DR. EVELIEN HOLVOET: 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. EVELIEN HOLVOET
Largest movements
- Current investments -€322,102
down €322,102 (-56.3%), from €572,553 to €250,451
- Receivables within one year +€17,858
up €17,858 (+342%), from €5,219 to €23,076
- Deferred charges and accrued income -€9,766
down €9,766 (-60.9%), from €16,036 to €6,270
- Reserves -€235,019
down €235,019 (-55.6%), from €422,674 to €187,655
of which Distributable reserves: -€235,019
- Other debts -€79,787
down €79,787 (-41.7%), from €191,336 to €111,550
- Gross operating margin -€42,057
down €42,057 (-48.8%), from €86,128 to €44,071
- Taxes -€13,812
down €13,812 (-74.1%), from €18,640 to €4,828
- Financial income -€6,832
down €6,832 (-52.2%), from €13,086 to €6,254
- Depreciation +€2,311
up €2,311 (+14.1%), from €16,337 to €18,647
- Financial charges -€2,206
down €2,206 (-14.5%), from €15,260 to €13,054
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 | €661,157 | €344,552 | -€316,605 | -47.9% |
| Fixed assets | 21/28 | €62,315 | €57,271 | -€5,044 | -8.1% |
| Tangible fixed assets | 22/27 | €62,315 | €57,271 | -€5,044 | -8.1% |
| Land and buildings | 22 | €21,950 | €28,445 | +€6,496 | +29.6% |
| Plant, machinery and equipment | 23 | €1,660 | €1,142 | -€518 | -31.2% |
| Furniture and vehicles | 24 | €37,824 | €27,097 | -€10,727 | -28.4% |
| Other tangible fixed assets | 26 | €883 | €588 | -€295 | -33.4% |
| Current assets | 29/58 | €598,842 | €287,280 | -€311,562 | -52.0% |
| Amounts receivable within one year | 40/41 | €5,219 | €23,076 | +€17,858 | +342% |
| Other amounts receivable | 41 | €5,219 | €23,076 | +€17,858 | +342% |
| Current investments | 50/53 | €572,553 | €250,451 | -€322,102 | -56.3% |
| Cash at bank and in hand | 54/58 | €5,035 | €7,483 | +€2,448 | +48.6% |
| Deferred charges and accrued income | 490/1 | €16,036 | €6,270 | -€9,766 | -60.9% |
| Total equity and liabilities | 10/49 | €661,157 | €344,552 | -€316,605 | -47.9% |
| Equity | 10/15 | €452,674 | €217,655 | -€235,019 | -51.9% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €422,674 | €187,655 | -€235,019 | -55.6% |
| Tax-exempt reserves | 132 | €124 | €124 | = | 0.0% |
| Distributable reserves | 133 | €422,550 | €187,531 | -€235,019 | -55.6% |
| Amounts payable | 17/49 | €208,483 | €126,897 | -€81,587 | -39.1% |
| Amounts payable within one year | 42/48 | €197,980 | €118,469 | -€79,511 | -40.2% |
| Trade debts | 44 | €2,142 | €3,307 | +€1,165 | +54.4% |
| Suppliers | 440/4 | €2,142 | €3,307 | +€1,165 | +54.4% |
| Taxes, remuneration and social security | 45 | €4,502 | €3,612 | -€890 | -19.8% |
| Taxes | 450/3 | €4,502 | €3,612 | -€890 | -19.8% |
| Other amounts payable | 47/48 | €191,336 | €111,550 | -€79,787 | -41.7% |
| Accrued charges and deferred income | 492/3 | €10,504 | €8,428 | -€2,076 | -19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,337 | €18,647 | +€2,311 | +14.1% |
| Other operating charges | 640/8 | €931 | €2,675 | +€1,745 | +187% |
| Gross operating margin | 9900 | €86,128 | €44,071 | -€42,057 | -48.8% |
| Operating profit (loss) | 9901 | €68,860 | €22,748 | -€46,112 | -67.0% |
| Financial income | 75/76B | €13,086 | €6,254 | -€6,832 | -52.2% |
| Recurring financial income | 75 | €13,086 | €6,254 | -€6,832 | -52.2% |
| Financial charges | 65/66B | €15,260 | €13,054 | -€2,206 | -14.5% |
| Recurring financial charges | 65 | €15,260 | €13,054 | -€2,206 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | €66,687 | €15,948 | -€50,738 | -76.1% |
| Income taxes | 67/77 | €18,640 | €4,828 | -€13,812 | -74.1% |
| Profit (loss) for the period | 9904 | €48,047 | €11,120 | -€36,927 | -76.9% |
| Profit (loss) for the period to be appropriated | 9905 | €48,047 | €11,120 | -€36,927 | -76.9% |
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 31 October 2026 via checked.be.