DR. G. HOLLANDERS: 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. G. HOLLANDERS
Largest movements
- Receivables within one year -€130,909
down €130,909 (-69.2%), from €189,123 to €58,214
of which Other amounts receivable: -€92,423
- Receivables after one year -€12,013
down €12,013 (-8.6%), from €140,485 to €128,472
- Tangible fixed assets -€7,808
down €7,808 (-11.9%), from €65,337 to €57,529
of which Furniture and vehicles: -€24,854
- Reserves -€163,577
down €163,577 (-40.9%), from €399,506 to €235,929
of which Distributable reserves: -€163,577
- Short-term financial debts +€58,943
up €58,943 (+1,068%), from €5,520 to €64,464
- Tax, wage and social debts -€36,555
down €36,555 (-53.2%), from €68,662 to €32,107
- Other debts +€19,436
up €19,436 (+8.4%), from €230,969 to €250,405
- Trade debts -€15,570
down €15,570 (-100%), from €15,570 to €0
- Gross operating margin -€117,132
down €117,132 (-54.1%), from €216,581 to €99,449
- Taxes -€108,094
down €108,094, from €103,662 to -€4,432
- Depreciation -€13,151
down €13,151 (-66.5%), from €19,763 to €6,613
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 | €753,203 | €604,693 | -€148,510 | -19.7% |
| Fixed assets | 21/28 | €69,195 | €61,387 | -€7,808 | -11.3% |
| Tangible fixed assets | 22/27 | €65,337 | €57,529 | -€7,808 | -11.9% |
| Plant, machinery and equipment | 23 | €0 | €1,091 | +€1,091 | |
| Furniture and vehicles | 24 | €39,113 | €14,259 | -€24,854 | -63.5% |
| Other tangible fixed assets | 26 | €26,224 | €42,179 | +€15,956 | +60.8% |
| Financial fixed assets | 28 | €3,858 | €3,858 | = | 0.0% |
| Current assets | 29/58 | €684,008 | €543,305 | -€140,703 | -20.6% |
| Amounts receivable after more than one year | 29 | €140,485 | €128,472 | -€12,013 | -8.6% |
| Other amounts receivable | 291 | €140,485 | €128,472 | -€12,013 | -8.6% |
| Amounts receivable within one year | 40/41 | €189,123 | €58,214 | -€130,909 | -69.2% |
| Trade receivables | 40 | €63,991 | €25,505 | -€38,486 | -60.1% |
| Other amounts receivable | 41 | €125,131 | €32,708 | -€92,423 | -73.9% |
| Current investments | 50/53 | €274,505 | €274,505 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €73,945 | €77,670 | +€3,725 | +5.0% |
| Deferred charges and accrued income | 490/1 | €5,951 | €4,445 | -€1,506 | -25.3% |
| Total equity and liabilities | 10/49 | €753,203 | €604,693 | -€148,510 | -19.7% |
| Equity | 10/15 | €411,914 | €248,337 | -€163,577 | -39.7% |
| Contributions | 10/11 | €12,408 | €12,408 | = | 0.0% |
| Reserves | 13 | €399,506 | €235,929 | -€163,577 | -40.9% |
| Tax-exempt reserves | 132 | €99 | €99 | = | 0.0% |
| Distributable reserves | 133 | €399,407 | €235,831 | -€163,577 | -41.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €341,289 | €356,355 | +€15,066 | +4.4% |
| Amounts payable after more than one year | 17 | €9,380 | €3,932 | -€5,448 | -58.1% |
| Financial debts | 170/4 | €9,380 | €3,932 | -€5,448 | -58.1% |
| Amounts payable within one year | 42/48 | €331,909 | €352,423 | +€20,514 | +6.2% |
| Current portion of amounts payable after more than one year | 42 | €11,188 | €5,448 | -€5,740 | -51.3% |
| Financial debts | 43 | €5,520 | €64,464 | +€58,943 | +1,068% |
| Credit institutions | 430/8 | €5,520 | €64,464 | +€58,943 | +1,068% |
| Trade debts | 44 | €15,570 | €0 | -€15,570 | -100% |
| Suppliers | 440/4 | €15,570 | €0 | -€15,570 | -100% |
| Taxes, remuneration and social security | 45 | €68,662 | €32,107 | -€36,555 | -53.2% |
| Taxes | 450/3 | €68,662 | €32,107 | -€36,555 | -53.2% |
| Other amounts payable | 47/48 | €230,969 | €250,405 | +€19,436 | +8.4% |
| Non-recurring operating income | 76A | €17,446 | €0 | -€17,446 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,763 | €6,613 | -€13,151 | -66.5% |
| Other operating charges | 640/8 | €4,674 | €3,533 | -€1,141 | -24.4% |
| Non-recurring operating charges | 66A | €0 | €12,573 | +€12,573 | |
| Gross operating margin | 9900 | €216,581 | €99,449 | -€117,132 | -54.1% |
| Operating profit (loss) | 9901 | €192,143 | €76,730 | -€115,413 | -60.1% |
| Financial income | 75/76B | €10,545 | €8,484 | -€2,062 | -19.6% |
| Recurring financial income | 75 | €10,545 | €8,484 | -€2,062 | -19.6% |
| Financial charges | 65/66B | €1,970 | €2,818 | +€847 | +43.0% |
| Recurring financial charges | 65 | €1,970 | €2,818 | +€847 | +43.0% |
| Profit (loss) for the period before taxes | 9903 | €200,719 | €82,396 | -€118,322 | -58.9% |
| Income taxes | 67/77 | €103,662 | -€4,432 | -€108,094 | |
| Profit (loss) for the period | 9904 | €97,056 | €86,828 | -€10,228 | -10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €97,056 | €86,828 | -€10,228 | -10.5% |
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 16 October 2026 via checked.be.