F2D: 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
F2D
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3,352
2024 · -€3,907+€7,259
Equity
€1.5m
2024 · €1.5m+€3,352
Cash
€1,103
2024 · €2,250-€1,147
Balance sheet total
€1.8m
2024 · €1.8m-€7,031
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Financial income +€20,687
new in 2025: €20,687
- Gross operating margin -€10,663
down €10,663 (-1,271%), from -€839 to -€11,502
- Taxes +€2,127
up €2,127, from -€179 to €1,948
- Depreciation +€499
up €499 (+59.5%), from €839 to €1,338
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
-€3,907
Gross operating margin
-€10,663
Depreciation
-€499
Other operating charges
-€89
Financial income
+€20,687
Financial charges
-€48
Taxes
-€2,127
Result 2025
€3,352
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
-€5,516
Investment
+€4,369
Financing
€0
Cash 2024
€2,250
From operations (derived)
-€5,516
Net result for the year
+€3,352
Depreciation
+€1,338
Receivables within one year
+€149
Deferred charges and accrued income
+€28
Trade debts
-€5,139
Tax, wage and social debts
-€5,018
Other debts
-€3,176
Accrued charges and deferred income
+€2,950
Investment (derived)
+€4,369
Investment in fixed assets (net)
+€4,369
Cash 2025
€1,103
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,806,719 | €1,799,688 | -€7,031 | -0.4% |
| Fixed assets | 21/28 | €1,803,740 | €1,798,032 | -€5,707 | -0.3% |
| Tangible fixed assets | 22/27 | €1,475 | €3,032 | +€1,558 | +106% |
| Plant, machinery and equipment | 23 | €844 | €2,319 | +€1,475 | +175% |
| Furniture and vehicles | 24 | €631 | €713 | +€83 | +13.1% |
| Financial fixed assets | 28 | €1,802,265 | €1,795,000 | -€7,265 | -0.4% |
| Current assets | 29/58 | €2,979 | €1,656 | -€1,324 | -44.4% |
| Amounts receivable within one year | 40/41 | €149 | €0 | -€149 | -100% |
| Other amounts receivable | 41 | €149 | €0 | -€149 | -100% |
| Cash at bank and in hand | 54/58 | €2,250 | €1,103 | -€1,147 | -51.0% |
| Deferred charges and accrued income | 490/1 | €581 | €553 | -€28 | -4.9% |
| Total equity and liabilities | 10/49 | €1,806,719 | €1,799,688 | -€7,031 | -0.4% |
| Equity | 10/15 | €1,530,467 | €1,533,820 | +€3,352 | +0.2% |
| Contributions | 10/11 | €1,756,600 | €1,756,600 | = | 0.0% |
| Capital | 10 | - | €1,756,600 | +€1.8m | |
| Issued capital | 100 | - | €1,756,600 | +€1.8m | |
| Contributions outside capital | 11 | - | €0 | = | |
| Other | 1109/19 | - | €0 | = | |
| Reserves | 13 | €19,366 | €19,366 | = | 0.0% |
| Non-distributable reserves | 130/1 | €19,366 | €19,366 | = | 0.0% |
| Legal reserve | 130 | - | €19,366 | +€19,366 | |
| Reserves not available under the articles | 1311 | €19,366 | €0 | -€19,366 | -100% |
| Profit (loss) carried forward | 14 | -€245,498 | -€242,146 | +€3,352 | +1.4% |
| Amounts payable | 17/49 | €276,251 | €265,868 | -€10,383 | -3.8% |
| Amounts payable after more than one year | 17 | €250,000 | €250,000 | = | 0.0% |
| Other amounts payable | 178/9 | €250,000 | €250,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €26,001 | €12,668 | -€13,333 | -51.3% |
| Trade debts | 44 | €6,620 | €1,480 | -€5,139 | -77.6% |
| Suppliers | 440/4 | €6,620 | €1,480 | -€5,139 | -77.6% |
| Taxes, remuneration and social security | 45 | €7,162 | €2,144 | -€5,018 | -70.1% |
| Taxes | 450/3 | €7,162 | €2,144 | -€5,018 | -70.1% |
| Other amounts payable | 47/48 | €12,220 | €9,044 | -€3,176 | -26.0% |
| Accrued charges and deferred income | 492/3 | €250 | €3,200 | +€2,950 | +1,180% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €839 | €1,338 | +€499 | +59.5% |
| Other operating charges | 640/8 | €2,160 | €2,249 | +€89 | +4.1% |
| Gross operating margin | 9900 | -€839 | -€11,502 | -€10,663 | -1,271% |
| Operating profit (loss) | 9901 | -€3,838 | -€15,090 | -€11,252 | -293% |
| Financial income | 75/76B | - | €20,687 | +€20,687 | |
| Recurring financial income | 75 | - | €20,687 | +€20,687 | |
| Financial charges | 65/66B | €248 | €296 | +€48 | +19.3% |
| Recurring financial charges | 65 | €248 | €296 | +€48 | +19.3% |
| Profit (loss) for the period before taxes | 9903 | -€4,086 | €5,301 | +€9,387 | |
| Income taxes | 67/77 | -€179 | €1,948 | +€2,127 | |
| Profit (loss) for the period | 9904 | -€3,907 | €3,352 | +€7,259 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,907 | €3,352 | +€7,259 |
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 26 October 2026 via checked.be.