BEHOLD: what changed
Two fiscal 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
BEHOLD
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€294,027
2024 · €683,070-€389,043
Equity
€15.4m
2024 · €15.1m+€294,027
Cash
€139,389
2024 · €92,922+€46,467
Balance sheet total
€17.3m
2024 · €17.0m+€363,125
Largest movements
Assets
- Receivables within one year +€229,989
up €229,989 (+8.7%), from €2.6m to €2.9m
of which Trade receivables: +€164,947
- Current investments +€179,061
up €179,061 (+31.7%), from €564,707 to €743,767
Equity and liabilities
- Reserves +€294,027
up €294,027 (+3.7%), from €7.9m to €8.2m
Income statement
- Financial income -€430,998
down €430,998 (-51.4%), from €838,838 to €407,841
of which Financial income: -€436,948
- Gross operating margin +€156,798
up €156,798 (+123.5%), from €126,999 to €283,797
- Staff costs +€74,379
up €74,379 (+33.1%), from €224,445 to €298,824
- Financial charges +€39,311
up €39,311 (+92.8%), from €42,353 to €81,664
of which Financial charges: +€25,310
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
€683,070
Gross operating margin
+€156,798
Staff costs
-€74,379
Depreciation
-€612
Other operating charges
+€1,586
Financial income
-€430,998
Financial charges
-€39,311
Taxes
-€2,128
Result 2025
€294,027
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.
From operations
+€156,846
Investment
-€103,281
Financing
-€7,098
Cash 2024
€92,922
From operations (derived)
+€156,846
Net result for the year
+€294,027
Depreciation
+€11,841
Receivables within one year
-€229,989
Deferred charges and accrued income
+€4,772
Trade debts
+€4,008
Tax, wage and social debts
+€37,414
Other debts
+€23,244
Accrued charges and deferred income
+€11,529
Investment (derived)
-€103,281
Investment in fixed assets (net)
+€75,779
Current investments
-€179,061
Financing
-€7,098
Debts after one year
-€7,276
Current portion of long-term debt
+€178
Cash 2025
€139,389
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,983,940 | €17,347,065 | +€363,125 | +2.1% |
| Fixed assets | 21/28 | €12,503,948 | €12,416,328 | -€87,621 | -0.7% |
| Tangible fixed assets | 22/27 | €33,084 | €16,213 | -€16,871 | -51.0% |
| Furniture and vehicles | 24 | €33,084 | €16,213 | -€16,871 | -51.0% |
| Financial fixed assets | 28 | €12,470,864 | €12,400,114 | -€70,750 | -0.6% |
| Current assets | 29/58 | €4,479,992 | €4,930,737 | +€450,745 | +10.1% |
| Amounts receivable after more than one year | 29 | €1,110,000 | €1,110,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,110,000 | €1,110,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,637,294 | €2,867,284 | +€229,989 | +8.7% |
| Trade receivables | 40 | €421,597 | €586,544 | +€164,947 | +39.1% |
| Other amounts receivable | 41 | €2,215,697 | €2,280,740 | +€65,043 | +2.9% |
| Current investments | 50/53 | €564,707 | €743,767 | +€179,061 | +31.7% |
| Cash at bank and in hand | 54/58 | €92,922 | €139,389 | +€46,467 | +50.0% |
| Deferred charges and accrued income | 490/1 | €75,070 | €70,298 | -€4,772 | -6.4% |
| Total equity and liabilities | 10/49 | €16,983,940 | €17,347,065 | +€363,125 | +2.1% |
| Equity | 10/15 | €15,149,694 | €15,443,721 | +€294,027 | +1.9% |
| Contributions | 10/11 | €7,278,856 | €7,278,856 | = | 0.0% |
| Reserves | 13 | €7,870,838 | €8,164,865 | +€294,027 | +3.7% |
| Distributable reserves | 133 | €7,870,838 | €8,164,865 | +€294,027 | +3.7% |
| Amounts payable | 17/49 | €1,834,247 | €1,903,345 | +€69,098 | +3.8% |
| Amounts payable after more than one year | 17 | €10,361 | €3,085 | -€7,276 | -70.2% |
| Financial debts | 170/4 | €10,361 | €3,085 | -€7,276 | -70.2% |
| Amounts payable within one year | 42/48 | €1,807,282 | €1,872,126 | +€64,844 | +3.6% |
| Current portion of amounts payable after more than one year | 42 | €7,098 | €7,276 | +€178 | +2.5% |
| Financial debts | 43 | €450,000 | €450,000 | = | 0.0% |
| Credit institutions | 430/8 | €450,000 | €450,000 | = | 0.0% |
| Trade debts | 44 | €1,441 | €5,449 | +€4,008 | +278.1% |
| Suppliers | 440/4 | €1,441 | €5,449 | +€4,008 | +278.1% |
| Taxes, remuneration and social security | 45 | €58,758 | €96,172 | +€37,414 | +63.7% |
| Taxes | 450/3 | €13,032 | €54,729 | +€41,698 | +320.0% |
| Remuneration and social security | 454/9 | €45,726 | €41,443 | -€4,283 | -9.4% |
| Other amounts payable | 47/48 | €1,289,985 | €1,313,229 | +€23,244 | +1.8% |
| Accrued charges and deferred income | 492/3 | €16,604 | €28,133 | +€11,529 | +69.4% |
| Non-recurring operating income | 76A | - | €10,272 | +€10,272 | |
| Remuneration, social security and pensions | 62 | €224,445 | €298,824 | +€74,379 | +33.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,229 | €11,841 | +€612 | +5.4% |
| Other operating charges | 640/8 | €3,997 | €2,411 | -€1,586 | -39.7% |
| Gross operating margin | 9900 | €126,999 | €283,797 | +€156,798 | +123.5% |
| Operating profit (loss) | 9901 | -€112,673 | -€29,280 | +€83,393 | +74.0% |
| Financial income | 75/76B | €838,838 | €407,841 | -€430,998 | -51.4% |
| Recurring financial income | 75 | €838,838 | €401,890 | -€436,948 | -52.1% |
| Non-recurring financial income | 76B | - | €5,951 | +€5,951 | |
| Financial charges | 65/66B | €42,353 | €81,664 | +€39,311 | +92.8% |
| Recurring financial charges | 65 | €42,353 | €67,664 | +€25,310 | +59.8% |
| Non-recurring financial charges | 66B | - | €14,000 | +€14,000 | |
| Profit (loss) for the period before taxes | 9903 | €683,812 | €296,897 | -€386,915 | -56.6% |
| Income taxes | 67/77 | €742 | €2,870 | +€2,128 | +286.6% |
| Profit (loss) for the period | 9904 | €683,070 | €294,027 | -€389,043 | -57.0% |
| Profit (loss) for the period to be appropriated | 9905 | €683,070 | €294,027 | -€389,043 | -57.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.