ACTIVE HOLIDAYS: 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.
ACTIVE HOLIDAYS
Largest movements
- Receivables within one year +€110,052
up €110,052 (+34.3%), from €320,434 to €430,486
of which Trade receivables: +€100,011
- Deferred charges and accrued income -€96,317
down €96,317 (-15.0%), from €642,391 to €546,074
- Cash +€91,906
up €91,906 (+31.1%), from €295,438 to €387,345
mainly Deferred charges and accrued income (+€96,317) and Trade debts (+€53,430)
- Trade debts +€53,430
up €53,430 (+29.8%), from €179,412 to €232,842
- Accrued charges and deferred income +€45,274
up €45,274 (+6.0%), from €757,435 to €802,709
- Reserves +€39,774
up €39,774 (+15.3%), from €260,116 to €299,890
of which Distributable reserves: +€46,355
- Debts after one year -€33,128
down €33,128 (-10.8%), from €306,552 to €273,424
- Gross operating margin +€92,474
up €92,474 (+43.1%), from €214,352 to €306,826
- Staff costs +€63,384
up €63,384 (+51.4%), from €123,306 to €186,689
- Depreciation -€30,596
down €30,596 (-36.7%), from €83,339 to €52,744
- Taxes +€17,354
up €17,354 (+364.3%), from €4,764 to €22,118
- Financial charges -€4,258
down €4,258 (-21.8%), from €19,532 to €15,274
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,649,629 | €1,747,830 | +€98,201 | +6.0% |
| Fixed assets | 21/28 | €388,701 | €381,260 | -€7,441 | -1.9% |
| Tangible fixed assets | 22/27 | €373,490 | €366,049 | -€7,441 | -2.0% |
| Land and buildings | 22 | €353,997 | €351,046 | -€2,951 | -0.8% |
| Plant, machinery and equipment | 23 | €6,762 | €5,983 | -€780 | -11.5% |
| Furniture and vehicles | 24 | €12,731 | €9,021 | -€3,710 | -29.1% |
| Financial fixed assets | 28 | €15,211 | €15,211 | = | 0.0% |
| Current assets | 29/58 | €1,260,929 | €1,366,570 | +€105,642 | +8.4% |
| Amounts receivable within one year | 40/41 | €320,434 | €430,486 | +€110,052 | +34.3% |
| Trade receivables | 40 | €1,088 | €101,099 | +€100,011 | +9193.9% |
| Other amounts receivable | 41 | €319,346 | €329,387 | +€10,041 | +3.1% |
| Current investments | 50/53 | €2,666 | €2,666 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €295,438 | €387,345 | +€91,906 | +31.1% |
| Deferred charges and accrued income | 490/1 | €642,391 | €546,074 | -€96,317 | -15.0% |
| Total equity and liabilities | 10/49 | €1,649,629 | €1,747,830 | +€98,201 | +6.0% |
| Equity | 10/15 | €291,102 | €330,877 | +€39,774 | +13.7% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €260,116 | €299,890 | +€39,774 | +15.3% |
| Tax-exempt reserves | 132 | €187,854 | €181,273 | -€6,581 | -3.5% |
| Distributable reserves | 133 | €72,262 | €118,617 | +€46,355 | +64.1% |
| Provisions and deferred taxes | 16 | €47,858 | €45,038 | -€2,820 | -5.9% |
| Deferred taxes | 168 | €47,858 | €45,038 | -€2,820 | -5.9% |
| Amounts payable | 17/49 | €1,310,669 | €1,371,916 | +€61,247 | +4.7% |
| Amounts payable after more than one year | 17 | €306,552 | €273,424 | -€33,128 | -10.8% |
| Financial debts | 170/4 | €306,552 | €273,424 | -€33,128 | -10.8% |
| Amounts payable within one year | 42/48 | €246,682 | €295,783 | +€49,101 | +19.9% |
| Current portion of amounts payable after more than one year | 42 | €42,580 | €36,073 | -€6,507 | -15.3% |
| Financial debts | 43 | €10,791 | - | -€10,791 | |
| Other loans | 439 | €10,791 | - | -€10,791 | |
| Trade debts | 44 | €179,412 | €232,842 | +€53,430 | +29.8% |
| Suppliers | 440/4 | €179,412 | €232,842 | +€53,430 | +29.8% |
| Taxes, remuneration and social security | 45 | €13,899 | €26,867 | +€12,968 | +93.3% |
| Taxes | 450/3 | €13,899 | €26,867 | +€12,968 | +93.3% |
| Accrued charges and deferred income | 492/3 | €757,435 | €802,709 | +€45,274 | +6.0% |
| Remuneration, social security and pensions | 62 | €123,306 | €186,689 | +€63,384 | +51.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,339 | €52,744 | -€30,596 | -36.7% |
| Other operating charges | 640/8 | €4,643 | €2,360 | -€2,283 | -49.2% |
| Gross operating margin | 9900 | €214,352 | €306,826 | +€92,474 | +43.1% |
| Operating profit (loss) | 9901 | €3,064 | €65,033 | +€61,968 | +2022.2% |
| Financial income | 75/76B | €8,892 | €9,313 | +€421 | +4.7% |
| Recurring financial income | 75 | €8,892 | €9,313 | +€421 | +4.7% |
| Financial charges | 65/66B | €19,532 | €15,274 | -€4,258 | -21.8% |
| Recurring financial charges | 65 | €19,532 | €15,274 | -€4,258 | -21.8% |
| Profit (loss) for the period before taxes | 9903 | -€7,575 | €59,072 | +€66,646 | |
| Transfer from deferred taxes | 780 | €2,820 | €2,820 | = | 0.0% |
| Income taxes | 67/77 | €4,764 | €22,118 | +€17,354 | +364.3% |
| Profit (loss) for the period | 9904 | -€9,519 | €39,774 | +€49,293 | |
| Transfer from tax-exempt reserves | 789 | €6,581 | €6,581 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,938 | €46,355 | +€49,293 |
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 12 October 2026 via checked.be.