HALLINVEST: 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
HALLINVEST
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€327,000
2024 · €45.9m-€46.3m
Equity
€62.1m
2024 · €62.4m-€327,000
Cash
€303,387
2024 · €727,847-€424,460
Balance sheet total
€74.6m
2024 · €82.0m-€7.5m
Largest movements
Assets
- Receivables within one year -€10.4m
down €10.4m (-98.3%), from €10.6m to €178,974
of which Other amounts receivable: -€10.0m
- Stocks and contracts +€3.3m
up €3.3m (+29.3%), from €11.2m to €14.5m
Equity and liabilities
- Debts after one year -€6.5m
down €6.5m (-35.3%), from €18.5m to €12.0m
Income statement
- Turnover -€247,912
down €247,912 (-51.8%), from €478,236 to €230,324
- Services and other goods +€93,513
up €93,513 (+38.3%), from €244,230 to €337,743
- Financial charges +€62,629
up €62,629 (+67.5%), from €92,744 to €155,373
- Other operating charges +€40,239
up €40,239 (+364%), from €11,046 to €51,285
- Other operating income +€16,800
new in 2025: €16,800
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
€45.9m
Turnover
-€247,912
Other operating income
+€16,800
Services and other goods
-€93,513
Depreciation
+€14,138
Other operating charges
-€40,239
Other operating items
-€45.8m
Financial income
-€5,535
Financial charges
-€62,629
Result 2025
-€327,000
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
+€6.2m
Investment
-€130,081
Financing
-€6.4m
Cash 2024
€727,847
From operations (derived)
+€6.2m
Net result for the year
-€327,000
Depreciation
+€29,722
Stocks and contracts
-€3.3m
Receivables within one year
+€10.4m
Smaller working-capital items
+€10,712
Trade debts
-€678,391
Other debts
-€53,342
Accrued charges and deferred income
+€45,495
Investment (derived)
-€130,081
Investment in fixed assets (net)
-€130,081
Financing
-€6.4m
Debts after one year
-€6.5m
Current portion of long-term debt
+€90,879
Short-term financial debts
-€6,789
Cash 2025
€303,387
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €82,049,598 | €74,586,970 | -€7.5m | -9.1% |
| Fixed assets | 21/28 | €59,474,114 | €59,574,473 | +€100,359 | +0.2% |
| Intangible fixed assets | 21 | €116,376 | €87,021 | -€29,355 | -25.2% |
| Tangible fixed assets | 22/27 | €2,352,388 | €2,482,102 | +€129,714 | +5.5% |
| Land and buildings | 22 | €1,471,143 | €2,481,640 | +€1.0m | +68.7% |
| Furniture and vehicles | 24 | €829 | €462 | -€367 | -44.3% |
| Assets under construction and advance payments | 27 | €880,416 | - | -€880,416 | |
| Financial fixed assets | 28 | €57,005,350 | €57,005,350 | = | 0.0% |
| Affiliated companies | 280/1 | €57,005,350 | €57,005,350 | = | 0.0% |
| Participating interests | 280 | €7,005,350 | €7,005,350 | = | 0.0% |
| Amounts receivable | 281 | €50,000,000 | €50,000,000 | = | 0.0% |
| Current assets | 29/58 | €22,575,483 | €15,012,497 | -€7.6m | -33.5% |
| Stocks and contracts in progress | 3 | €11,228,134 | €14,519,807 | +€3.3m | +29.3% |
| Stocks | 30/36 | €11,228,134 | €14,519,807 | +€3.3m | +29.3% |
| Property held for sale | 35 | €11,228,134 | €14,519,807 | +€3.3m | +29.3% |
| Amounts receivable within one year | 40/41 | €10,596,669 | €178,974 | -€10.4m | -98.3% |
| Trade receivables | 40 | €470,619 | €17,198 | -€453,421 | -96.3% |
| Other amounts receivable | 41 | €10,126,050 | €161,776 | -€10.0m | -98.4% |
| Cash at bank and in hand | 54/58 | €727,847 | €303,387 | -€424,460 | -58.3% |
| Deferred charges and accrued income | 490/1 | €22,832 | €10,328 | -€12,504 | -54.8% |
