2HVS: 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.
What changed
2HVS
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.7m
2024 · -€197,031+€1.9m
Equity
€3.3m
2024 · €1.6m+€1.7m
Cash
€47,900
2024 · €46,077+€1,823
Balance sheet total
€10.2m
2024 · €10.2m-€2,575
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Reserves +€1.5m
new in 2025: €1.5m
of which Distributable reserves: +€1.3m
- Debts after one year -€1.2m
down €1.2m (-23.3%), from €5.1m to €3.9m
- Current portion of long-term debt -€882,607
down €882,607 (-28.3%), from €3.1m to €2.2m
- Short-term financial debts +€415,593
up €415,593 (+117%), from €356,500 to €772,093
- Profit (loss) carried forward +€197,031
up €197,031, from -€197,031 to €0
Income statement
- Financial income +€1.7m
new in 2025: €1.7m
- Turnover +€291,300
up €291,300 (+100%), from €291,300 to €582,600
- Depreciation -€148,161
down €148,161 (-100%), from €148,161 to €0
- Services and other goods +€141,364
up €141,364 (+82.9%), from €170,475 to €311,839
- Financial charges +€101,875
up €101,875 (+60.2%), from €169,251 to €271,126
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
-€197,031
Turnover
+€291,300
Services and other goods
-€141,364
Depreciation
+€148,161
Other operating charges
-€211
Financial income
+€1.7m
Financial charges
-€101,875
Result 2025
€1.7m
raises the resultlowers the result
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.
From operations
+€1.7m
Investment
€0
Financing
-€1.7m
Cash 2024
€46,077
From operations (derived)
+€1.7m
Net result for the year
+€1.7m
Receivables within one year
+€4,338
Smaller working-capital items
+€3,999
Tax, wage and social debts
-€14,083
Accrued charges and deferred income
-€39,475
Financing
-€1.7m
Debts after one year
-€1.2m
Current portion of long-term debt
-€882,607
Short-term financial debts
+€415,593
Cash 2025
€47,900
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,219,882 | €10,217,307 | -€2,575 | 0.0% |
| Fixed assets | 21/28 | €10,115,000 | €10,115,000 | = | 0.0% |
| Financial fixed assets | 28 | €10,115,000 | €10,115,000 | = | 0.0% |
| Affiliated companies | 280/1 | €10,115,000 | €10,115,000 | = | 0.0% |
| Participating interests | 280 | €10,115,000 | €10,115,000 | = | 0.0% |
| Current assets | 29/58 | €104,882 | €102,307 | -€2,575 | -2.5% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €58,746 | €54,407 | -€4,338 | -7.4% |
| Trade receivables | 40 | €58,746 | €48,550 | -€10,196 | -17.4% |
| Other amounts receivable | 41 | - | €5,857 | +€5,857 | |
| Cash at bank and in hand | 54/58 | €46,077 | €47,900 | +€1,823 | +4.0% |
| Deferred charges and accrued income | 490/1 | €59 | €0 | -€59 | -100% |
| Total equity and liabilities | 10/49 | €10,219,882 | €10,217,307 | -€2,575 | 0.0% |
| Equity | 10/15 | €1,552,969 | €3,251,950 | +€1.7m | +109% |
| Contributions | 10/11 | €1,750,000 | €1,750,000 | = | 0.0% |
| Capital | 10 | €1,750,000 | €1,750,000 | = | 0.0% |
| Issued capital | 100 | €1,750,000 | €1,750,000 | = | 0.0% |
| Reserves | 13 | - | €1,501,950 | +€1.5m | |
| Non-distributable reserves | 130/1 | - | €175,000 | +€175,000 | |
| Legal reserve | 130 | - | €175,000 | +€175,000 | |
| Distributable reserves | 133 | - | €1,326,950 | +€1.3m | |
| Profit (loss) carried forward | 14 | -€197,031 | €0 | +€197,031 | |
| Amounts payable | 17/49 | €8,666,913 | €6,965,357 | -€1.7m | -19.6% |
| Amounts payable after more than one year | 17 | €5,080,202 | €3,895,279 | -€1.2m | -23.3% |
| Financial debts | 170/4 | €5,080,202 | €3,895,279 | -€1.2m | -23.3% |
| Subordinated loans | 170 | €800,000 | €0 | -€800,000 | -100% |
| Credit institutions | 173 | €2,665,202 | €2,231,506 | -€433,697 | -16.3% |
| Other loans | 174 | €1,615,000 | €1,663,773 | +€48,773 | +3.0% |
| Amounts payable within one year | 42/48 | €3,517,877 | €3,040,720 | -€477,157 | -13.6% |
| Current portion of amounts payable after more than one year | 42 | €3,116,304 | €2,233,697 | -€882,607 | -28.3% |
| Financial debts | 43 | €356,500 | €772,093 | +€415,593 | +117% |
| Other loans | 439 | €356,500 | €772,093 | +€415,593 | +117% |
| Trade debts | 44 | €30,990 | €34,931 | +€3,940 | +12.7% |
| Suppliers | 440/4 | €30,990 | €34,931 | +€3,940 | +12.7% |
| Taxes, remuneration and social security | 45 | €14,083 | €0 | -€14,083 | -100% |
| Taxes | 450/3 | €14,083 | €0 | -€14,083 | -100% |
| Accrued charges and deferred income | 492/3 | €68,833 | €29,358 | -€39,475 | -57.3% |
| Operating income | 70/76A | €291,300 | €582,600 | +€291,300 | +100% |
| Turnover | 70 | €291,300 | €582,600 | +€291,300 | +100% |
| Operating charges | 60/66A | €319,080 | €312,493 | -€6,587 | -2.1% |
| Services and other goods | 61 | €170,475 | €311,839 | +€141,364 | +82.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €148,161 | €0 | -€148,161 | -100% |
| Other operating charges | 640/8 | €443 | €654 | +€211 | +47.5% |
| Operating profit (loss) | 9901 | -€27,780 | €270,107 | +€297,887 | |
| Financial income | 75/76B | - | €1,700,000 | +€1.7m | |
| Recurring financial income | 75 | - | €1,700,000 | +€1.7m | |
| Income from financial fixed assets | 750 | - | €1,700,000 | +€1.7m | |
| Financial charges | 65/66B | €169,251 | €271,126 | +€101,875 | +60.2% |
| Recurring financial charges | 65 | €169,251 | €271,126 | +€101,875 | +60.2% |
| Debt charges | 650 | €168,445 | €270,802 | +€102,357 | +60.8% |
| Other financial charges | 652/9 | €806 | €324 | -€482 | -59.8% |
| Profit (loss) for the period before taxes | 9903 | -€197,031 | €1,698,981 | +€1.9m | |
| Profit (loss) for the period | 9904 | -€197,031 | €1,698,981 | +€1.9m | |
| Profit (loss) for the period to be appropriated | 9905 | -€197,031 | €1,698,981 | +€1.9m |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.