BELHOLD: 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
BELHOLD
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€20,001
2024 · €13,601+€6,400
Equity
€4.1m
2024 · €4.1m+€20,001
Cash
€20,203
2024 · €21,752-€1,549
Balance sheet total
€4.4m
2024 · €4.4m+€12,266
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin +€14,981
up €14,981 (+7.2%), from €209,113 to €224,094
- Staff costs +€5,843
up €5,843 (+3.1%), from €188,862 to €194,705
- Financial charges +€4,416
up €4,416 (+415.9%), from €1,062 to €5,478
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
€13,601
Gross operating margin
+€14,981
Staff costs
-€5,843
Depreciation
+€1,242
Other operating charges
+€29
Financial income
+€431
Financial charges
-€4,416
Taxes
-€24
Result 2025
€20,001
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
+€7,287
Investment
-€1,172
Financing
-€7,663
Cash 2024
€21,752
From operations (derived)
+€7,287
Net result for the year
+€20,001
Depreciation
+€1,518
Receivables within one year
-€5,252
Deferred charges and accrued income
-€8,909
Trade debts
-€10,094
Tax, wage and social debts
+€10,209
Other debts
-€55
Accrued charges and deferred income
-€132
Investment (derived)
-€1,172
Investment in fixed assets (net)
-€1,172
Financing
-€7,663
Current portion of long-term debt
-€7,663
Cash 2025
€20,203
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,407,043 | €4,419,310 | +€12,266 | +0.3% |
| Fixed assets | 21/28 | €4,290,841 | €4,290,496 | -€346 | 0.0% |
| Tangible fixed assets | 22/27 | €2,010 | €1,665 | -€346 | -17.2% |
| Furniture and vehicles | 24 | €2,010 | €1,665 | -€346 | -17.2% |
| Financial fixed assets | 28 | €4,288,831 | €4,288,831 | = | 0.0% |
| Current assets | 29/58 | €116,202 | €128,814 | +€12,612 | +10.9% |
| Amounts receivable within one year | 40/41 | €88,263 | €93,515 | +€5,252 | +6.0% |
| Trade receivables | 40 | €285 | €285 | = | 0.0% |
| Other amounts receivable | 41 | €87,978 | €93,231 | +€5,252 | +6.0% |
| Cash at bank and in hand | 54/58 | €21,752 | €20,203 | -€1,549 | -7.1% |
| Deferred charges and accrued income | 490/1 | €6,187 | €15,095 | +€8,909 | +144.0% |
| Total equity and liabilities | 10/49 | €4,407,043 | €4,419,310 | +€12,266 | +0.3% |
| Equity | 10/15 | €4,117,552 | €4,137,554 | +€20,001 | +0.5% |
| Contributions | 10/11 | €1,522,759 | €1,522,759 | = | 0.0% |
| Capital | 10 | €1,522,759 | €1,522,759 | = | 0.0% |
| Issued capital | 100 | €1,522,759 | €1,522,759 | = | 0.0% |
| Reserves | 13 | €2,594,788 | €2,614,788 | +€20,000 | +0.8% |
| Non-distributable reserves | 130/1 | €161,788 | €161,788 | = | 0.0% |
| Legal reserve | 130 | €161,788 | €161,788 | = | 0.0% |
| Distributable reserves | 133 | €2,433,000 | €2,453,000 | +€20,000 | +0.8% |
| Profit (loss) carried forward | 14 | €6 | €7 | +€1 | +20.4% |
| Amounts payable | 17/49 | €289,491 | €281,756 | -€7,735 | -2.7% |
| Amounts payable within one year | 42/48 | €289,359 | €281,756 | -€7,603 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €9,347 | €1,683 | -€7,663 | -82.0% |
| Trade debts | 44 | €10,183 | €89 | -€10,094 | -99.1% |
| Suppliers | 440/4 | €10,183 | €89 | -€10,094 | -99.1% |
| Taxes, remuneration and social security | 45 | €48,523 | €58,732 | +€10,209 | +21.0% |
| Taxes | 450/3 | €15,862 | €20,689 | +€4,827 | +30.4% |
| Remuneration and social security | 454/9 | €32,661 | €38,043 | +€5,382 | +16.5% |
| Other amounts payable | 47/48 | €221,306 | €221,251 | -€55 | 0.0% |
| Accrued charges and deferred income | 492/3 | €132 | - | -€132 | |
| Remuneration, social security and pensions | 62 | €188,862 | €194,705 | +€5,843 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,760 | €1,518 | -€1,242 | -45.0% |
| Other operating charges | 640/8 | €1,242 | €1,214 | -€29 | -2.3% |
| Gross operating margin | 9900 | €209,113 | €224,094 | +€14,981 | +7.2% |
| Operating profit (loss) | 9901 | €16,248 | €26,657 | +€10,409 | +64.1% |
| Financial income | 75/76B | €33 | €464 | +€431 | +1311.6% |
| Recurring financial income | 75 | €33 | €464 | +€431 | +1311.6% |
| Financial charges | 65/66B | €1,062 | €5,478 | +€4,416 | +415.9% |
| Recurring financial charges | 65 | €1,062 | €5,478 | +€4,416 | +415.9% |
| Profit (loss) for the period before taxes | 9903 | €15,219 | €21,643 | +€6,424 | +42.2% |
| Income taxes | 67/77 | €1,618 | €1,642 | +€24 | +1.5% |
| Profit (loss) for the period | 9904 | €13,601 | €20,001 | +€6,400 | +47.1% |
| Profit (loss) for the period to be appropriated | 9905 | €13,601 | €20,001 | +€6,400 | +47.1% |
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 4 October 2026 via checked.be.