'T SOETE: 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.
'T SOETE
Largest movements
- Current investments +€135,000
up €135,000 (+135%), from €100,000 to €235,000
- Cash +€19,639
up €19,639 (+24.9%), from €78,835 to €98,474
mainly Net result for the year (+€75,857) and Trade debts (+€29,191)
- Stocks and contracts -€14,150
down €14,150 (-27.6%), from €51,287 to €37,137
- Tangible fixed assets -€10,547
down €10,547 (-16.1%), from €65,327 to €54,780
- Receivables within one year +€7,986
up €7,986 (+19.3%), from €41,296 to €49,282
of which Trade receivables: +€15,015
- Reserves +€75,857
up €75,857 (+34.0%), from €222,930 to €298,787
of which Distributable reserves: +€75,857
- Trade debts +€29,191
up €29,191 (+170%), from €17,160 to €46,352
- Advances received +€16,320
new in 2025: €16,320
- Tax, wage and social debts +€11,157
up €11,157 (+30.8%), from €36,167 to €47,324
of which Remuneration and social security: +€10,720
- Financial charges -€75,865
down €75,865 (-94.8%), from €80,042 to €4,177
- Gross operating margin -€35,134
down €35,134 (-11.8%), from €296,716 to €261,581
- Staff costs +€22,834
up €22,834 (+20.3%), from €112,434 to €135,268
- Taxes +€6,670
up €6,670 (+26.0%), from €25,626 to €32,296
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 | €339,627 | €474,672 | +€135,045 | +39.8% |
| Fixed assets | 21/28 | €65,327 | €54,780 | -€10,547 | -16.1% |
| Tangible fixed assets | 22/27 | €65,327 | €54,780 | -€10,547 | -16.1% |
| Land and buildings | 22 | €24,863 | €20,895 | -€3,968 | -16.0% |
| Plant, machinery and equipment | 23 | €35,840 | €32,048 | -€3,792 | -10.6% |
| Furniture and vehicles | 24 | €4,624 | €1,836 | -€2,787 | -60.3% |
| Current assets | 29/58 | €274,300 | €419,892 | +€145,592 | +53.1% |
| Stocks and contracts in progress | 3 | €51,287 | €37,137 | -€14,150 | -27.6% |
| Stocks | 30/36 | €51,287 | €37,137 | -€14,150 | -27.6% |
| Amounts receivable within one year | 40/41 | €41,296 | €49,282 | +€7,986 | +19.3% |
| Trade receivables | 40 | €32,092 | €47,107 | +€15,015 | +46.8% |
| Other amounts receivable | 41 | €9,204 | €2,175 | -€7,029 | -76.4% |
| Current investments | 50/53 | €100,000 | €235,000 | +€135,000 | +135% |
| Cash at bank and in hand | 54/58 | €78,835 | €98,474 | +€19,639 | +24.9% |
| Deferred charges and accrued income | 490/1 | €2,883 | - | -€2,883 | |
| Total equity and liabilities | 10/49 | €339,627 | €474,672 | +€135,045 | +39.8% |
| Equity | 10/15 | €227,030 | €302,887 | +€75,857 | +33.4% |
| Contributions | 10/11 | €4,100 | €4,100 | = | 0.0% |
| Reserves | 13 | €222,930 | €298,787 | +€75,857 | +34.0% |
| Tax-exempt reserves | 132 | €975 | €975 | = | 0.0% |
| Distributable reserves | 133 | €221,955 | €297,812 | +€75,857 | +34.2% |
| Amounts payable | 17/49 | €112,596 | €171,785 | +€59,188 | +52.6% |
| Amounts payable within one year | 42/48 | €112,596 | €171,785 | +€59,188 | +52.6% |
| Trade debts | 44 | €17,160 | €46,352 | +€29,191 | +170% |
| Suppliers | 440/4 | €17,160 | €46,352 | +€29,191 | +170% |
| Advances received on contracts in progress | 46 | - | €16,320 | +€16,320 | |
| Taxes, remuneration and social security | 45 | €36,167 | €47,324 | +€11,157 | +30.8% |
| Taxes | 450/3 | €17,955 | €18,392 | +€437 | +2.4% |
| Remuneration and social security | 454/9 | €18,212 | €28,932 | +€10,720 | +58.9% |
| Other amounts payable | 47/48 | €59,269 | €61,789 | +€2,520 | +4.3% |
| Remuneration, social security and pensions | 62 | €112,434 | €135,268 | +€22,834 | +20.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,925 | €13,620 | -€305 | -2.2% |
| Other operating charges | 640/8 | €5,885 | €5,712 | -€173 | -2.9% |
| Gross operating margin | 9900 | €296,716 | €261,581 | -€35,134 | -11.8% |
| Operating profit (loss) | 9901 | €164,471 | €106,981 | -€57,490 | -35.0% |
| Financial income | 75/76B | €2,977 | €5,349 | +€2,372 | +79.7% |
| Recurring financial income | 75 | €2,977 | €4,627 | +€1,650 | +55.4% |
| Non-recurring financial income | 76B | - | €721 | +€721 | |
| Financial charges | 65/66B | €80,042 | €4,177 | -€75,865 | -94.8% |
| Recurring financial charges | 65 | €80,042 | €4,177 | -€75,865 | -94.8% |
| Profit (loss) for the period before taxes | 9903 | €87,406 | €108,153 | +€20,747 | +23.7% |
| Income taxes | 67/77 | €25,626 | €32,296 | +€6,670 | +26.0% |
| Profit (loss) for the period | 9904 | €61,780 | €75,857 | +€14,077 | +22.8% |
| Profit (loss) for the period to be appropriated | 9905 | €61,780 | €75,857 | +€14,077 | +22.8% |
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 18 October 2026 via checked.be.