BE-FIN: 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
BE-FIN
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€43,440
2024 · €105,530-€62,090
Equity
€494,034
2024 · €450,593+€43,441
Cash
€3,076
2024 · €4,650-€1,574
Balance sheet total
€3.6m
2024 · €3.3m+€266,584
Largest movements
Assets
- Tangible fixed assets +€129,055
up €129,055 (+7.3%), from €1.8m to €1.9m
of which Land and buildings: +€141,190
- Receivables after one year +€125,000
new in 2025: €125,000
Equity and liabilities
- Debts after one year +€174,730
up €174,730 (+12.4%), from €1.4m to €1.6m
- Other debts +€137,738
up €137,738 (+78.8%), from €174,899 to €312,637
- Short-term financial debts -€100,000
no longer reported in 2025 (was €100,000)
- Accrued charges and deferred income -€57,267
down €57,267 (-11.4%), from €504,172 to €446,905
- Trade debts +€43,664
up €43,664 (+487%), from €8,973 to €52,637
Income statement
- Financial income -€50,962
down €50,962 (-92.5%), from €55,101 to €4,139
- Other operating charges -€44,073
down €44,073 (-86.7%), from €50,819 to €6,746
- Financial charges +€27,551
up €27,551 (+59.8%), from €46,047 to €73,598
- Depreciation +€25,809
up €25,809 (+49.1%), from €52,571 to €78,380
- Taxes +€21,845
up €21,845 (+145%), from €15,066 to €36,911
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
€105,530
Gross operating margin
+€17,841
Depreciation
-€25,809
Other operating charges
+€44,073
Other operating items
+€2,163
Financial income
-€50,962
Financial charges
-€27,551
Taxes
-€21,845
Result 2025
€43,440
raises the resultlowers the resultnot broken down further in the accounts
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
+€126,578
Investment
-€207,435
Financing
+€79,283
Cash 2024
€4,650
From operations (derived)
+€126,578
Net result for the year
+€43,440
Depreciation
+€78,380
Receivables after one year
-€125,000
Receivables within one year
-€14,554
Deferred charges and accrued income
+€451
Provisions
-€4,932
Trade debts
+€43,664
Tax, wage and social debts
+€24,658
Other debts
+€137,738
Accrued charges and deferred income
-€57,267
Investment (derived)
-€207,435
Investment in fixed assets (net)
-€207,435
Financing
+€79,283
Debts after one year
+€174,730
Current portion of long-term debt
+€4,552
Short-term financial debts
-€100,000
Contributions, distributions and other
+€2
Cash 2025
€3,076
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,302,908 | €3,569,492 | +€266,584 | +8.1% |
| Fixed assets | 21/28 | €2,974,231 | €3,103,286 | +€129,055 | +4.3% |
| Tangible fixed assets | 22/27 | €1,780,008 | €1,909,063 | +€129,055 | +7.3% |
| Land and buildings | 22 | €1,711,460 | €1,852,650 | +€141,190 | +8.2% |
| Plant, machinery and equipment | 23 | €3,611 | €3,778 | +€167 | +4.6% |
| Furniture and vehicles | 24 | €63,689 | €52,636 | -€11,053 | -17.4% |
| Other tangible fixed assets | 26 | €1,248 | €0 | -€1,248 | -100.0% |
| Financial fixed assets | 28 | €1,194,223 | €1,194,223 | = | 0.0% |
| Current assets | 29/58 | €328,677 | €466,206 | +€137,529 | +41.8% |
| Amounts receivable after more than one year | 29 | - | €125,000 | +€125,000 | |
| Other amounts receivable | 291 | - | €125,000 | +€125,000 | |
| Amounts receivable within one year | 40/41 | €321,737 | €336,291 | +€14,554 | +4.5% |
| Trade receivables | 40 | €887 | €45,425 | +€44,538 | +5,021% |
| Other amounts receivable | 41 | €320,850 | €290,866 | -€29,984 | -9.3% |
| Cash at bank and in hand | 54/58 | €4,650 | €3,076 | -€1,574 | -33.8% |
| Deferred charges and accrued income | 490/1 | €2,290 | €1,839 | -€451 | -19.7% |
| Total equity and liabilities | 10/49 | €3,302,908 | €3,569,492 | +€266,584 | +8.1% |
| Equity | 10/15 | €450,593 | €494,034 | +€43,441 | +9.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €431,993 | €475,434 | +€43,441 | +10.1% |
| Distributable reserves | 133 | €431,993 | €475,434 | +€43,441 | +10.1% |
| Profit (loss) carried forward | 14 | - | €0 | +€0 | |
| Provisions and deferred taxes | 16 | €523,528 | €518,596 | -€4,932 | -0.9% |
| Provisions for liabilities and charges | 160/5 | €523,528 | €518,596 | -€4,932 | -0.9% |
| Environmental obligations | 163 | €523,528 | €518,596 | -€4,932 | -0.9% |
| Amounts payable | 17/49 | €2,328,787 | €2,556,861 | +€228,074 | +9.8% |
| Amounts payable after more than one year | 17 | €1,404,157 | €1,578,887 | +€174,730 | +12.4% |
| Financial debts | 170/4 | €1,404,157 | €1,578,887 | +€174,730 | +12.4% |
| Amounts payable within one year | 42/48 | €420,458 | €531,069 | +€110,611 | +26.3% |
| Current portion of amounts payable after more than one year | 42 | €121,525 | €126,077 | +€4,552 | +3.7% |
| Financial debts | 43 | €100,000 | - | -€100,000 | |
| Credit institutions | 430/8 | €100,000 | - | -€100,000 | |
| Trade debts | 44 | €8,973 | €52,637 | +€43,664 | +487% |
| Suppliers | 440/4 | €8,973 | €52,637 | +€43,664 | +487% |
| Taxes, remuneration and social security | 45 | €15,061 | €39,719 | +€24,658 | +164% |
| Taxes | 450/3 | €15,061 | €39,719 | +€24,658 | +164% |
| Other amounts payable | 47/48 | €174,899 | €312,637 | +€137,738 | +78.8% |
| Accrued charges and deferred income | 492/3 | €504,172 | €446,905 | -€57,267 | -11.4% |
| Non-recurring operating income | 76A | €6,694 | - | -€6,694 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,571 | €78,380 | +€25,809 | +49.1% |
| Other operating charges | 640/8 | €50,819 | €6,746 | -€44,073 | -86.7% |
| Non-recurring operating charges | 66A | €2,163 | - | -€2,163 | |
| Gross operating margin | 9900 | €217,095 | €234,936 | +€17,841 | +8.2% |
| Operating profit (loss) | 9901 | €111,542 | €149,810 | +€38,268 | +34.3% |
| Financial income | 75/76B | €55,101 | €4,139 | -€50,962 | -92.5% |
| Recurring financial income | 75 | €55,101 | €4,139 | -€50,962 | -92.5% |
| Financial charges | 65/66B | €46,047 | €73,598 | +€27,551 | +59.8% |
| Recurring financial charges | 65 | €46,047 | €73,598 | +€27,551 | +59.8% |
| Profit (loss) for the period before taxes | 9903 | €120,596 | €80,351 | -€40,245 | -33.4% |
| Income taxes | 67/77 | €15,066 | €36,911 | +€21,845 | +145% |
| Profit (loss) for the period | 9904 | €105,530 | €43,440 | -€62,090 | -58.8% |
| Profit (loss) for the period to be appropriated | 9905 | €105,530 | €43,440 | -€62,090 | -58.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.