A-GROUP: 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
A-GROUP
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4.9m
2024 · €2.1m+€2.9m
Equity
€5.4m
2024 · €414,822+€4.9m
Cash
€2.0m
2024 · €78,744+€1.9m
Balance sheet total
€27.4m
2024 · €15.7m+€11.6m
Largest movements
Assets
- Financial fixed assets +€4.8m
up €4.8m (+41.2%), from €11.6m to €16.4m
of which Affiliated companies: +€4.8m
- Receivables within one year +€4.7m
up €4.7m (+1,734%), from €271,019 to €5.0m
of which Other amounts receivable: +€4.0m
- Cash +€1.9m
up €1.9m (+2,402%), from €78,744 to €2.0m
mainly Net result for the year (+€4.9m) and Other debts (+€2.8m)
Equity and liabilities
- Reserves +€5.0m
up €5.0m (+3,300%), from €150,000 to €5.1m
- Other debts +€2.8m
up €2.8m (+24.5%), from €11.3m to €14.1m
- Debts after one year +€2.1m
up €2.1m (+64.3%), from €3.3m to €5.5m
of which Financial debts: +€2.1m
- Short-term financial debts +€1.3m
new in 2025: €1.3m
- Current portion of long-term debt +€343,905
up €343,905 (+56.2%), from €611,531 to €955,436
Income statement
- Financial income +€1.7m
up €1.7m (+42.3%), from €3.9m to €5.6m
- Financial charges -€1.1m
down €1.1m (-66.2%), from €1.7m to €586,443
of which Non-recurring financial charges: -€1.5m
- Turnover +€584,708
up €584,708 (+11,694%), from €5,000 to €589,708
- Services and other goods +€307,813
up €307,813 (+486%), from €63,391 to €371,204
- Staff costs +€179,600
up €179,600 (+452%), from €39,750 to €219,351
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
€2.1m
Turnover
+€584,708
Other operating income
+€2,999
Goods and materials
-€14,810
Services and other goods
-€307,813
Staff costs
-€179,600
Other operating charges
-€2,787
Financial income
+€1.7m
Financial charges
+€1.1m
Taxes
+€525
Result 2025
€4.9m
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
+€3.2m
Investment
-€5.1m
Financing
+€3.8m
Cash 2024
€78,744
From operations (derived)
+€3.2m
Net result for the year
+€4.9m
Depreciation
+€30,250
Smaller working-capital items
-€3,095
Receivables within one year
-€4.7m
Tax, wage and social debts
+€79,601
Other debts
+€2.8m
Accrued charges and deferred income
+€37,376
Investment (derived)
-€5.1m
Investment in fixed assets (net)
-€4.8m
Current investments
-€257,962
Financing
+€3.8m
Debts after one year
+€2.1m
Current portion of long-term debt
+€343,905
Short-term financial debts
+€1.3m
Cash 2025
€2.0m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,734,617 | €27,360,346 | +€11.6m | +73.9% |
| Formation expenses | 20 | €44,488 | €14,238 | -€30,250 | -68.0% |
| Fixed assets | 21/28 | €11,637,439 | €16,437,439 | +€4.8m | +41.2% |
| Financial fixed assets | 28 | €11,637,439 | €16,437,439 | +€4.8m | +41.2% |
| Affiliated companies | 280/1 | €11,637,379 | €16,437,379 | +€4.8m | +41.2% |
| Participating interests | 280 | €11,637,379 | €16,437,379 | +€4.8m | +41.2% |
| Other financial fixed assets | 284/8 | €60 | €60 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €4,052,690 | €10,908,669 | +€6.9m | +169% |
| Stocks and contracts in progress | 3 | €0 | €291 | +€291 | |
| Stocks | 30/36 | - | €291 | +€291 | |
| Goods purchased for resale | 34 | - | €291 | +€291 | |
| Amounts receivable within one year | 40/41 | €271,019 | €4,971,452 | +€4.7m | +1,734% |
| Trade receivables | 40 | €6,382 | €713,547 | +€707,165 | +11,081% |
| Other amounts receivable | 41 | €264,637 | €4,257,905 | +€4.0m | +1,509% |
| Current investments | 50/53 | €3,701,325 | €3,959,287 | +€257,962 | +7.0% |
| Other investments | 51/53 | €3,701,325 | €3,959,287 | +€257,962 | +7.0% |
| Cash at bank and in hand | 54/58 | €78,744 | €1,970,517 | +€1.9m | +2,402% |
| Deferred charges and accrued income | 490/1 | €1,603 | €7,122 | +€5,518 | +344% |
| Total equity and liabilities | 10/49 | €15,734,617 | €27,360,346 | +€11.6m | +73.9% |
