BILLY: 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
BILLY
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€169,348
2024 · -€154,965+€324,313
Equity
€975,600
2024 · €806,252+€169,348
Cash
€13,273
2024 · €12,244+€1,028
Balance sheet total
€4.6m
2024 · €4.0m+€624,742
Largest movements
Assets
- Stocks and contracts +€433,339
up €433,339 (+35.5%), from €1.2m to €1.7m
- Receivables within one year +€314,096
up €314,096 (+33.3%), from €944,227 to €1.3m
of which Trade receivables: +€439,700
- Tangible fixed assets -€113,253
down €113,253 (-6.4%), from €1.8m to €1.7m
of which Land and buildings: -€205,480
Equity and liabilities
- Other debts +€469,494
up €469,494 (+53.2%), from €882,502 to €1.4m
- Reserves +€169,348
up €169,348 (+32.4%), from €523,289 to €692,636
of which Distributable reserves: +€176,063
- Trade debts -€85,771
down €85,771 (-100.0%), from €85,787 to €17
Income statement
- Gross operating margin +€346,368
up €346,368 (+665%), from €52,055 to €398,423
- Taxes +€25,018
up €25,018 (+11,876%), from €211 to €25,229
- Depreciation -€5,698
down €5,698 (-5.2%), from €108,705 to €103,007
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
-€154,965
Gross operating margin
+€346,368
Depreciation
+€5,698
Other operating charges
-€1,597
Financial income
-€95
Financial charges
-€1,096
Taxes
-€25,018
Deferred taxes and other
+€54
Result 2025
€169,348
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
-€57,007
Investment
+€10,246
Financing
+€47,790
Cash 2024
€12,244
From operations (derived)
-€57,007
Net result for the year
+€169,348
Depreciation
+€103,007
Stocks and contracts
-€433,339
Receivables within one year
-€314,096
Deferred charges and accrued income
+€10,469
Provisions
-€1,679
Trade debts
-€85,771
Tax, wage and social debts
+€24,111
Other debts
+€469,494
Accrued charges and deferred income
+€1,450
Investment (derived)
+€10,246
Investment in fixed assets (net)
+€10,246
Financing
+€47,790
Debts after one year
+€19,335
Current portion of long-term debt
+€28,455
Contributions, distributions and other
+€0
Cash 2025
€13,273
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,962,462 | €4,587,204 | +€624,742 | +15.8% |
| Fixed assets | 21/28 | €1,766,204 | €1,652,951 | -€113,253 | -6.4% |
| Tangible fixed assets | 22/27 | €1,766,204 | €1,652,951 | -€113,253 | -6.4% |
| Land and buildings | 22 | €1,710,109 | €1,504,629 | -€205,480 | -12.0% |
| Furniture and vehicles | 24 | €27,095 | €119,322 | +€92,227 | +340% |
| Other tangible fixed assets | 26 | €29,000 | €29,000 | = | 0.0% |
| Current assets | 29/58 | €2,196,258 | €2,934,253 | +€737,995 | +33.6% |
| Stocks and contracts in progress | 3 | €1,219,998 | €1,653,337 | +€433,339 | +35.5% |
| Stocks | 30/36 | €1,219,998 | €1,653,337 | +€433,339 | +35.5% |
| Amounts receivable within one year | 40/41 | €944,227 | €1,258,322 | +€314,096 | +33.3% |
| Trade receivables | 40 | €282,980 | €722,680 | +€439,700 | +155% |
| Other amounts receivable | 41 | €661,247 | €535,642 | -€125,604 | -19.0% |
| Cash at bank and in hand | 54/58 | €12,244 | €13,273 | +€1,028 | +8.4% |
| Deferred charges and accrued income | 490/1 | €19,790 | €9,321 | -€10,469 | -52.9% |
| Total equity and liabilities | 10/49 | €3,962,462 | €4,587,204 | +€624,742 | +15.8% |
| Equity | 10/15 | €806,252 | €975,600 | +€169,348 | +21.0% |
| Contributions | 10/11 | €6,800 | €6,800 | = | 0.0% |
| Reserves | 13 | €523,289 | €692,636 | +€169,348 | +32.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €163,929 | €157,214 | -€6,715 | -4.1% |
| Distributable reserves | 133 | €357,500 | €533,562 | +€176,063 | +49.2% |
| Profit (loss) carried forward | 14 | €276,164 | €276,164 | = | 0.0% |
| Provisions and deferred taxes | 16 | €40,982 | €39,303 | -€1,679 | -4.1% |
| Deferred taxes | 168 | €40,982 | €39,303 | -€1,679 | -4.1% |
| Amounts payable | 17/49 | €3,115,228 | €3,572,301 | +€457,073 | +14.7% |
| Amounts payable after more than one year | 17 | €956,097 | €975,432 | +€19,335 | +2.0% |
| Financial debts | 170/4 | €956,097 | €975,432 | +€19,335 | +2.0% |
| Amounts payable within one year | 42/48 | €2,155,204 | €2,591,492 | +€436,288 | +20.2% |
| Current portion of amounts payable after more than one year | 42 | €133,799 | €162,254 | +€28,455 | +21.3% |
| Financial debts | 43 | €1,050,000 | €1,050,000 | = | 0.0% |
| Credit institutions | 430/8 | €1,050,000 | €1,050,000 | = | 0.0% |
| Trade debts | 44 | €85,787 | €17 | -€85,771 | -100.0% |
| Suppliers | 440/4 | €85,787 | €17 | -€85,771 | -100.0% |
| Taxes, remuneration and social security | 45 | €3,116 | €27,226 | +€24,111 | +774% |
| Taxes | 450/3 | €3,116 | €27,226 | +€24,111 | +774% |
| Other amounts payable | 47/48 | €882,502 | €1,351,996 | +€469,494 | +53.2% |
| Accrued charges and deferred income | 492/3 | €3,927 | €5,377 | +€1,450 | +36.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,705 | €103,007 | -€5,698 | -5.2% |
| Other operating charges | 640/8 | €15,302 | €16,899 | +€1,597 | +10.4% |
| Gross operating margin | 9900 | €52,055 | €398,423 | +€346,368 | +665% |
| Operating profit (loss) | 9901 | -€71,952 | €278,516 | +€350,469 | |
| Financial income | 75/76B | €113 | €18 | -€95 | -84.1% |
| Recurring financial income | 75 | €113 | €18 | -€95 | -84.1% |
| Financial charges | 65/66B | €84,541 | €85,637 | +€1,096 | +1.3% |
| Recurring financial charges | 65 | €84,541 | €85,637 | +€1,096 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | -€156,380 | €192,898 | +€349,277 | |
| Transfer from deferred taxes | 780 | €1,625 | €1,679 | +€54 | +3.3% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €211 | €25,229 | +€25,018 | +11,876% |
| Profit (loss) for the period | 9904 | -€154,965 | €169,348 | +€324,313 | |
| Transfer from tax-exempt reserves | 789 | €6,500 | €6,715 | +€215 | +3.3% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€148,466 | €176,063 | +€324,528 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.