2 N: what changed
What changed
2 N
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€70,111
2024 · €54,501+€15,610
Equity
€1.0m
2024 · €974,541+€66,779
Cash
€63,486
2024 · €61,794+€1,692
Balance sheet total
€1.1m
2024 · €1.0m+€70,725
Largest movements
Assets
- Current investments +€300,000
up €300,000 (+100%), from €300,000 to €600,000
- Tangible fixed assets -€229,666
down €229,666 (-34.7%), from €662,537 to €432,871
of which Land and buildings: -€220,899
Equity and liabilities
- Reserves +€66,779
up €66,779 (+6.9%), from €967,128 to €1.0m
of which Distributable reserves: +€70,720
Income statement
- Gross operating margin +€11,059
up €11,059 (+9.6%), from €115,204 to €126,263
- Taxes +€7,581
up €7,581 (+26.7%), from €28,428 to €36,009
- Financial income +€5,451
up €5,451 (+203%), from €2,689 to €8,141
- Financial charges -€4,700
down €4,700 (-97.4%), from €4,826 to €126
- Depreciation -€3,004
down €3,004 (-10.9%), from €27,573 to €24,569
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€54,501
Gross operating margin
+€11,059
Depreciation
+€3,004
Other operating charges
-€1,043
Financial income
+€5,451
Financial charges
+€4,700
Taxes
-€7,581
Deferred taxes and other
+€19
Result 2025
€70,111
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€99,926
Investment
-€94,902
Financing
-€3,332
Cash 2024
€61,794
From operations (derived)
+€99,926
Net result for the year
+€70,111
Depreciation
+€24,569
Stocks and contracts
+€356
Receivables within one year
+€946
Provisions
-€1,314
Trade debts
+€932
Tax, wage and social debts
+€6,801
Other debts
-€2,472
Investment (derived)
-€94,902
Investment in fixed assets (net)
+€205,098
Current investments
-€300,000
Financing
-€3,332
Contributions, distributions and other
-€3,332
Cash 2025
€63,486
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,026,948 | €1,097,673 | +€70,725 | +6.9% |
| Fixed assets | 21/28 | €663,852 | €434,186 | -€229,666 | -34.6% |
| Tangible fixed assets | 22/27 | €662,537 | €432,871 | -€229,666 | -34.7% |
| Land and buildings | 22 | €579,656 | €358,757 | -€220,899 | -38.1% |
| Plant, machinery and equipment | 23 | - | €3,986 | +€3,986 | |
| Furniture and vehicles | 24 | €7,930 | €6,003 | -€1,927 | -24.3% |
| Other tangible fixed assets | 26 | €74,951 | €64,125 | -€10,826 | -14.4% |
| Financial fixed assets | 28 | €1,315 | €1,315 | = | 0.0% |
| Current assets | 29/58 | €363,095 | €663,486 | +€300,391 | +82.7% |
| Stocks and contracts in progress | 3 | €356 | €0 | -€356 | -100% |
| Stocks | 30/36 | €356 | €0 | -€356 | -100% |
| Amounts receivable within one year | 40/41 | €946 | €0 | -€946 | -100% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €946 | €0 | -€946 | -100% |
| Current investments | 50/53 | €300,000 | €600,000 | +€300,000 | +100% |
| Cash at bank and in hand | 54/58 | €61,794 | €63,486 | +€1,692 | +2.7% |
| Total equity and liabilities | 10/49 | €1,026,948 | €1,097,673 | +€70,725 | +6.9% |
| Equity | 10/15 | €974,541 | €1,041,320 | +€66,779 | +6.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €967,128 | €1,033,906 | +€66,779 | +6.9% |
| Tax-exempt reserves | 132 | €51,274 | €47,333 | -€3,942 | -7.7% |
| Distributable reserves | 133 | €915,854 | €986,574 | +€70,720 | +7.7% |
| Profit (loss) carried forward | 14 | €1,213 | €1,213 | = | 0.0% |
| Provisions and deferred taxes | 16 | €19,091 | €17,778 | -€1,314 | -6.9% |
| Provisions for liabilities and charges | 160/5 | €2,000 | €2,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €2,000 | €2,000 | = | 0.0% |
| Deferred taxes | 168 | €17,091 | €15,778 | -€1,314 | -7.7% |
| Amounts payable | 17/49 | €33,315 | €38,575 | +€5,260 | +15.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €33,315 | €38,575 | +€5,260 | +15.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €110 | €1,041 | +€932 | +848% |
| Suppliers | 440/4 | €110 | €1,041 | +€932 | +848% |
| Taxes, remuneration and social security | 45 | €2,766 | €9,567 | +€6,801 | +246% |
| Taxes | 450/3 | €2,766 | €9,567 | +€6,801 | +246% |
| Other amounts payable | 47/48 | €30,439 | €27,967 | -€2,472 | -8.1% |
| Non-recurring operating income | 76A | €135,083 | €151,704 | +€16,621 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,573 | €24,569 | -€3,004 | -10.9% |
| Other operating charges | 640/8 | €3,860 | €4,903 | +€1,043 | +27.0% |
| Gross operating margin | 9900 | €115,204 | €126,263 | +€11,059 | +9.6% |
| Operating profit (loss) | 9901 | €83,771 | €96,791 | +€13,021 | +15.5% |
| Financial income | 75/76B | €2,689 | €8,141 | +€5,451 | +203% |
| Recurring financial income | 75 | €2,689 | €8,141 | +€5,451 | +203% |
| Financial charges | 65/66B | €4,826 | €126 | -€4,700 | -97.4% |
| Recurring financial charges | 65 | €4,826 | €126 | -€4,700 | -97.4% |
| Profit (loss) for the period before taxes | 9903 | €81,634 | €104,806 | +€23,172 | +28.4% |
| Transfer from deferred taxes | 780 | €1,295 | €1,314 | +€19 | +1.5% |
| Income taxes | 67/77 | €28,428 | €36,009 | +€7,581 | +26.7% |
| Profit (loss) for the period | 9904 | €54,501 | €70,111 | +€15,610 | +28.6% |
| Transfer from tax-exempt reserves | 789 | €3,885 | €3,942 | +€57 | +1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €58,386 | €74,052 | +€15,666 | +26.8% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.