €128,194
- Financial charges -€376,049
down €376,049 (-81.3%), from €462,421 to €86,372
of which Non-recurring financial charges: -€217,771
- Depreciation +€45,383
up €45,383 (+98.8%), from €45,937 to €91,319
- Taxes -€33,325
down €33,325 (-98.8%), from €33,725 to €400
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 | €4,508,895 | €4,798,413 | +€289,518 | +6.4% |
| Fixed assets | 21/28 | €2,911,763 | €2,860,531 | -€51,231 | -1.8% |
| Tangible fixed assets | 22/27 | €2,911,763 | €2,860,531 | -€51,231 | -1.8% |
| Land and buildings | 22 | €2,799,068 | €2,803,671 | +€4,603 | +0.2% |
| Plant, machinery and equipment | 23 | €46,573 | €0 | -€46,573 | -100.0% |
| Furniture and vehicles | 24 | €66,122 | €56,861 | -€9,261 | -14.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,597,132 | €1,937,881 | +€340,750 | +21.3% |
| Amounts receivable within one year | 40/41 | €442,791 | €134,843 | -€307,948 | -69.5% |
| Trade receivables | 40 | €192,240 | €0 | -€192,240 | -100.0% |
| Other amounts receivable | 41 | €250,551 | €134,843 | -€115,708 | -46.2% |
| Current investments | 50/53 | - | €1,650,000 | +€1.7m | |
| Cash at bank and in hand | 54/58 | €1,151,242 | €148,116 | -€1.0m | -87.1% |
| Deferred charges and accrued income | 490/1 | €3,099 | €4,922 | +€1,823 | +58.8% |
| Total equity and liabilities | 10/49 | €4,508,895 | €4,798,413 | +€289,518 | +6.4% |
| Equity | 10/15 | €821,070 | €781,432 | -€39,638 | -4.8% |
| Contributions | 10/11 | €268,600 | €268,600 | = | 0.0% |
| Reserves | 13 | €552,470 | €512,832 | -€39,638 | -7.2% |
| Tax-exempt reserves | 132 | €460,995 | €39,995 | -€421,000 | -91.3% |
| Distributable reserves | 133 | €91,475 | €472,837 | +€381,362 | +416.9% |
| Amounts payable | 17/49 | €3,687,824 | €4,016,980 | +€329,156 | +8.9% |
| Amounts payable after more than one year | 17 | €877,025 | €2,396,731 | +€1.5m | +173.3% |
| Financial debts | 170/4 | €877,025 | €2,396,731 | +€1.5m | +173.3% |
| Amounts payable within one year | 42/48 | €2,810,800 | €1,620,249 | -€1.2m | -42.4% |
| Current portion of amounts payable after more than one year | 42 | €29,671 | €106,293 | +€76,622 | +258.2% |
| Financial debts | 43 | €1,600,083 | €0 | -€1.6m | -100.0% |
| Credit institutions | 430/8 | €1,600,083 | €0 | -€1.6m | -100.0% |
| Trade debts | 44 | €1,323 | €2,025 | +€702 | +53.0% |
| Suppliers | 440/4 | €1,323 | €2,025 | +€702 | +53.0% |
| Taxes, remuneration and social security | 45 | €17,286 | €722 | -€16,564 | -95.8% |
| Taxes | 450/3 | €17,286 | €722 | -€16,564 | -95.8% |
| Other amounts payable | 47/48 | €1,162,436 | €1,511,209 | +€348,773 | +30.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,937 | €91,319 | +€45,383 | +98.8% |
| Other operating charges | 640/8 | €10,437 | €7,315 | -€3,123 | -29.9% |
| Non-recurring operating charges | 66A | €307,442 | €0 | -€307,442 | -100.0% |
| Gross operating margin | 9900 | €714,312 | €128,194 | -€586,118 | -82.1% |
| Operating profit (loss) | 9901 | €350,496 | €29,560 | -€320,936 | -91.6% |
| Financial income | 75/76B | €18,455 | €17,573 | -€882 | -4.8% |
| Recurring financial income | 75 | €18,455 | €10,957 | -€7,499 | -40.6% |
| Non-recurring financial income | 76B | - | €6,616 | +€6,616 | |
| Financial charges | 65/66B | €462,421 | €86,372 | -€376,049 | -81.3% |
| Recurring financial charges | 65 | €244,651 | €86,372 | -€158,279 | -64.7% |
| Non-recurring financial charges | 66B | €217,771 | €0 | -€217,771 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€93,470 | -€39,238 | +€54,231 | +58.0% |
| Income taxes | 67/77 | €33,725 | €400 | -€33,325 | -98.8% |
| Profit (loss) for the period | 9904 | -€127,194 | -€39,638 | +€87,557 | +68.8% |
| Transfer from tax-exempt reserves | 789 | - | €421,000 | +€421,000 | |
| Profit (loss) for the period to be appropriated | 9905 | -€127,194 | €381,362 | +€508,557 |
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 4 October 2026 via checked.be.