FAST FORWARD: 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
FAST FORWARD
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€1.1m
2024 · -€2.1m+€1.0m
Equity
€7.6m
2024 · €8.7m-€1.1m
Cash
€155,045
2024 · €369,175-€214,130
Balance sheet total
€14.1m
2024 · €14.7m-€557,752
Largest movements
Assets
- Stocks and contracts -€1.6m
down €1.6m (-20.6%), from €7.9m to €6.2m
- Financial fixed assets +€949,026
up €949,026 (+15.4%), from €6.1m to €7.1m
of which Other financial fixed assets: +€949,026
- Receivables within one year +€221,521
up €221,521 (+871.1%), from €25,431 to €246,953
of which Other amounts receivable: +€177,021
- Cash -€214,130
down €214,130 (-58.0%), from €369,175 to €155,045
mainly Net result for the year (-€1.1m) and Investment in fixed assets (net) (-€1.1m)
Equity and liabilities
- Profit (loss) carried forward -€1.1m
down €1.1m (-20.5%), from -€5.4m to -€6.5m
- Debts after one year +€930,000
up €930,000 (+24.0%), from €3.9m to €4.8m
- Current portion of long-term debt -€400,000
down €400,000 (-24.2%), from €1.7m to €1.3m
Income statement
- Goods and materials -€1.5m
down €1.5m (-46.7%), from €3.3m to €1.8m
of which Change in stocks: decrease (increase): -€1.5m
- Turnover -€721,299
down €721,299 (-46.6%), from €1.5m to €826,496
- Services and other goods -€45,100
down €45,100 (-23.7%), from €190,330 to €145,230
- Financial charges -€28,590
down €28,590 (-13.5%), from €212,562 to €183,972
- Financial income +€16,392
up €16,392 (+298.4%), from €5,494 to €21,886
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
-€2.1m
Turnover
-€721,299
Other operating income
+€6,602
Goods and materials
+€1.5m
Services and other goods
+€45,100
Depreciation
-€1,226
Other operating charges
-€41
Other operating items
+€118,053
Financial income
+€16,392
Financial charges
+€28,590
Taxes
-€232
Result 2025
-€1.1m
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
+€317,759
Investment
-€1.1m
Financing
+€530,000
Cash 2024
€369,175
From operations (derived)
+€317,759
Net result for the year
-€1.1m
Depreciation
+€1,869
Stocks and contracts
+€1.6m
Receivables within one year
-€221,521
Smaller working-capital items
+€1,730
Trade debts
+€31,573
Other debts
-€20,409
Accrued charges and deferred income
+€10,598
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.1m
Financing
+€530,000
Debts after one year
+€930,000
Current portion of long-term debt
-€400,000
Cash 2025
€155,045
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,683,831 | €14,126,079 | -€557,752 | -3.8% |
| Fixed assets | 21/28 | €6,150,283 | €7,210,303 | +€1.1m | +17.2% |
| Tangible fixed assets | 22/27 | €482 | €111,475 | +€110,993 | +23016.6% |
| Plant, machinery and equipment | 23 | €482 | €0 | -€482 | -100.0% |
| Furniture and vehicles | 24 | - | €111,475 | +€111,475 | |
| Financial fixed assets | 28 | €6,149,801 | €7,098,827 | +€949,026 | +15.4% |
| Affiliated companies | 280/1 | €6,149,801 | €6,149,801 | = | 0.0% |
| Participating interests | 280 | €6,149,801 | €6,149,801 | = | 0.0% |
| Other financial fixed assets | 284/8 | - | €949,026 | +€949,026 | |
| Amounts receivable and cash guarantees | 285/8 | - | €949,026 | +€949,026 | |
| Current assets | 29/58 | €8,533,548 | €6,915,776 | -€1.6m | -19.0% |
| Amounts receivable after more than one year | 29 | €250,000 | €250,000 | = | 0.0% |
| Other amounts receivable | 291 | €250,000 | €250,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €7,872,563 | €6,247,355 | -€1.6m | -20.6% |
| Stocks | 30/36 | €7,872,563 | €6,247,355 | -€1.6m | -20.6% |
| Goods purchased for resale | 34 | €7,872,563 | €6,247,355 | -€1.6m | -20.6% |
| Amounts receivable within one year | 40/41 | €25,431 | €246,953 | +€221,521 | +871.1% |
| Trade receivables | 40 | - | €44,500 | +€44,500 | |
