DYNAMICS: what changed
Two fiscal 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
DYNAMICS
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€137,498
2024 · €296,813-€159,315
Equity
€1.9m
2024 · €2.0m-€112,503
Cash
€1.4m
2024 · €765,909+€667,452
Balance sheet total
€3.4m
2024 · €4.0m-€603,631
Largest movements
Assets
- Cash +€667,452
up €667,452 (+87.1%), from €765,909 to €1.4m
mainly Current investments (+€500,000) and Receivables within one year (+€306,213)
- Current investments -€500,000
down €500,000 (-100.0%), from €500,000 to €0
- Receivables within one year -€306,213
down €306,213 (-30.6%), from €1.0m to €694,786
of which Trade receivables: -€323,928
- Intangible fixed assets -€268,537
down €268,537 (-23.5%), from €1.1m to €873,466
- Stocks and contracts -€179,604
down €179,604 (-36.4%), from €492,966 to €313,362
of which Stocks: -€143,599
Equity and liabilities
- Contributions -€250,000
down €250,000 (-10.3%), from €2.4m to €2.2m
- Other debts -€216,758
down €216,758 (-93.4%), from €232,072 to €15,314
- Trade debts -€95,988
down €95,988 (-25.5%), from €376,793 to €280,805
- Debts after one year -€89,153
down €89,153 (-15.1%), from €589,260 to €500,107
of which Financial debts: -€89,153
- Advances received -€77,494
down €77,494 (-50.0%), from €154,855 to €77,361
Income statement
- Turnover -€5.7m
no longer reported in 2025 (was €5.7m)
- Goods and materials -€2.6m
no longer reported in 2025 (was €2.6m)
of which Purchases: -€2.5m
- Gross operating margin +€2.2m
new in 2025: €2.2m
- Services and other goods -€1.1m
no longer reported in 2025 (was €1.1m)
- Staff costs +€256,480
up €256,480 (+19.4%), from €1.3m to €1.6m
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
€296,813
Turnover
-€5.7m
Other operating income
-€7,356
Goods and materials
+€2.6m
Services and other goods
+€1.1m
Staff costs
-€256,480
Depreciation
-€67,234
Write-downs
-€15,101
Other operating charges
+€5,285
Other operating items
+€2.2m
Financial income
+€4,981
Financial charges
+€26,761
Taxes
+€33,183
Deferred taxes and other
-€1
Result 2025
€137,498
Cash bridge derived
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
+€484,134
Investment
+€494,822
Financing
-€311,503
Cash 2024
€765,909
From operations (derived)
+€484,134
Net result for the year
+€137,498
Depreciation
+€297,645
Stocks and contracts
+€179,604
Receivables within one year
+€306,213
Deferred charges and accrued income
-€7,199
Trade debts
-€95,988
Tax, wage and social debts
-€39,386
Advances received
-€77,494
Other debts
-€216,758
Investment (derived)
+€494,822
Investment in fixed assets (net)
-€5,178
Current investments
+€500,000
Financing
-€311,503
Debts after one year
-€89,153
Current portion of long-term debt
+€27,651
Contributions, distributions and other
-€250,000
Not broken down
-€1
Cash 2025
€1.4m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,030,495 | €3,426,864 | -€603,631 | -15.0% |
| Fixed assets | 21/28 | €1,260,459 | €967,992 | -€292,467 | -23.2% |
| Intangible fixed assets | 21 | €1,142,003 | €873,466 | -€268,537 | -23.5% |
| Tangible fixed assets | 22/27 | €118,252 | €94,322 | -€23,930 | -20.2% |
| Plant, machinery and equipment | 23 | €78,039 | €63,307 | -€14,732 | -18.9% |
| Furniture and vehicles | 24 | €40,213 | €31,016 | -€9,197 | -22.9% |
| Financial fixed assets | 28 | €204 | €204 | = | 0.0% |
| Affiliated companies | 280/1 | €0 | - | = | |
| Participating interests | 280 | €0 | - | = | |
| Other financial fixed assets | 284/8 | €204 | - | -€204 | |
| Amounts receivable and cash guarantees | 285/8 | €204 | - | -€204 | |
| Current assets | 29/58 | €2,770,036 | €2,458,872 | -€311,164 | -11.2% |
| Stocks and contracts in progress | 3 | €492,966 | €313,362 | -€179,604 | -36.4% |
| Stocks | 30/36 | €336,373 | €192,774 | -€143,599 | -42.7% |
| Goods purchased for resale | 34 | €336,373 | - | -€336,373 | |
| Contracts in progress | 37 | €156,593 | €120,588 | -€36,005 | -23.0% |
| Amounts receivable within one year | 40/41 | €1,000,999 | €694,786 | -€306,213 | -30.6% |
| Trade receivables | 40 | €986,314 | €662,386 | -€323,928 | -32.8% |
