Pedro Soete: 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.
What changed
Pedro Soete
NACE 43.320, Joinery installation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€50,641
2024 · -€344,708+€395,349
Equity
€1.2m
2024 · €1.1m+€50,641
Cash
€72,555
2024 · €131,321-€58,766
Balance sheet total
€5.1m
2024 · €5.3m-€247,956
Largest movements
Assets
- Tangible fixed assets -€245,730
down €245,730 (-8.1%), from €3.0m to €2.8m
of which Leasing and similar rights: -€141,679
- Receivables within one year +€79,246
up €79,246 (+13.2%), from €600,523 to €679,769
of which Trade receivables: +€60,857
- Cash -€58,766
down €58,766 (-44.8%), from €131,321 to €72,555
mainly Debts after one year (-€348,948) and Receivables within one year (-€79,246)
Equity and liabilities
- Debts after one year -€348,948
down €348,948 (-15.6%), from €2.2m to €1.9m
of which Financial debts: -€368,948
- Trade debts +€109,073
up €109,073 (+10.2%), from €1.1m to €1.2m
- Current portion of long-term debt -€59,276
down €59,276 (-13.8%), from €428,225 to €368,948
Income statement
- Gross operating margin +€383,961
up €383,961 (+25.3%), from €1.5m to €1.9m
- Depreciation -€27,430
down €27,430 (-8.2%), from €335,130 to €307,701
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.
Result 2024
-€344,708
Gross operating margin
+€383,961
Staff costs
-€17,184
Depreciation
+€27,430
Other operating charges
+€5,950
Other operating items
-€1,062
Financial income
-€2,647
Financial charges
-€1,089
Taxes
-€10
Result 2025
€50,641
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.
From operations
+€411,429
Investment
-€61,971
Financing
-€408,225
Cash 2024
€131,321
From operations (derived)
+€411,429
Net result for the year
+€50,641
Depreciation
+€307,701
Stocks and contracts
+€21,807
Receivables within one year
-€79,246
Deferred charges and accrued income
+€898
Provisions
-€4,470
Trade debts
+€109,073
Tax, wage and social debts
+€17,173
Advances received
-€5,426
Other debts
-€6,725
Accrued charges and deferred income
+€3
Investment (derived)
-€61,971
Investment in fixed assets (net)
-€61,971
Financing
-€408,225
Debts after one year
-€348,948
Current portion of long-term debt
-€59,276
Cash 2025
€72,555
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,325,130 | €5,077,175 | -€247,956 | -4.7% |
| Fixed assets | 21/28 | €3,781,081 | €3,535,351 | -€245,730 | -6.5% |
| Tangible fixed assets | 22/27 | €3,045,281 | €2,799,551 | -€245,730 | -8.1% |
| Land and buildings | 22 | €2,238,300 | €2,104,246 | -€134,054 | -6.0% |
| Plant, machinery and equipment | 23 | €11,403 | €11,733 | +€330 | +2.9% |
| Furniture and vehicles | 24 | €53,005 | €43,369 | -€9,636 | -18.2% |
| Leasing and similar rights | 25 | €742,573 | €600,894 | -€141,679 | -19.1% |
| Assets under construction and advance payments | 27 | €0 | €39,309 | +€39,309 | |
| Financial fixed assets | 28 | €735,800 | €735,800 | = | 0.0% |
| Current assets | 29/58 | €1,544,050 | €1,541,824 | -€2,226 | -0.1% |
| Amounts receivable after more than one year | 29 | €90,000 | €90,000 | = | 0.0% |
| Other amounts receivable | 291 | €90,000 | €90,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €693,343 | €671,536 | -€21,807 | -3.1% |
| Stocks | 30/36 | €162,623 | €173,903 | +€11,279 | +6.9% |
| Contracts in progress | 37 | €530,720 | €497,634 | -€33,086 | -6.2% |
| Amounts receivable within one year | 40/41 | €600,523 | €679,769 | +€79,246 | +13.2% |
