D PARTICIPATION MANAGEMENT: what changed
What changed
D PARTICIPATION MANAGEMENT
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€93.6m
2024 · -€171.8m+€78.3m
Equity
€402.9m
2024 · €178.7m+€224.1m
Cash
€5.0m
2024 · €2.6m+€2.5m
Balance sheet total
€2.09bn
2024 · €2.17bn-€81.9m
Largest movements
Assets
- Financial fixed assets -€91.5m
down €91.5m (-4.2%), from €2.17bn to €2.08bn
Equity and liabilities
- Debts after one year -€328.6m
down €328.6m (-16.9%), from €1.95bn to €1.62bn
- Contributions +€317.7m
up €317.7m (+84.0%), from €378.4m to €696.1m
- Profit (loss) carried forward -€93.6m
down €93.6m (-46.8%), from -€199.7m to -€293.2m
Income statement
- Financial charges -€47.1m
down €47.1m (-24.1%), from €195.5m to €148.4m
of which Non-recurring financial charges: -€64.0m
- Financial income +€22.4m
up €22.4m (+118%), from €19.1m to €41.5m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€171.8m
Other operating charges
-€40,059
Other operating items
+€8.8m
Financial income
+€22.4m
Financial charges
+€47.1m
Result 2025
-€93.6m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€89.7m
Investment
+€84.4m
Financing
+€7.7m
Cash 2024
€2.6m
From operations (derived)
-€89.7m
Net result for the year
-€93.6m
Smaller working-capital items
-€705,262
Accrued charges and deferred income
+€4.6m
Investment (derived)
+€84.4m
Investment in fixed assets (net)
+€91.5m
Current investments
-€7.1m
Financing
+€7.7m
Debts after one year
-€328.6m
Short-term financial debts
+€18.6m
Contributions, distributions and other
+€317.7m
Cash 2025
€5.0m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,174,861,527 | €2,092,915,686 | -€81.9m | -3.8% |
| Fixed assets | 21/28 | €2,171,292,888 | €2,079,807,208 | -€91.5m | -4.2% |
| Financial fixed assets | 28 | €2,171,292,888 | €2,079,807,208 | -€91.5m | -4.2% |
| Affiliated companies | 280/1 | €2,171,292,888 | €2,079,807,208 | -€91.5m | -4.2% |
| Participating interests | 280 | €1,915,951,767 | €1,900,851,767 | -€15.1m | -0.8% |
| Amounts receivable | 281 | €255,341,121 | €178,955,441 | -€76.4m | -29.9% |
| Current assets | 29/58 | €3,568,639 | €13,108,478 | +€9.5m | +267% |
| Amounts receivable within one year | 40/41 | €736,641 | €812,340 | +€75,699 | +10.3% |
| Other amounts receivable | 41 | €736,641 | €812,340 | +€75,699 | +10.3% |
| Current investments | 50/53 | - | €7,100,000 | +€7.1m | |
| Other investments | 51/53 | - | €7,100,000 | +€7.1m | |
| Cash at bank and in hand | 54/58 | €2,558,816 | €5,012,548 | +€2.5m | +95.9% |
| Deferred charges and accrued income | 490/1 | €273,182 | €183,590 | -€89,592 | -32.8% |
| Total equity and liabilities | 10/49 | €2,174,861,527 | €2,092,915,686 | -€81.9m | -3.8% |
| Equity | 10/15 | €178,724,201 | €402,871,625 | +€224.1m | +125% |
| Contributions | 10/11 | €378,355,645 | €696,055,645 | +€317.7m | +84.0% |
| Capital | 10 | €378,355,645 | €696,055,645 | +€317.7m | +84.0% |
| Issued capital | 100 | €378,355,645 | €696,055,645 | +€317.7m | +84.0% |
| Reserves | 13 | €62,635 | €62,635 | = | 0.0% |
| Non-distributable reserves | 130/1 | €62,635 | €62,635 | = | 0.0% |
| Legal reserve | 130 | €62,635 | €62,635 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€199,694,079 | -€293,246,655 | -€93.6m | -46.8% |
| Amounts payable | 17/49 | €1,996,137,326 | €1,690,044,061 | -€306.1m | -15.3% |
| Amounts payable after more than one year | 17 | €1,947,670,802 | €1,619,065,307 | -€328.6m | -16.9% |
| Financial debts | 170/4 | €1,947,670,802 | €1,619,065,307 | -€328.6m | -16.9% |
| Credit institutions | 173 | €900,000,000 | €500,000,000 | -€400.0m | -44.4% |
| Other loans | 174 | €1,047,670,802 | €1,119,065,307 | +€71.4m | +6.8% |
| Amounts payable within one year | 42/48 | €791,297 | €18,713,186 | +€17.9m | +2,265% |
| Financial debts | 43 | - | €18,641,044 | +€18.6m | |
| Other loans | 439 | - | €18,641,044 | +€18.6m | |
| Trade debts | 44 | €791,297 | - | -€791,297 | |
| Suppliers | 440/4 | €791,297 | - | -€791,297 | |
| Taxes, remuneration and social security | 45 | - | €72,142 | +€72,142 | |
| Taxes | 450/3 | - | €72,142 | +€72,142 | |
| Accrued charges and deferred income | 492/3 | €47,675,227 | €52,265,568 | +€4.6m | +9.6% |
| Operating income | 70/76A | €5,799,494 | €13,530,122 | +€7.7m | +133% |
| Non-recurring operating income | 76A | €5,799,494 | €13,530,122 | +€7.7m | +133% |
| Operating charges | 60/66A | €1,176,841 | €187,485 | -€989,356 | -84.1% |
| Services and other goods | 61 | €1,176,841 | €147,426 | -€1.0m | -87.5% |
| Other operating charges | 640/8 | - | €40,059 | +€40,059 | |
| Operating profit (loss) | 9901 | €4,622,653 | €13,342,637 | +€8.7m | +189% |
| Financial income | 75/76B | €19,074,406 | €41,509,342 | +€22.4m | +118% |
| Recurring financial income | 75 | €19,074,406 | €41,509,342 | +€22.4m | +118% |
| Income from financial fixed assets | 750 | €19,074,406 | €41,500,000 | +€22.4m | +118% |
| Income from current assets | 751 | - | €2,991 | +€2,991 | |
| Other financial income | 752/9 | - | €6,351 | +€6,351 | |
| Financial charges | 65/66B | €195,503,616 | €148,404,555 | -€47.1m | -24.1% |
| Recurring financial charges | 65 | €55,103,996 | €72,017,934 | +€16.9m | +30.7% |
| Debt charges | 650 | €44,338,514 | €72,017,934 | +€27.7m | +62.4% |
| Other financial charges | 652/9 | €10,765,482 | - | -€10.8m | |
| Non-recurring financial charges | 66B | €140,399,620 | €76,386,621 | -€64.0m | -45.6% |
| Profit (loss) for the period before taxes | 9903 | -€171,806,557 | -€93,552,576 | +€78.3m | +45.5% |
| Profit (loss) for the period | 9904 | -€171,806,557 | -€93,552,576 | +€78.3m | +45.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€171,806,557 | -€93,552,576 | +€78.3m | +45.5% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.