THESOX: 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.
THESOX
Largest movements
- Cash +€40,642
up €40,642 (+230.6%), from €17,625 to €58,266
mainly Depreciation (+€67,462) and Trade debts (+€43,380)
- Tangible fixed assets -€27,455
down €27,455 (-3.2%), from €848,205 to €820,750
of which Land and buildings: -€56,173
- Reserves -€49,879
down €49,879 (-20.6%), from €241,691 to €191,812
of which Distributable reserves: -€43,617
- Trade debts +€43,380
up €43,380 (+8176.3%), from €531 to €43,911
- Other debts +€36,430
up €36,430 (+506.9%), from €7,187 to €43,617
- Profit (loss) carried forward -€30,629
down €30,629 (-5.2%), from €585,316 to €554,688
- Gross operating margin -€16,373
down €16,373 (-26.9%), from €60,883 to €44,510
- Other operating charges +€4,095
up €4,095 (+28.2%), from €14,546 to €18,642
- Depreciation +€1,388
up €1,388 (+2.1%), from €66,075 to €67,462
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 | €950,920 | €949,635 | -€1,285 | -0.1% |
| Fixed assets | 21/28 | €848,413 | €820,958 | -€27,455 | -3.2% |
| Tangible fixed assets | 22/27 | €848,205 | €820,750 | -€27,455 | -3.2% |
| Land and buildings | 22 | €813,563 | €757,390 | -€56,173 | -6.9% |
| Furniture and vehicles | 24 | €34,642 | €63,360 | +€28,718 | +82.9% |
| Financial fixed assets | 28 | €208 | €208 | = | 0.0% |
| Current assets | 29/58 | €102,507 | €128,676 | +€26,170 | +25.5% |
| Amounts receivable within one year | 40/41 | €10,849 | €4,023 | -€6,826 | -62.9% |
| Trade receivables | 40 | €1,573 | - | -€1,573 | |
| Other amounts receivable | 41 | €9,276 | €4,023 | -€5,253 | -56.6% |
| Current investments | 50/53 | €74,033 | €66,387 | -€7,646 | -10.3% |
| Cash at bank and in hand | 54/58 | €17,625 | €58,266 | +€40,642 | +230.6% |
| Total equity and liabilities | 10/49 | €950,920 | €949,635 | -€1,285 | -0.1% |
| Equity | 10/15 | €889,008 | €808,500 | -€80,508 | -9.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €241,691 | €191,812 | -€49,879 | -20.6% |
| Tax-exempt reserves | 132 | €162,583 | €156,321 | -€6,262 | -3.9% |
| Distributable reserves | 133 | €79,108 | €35,491 | -€43,617 | -55.1% |
| Profit (loss) carried forward | 14 | €585,316 | €554,688 | -€30,629 | -5.2% |
| Provisions and deferred taxes | 16 | €54,194 | €52,107 | -€2,087 | -3.9% |
| Deferred taxes | 168 | €54,194 | €52,107 | -€2,087 | -3.9% |
| Amounts payable | 17/49 | €7,717 | €89,028 | +€81,311 | +1053.6% |
| Amounts payable within one year | 42/48 | €7,717 | €89,028 | +€81,311 | +1053.6% |
| Trade debts | 44 | €531 | €43,911 | +€43,380 | +8176.3% |
| Suppliers | 440/4 | €531 | €43,911 | +€43,380 | +8176.3% |
| Advances received on contracts in progress | 46 | - | €1,500 | +€1,500 | |
| Other amounts payable | 47/48 | €7,187 | €43,617 | +€36,430 | +506.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,075 | €67,462 | +€1,388 | +2.1% |
| Other operating charges | 640/8 | €14,546 | €18,642 | +€4,095 | +28.2% |
| Gross operating margin | 9900 | €60,883 | €44,510 | -€16,373 | -26.9% |
| Operating profit (loss) | 9901 | -€19,738 | -€41,594 | -€21,856 | -110.7% |
| Financial income | 75/76B | €3,123 | €3,523 | +€399 | +12.8% |
| Recurring financial income | 75 | €3,123 | €3,523 | +€399 | +12.8% |
| Financial charges | 65/66B | €255 | €260 | +€5 | +2.1% |
| Recurring financial charges | 65 | €255 | €260 | +€5 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | -€16,869 | -€38,331 | -€21,462 | -127.2% |
| Transfer from deferred taxes | 780 | €2,087 | €2,087 | = | 0.0% |
| Income taxes | 67/77 | €211 | €647 | +€437 | +207.6% |
| Profit (loss) for the period | 9904 | -€14,992 | -€36,891 | -€21,899 | -146.1% |
| Transfer from tax-exempt reserves | 789 | €6,262 | €6,262 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,730 | -€30,629 | -€21,899 | -250.8% |
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 9 October 2026 via checked.be.