| Equity | 10/15 | €414,822 | €5,353,090 | +€4.9m | +1,190% |
| Contributions | 10/11 | €227,193 | €227,193 | = | 0.0% |
| Reserves | 13 | €150,000 | €5,100,000 | +€5.0m | +3,300% |
| Distributable reserves | 133 | €150,000 | €5,100,000 | +€5.0m | +3,300% |
| Profit (loss) carried forward | 14 | €37,629 | €25,897 | -€11,732 | -31.2% |
| Amounts payable | 17/49 | €15,319,795 | €22,007,255 | +€6.7m | +43.7% |
| Amounts payable after more than one year | 17 | €3,334,817 | €5,479,381 | +€2.1m | +64.3% |
| Financial debts | 170/4 | €1,738,578 | €3,883,142 | +€2.1m | +123% |
| Credit institutions | 173 | €1,738,578 | €3,683,142 | +€1.9m | +112% |
| Other loans | 174 | €0 | €200,000 | +€200,000 | |
| Other amounts payable | 178/9 | €1,596,239 | €1,596,239 | = | 0.0% |
| Amounts payable within one year | 42/48 | €11,984,979 | €16,490,499 | +€4.5m | +37.6% |
| Current portion of amounts payable after more than one year | 42 | €611,531 | €955,436 | +€343,905 | +56.2% |
| Financial debts | 43 | - | €1,300,000 | +€1.3m | |
| Credit institutions | 430/8 | - | €1,300,000 | +€1.3m | |
| Trade debts | 44 | €24,586 | €27,300 | +€2,714 | +11.0% |
| Suppliers | 440/4 | €24,586 | €27,300 | +€2,714 | +11.0% |
| Taxes, remuneration and social security | 45 | €9,978 | €89,579 | +€79,601 | +798% |
| Taxes | 450/3 | - | €63,403 | +€63,403 | |
| Remuneration and social security | 454/9 | €9,978 | €26,176 | +€16,198 | +162% |
| Other amounts payable | 47/48 | €11,338,884 | €14,118,184 | +€2.8m | +24.5% |
| Accrued charges and deferred income | 492/3 | €0 | €37,376 | +€37,376 | |
| Operating income | 70/76A | €5,250 | €592,957 | +€587,707 | +11,194% |
| Turnover | 70 | €5,000 | €589,708 | +€584,708 | +11,694% |
| Other operating income | 74 | €250 | €3,249 | +€2,999 | +1,199% |
| Operating charges | 60/66A | €136,031 | €641,040 | +€505,009 | +371% |
| Goods for resale, raw materials and consumables | 60 | €2,066 | €16,875 | +€14,810 | +717% |
| Purchases | 600/8 | €2,066 | €17,166 | +€15,101 | +731% |
| Change in stocks: decrease (increase) | 609 | - | -€291 | -€291 | |
| Services and other goods | 61 | €63,391 | €371,204 | +€307,813 | +486% |
| Remuneration, social security and pensions | 62 | €39,750 | €219,351 | +€179,600 | +452% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,250 | €30,250 | = | 0.0% |
| Other operating charges | 640/8 | €574 | €3,360 | +€2,787 | +486% |
| Operating profit (loss) | 9901 | -€130,781 | -€48,083 | +€82,697 | +63.2% |
| Financial income | 75/76B | €3,915,957 | €5,572,717 | +€1.7m | +42.3% |
| Recurring financial income | 75 | €3,915,957 | €5,572,717 | +€1.7m | +42.3% |
| Income from financial fixed assets | 750 | €3,895,000 | €5,395,783 | +€1.5m | +38.5% |
| Income from current assets | 751 | €20,957 | €173,199 | +€152,242 | +726% |
| Other financial income | 752/9 | - | €3,735 | +€3,735 | |
| Financial charges | 65/66B | €1,733,973 | €586,443 | -€1.1m | -66.2% |
| Recurring financial charges | 65 | €233,973 | €586,443 | +€352,470 | +151% |
| Debt charges | 650 | €233,029 | €414,772 | +€181,743 | +78.0% |
| Other financial charges | 652/9 | €944 | €171,671 | +€170,727 | +18,085% |
| Non-recurring financial charges | 66B | €1,500,000 | €0 | -€1.5m | -100% |
| Profit (loss) for the period before taxes | 9903 | €2,051,203 | €4,938,190 | +€2.9m | +141% |
| Income taxes | 67/77 | €447 | -€78 | -€525 | |
| Taxes | 670/3 | €568 | €490 | -€78 | -13.8% |
| Tax adjustments and reversals of tax provisions | 77 | €120 | €568 | +€447 | +372% |
| Profit (loss) for the period | 9904 | €2,050,755 | €4,938,268 | +€2.9m | +141% |
| Profit (loss) for the period to be appropriated | 9905 | €2,050,755 | €4,938,268 | +€2.9m | +141% |
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 15 October 2026 via checked.be.