| Total equity and liabilities | 10/49 | €82,049,598 | €74,586,970 | -€7.5m | -9.1% |
| Equity | 10/15 | €62,398,397 | €62,071,398 | -€327,000 | -0.5% |
| Contributions | 10/11 | €2,446,606 | €2,446,606 | = | 0.0% |
| Capital | 10 | €2,446,606 | €2,446,606 | = | 0.0% |
| Issued capital | 100 | €2,446,606 | €2,446,606 | = | 0.0% |
| Reserves | 13 | €244,660 | €244,660 | = | 0.0% |
| Non-distributable reserves | 130/1 | €244,660 | €244,660 | = | 0.0% |
| Legal reserve | 130 | €244,660 | €244,660 | = | 0.0% |
| Profit (loss) carried forward | 14 | €59,707,131 | €59,380,132 | -€327,000 | -0.5% |
| Amounts payable | 17/49 | €19,651,200 | €12,515,573 | -€7.1m | -36.3% |
| Amounts payable after more than one year | 17 | €18,512,785 | €11,981,096 | -€6.5m | -35.3% |
| Financial debts | 170/4 | €18,512,785 | €11,981,096 | -€6.5m | -35.3% |
| Credit institutions | 173 | €1,072,785 | €3,351,096 | +€2.3m | +212% |
| Other loans | 174 | €17,440,000 | €8,630,000 | -€8.8m | -50.5% |
| Amounts payable within one year | 42/48 | €1,137,797 | €488,362 | -€649,435 | -57.1% |
| Current portion of amounts payable after more than one year | 42 | €66,789 | €157,668 | +€90,879 | +136% |
| Financial debts | 43 | €6,789 | - | -€6,789 | |
| Credit institutions | 430/8 | €6,789 | - | -€6,789 | |
| Trade debts | 44 | €884,925 | €206,534 | -€678,391 | -76.7% |
| Suppliers | 440/4 | €884,925 | €206,534 | -€678,391 | -76.7% |
| Taxes, remuneration and social security | 45 | €11,040 | €9,248 | -€1,792 | -16.2% |
| Taxes | 450/3 | €11,040 | €9,248 | -€1,792 | -16.2% |
| Other amounts payable | 47/48 | €168,255 | €114,912 | -€53,342 | -31.7% |
| Accrued charges and deferred income | 492/3 | €618 | €46,114 | +€45,495 | +7,357% |
| Operating income | 70/76A | €46,324,445 | €247,124 | -€46.1m | -99.5% |
| Turnover | 70 | €478,236 | €230,324 | -€247,912 | -51.8% |
| Other operating income | 74 | - | €16,800 | +€16,800 | |
| Non-recurring operating income | 76A | €45,846,209 | - | -€45.8m | |
| Operating charges | 60/66A | €299,137 | €418,750 | +€119,614 | +40.0% |
| Purchases | 600/8 | €4,842,716 | €3,291,673 | -€1.6m | -32.0% |
| Change in stocks: decrease (increase) | 609 | -€4,842,716 | -€3,291,673 | +€1.6m | +32.0% |
| Services and other goods | 61 | €244,230 | €337,743 | +€93,513 | +38.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,860 | €29,722 | -€14,138 | -32.2% |
| Other operating charges | 640/8 | €11,046 | €51,285 | +€40,239 | +364% |
| Operating profit (loss) | 9901 | €46,025,308 | -€171,626 | -€46.2m | |
| Financial income | 75/76B | €5,535 | - | -€5,535 | |
| Recurring financial income | 75 | €5,535 | - | -€5,535 | |
| Income from financial fixed assets | 750 | €5,535 | - | -€5,535 | |
| Financial charges | 65/66B | €92,744 | €155,373 | +€62,629 | +67.5% |
| Recurring financial charges | 65 | €92,744 | €155,373 | +€62,629 | +67.5% |
| Debt charges | 650 | €83,363 | €142,857 | +€59,494 | +71.4% |
| Other financial charges | 652/9 | €9,381 | €12,516 | +€3,135 | +33.4% |
| Profit (loss) for the period before taxes | 9903 | €45,938,099 | -€327,000 | -€46.3m | |
| Taxes | 670/3 | €20,000 | - | -€20,000 | |
| Tax adjustments and reversals of tax provisions | 77 | €20,000 | - | -€20,000 | |
| Profit (loss) for the period | 9904 | €45,938,099 | -€327,000 | -€46.3m | |
| Profit (loss) for the period to be appropriated | 9905 | €45,938,099 | -€327,000 | -€46.3m |
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 19 October 2026 via checked.be.