51N4E - HOLDING: 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.
51N4E - HOLDING
Largest movements
- Intangible fixed assets +€279,010
new in 2025: €279,010
- Tangible fixed assets -€224,559
down €224,559 (-100%), from €224,559 to €0
- Receivables within one year +€206,248
up €206,248 (+1,682%), from €12,266 to €218,513
of which Trade receivables: +€104,747
- Reserves +€541,858
up €541,858 (+73.8%), from €734,141 to €1.3m
- Other debts -€165,878
down €165,878 (-25.0%), from €663,512 to €497,634
- Trade debts -€126,599
down €126,599 (-54.6%), from €232,072 to €105,473
- Financial income -€123,592
down €123,592 (-18.6%), from €662,732 to €539,139
- Gross operating margin +€75,853
up €75,853, from -€29,828 to €46,025
- Depreciation +€35,321
new in 2025: €35,321
- Taxes -€11,608
new in 2025: -€11,608
- Financial charges -€5,419
down €5,419 (-22.6%), from €24,014 to €18,595
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 | €1,684,042 | €1,940,118 | +€256,076 | +15.2% |
| Fixed assets | 21/28 | €1,121,029 | €1,175,481 | +€54,452 | +4.9% |
| Intangible fixed assets | 21 | - | €279,010 | +€279,010 | |
| Tangible fixed assets | 22/27 | €224,559 | €0 | -€224,559 | -100% |
| Assets under construction and advance payments | 27 | €224,559 | €0 | -€224,559 | -100% |
| Financial fixed assets | 28 | €896,471 | €896,471 | = | 0.0% |
| Current assets | 29/58 | €563,013 | €764,637 | +€201,624 | +35.8% |
| Amounts receivable within one year | 40/41 | €12,266 | €218,513 | +€206,248 | +1,682% |
| Trade receivables | 40 | €11,117 | €115,864 | +€104,747 | +942% |
| Other amounts receivable | 41 | €1,148 | €102,649 | +€101,501 | +8,839% |
| Cash at bank and in hand | 54/58 | €550,747 | €546,124 | -€4,623 | -0.8% |
| Total equity and liabilities | 10/49 | €1,684,042 | €1,940,118 | +€256,076 | +15.2% |
| Equity | 10/15 | €752,831 | €1,294,689 | +€541,858 | +72.0% |
| Contributions | 10/11 | €18,690 | €18,690 | = | 0.0% |
| Reserves | 13 | €734,141 | €1,275,999 | +€541,858 | +73.8% |
| Distributable reserves | 133 | €734,141 | €1,275,999 | +€541,858 | +73.8% |
| Amounts payable | 17/49 | €931,211 | €645,429 | -€285,782 | -30.7% |
| Amounts payable within one year | 42/48 | €907,335 | €603,107 | -€304,227 | -33.5% |
| Trade debts | 44 | €232,072 | €105,473 | -€126,599 | -54.6% |
| Suppliers | 440/4 | €232,072 | €105,473 | -€126,599 | -54.6% |
| Taxes, remuneration and social security | 45 | €11,750 | €0 | -€11,750 | -100% |
| Taxes | 450/3 | €11,750 | €0 | -€11,750 | -100% |
| Other amounts payable | 47/48 | €663,512 | €497,634 | -€165,878 | -25.0% |
| Accrued charges and deferred income | 492/3 | €23,876 | €42,322 | +€18,446 | +77.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €35,321 | +€35,321 | |
| Other operating charges | 640/8 | €387 | €998 | +€611 | +158% |
| Gross operating margin | 9900 | -€29,828 | €46,025 | +€75,853 | |
| Operating profit (loss) | 9901 | -€30,215 | €9,705 | +€39,921 | |
| Financial income | 75/76B | €662,732 | €539,139 | -€123,592 | -18.6% |
| Recurring financial income | 75 | €662,732 | €539,139 | -€123,592 | -18.6% |
| Financial charges | 65/66B | €24,014 | €18,595 | -€5,419 | -22.6% |
| Recurring financial charges | 65 | €24,014 | €18,595 | -€5,419 | -22.6% |
| Profit (loss) for the period before taxes | 9903 | €608,502 | €530,250 | -€78,252 | -12.9% |
| Income taxes | 67/77 | - | -€11,608 | -€11,608 | |
| Profit (loss) for the period | 9904 | €608,502 | €541,858 | -€66,644 | -11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €608,502 | €541,858 | -€66,644 | -11.0% |
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 14 October 2026 via checked.be.