Evolu: 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.
What changed
Evolu
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€253,657
2024 · €135,001-€388,658
Equity
€5.1m
2024 · €5.3m-€253,657
Cash
€66,682
2024 · €46,224+€20,458
Balance sheet total
€38.5m
2024 · €32.5m+€6.0m
Largest movements
Assets
- Tangible fixed assets +€4.4m
up €4.4m (+16.1%), from €27.3m to €31.7m
of which Land and buildings: +€3.6m
- Current investments +€1.3m
new in 2025: €1.3m
- Receivables after one year +€498,099
up €498,099 (+14.9%), from €3.3m to €3.8m
Equity and liabilities
- Debts after one year +€5.2m
up €5.2m (+24.8%), from €21.2m to €26.4m
- Other debts +€1.0m
up €1.0m (+20.1%), from €5.0m to €6.0m
Income statement
- Gross operating margin -€558,290
down €558,290 (-37.3%), from €1.5m to €939,747
- Financial charges -€191,937
down €191,937 (-19.8%), from €970,111 to €778,175
- Depreciation +€85,152
up €85,152 (+12.0%), from €708,053 to €793,205
- Financial income +€79,847
up €79,847 (+19.1%), from €418,251 to €498,099
- Staff costs +€15,076
up €15,076 (+15.2%), from €98,881 to €113,957
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
€135,001
Gross operating margin
-€558,290
Staff costs
-€15,076
Depreciation
-€85,152
Other operating charges
-€2,101
Financial income
+€79,847
Financial charges
+€191,937
Taxes
+€177
Result 2025
-€253,657
raises the resultlowers the result
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.
From operations
+€1.2m
Investment
-€6.5m
Financing
+€5.4m
Cash 2024
€46,224
From operations (derived)
+€1.2m
Net result for the year
-€253,657
Depreciation
+€793,205
Receivables after one year
-€498,099
Receivables within one year
+€260,341
Trade debts
-€132,075
Tax, wage and social debts
+€153
Other debts
+€1.0m
Investment (derived)
-€6.5m
Investment in fixed assets (net)
-€5.2m
Current investments
-€1.3m
Financing
+€5.4m
Debts after one year
+€5.2m
Current portion of long-term debt
+€109,166
Cash 2025
€66,682
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €32,546,737 | €38,518,345 | +€6.0m | +18.3% |
| Fixed assets | 21/28 | €28,791,593 | €33,190,497 | +€4.4m | +15.3% |
| Tangible fixed assets | 22/27 | €27,316,593 | €31,715,497 | +€4.4m | +16.1% |
| Land and buildings | 22 | €23,712,136 | €27,286,590 | +€3.6m | +15.1% |
| Plant, machinery and equipment | 23 | €26,363 | €21,417 | -€4,946 | -18.8% |
| Furniture and vehicles | 24 | €100,670 | €64,602 | -€36,067 | -35.8% |
| Assets under construction and advance payments | 27 | €3,477,425 | €4,342,888 | +€865,463 | +24.9% |
| Financial fixed assets | 28 | €1,475,000 | €1,475,000 | = | 0.0% |
| Current assets | 29/58 | €3,755,143 | €5,327,848 | +€1.6m | +41.9% |
| Amounts receivable after more than one year | 29 | €3,335,333 | €3,833,431 | +€498,099 | +14.9% |
| Other amounts receivable | 291 | €3,335,333 | €3,833,431 | +€498,099 | +14.9% |
| Amounts receivable within one year | 40/41 | €373,587 | €113,245 | -€260,341 | -69.7% |
| Trade receivables | 40 | €283,819 | €34,179 | -€249,640 | -88.0% |
| Other amounts receivable | 41 | €89,768 | €79,066 | -€10,701 | -11.9% |
| Current investments | 50/53 | - | €1,314,489 | +€1.3m | |
| Cash at bank and in hand | 54/58 | €46,224 | €66,682 | +€20,458 | +44.3% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €32,546,737 | €38,518,345 | +€6.0m | +18.3% |
| Equity | 10/15 | €5,331,815 | €5,078,158 | -€253,657 | -4.8% |
| Contributions | 10/11 | €9,669,435 | €9,669,435 | = | 0.0% |
| Capital | 10 | €9,669,435 | €9,669,435 | = | 0.0% |
| Issued capital | 100 | €9,669,435 | €9,669,435 | = | 0.0% |
| Reserves | 13 | €52,934 | €52,934 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,229 | €7,229 | = | 0.0% |
| Legal reserve | 130 | €7,229 | €7,229 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,119 | €10,119 | = | 0.0% |
| Distributable reserves | 133 | €35,586 | €35,586 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,390,553 | -€4,644,210 | -€253,657 | -5.8% |
| Amounts payable | 17/49 | €27,214,921 | €33,440,187 | +€6.2m | +22.9% |
| Amounts payable after more than one year | 17 | €21,172,123 | €26,417,045 | +€5.2m | +24.8% |
| Financial debts | 170/4 | €21,172,123 | €26,417,045 | +€5.2m | +24.8% |
| Amounts payable within one year | 42/48 | €6,042,798 | €7,023,142 | +€980,344 | +16.2% |
| Current portion of amounts payable after more than one year | 42 | €314,115 | €423,281 | +€109,166 | +34.8% |
| Trade debts | 44 | €724,434 | €592,359 | -€132,075 | -18.2% |
| Suppliers | 440/4 | €724,434 | €592,359 | -€132,075 | -18.2% |
| Taxes, remuneration and social security | 45 | €9,142 | €9,295 | +€153 | +1.7% |
| Taxes | 450/3 | €457 | €382 | -€75 | -16.5% |
| Remuneration and social security | 454/9 | €8,685 | €8,913 | +€228 | +2.6% |
| Other amounts payable | 47/48 | €4,995,107 | €5,998,207 | +€1.0m | +20.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €251,768 | €0 | -€251,768 | -100% |
| Remuneration, social security and pensions | 62 | €98,881 | €113,957 | +€15,076 | +15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €708,053 | €793,205 | +€85,152 | +12.0% |
| Other operating charges | 640/8 | €3,744 | €5,845 | +€2,101 | +56.1% |
| Gross operating margin | 9900 | €1,498,037 | €939,747 | -€558,290 | -37.3% |
| Operating profit (loss) | 9901 | €687,359 | €26,740 | -€660,619 | -96.1% |
| Financial income | 75/76B | €418,251 | €498,099 | +€79,847 | +19.1% |
| Recurring financial income | 75 | €418,251 | €498,099 | +€79,847 | +19.1% |
| Financial charges | 65/66B | €970,111 | €778,175 | -€191,937 | -19.8% |
| Recurring financial charges | 65 | €970,111 | €778,175 | -€191,937 | -19.8% |
| Profit (loss) for the period before taxes | 9903 | €135,499 | -€253,336 | -€388,835 | |
| Income taxes | 67/77 | €498 | €321 | -€177 | -35.6% |
| Profit (loss) for the period | 9904 | €135,001 | -€253,657 | -€388,658 | |
| Profit (loss) for the period to be appropriated | 9905 | €135,001 | -€253,657 | -€388,658 |
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 27 October 2026 via checked.be.