Dr. C. VAN HOLDER: 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.
Dr. C. VAN HOLDER
Largest movements
- Cash +€14,122
up €14,122 (+13.7%), from €102,823 to €116,945
mainly Net result for the year (+€77,755) and Depreciation (+€27,445)
- Current investments +€10,001
up €10,001 (+7,143%), from €140 to €10,141
- Tangible fixed assets -€8,973
down €8,973 (-7.3%), from €123,702 to €114,729
of which Land and buildings: -€10,776
- Other debts +€27,415
new in 2025: €27,415
- Tax, wage and social debts -€13,756
down €13,756 (-45.4%), from €30,286 to €16,530
- Trade debts +€9,897
up €9,897 (+136%), from €7,290 to €17,187
- Reserves -€4,636
down €4,636 (-1.5%), from €302,857 to €298,221
of which Distributable reserves: -€4,636
- Other operating charges -€5,895
down €5,895 (-35.4%), from €16,664 to €10,769
- Depreciation +€5,484
up €5,484 (+25.0%), from €21,961 to €27,445
- Gross operating margin +€3,180
up €3,180 (+2.2%), from €145,130 to €148,310
- Taxes +€1,937
up €1,937 (+6.2%), from €31,082 to €33,019
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €360,673 | €379,595 | +€18,922 | +5.2% |
| Fixed assets | 21/28 | €123,702 | €114,729 | -€8,973 | -7.3% |
| Tangible fixed assets | 22/27 | €123,702 | €114,729 | -€8,973 | -7.3% |
| Land and buildings | 22 | €96,880 | €86,105 | -€10,776 | -11.1% |
| Plant, machinery and equipment | 23 | €11,021 | €8,391 | -€2,630 | -23.9% |
| Furniture and vehicles | 24 | €8,719 | €9,194 | +€476 | +5.5% |
| Other tangible fixed assets | 26 | €7,081 | €11,039 | +€3,957 | +55.9% |
| Current assets | 29/58 | €236,971 | €264,866 | +€27,895 | +11.8% |
| Amounts receivable within one year | 40/41 | €7,809 | €8,291 | +€482 | +6.2% |
| Trade receivables | 40 | €3,833 | €2,258 | -€1,575 | -41.1% |
| Other amounts receivable | 41 | €3,977 | €6,033 | +€2,057 | +51.7% |
| Current investments | 50/53 | €140 | €10,141 | +€10,001 | +7,143% |
| Cash at bank and in hand | 54/58 | €102,823 | €116,945 | +€14,122 | +13.7% |
| Deferred charges and accrued income | 490/1 | €126,199 | €129,490 | +€3,291 | +2.6% |
| Total equity and liabilities | 10/49 | €360,673 | €379,595 | +€18,922 | +5.2% |
| Equity | 10/15 | €322,857 | €318,221 | -€4,636 | -1.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €302,857 | €298,221 | -€4,636 | -1.5% |
| Tax-exempt reserves | 132 | €183 | €183 | = | 0.0% |
| Distributable reserves | 133 | €302,674 | €298,038 | -€4,636 | -1.5% |
| Amounts payable | 17/49 | €37,816 | €61,374 | +€23,558 | +62.3% |
| Amounts payable within one year | 42/48 | €37,576 | €61,133 | +€23,556 | +62.7% |
| Trade debts | 44 | €7,290 | €17,187 | +€9,897 | +136% |
| Suppliers | 440/4 | €7,290 | €17,187 | +€9,897 | +136% |
| Taxes, remuneration and social security | 45 | €30,286 | €16,530 | -€13,756 | -45.4% |
| Taxes | 450/3 | €30,286 | €16,530 | -€13,756 | -45.4% |
| Other amounts payable | 47/48 | - | €27,415 | +€27,415 | |
| Accrued charges and deferred income | 492/3 | €240 | €241 | +€2 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,961 | €27,445 | +€5,484 | +25.0% |
| Other operating charges | 640/8 | €16,664 | €10,769 | -€5,895 | -35.4% |
| Gross operating margin | 9900 | €145,130 | €148,310 | +€3,180 | +2.2% |
| Operating profit (loss) | 9901 | €106,505 | €110,096 | +€3,591 | +3.4% |
| Financial income | 75/76B | €487 | €1,706 | +€1,219 | +250% |
| Recurring financial income | 75 | €487 | €346 | -€142 | -29.1% |
| Non-recurring financial income | 76B | - | €1,361 | +€1,361 | |
| Financial charges | 65/66B | €1,047 | €1,028 | -€18 | -1.8% |
| Recurring financial charges | 65 | €1,047 | €1,028 | -€18 | -1.8% |
| Profit (loss) for the period before taxes | 9903 | €105,946 | €110,774 | +€4,828 | +4.6% |
| Income taxes | 67/77 | €31,082 | €33,019 | +€1,937 | +6.2% |
| Profit (loss) for the period | 9904 | €74,864 | €77,755 | +€2,891 | +3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €74,864 | €77,755 | +€2,891 | +3.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.