| Trade receivables | 40 | €549,532 | €610,388 | +€60,857 | +11.1% |
| Other amounts receivable | 41 | €50,992 | €69,381 | +€18,389 | +36.1% |
| Cash at bank and in hand | 54/58 | €131,321 | €72,555 | -€58,766 | -44.8% |
| Deferred charges and accrued income | 490/1 | €28,862 | €27,963 | -€898 | -3.1% |
| Total equity and liabilities | 10/49 | €5,325,130 | €5,077,175 | -€247,956 | -4.7% |
| Equity | 10/15 | €1,113,502 | €1,164,142 | +€50,641 | +4.5% |
| Contributions | 10/11 | €115,000 | €115,000 | = | 0.0% |
| Reserves | 13 | €998,502 | €1,048,996 | +€50,495 | +5.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €345,906 | €332,496 | -€13,410 | -3.9% |
| Distributable reserves | 133 | €652,595 | €716,500 | +€63,905 | +9.8% |
| Profit (loss) carried forward | 14 | €0 | €146 | +€146 | |
| Provisions and deferred taxes | 16 | €109,052 | €104,582 | -€4,470 | -4.1% |
| Deferred taxes | 168 | €109,052 | €104,582 | -€4,470 | -4.1% |
| Amounts payable | 17/49 | €4,102,577 | €3,808,450 | -€294,126 | -7.2% |
| Amounts payable after more than one year | 17 | €2,234,947 | €1,885,999 | -€348,948 | -15.6% |
| Financial debts | 170/4 | €2,144,947 | €1,775,999 | -€368,948 | -17.2% |
| Other amounts payable | 178/9 | €90,000 | €110,000 | +€20,000 | +22.2% |
| Amounts payable within one year | 42/48 | €1,867,479 | €1,922,298 | +€54,819 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €428,225 | €368,948 | -€59,276 | -13.8% |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €1,074,314 | €1,183,388 | +€109,073 | +10.2% |
| Suppliers | 440/4 | €1,074,314 | €1,183,388 | +€109,073 | +10.2% |
| Advances received on contracts in progress | 46 | €130,117 | €124,691 | -€5,426 | -4.2% |
| Taxes, remuneration and social security | 45 | €75,120 | €92,293 | +€17,173 | +22.9% |
| Taxes | 450/3 | €12,512 | €20,972 | +€8,460 | +67.6% |
| Remuneration and social security | 454/9 | €62,608 | €71,321 | +€8,713 | +13.9% |
| Other amounts payable | 47/48 | €9,704 | €2,979 | -€6,725 | -69.3% |
| Accrued charges and deferred income | 492/3 | €150 | €153 | +€3 | +2.0% |
| Non-recurring operating income | 76A | €200 | €10,000 | +€9,800 | +4900.0% |
| Remuneration, social security and pensions | 62 | €1,421,168 | €1,438,352 | +€17,184 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €335,130 | €307,701 | -€27,430 | -8.2% |
| Other operating charges | 640/8 | €24,834 | €18,883 | -€5,950 | -24.0% |
| Non-recurring operating charges | 66A | €0 | €1,062 | +€1,062 | |
| Gross operating margin | 9900 | €1,519,392 | €1,903,353 | +€383,961 | +25.3% |
| Operating profit (loss) | 9901 | -€261,740 | €137,355 | +€399,095 | |
| Financial income | 75/76B | €2,764 | €117 | -€2,647 | -95.8% |
| Recurring financial income | 75 | €2,764 | €117 | -€2,647 | -95.8% |
| Financial charges | 65/66B | €89,321 | €90,411 | +€1,089 | +1.2% |
| Recurring financial charges | 65 | €89,321 | €90,411 | +€1,089 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | -€348,298 | €47,061 | +€395,359 | |
| Transfer from deferred taxes | 780 | €4,470 | €4,470 | = | 0.0% |
| Income taxes | 67/77 | €880 | €891 | +€10 | +1.2% |
| Profit (loss) for the period | 9904 | -€344,708 | €50,641 | +€395,349 | |
| Transfer from tax-exempt reserves | 789 | €13,410 | €13,410 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€331,298 | €64,051 | +€395,349 |
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 30 September 2026 via checked.be.