FOCUS: 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
FOCUS
NACE 64.210, Activities of holding companies
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
€53,420
2023 · -€392+€53,812
Equity
€3.8m
2023 · €3.7m+€53,420
Cash
€54,116
2023 · €87,169-€33,053
Balance sheet total
€6.8m
2023 · €7.0m-€172,275
Largest movements
Assets
- Receivables within one year +€230,458
up €230,458 (+8.5%), from €2.7m to €2.9m
of which Other amounts receivable: +€383,798
- Tangible fixed assets -€209,464
down €209,464 (-15.4%), from €1.4m to €1.1m
of which Land and buildings: -€252,916
- Deferred charges and accrued income -€166,338
down €166,338 (-95.6%), from €173,919 to €7,582
Equity and liabilities
- Short-term financial debts -€300,000
down €300,000 (-10.5%), from €2.9m to €2.6m
Income statement
- Gross operating margin +€44,476
up €44,476 (+22.0%), from €201,850 to €246,326
- Financial income -€27,185
down €27,185 (-51.4%), from €52,914 to €25,729
- Staff costs -€26,497
down €26,497 (-86.8%), from €30,526 to €4,028
- Depreciation -€17,213
down €17,213 (-22.1%), from €77,714 to €60,501
- Taxes +€5,806
up €5,806 (+183.3%), from €3,168 to €8,974
From the 2023 result to the 2024 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 2023
-€392
Gross operating margin
+€44,476
Staff costs
+€26,497
Depreciation
+€17,213
Other operating charges
+€3,160
Financial income
-€27,185
Financial charges
-€4,544
Taxes
-€5,806
Result 2024
€53,420
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€94,050
Investment
+€142,842
Financing
-€269,944
Cash 2023
€87,169
From operations (derived)
+€94,050
Net result for the year
+€53,420
Depreciation
+€60,501
Receivables within one year
-€230,458
Deferred charges and accrued income
+€166,338
Trade debts
+€700
Tax, wage and social debts
+€2,092
Other debts
+€49,847
Accrued charges and deferred income
-€8,390
Investment (derived)
+€142,842
Investment in fixed assets (net)
+€148,963
Current investments
-€6,121
Financing
-€269,944
Debts after one year
+€29,145
Current portion of long-term debt
+€911
Short-term financial debts
-€300,000
Cash 2024
€54,116
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,973,845 | €6,801,570 | -€172,275 | -2.5% |
| Fixed assets | 21/28 | €2,620,131 | €2,410,667 | -€209,464 | -8.0% |
| Tangible fixed assets | 22/27 | €1,357,473 | €1,148,009 | -€209,464 | -15.4% |
| Land and buildings | 22 | €1,028,491 | €775,575 | -€252,916 | -24.6% |
| Plant, machinery and equipment | 23 | €2,712 | €1,808 | -€904 | -33.3% |
| Furniture and vehicles | 24 | €86,368 | €138,165 | +€51,798 | +60.0% |
| Other tangible fixed assets | 26 | €239,903 | €232,461 | -€7,442 | -3.1% |
| Financial fixed assets | 28 | €1,262,658 | €1,262,658 | = | 0.0% |
| Current assets | 29/58 | €4,353,714 | €4,390,903 | +€37,189 | +0.9% |
| Amounts receivable within one year | 40/41 | €2,710,742 | €2,941,199 | +€230,458 | +8.5% |
| Trade receivables | 40 | €266,572 | €113,232 | -€153,340 | -57.5% |
| Other amounts receivable | 41 | €2,444,170 | €2,827,967 | +€383,798 | +15.7% |
| Current investments | 50/53 | €1,381,884 | €1,388,006 | +€6,121 | +0.4% |
| Cash at bank and in hand | 54/58 | €87,169 | €54,116 | -€33,053 | -37.9% |
| Deferred charges and accrued income | 490/1 | €173,919 | €7,582 | -€166,338 | -95.6% |
| Total equity and liabilities | 10/49 | €6,973,845 | €6,801,570 | -€172,275 | -2.5% |
| Equity | 10/15 | €3,698,193 | €3,751,613 | +€53,420 | +1.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €3,679,601 | €3,733,021 | +€53,420 | +1.5% |
| Non-distributable reserves | 130/1 | €1,859 | €0 | -€1,859 | -100.0% |
| Reserves not available under the articles | 1311 | €1,859 | €0 | -€1,859 | -100.0% |
| Distributable reserves | 133 | €3,677,742 | €3,733,021 | +€55,279 | +1.5% |
| Amounts payable | 17/49 | €3,275,653 | €3,049,957 | -€225,695 | -6.9% |
| Amounts payable after more than one year | 17 | €55,434 | €84,579 | +€29,145 | +52.6% |
| Financial debts | 170/4 | €55,434 | €84,579 | +€29,145 | +52.6% |
| Amounts payable within one year | 42/48 | €3,211,722 | €2,965,272 | -€246,450 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €35,852 | €36,762 | +€911 | +2.5% |
| Financial debts | 43 | €2,850,000 | €2,550,000 | -€300,000 | -10.5% |
| Credit institutions | 430/8 | €2,850,000 | €2,550,000 | -€300,000 | -10.5% |
| Trade debts | 44 | €21,756 | €22,456 | +€700 | +3.2% |
| Suppliers | 440/4 | €21,756 | €22,456 | +€700 | +3.2% |
| Taxes, remuneration and social security | 45 | €7,568 | €9,660 | +€2,092 | +27.6% |
| Taxes | 450/3 | €4 | €6,489 | +€6,485 | +149072.2% |
| Remuneration and social security | 454/9 | €7,563 | €3,171 | -€4,393 | -58.1% |
| Other amounts payable | 47/48 | €296,547 | €346,394 | +€49,847 | +16.8% |
| Accrued charges and deferred income | 492/3 | €8,497 | €107 | -€8,390 | -98.7% |
| Non-recurring operating income | 76A | €0 | €103,291 | +€103,291 | |
| Remuneration, social security and pensions | 62 | €30,526 | €4,028 | -€26,497 | -86.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,714 | €60,501 | -€17,213 | -22.1% |
| Other operating charges | 640/8 | €9,828 | €6,667 | -€3,160 | -32.2% |
| Gross operating margin | 9900 | €201,850 | €246,326 | +€44,476 | +22.0% |
| Operating profit (loss) | 9901 | €83,783 | €175,129 | +€91,347 | +109.0% |
| Financial income | 75/76B | €52,914 | €25,729 | -€27,185 | -51.4% |
| Recurring financial income | 75 | €52,914 | €25,729 | -€27,185 | -51.4% |
| Financial charges | 65/66B | €133,921 | €138,464 | +€4,544 | +3.4% |
| Recurring financial charges | 65 | €133,921 | €138,464 | +€4,544 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | €2,775 | €62,394 | +€59,618 | +2148.1% |
| Income taxes | 67/77 | €3,168 | €8,974 | +€5,806 | +183.3% |
| Profit (loss) for the period | 9904 | -€392 | €53,420 | +€53,812 | |
| Profit (loss) for the period to be appropriated | 9905 | -€392 | €53,420 | +€53,812 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.