| Other amounts receivable | 41 | €25,431 | €202,453 | +€177,021 | +696.1% |
| Cash at bank and in hand | 54/58 | €369,175 | €155,045 | -€214,130 | -58.0% |
| Deferred charges and accrued income | 490/1 | €16,378 | €16,423 | +€45 | +0.3% |
| Total equity and liabilities | 10/49 | €14,683,831 | €14,126,079 | -€557,752 | -3.8% |
| Equity | 10/15 | €8,667,980 | €7,556,691 | -€1.1m | -12.8% |
| Contributions | 10/11 | €14,050,000 | €14,050,000 | = | 0.0% |
| Capital | 10 | €14,050,000 | €14,050,000 | = | 0.0% |
| Issued capital | 100 | €14,050,000 | €14,050,000 | = | 0.0% |
| Reserves | 13 | €48,519 | €48,519 | = | 0.0% |
| Non-distributable reserves | 130/1 | €45,146 | €45,146 | = | 0.0% |
| Legal reserve | 130 | €45,146 | €45,146 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,373 | €3,373 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,430,539 | -€6,541,827 | -€1.1m | -20.5% |
| Amounts payable | 17/49 | €6,015,851 | €6,569,388 | +€553,537 | +9.2% |
| Amounts payable after more than one year | 17 | €3,875,000 | €4,805,000 | +€930,000 | +24.0% |
| Financial debts | 170/4 | €3,875,000 | €4,805,000 | +€930,000 | +24.0% |
| Other loans | 174 | €3,875,000 | €4,805,000 | +€930,000 | +24.0% |
| Amounts payable within one year | 42/48 | €2,103,577 | €1,716,516 | -€387,061 | -18.4% |
| Current portion of amounts payable after more than one year | 42 | €1,650,000 | €1,250,000 | -€400,000 | -24.2% |
| Trade debts | 44 | €37,305 | €68,878 | +€31,573 | +84.6% |
| Suppliers | 440/4 | €37,305 | €68,878 | +€31,573 | +84.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €0 | €1,775 | +€1,775 | |
| Taxes | 450/3 | €0 | €1,775 | +€1,775 | |
| Other amounts payable | 47/48 | €416,272 | €395,862 | -€20,409 | -4.9% |
| Accrued charges and deferred income | 492/3 | €37,275 | €47,872 | +€10,598 | +28.4% |
| Operating income | 70/76A | €1,563,223 | €966,579 | -€596,644 | -38.2% |
| Turnover | 70 | €1,547,795 | €826,496 | -€721,299 | -46.6% |
| Other operating income | 74 | €15,428 | €22,030 | +€6,602 | +42.8% |
| Non-recurring operating income | 76A | - | €118,053 | +€118,053 | |
| Operating charges | 60/66A | €3,500,813 | €1,914,006 | -€1.6m | -45.3% |
| Goods for resale, raw materials and consumables | 60 | €3,304,329 | €1,761,354 | -€1.5m | -46.7% |
| Purchases | 600/8 | €153,266 | €136,146 | -€17,120 | -11.2% |
| Change in stocks: decrease (increase) | 609 | €3,151,062 | €1,625,208 | -€1.5m | -48.4% |
| Services and other goods | 61 | €190,330 | €145,230 | -€45,100 | -23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €643 | €1,869 | +€1,226 | +190.6% |
| Other operating charges | 640/8 | €5,512 | €5,553 | +€41 | +0.8% |
| Operating profit (loss) | 9901 | -€1,937,590 | -€947,427 | +€990,163 | +51.1% |
| Financial income | 75/76B | €5,494 | €21,886 | +€16,392 | +298.4% |
| Recurring financial income | 75 | €5,494 | €21,886 | +€16,392 | +298.4% |
| Income from financial fixed assets | 750 | €5,002 | €21,886 | +€16,884 | +337.5% |
| Other financial income | 752/9 | €492 | €0 | -€492 | -100.0% |
| Financial charges | 65/66B | €212,562 | €183,972 | -€28,590 | -13.5% |
| Recurring financial charges | 65 | €212,562 | €183,972 | -€28,590 | -13.5% |
| Debt charges | 650 | €204,695 | €177,126 | -€27,569 | -13.5% |
| Other financial charges | 652/9 | €7,866 | €6,846 | -€1,021 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | -€2,144,658 | -€1,109,513 | +€1.0m | +48.3% |
| Income taxes | 67/77 | €1,543 | €1,775 | +€232 | +15.1% |
| Taxes | 670/3 | €1,543 | €1,775 | +€232 | +15.1% |
| Profit (loss) for the period | 9904 | -€2,146,200 | -€1,111,288 | +€1.0m | +48.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,146,200 | -€1,111,288 | +€1.0m | +48.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.