HAPPY VIEW: 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
HAPPY VIEW
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€159,202
2024 · €165,663-€6,461
Equity
€862,284
2024 · €703,082+€159,202
Cash
€27,475
2024 · €22,249+€5,226
Balance sheet total
€1.4m
2024 · €1.3m+€19,033
Largest movements
Assets
- Receivables within one year +€20,193
up €20,193 (+2.1%), from €970,161 to €990,354
of which Other amounts receivable: +€13,158
Equity and liabilities
- Reserves +€158,960
up €158,960 (+1,031%), from €15,422 to €174,382
of which Distributable reserves: +€151,000
- Debts after one year -€147,651
down €147,651 (-38.2%), from €387,013 to €239,362
Income statement
- Taxes +€19,951
up €19,951 (+34.1%), from €58,500 to €78,451
- Gross operating margin +€9,022
up €9,022 (+3.5%), from €258,069 to €267,091
- Financial charges -€4,172
down €4,172 (-21.8%), from €19,165 to €14,993
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
€165,663
Gross operating margin
+€9,022
Depreciation
-€711
Other operating charges
+€488
Other operating items
-€439
Financial income
+€958
Financial charges
+€4,172
Taxes
-€19,951
Result 2025
€159,202
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
+€152,619
Investment
-€4,270
Financing
-€143,123
Cash 2024
€22,249
From operations (derived)
+€152,619
Net result for the year
+€159,202
Depreciation
+€12,501
Receivables within one year
-€20,193
Deferred charges and accrued income
-€1,845
Trade debts
+€2,467
Tax, wage and social debts
+€8
Accrued charges and deferred income
+€479
Investment (derived)
-€4,270
Investment in fixed assets (net)
-€4,270
Financing
-€143,123
Debts after one year
-€147,651
Current portion of long-term debt
+€4,528
Cash 2025
€27,475
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,331,905 | €1,350,938 | +€19,033 | +1.4% |
| Fixed assets | 21/28 | €239,242 | €231,011 | -€8,231 | -3.4% |
| Tangible fixed assets | 22/27 | €65,315 | €57,084 | -€8,231 | -12.6% |
| Land and buildings | 22 | €38,897 | - | -€38,897 | |
| Plant, machinery and equipment | 23 | €489 | €342 | -€147 | -30.1% |
| Furniture and vehicles | 24 | €6,006 | €7,517 | +€1,511 | +25.2% |
| Other tangible fixed assets | 26 | €19,923 | €49,225 | +€29,302 | +147% |
| Financial fixed assets | 28 | €173,927 | €173,927 | = | 0.0% |
| Current assets | 29/58 | €1,092,663 | €1,119,927 | +€27,264 | +2.5% |
| Amounts receivable within one year | 40/41 | €970,161 | €990,354 | +€20,193 | +2.1% |
| Trade receivables | 40 | €10,264 | €17,299 | +€7,035 | +68.5% |
| Other amounts receivable | 41 | €959,897 | €973,055 | +€13,158 | +1.4% |
| Cash at bank and in hand | 54/58 | €22,249 | €27,475 | +€5,226 | +23.5% |
| Deferred charges and accrued income | 490/1 | €100,253 | €102,098 | +€1,845 | +1.8% |
| Total equity and liabilities | 10/49 | €1,331,905 | €1,350,938 | +€19,033 | +1.4% |
| Equity | 10/15 | €703,082 | €862,284 | +€159,202 | +22.6% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €15,422 | €174,382 | +€158,960 | +1,031% |
| Non-distributable reserves | 130/1 | €15,422 | €23,382 | +€7,960 | +51.6% |
| Legal reserve | 130 | €15,422 | €23,382 | +€7,960 | +51.6% |
| Distributable reserves | 133 | - | €151,000 | +€151,000 | |
| Profit (loss) carried forward | 14 | €287,660 | €287,902 | +€242 | +0.1% |
| Amounts payable | 17/49 | €628,823 | €488,654 | -€140,169 | -22.3% |
| Amounts payable after more than one year | 17 | €387,013 | €239,362 | -€147,651 | -38.2% |
| Financial debts | 170/4 | €387,013 | €239,362 | -€147,651 | -38.2% |
| Amounts payable within one year | 42/48 | €162,884 | €169,887 | +€7,003 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €143,123 | €147,651 | +€4,528 | +3.2% |
| Trade debts | 44 | €2,602 | €5,069 | +€2,467 | +94.8% |
| Suppliers | 440/4 | €2,602 | €5,069 | +€2,467 | +94.8% |
| Taxes, remuneration and social security | 45 | €17,159 | €17,167 | +€8 | 0.0% |
| Taxes | 450/3 | €17,159 | €17,167 | +€8 | 0.0% |
| Accrued charges and deferred income | 492/3 | €78,926 | €79,405 | +€479 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,790 | €12,501 | +€711 | +6.0% |
| Other operating charges | 640/8 | €3,104 | €2,616 | -€488 | -15.7% |
| Non-recurring operating charges | 66A | - | €439 | +€439 | |
| Gross operating margin | 9900 | €258,069 | €267,091 | +€9,022 | +3.5% |
| Operating profit (loss) | 9901 | €243,175 | €251,535 | +€8,360 | +3.4% |
| Financial income | 75/76B | €153 | €1,111 | +€958 | +626% |
| Recurring financial income | 75 | €153 | €1,111 | +€958 | +626% |
| Financial charges | 65/66B | €19,165 | €14,993 | -€4,172 | -21.8% |
| Recurring financial charges | 65 | €19,165 | €14,993 | -€4,172 | -21.8% |
| Profit (loss) for the period before taxes | 9903 | €224,163 | €237,653 | +€13,490 | +6.0% |
| Income taxes | 67/77 | €58,500 | €78,451 | +€19,951 | +34.1% |
| Profit (loss) for the period | 9904 | €165,663 | €159,202 | -€6,461 | -3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €165,663 | €159,202 | -€6,461 | -3.9% |
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 20 October 2026 via checked.be.