FLOW: 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
FLOW
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€1.4m
2024 · €36,185-€1.4m
Equity
€4.1m
2024 · €5.6m-€1.4m
Cash
€29,317
2024 · €21,898+€7,419
Balance sheet total
€4.7m
2024 · €6.3m-€1.5m
Largest movements
Assets
- Financial fixed assets -€1.5m
down €1.5m (-65.9%), from €2.3m to €772,878
- Tangible fixed assets -€86,978
down €86,978 (-2.3%), from €3.8m to €3.7m
Equity and liabilities
- Reserves -€1.4m
down €1.4m (-49.1%), from €2.9m to €1.5m
- Debts after one year -€137,632
down €137,632 (-46.2%), from €297,873 to €160,241
Income statement
- Financial charges +€1.5m
up €1.5m (+7,942%), from €18,722 to €1.5m
of which Non-recurring financial charges: +€1.5m
- Gross operating margin +€41,855
up €41,855 (+21.8%), from €191,622 to €233,477
- Staff costs -€31,554
no longer reported in 2025 (was €31,554)
- Financial income -€20,048
down €20,048 (-43.0%), from €46,600 to €26,553
- Taxes -€12,568
no longer reported in 2025 (was €12,568)
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
€36,185
Gross operating margin
+€41,855
Staff costs
+€31,554
Depreciation
-€1,124
Other operating charges
-€3,109
Other operating items
+€300
Financial income
-€20,048
Financial charges
-€1.5m
Taxes
+€12,568
Result 2025
-€1.4m
raises the resultlowers the resultnot broken down further in the accounts
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
+€1.5m
Financing
-€224,977
Cash 2024
€21,898
From operations (derived)
-€1.2m
Net result for the year
-€1.4m
Depreciation
+€108,885
Receivables within one year
-€26,359
Smaller working-capital items
-€1,829
Trade debts
+€40,176
Tax, wage and social debts
+€16,541
Accrued charges and deferred income
+€9,490
Investment (derived)
+€1.5m
Investment in fixed assets (net)
+€1.5m
Financing
-€224,977
Debts after one year
-€137,632
Current portion of long-term debt
-€31,057
Short-term financial debts
-€6,288
Contributions, distributions and other
-€50,000
Cash 2025
€29,317
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,257,452 | €4,708,162 | -€1.5m | -24.8% |
| Fixed assets | 21/28 | €6,033,844 | €4,450,705 | -€1.6m | -26.2% |
| Tangible fixed assets | 22/27 | €3,764,805 | €3,677,827 | -€86,978 | -2.3% |
| Land and buildings | 22 | €3,764,805 | €3,677,827 | -€86,978 | -2.3% |
| Financial fixed assets | 28 | €2,269,039 | €772,878 | -€1.5m | -65.9% |
| Current assets | 29/58 | €223,607 | €257,456 | +€33,849 | +15.1% |
| Amounts receivable within one year | 40/41 | €182,145 | €208,504 | +€26,359 | +14.5% |
| Trade receivables | 40 | €168,125 | €169,302 | +€1,177 | +0.7% |
| Other amounts receivable | 41 | €14,020 | €39,202 | +€25,182 | +180% |
| Cash at bank and in hand | 54/58 | €21,898 | €29,317 | +€7,419 | +33.9% |
| Deferred charges and accrued income | 490/1 | €19,564 | €19,635 | +€70 | +0.4% |
| Total equity and liabilities | 10/49 | €6,257,452 | €4,708,162 | -€1.5m | -24.8% |
| Equity | 10/15 | €5,577,459 | €4,138,698 | -€1.4m | -25.8% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Revaluation surpluses | 12 | €2,626,311 | €2,626,311 | = | 0.0% |
| Reserves | 13 | €2,932,148 | €1,493,387 | -€1.4m | -49.1% |
| Distributable reserves | 133 | €2,932,148 | €1,493,387 | -€1.4m | -49.1% |
| Amounts payable | 17/49 | €679,992 | €569,463 | -€110,529 | -16.3% |
| Amounts payable after more than one year | 17 | €297,873 | €160,241 | -€137,632 | -46.2% |
| Financial debts | 170/4 | €297,873 | €160,241 | -€137,632 | -46.2% |
| Amounts payable within one year | 42/48 | €366,499 | €384,112 | +€17,613 | +4.8% |
| Current portion of amounts payable after more than one year | 42 | €168,690 | €137,632 | -€31,057 | -18.4% |
| Financial debts | 43 | €14,716 | €8,428 | -€6,288 | -42.7% |
| Credit institutions | 430/8 | €14,716 | €8,428 | -€6,288 | -42.7% |
| Trade debts | 44 | €134,835 | €175,010 | +€40,176 | +29.8% |
| Suppliers | 440/4 | €134,835 | €175,010 | +€40,176 | +29.8% |
| Taxes, remuneration and social security | 45 | €45,202 | €61,743 | +€16,541 | +36.6% |
| Taxes | 450/3 | €45,202 | €61,743 | +€16,541 | +36.6% |
| Other amounts payable | 47/48 | €3,057 | €1,299 | -€1,758 | -57.5% |
| Accrued charges and deferred income | 492/3 | €15,621 | €25,111 | +€9,490 | +60.8% |
| Remuneration, social security and pensions | 62 | €31,554 | - | -€31,554 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,761 | €108,885 | +€1,124 | +1.0% |
| Other operating charges | 640/8 | €31,133 | €34,242 | +€3,109 | +10.0% |
| Non-recurring operating charges | 66A | €300 | - | -€300 | |
| Gross operating margin | 9900 | €191,622 | €233,477 | +€41,855 | +21.8% |
| Operating profit (loss) | 9901 | €20,874 | €90,350 | +€69,476 | +333% |
| Financial income | 75/76B | €46,600 | €26,553 | -€20,048 | -43.0% |
| Recurring financial income | 75 | €46,600 | €26,553 | -€20,048 | -43.0% |
| Financial charges | 65/66B | €18,722 | €1,505,664 | +€1.5m | +7,942% |
| Recurring financial charges | 65 | €18,722 | €13,664 | -€5,058 | -27.0% |
| Non-recurring financial charges | 66B | - | €1,492,000 | +€1.5m | |
| Profit (loss) for the period before taxes | 9903 | €48,752 | -€1,388,761 | -€1.4m | |
| Income taxes | 67/77 | €12,568 | - | -€12,568 | |
| Profit (loss) for the period | 9904 | €36,185 | -€1,388,761 | -€1.4m | |
| Profit (loss) for the period to be appropriated | 9905 | €36,185 | -€1,388,761 | -€1.4m |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.