H. Holbrecht: 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
H. Holbrecht
NACE 49.410, Freight transport by road
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€72,292
2024 · -€89,425+€161,718
Equity
€1.7m
2024 · €1.6m+€72,292
Cash
€23,405
2024 · €10,262+€13,143
Balance sheet total
€3.7m
2024 · €3.9m-€247,783
Largest movements
Assets
- Receivables within one year -€113,471
down €113,471 (-44.8%), from €253,446 to €139,974
of which Other amounts receivable: -€83,880
- Tangible fixed assets -€108,122
down €108,122 (-3.1%), from €3.4m to €3.3m
of which Land and buildings: -€96,970
Equity and liabilities
- Other debts -€139,068
down €139,068 (-29.1%), from €478,696 to €339,628
- Debts after one year -€132,780
down €132,780 (-8.3%), from €1.6m to €1.5m
- Profit (loss) carried forward +€72,292
up €72,292 (+8.2%), from -€878,578 to -€806,286
- Trade debts -€40,139
down €40,139 (-46.3%), from €86,704 to €46,565
Income statement
- Gross operating margin +€107,939
up €107,939 (+19.9%), from €543,175 to €651,114
- Staff costs -€71,744
down €71,744 (-21.1%), from €339,801 to €268,057
- Depreciation +€17,071
up €17,071 (+7.7%), from €221,357 to €238,428
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
-€89,425
Gross operating margin
+€107,939
Staff costs
+€71,744
Depreciation
-€17,071
Write-downs
-€4,052
Other operating charges
+€1,378
Financial income
-€1,868
Financial charges
+€3,648
Result 2025
€72,292
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
+€269,060
Investment
-€123,137
Financing
-€132,780
Cash 2024
€10,262
From operations (derived)
+€269,060
Net result for the year
+€72,292
Depreciation
+€238,428
Receivables within one year
+€113,471
Deferred charges and accrued income
+€32,162
Trade debts
-€40,139
Tax, wage and social debts
-€10,716
Other debts
-€139,068
Accrued charges and deferred income
+€2,629
Investment (derived)
-€123,137
Investment in fixed assets (net)
-€123,137
Financing
-€132,780
Debts after one year
-€132,780
Cash 2025
€23,405
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,945,277 | €3,697,495 | -€247,783 | -6.3% |
| Fixed assets | 21/28 | €3,455,107 | €3,339,815 | -€115,292 | -3.3% |
| Intangible fixed assets | 21 | €10,320 | €863 | -€9,457 | -91.6% |
| Tangible fixed assets | 22/27 | €3,436,132 | €3,328,010 | -€108,122 | -3.1% |
| Land and buildings | 22 | €3,309,297 | €3,212,327 | -€96,970 | -2.9% |
| Plant, machinery and equipment | 23 | €80,401 | €81,298 | +€896 | +1.1% |
| Furniture and vehicles | 24 | €37,086 | €26,799 | -€10,287 | -27.7% |
| Other tangible fixed assets | 26 | €9,347 | €7,586 | -€1,761 | -18.8% |
| Financial fixed assets | 28 | €8,655 | €10,942 | +€2,287 | +26.4% |
| Current assets | 29/58 | €490,171 | €357,680 | -€132,491 | -27.0% |
| Amounts receivable within one year | 40/41 | €253,446 | €139,974 | -€113,471 | -44.8% |
| Trade receivables | 40 | €153,292 | €123,701 | -€29,592 | -19.3% |
| Other amounts receivable | 41 | €100,153 | €16,274 | -€83,880 | -83.8% |
| Cash at bank and in hand | 54/58 | €10,262 | €23,405 | +€13,143 | +128% |
| Deferred charges and accrued income | 490/1 | €226,463 | €194,300 | -€32,162 | -14.2% |
| Total equity and liabilities | 10/49 | €3,945,277 | €3,697,495 | -€247,783 | -6.3% |
| Equity | 10/15 | €1,583,549 | €1,655,842 | +€72,292 | +4.6% |
| Contributions | 10/11 | €2,385,930 | €2,385,930 | = | 0.0% |
| Reserves | 13 | €76,197 | €76,197 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €76,197 | €76,197 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€878,578 | -€806,286 | +€72,292 | +8.2% |
| Amounts payable | 17/49 | €2,361,728 | €2,041,653 | -€320,075 | -13.6% |
| Amounts payable after more than one year | 17 | €1,593,363 | €1,460,583 | -€132,780 | -8.3% |
| Financial debts | 170/4 | €1,593,363 | €1,460,583 | -€132,780 | -8.3% |
| Amounts payable within one year | 42/48 | €768,365 | €578,442 | -€189,924 | -24.7% |
| Current portion of amounts payable after more than one year | 42 | €132,780 | €132,780 | = | 0.0% |
| Trade debts | 44 | €86,704 | €46,565 | -€40,139 | -46.3% |
| Suppliers | 440/4 | €86,704 | €46,565 | -€40,139 | -46.3% |
| Taxes, remuneration and social security | 45 | €70,185 | €59,469 | -€10,716 | -15.3% |
| Taxes | 450/3 | €29,877 | €11,394 | -€18,482 | -61.9% |
| Remuneration and social security | 454/9 | €40,308 | €48,074 | +€7,766 | +19.3% |
| Other amounts payable | 47/48 | €478,696 | €339,628 | -€139,068 | -29.1% |
| Accrued charges and deferred income | 492/3 | €0 | €2,629 | +€2,629 | |
| Remuneration, social security and pensions | 62 | €339,801 | €268,057 | -€71,744 | -21.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €221,357 | €238,428 | +€17,071 | +7.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,052 | +€4,052 | |
| Other operating charges | 640/8 | €37,923 | €36,545 | -€1,378 | -3.6% |
| Gross operating margin | 9900 | €543,175 | €651,114 | +€107,939 | +19.9% |
| Operating profit (loss) | 9901 | -€55,906 | €104,031 | +€159,937 | |
| Financial income | 75/76B | €5,299 | €3,431 | -€1,868 | -35.2% |
| Recurring financial income | 75 | €5,299 | €3,431 | -€1,868 | -35.2% |
| Financial charges | 65/66B | €38,818 | €35,170 | -€3,648 | -9.4% |
| Recurring financial charges | 65 | €38,818 | €35,170 | -€3,648 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | -€89,425 | €72,292 | +€161,718 | |
| Profit (loss) for the period | 9904 | -€89,425 | €72,292 | +€161,718 | |
| Profit (loss) for the period to be appropriated | 9905 | -€89,425 | €72,292 | +€161,718 |
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 18 October 2026 via checked.be.