| Other amounts receivable | 41 | €14,685 | €32,400 | +€17,715 | +120.6% |
| Current investments | 50/53 | €500,000 | €0 | -€500,000 | -100.0% |
| Other investments | 51/53 | €500,000 | - | -€500,000 | |
| Cash at bank and in hand | 54/58 | €765,909 | €1,433,361 | +€667,452 | +87.1% |
| Deferred charges and accrued income | 490/1 | €10,163 | €17,362 | +€7,199 | +70.8% |
| Total equity and liabilities | 10/49 | €4,030,495 | €3,426,864 | -€603,631 | -15.0% |
| Equity | 10/15 | €1,997,517 | €1,885,014 | -€112,503 | -5.6% |
| Contributions | 10/11 | €2,436,500 | €2,186,500 | -€250,000 | -10.3% |
| Reserves | 13 | - | €63,150 | +€63,150 | |
| Tax-exempt reserves | 132 | - | €63,150 | +€63,150 | |
| Profit (loss) carried forward | 14 | -€438,983 | -€364,636 | +€74,347 | +16.9% |
| Amounts payable | 17/49 | €2,032,979 | €1,541,850 | -€491,129 | -24.2% |
| Amounts payable after more than one year | 17 | €589,260 | €500,107 | -€89,153 | -15.1% |
| Financial debts | 170/4 | €589,260 | €500,107 | -€89,153 | -15.1% |
| Subordinated loans | 170 | €0 | - | = | |
| Credit institutions | 173 | €589,260 | - | -€589,260 | |
| Other loans | 174 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,443,719 | €1,041,743 | -€401,976 | -27.8% |
| Current portion of amounts payable after more than one year | 42 | €260,044 | €287,695 | +€27,651 | +10.6% |
| Trade debts | 44 | €376,793 | €280,805 | -€95,988 | -25.5% |
| Suppliers | 440/4 | €376,793 | €280,805 | -€95,988 | -25.5% |
| Advances received on contracts in progress | 46 | €154,855 | €77,361 | -€77,494 | -50.0% |
| Taxes, remuneration and social security | 45 | €419,954 | €380,568 | -€39,386 | -9.4% |
| Taxes | 450/3 | €103,596 | €30,856 | -€72,740 | -70.2% |
| Remuneration and social security | 454/9 | €316,358 | €349,712 | +€33,354 | +10.5% |
| Other amounts payable | 47/48 | €232,072 | €15,314 | -€216,758 | -93.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Operating income | 70/76A | €5,780,214 | - | -€5.8m | |
| Turnover | 70 | €5,742,004 | - | -€5.7m | |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €30,853 | - | -€30,853 | |
| Other operating income | 74 | €7,356 | - | -€7,356 | |
| Operating charges | 60/66A | €5,258,538 | - | -€5.3m | |
| Goods for resale, raw materials and consumables | 60 | €2,597,098 | - | -€2.6m | |
| Purchases | 600/8 | €2,538,330 | - | -€2.5m | |
| Change in stocks: decrease (increase) | 609 | €58,769 | - | -€58,769 | |
| Services and other goods | 61 | €1,105,578 | - | -€1.1m | |
| Remuneration, social security and pensions | 62 | €1,319,983 | €1,576,463 | +€256,480 | +19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €230,411 | €297,645 | +€67,234 | +29.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,258 | €13,843 | +€15,101 | |
| Other operating charges | 640/8 | €6,726 | €1,441 | -€5,285 | -78.6% |
| Gross operating margin | 9900 | - | €2,186,826 | +€2.2m | |
| Operating profit (loss) | 9901 | €521,675 | €297,435 | -€224,240 | -43.0% |
| Financial income | 75/76B | €4,450 | €9,431 | +€4,981 | +111.9% |
| Recurring financial income | 75 | €4,450 | €9,431 | +€4,981 | +111.9% |
| Income from current assets | 751 | €4,449 | - | -€4,449 | |
| Other financial income | 752/9 | €1 | - | -€1 | |
| Financial charges | 65/66B | €52,580 | €25,819 | -€26,761 | -50.9% |
| Recurring financial charges | 65 | €52,580 | €25,819 | -€26,761 | -50.9% |
| Debt charges | 650 | €47,717 | - | -€47,717 | |
| Other financial charges | 652/9 | €4,862 | - | -€4,862 | |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €473,545 | €281,048 | -€192,497 | -40.7% |
| Income taxes | 67/77 | €176,733 | €143,550 | -€33,183 | -18.8% |
| Taxes | 670/3 | €176,733 | - | -€176,733 | |
| Profit (loss) for the period | 9904 | €296,813 | €137,498 | -€159,315 | -53.7% |
| Transfer from tax-exempt reserves | 789 | €262,566 | €0 | -€262,566 | -100.0% |
| Transfer to tax-exempt reserves | 689 | €262,566 | €63,150 | -€199,416 | -75.9% |
| Profit (loss) for the period to be appropriated | 9905 | €296,813 | €74,348 | -€222,465 | -75.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.