Alexandre Holvoet: 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.
Alexandre Holvoet
Largest movements
- Cash +€103,940
up €103,940 (+1057.5%), from €9,829 to €113,769
mainly Other debts (+€113,309) and Net result for the year (+€84,468)
- Tangible fixed assets -€16,979
down €16,979 (-31.0%), from €54,815 to €37,836
of which Furniture and vehicles: -€12,233
- Receivables within one year +€5,222
new in 2025: €5,222
- Other debts +€113,309
up €113,309 (+496.7%), from €22,815 to €136,124
- Reserves -€26,452
no longer reported in 2025 (was €26,452)
- Tax, wage and social debts +€4,391
up €4,391 (+40.8%), from €10,753 to €15,143
- Gross operating margin +€12,004
up €12,004 (+9.8%), from €122,196 to €134,200
- Taxes +€3,068
up €3,068 (+10.7%), from €28,542 to €31,610
- Depreciation -€2,741
down €2,741 (-13.9%), from €19,720 to €16,979
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 | €65,392 | €157,421 | +€92,029 | +140.7% |
| Fixed assets | 21/28 | €54,815 | €37,836 | -€16,979 | -31.0% |
| Tangible fixed assets | 22/27 | €54,815 | €37,836 | -€16,979 | -31.0% |
| Furniture and vehicles | 24 | €16,779 | €4,546 | -€12,233 | -72.9% |
| Other tangible fixed assets | 26 | €38,036 | €33,290 | -€4,746 | -12.5% |
| Current assets | 29/58 | €10,577 | €119,585 | +€109,008 | +1030.6% |
| Amounts receivable within one year | 40/41 | - | €5,222 | +€5,222 | |
| Trade receivables | 40 | - | €5,222 | +€5,222 | |
| Cash at bank and in hand | 54/58 | €9,829 | €113,769 | +€103,940 | +1057.5% |
| Deferred charges and accrued income | 490/1 | €749 | €595 | -€154 | -20.6% |
| Total equity and liabilities | 10/49 | €65,392 | €157,421 | +€92,029 | +140.7% |
| Equity | 10/15 | €29,452 | €3,000 | -€26,452 | -89.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €26,452 | - | -€26,452 | |
| Distributable reserves | 133 | €26,452 | - | -€26,452 | |
| Amounts payable | 17/49 | €35,941 | €154,421 | +€118,481 | +329.7% |
| Amounts payable within one year | 42/48 | €35,941 | €154,421 | +€118,481 | +329.7% |
| Trade debts | 44 | €2,373 | €3,154 | +€781 | +32.9% |
| Suppliers | 440/4 | €2,373 | €3,154 | +€781 | +32.9% |
| Taxes, remuneration and social security | 45 | €10,753 | €15,143 | +€4,391 | +40.8% |
| Taxes | 450/3 | €10,753 | €15,143 | +€4,391 | +40.8% |
| Other amounts payable | 47/48 | €22,815 | €136,124 | +€113,309 | +496.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,720 | €16,979 | -€2,741 | -13.9% |
| Other operating charges | 640/8 | €945 | €1,076 | +€132 | +13.9% |
| Gross operating margin | 9900 | €122,196 | €134,200 | +€12,004 | +9.8% |
| Operating profit (loss) | 9901 | €101,531 | €116,145 | +€14,613 | +14.4% |
| Financial income | 75/76B | €294 | €0 | -€294 | -100.0% |
| Recurring financial income | 75 | €294 | €0 | -€294 | -100.0% |
| Financial charges | 65/66B | €44 | €67 | +€23 | +51.9% |
| Recurring financial charges | 65 | €44 | €67 | +€23 | +51.9% |
| Profit (loss) for the period before taxes | 9903 | €101,781 | €116,078 | +€14,296 | +14.0% |
| Income taxes | 67/77 | €28,542 | €31,610 | +€3,068 | +10.7% |
| Profit (loss) for the period | 9904 | €73,239 | €84,468 | +€11,229 | +15.3% |
| Profit (loss) for the period to be appropriated | 9905 | €73,239 | €84,468 | +€11,229 | +15.3% |
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.