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EXPRESSION: what changed

What changed

EXPRESSION

BE 0475.959.204
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Financial years compared with
Net result for the year
€18,043
2024 · €6,026+€12,017
Equity
€110,989
2024 · €92,946+€18,043
Cash
€92,154
2024 · €101,795-€9,641
Balance sheet total
€142,889
2024 · €150,005-€7,116

Largest movements

2024 to 2025
Assets
  • Cash -€9,641

    down €9,641 (-9.5%), from €101,795 to €92,154

    mainly Trade debts (-€11,246) and Other debts (-€9,794)

  • Receivables within one year +€7,943

    up €7,943 (+24.8%), from €32,015 to €39,958

    of which Other amounts receivable: +€7,525

  • Tangible fixed assets -€7,802

    down €7,802 (-57.6%), from €13,545 to €5,742

    of which Furniture and vehicles: -€7,191

  • Deferred charges and accrued income +€2,384

    up €2,384 (+90.0%), from €2,650 to €5,035

Equity and liabilities
  • Reserves +€18,043

    up €18,043 (+58.3%), from €30,946 to €48,989

    of which Distributable reserves: +€14,990

  • Trade debts -€11,246

    down €11,246 (-55.9%), from €20,116 to €8,870

  • Other debts -€9,794

    down €9,794 (-50.5%), from €19,380 to €9,586

  • Accrued charges and deferred income -€3,000

    no longer reported in 2025 (was €3,000)

Income statement
  • Gross operating margin +€33,169

    up €33,169 (+162%), from €20,425 to €53,594

  • Taxes +€16,542

    up €16,542 (+536%), from €3,088 to €19,630

  • Other operating charges +€4,354

    up €4,354 (+445%), from €978 to €5,331

  • Depreciation -€3,504

    down €3,504 (-42.8%), from €8,186 to €4,682

  • Staff costs -€957

    no longer reported in 2025 (was €957)

Change in the result, 2024 to 2025

effect on the result

For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.

Result 2024 €6,026
Gross operating margin +€33,169
Staff costs +€957
Depreciation +€3,504
Other operating charges -€4,354
Other operating items -€4,216
Financial income +€251
Financial charges -€752
Taxes -€16,542
Result 2025 €18,043
raises the resultlowers the resultnot broken down further in the accounts

Derived cash bridge

cash 2024 to 2025

The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.

From operations -€12,761
Investment +€3,120
Financing €0
Cash 2024 €101,795
Net result for the year +€18,043
Depreciation +€4,682
Receivables within one year -€7,943
Deferred charges and accrued income -€2,384
Trade debts -€11,246
Tax, wage and social debts -€1,119
Other debts -€9,794
Accrued charges and deferred income -€3,000
Investment in fixed assets (net) +€3,120
Cash 2025 €92,154
brings cash intakes cash out
Every line side by side 44 lines
Line Code 2024 2025 Change %
Total assets 20/58 €150,005 €142,889 -€7,116 -4.7%
Fixed assets 21/28 €13,545 €5,742 -€7,802 -57.6%
Tangible fixed assets 22/27 €13,545 €5,742 -€7,802 -57.6%
Plant, machinery and equipment 23 €2,351 €1,740 -€611 -26.0%
Furniture and vehicles 24 €11,194 €4,003 -€7,191 -64.2%
Current assets 29/58 €136,460 €137,147 +€686 +0.5%
Amounts receivable within one year 40/41 €32,015 €39,958 +€7,943 +24.8%
Trade receivables 40 €31,859 €32,278 +€418 +1.3%
Other amounts receivable 41 €156 €7,680 +€7,525 +4,839%
Cash at bank and in hand 54/58 €101,795 €92,154 -€9,641 -9.5%
Deferred charges and accrued income 490/1 €2,650 €5,035 +€2,384 +90.0%
Total equity and liabilities 10/49 €150,005 €142,889 -€7,116 -4.7%
Equity 10/15 €92,946 €110,989 +€18,043 +19.4%
Contributions 10/11 €62,000 €62,000 = 0.0%
Capital 10 €62,000 €62,000 = 0.0%
Issued capital 100 €62,000 €62,000 = 0.0%
Reserves 13 €30,946 €48,989 +€18,043 +58.3%
Non-distributable reserves 130/1 €689 €3,742 +€3,053 +443%
Legal reserve 130 €689 €3,742 +€3,053 +443%
Tax-exempt reserves 132 €303 €303 = 0.0%
Distributable reserves 133 €29,954 €44,944 +€14,990 +50.0%
Amounts payable 17/49 €57,059 €31,900 -€25,159 -44.1%
Amounts payable within one year 42/48 €54,059 €31,900 -€22,159 -41.0%
Trade debts 44 €20,116 €8,870 -€11,246 -55.9%
Suppliers 440/4 €20,116 €8,870 -€11,246 -55.9%
Taxes, remuneration and social security 45 €14,563 €13,444 -€1,119 -7.7%
Taxes 450/3 €10,279 €13,444 +€3,166 +30.8%
Remuneration and social security 454/9 €4,285 - -€4,285
Other amounts payable 47/48 €19,380 €9,586 -€9,794 -50.5%
Accrued charges and deferred income 492/3 €3,000 - -€3,000
Remuneration, social security and pensions 62 €957 - -€957
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets 630 €8,186 €4,682 -€3,504 -42.8%
Other operating charges 640/8 €978 €5,331 +€4,354 +445%
Non-recurring operating charges 66A €1,163 €5,379 +€4,216 +363%
Gross operating margin 9900 €20,425 €53,594 +€33,169 +162%
Operating profit (loss) 9901 €9,141 €38,202 +€29,061 +318%
Financial income 75/76B €23 €273 +€251 +1,105%
Recurring financial income 75 €23 €273 +€251 +1,105%
Financial charges 65/66B €50 €802 +€752 +1,493%
Recurring financial charges 65 €50 €802 +€752 +1,493%
Profit (loss) for the period before taxes 9903 €9,114 €37,673 +€28,559 +313%
Income taxes 67/77 €3,088 €19,630 +€16,542 +536%
Profit (loss) for the period 9904 €6,026 €18,043 +€12,017 +199%
Profit (loss) for the period to be appropriated 9905 €6,026 €18,043 +€12,017 +199%
Calculation and sources

Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.