HELD: 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.
HELD
Largest movements
- Receivables within one year +€48,552
up €48,552 (+78.1%), from €62,207 to €110,759
of which Trade receivables: +€59,102
- Tangible fixed assets -€27,666
down €27,666 (-18.5%), from €149,849 to €122,183
of which Furniture and vehicles: -€19,221
- Cash -€16,895
down €16,895 (-99.7%), from €16,951 to €57
mainly Receivables within one year (-€48,552) and Debts after one year (-€13,383)
- Stocks and contracts -€5,561
down €5,561 (-1.8%), from €300,621 to €295,059
of which Contracts in progress: -€4,719
- Debts after one year -€13,383
down €13,383 (-28.0%), from €47,745 to €34,362
- Tax, wage and social debts +€6,530
up €6,530 (+84.6%), from €7,723 to €14,253
of which Taxes: +€4,892
- Gross operating margin +€31,012
up €31,012 (+11.3%), from €275,075 to €306,087
- Staff costs +€29,163
up €29,163 (+12.6%), from €230,980 to €260,143
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.
Cash bridge derived
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €529,627 | €528,058 | -€1,570 | -0.3% |
| Fixed assets | 21/28 | €149,849 | €122,183 | -€27,666 | -18.5% |
| Tangible fixed assets | 22/27 | €149,849 | €122,183 | -€27,666 | -18.5% |
| Land and buildings | 22 | €78,133 | €70,702 | -€7,431 | -9.5% |
| Plant, machinery and equipment | 23 | €1,886 | €872 | -€1,015 | -53.8% |
| Furniture and vehicles | 24 | €69,830 | €50,609 | -€19,221 | -27.5% |
| Current assets | 29/58 | €379,778 | €405,875 | +€26,097 | +6.9% |
| Stocks and contracts in progress | 3 | €300,621 | €295,059 | -€5,561 | -1.8% |
| Stocks | 30/36 | €163,303 | €162,460 | -€842 | -0.5% |
| Contracts in progress | 37 | €137,318 | €132,599 | -€4,719 | -3.4% |
| Amounts receivable within one year | 40/41 | €62,207 | €110,759 | +€48,552 | +78.1% |
| Trade receivables | 40 | €42,095 | €101,197 | +€59,102 | +140.4% |
| Other amounts receivable | 41 | €20,111 | €9,562 | -€10,549 | -52.5% |
| Cash at bank and in hand | 54/58 | €16,951 | €57 | -€16,895 | -99.7% |
| Total equity and liabilities | 10/49 | €529,627 | €528,058 | -€1,570 | -0.3% |
| Equity | 10/15 | €305,332 | €309,733 | +€4,402 | +1.4% |
| Contributions | 10/11 | €102,876 | €102,876 | = | 0.0% |
| Capital | 10 | €102,876 | €102,876 | = | 0.0% |
| Issued capital | 100 | €102,876 | €102,876 | = | 0.0% |
| Reserves | 13 | €21,989 | €21,989 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,288 | €10,288 | = | 0.0% |
| Legal reserve | 130 | €10,288 | €10,288 | = | 0.0% |
| Distributable reserves | 133 | €11,701 | €11,701 | = | 0.0% |
| Profit (loss) carried forward | 14 | €180,467 | €184,868 | +€4,402 | +2.4% |
| Amounts payable | 17/49 | €224,296 | €218,324 | -€5,971 | -2.7% |
| Amounts payable after more than one year | 17 | €47,745 | €34,362 | -€13,383 | -28.0% |
| Financial debts | 170/4 | €47,745 | €34,362 | -€13,383 | -28.0% |
| Amounts payable within one year | 42/48 | €176,551 | €183,962 | +€7,411 | +4.2% |
| Current portion of amounts payable after more than one year | 42 | €18,074 | €22,307 | +€4,233 | +23.4% |
| Financial debts | 43 | €132,396 | €131,759 | -€637 | -0.5% |
| Credit institutions | 430/8 | €43,197 | €67,965 | +€24,769 | +57.3% |
| Other loans | 439 | €89,199 | €63,794 | -€25,405 | -28.5% |
| Trade debts | 44 | €18,358 | €15,643 | -€2,715 | -14.8% |
| Suppliers | 440/4 | €18,358 | €15,643 | -€2,715 | -14.8% |
| Taxes, remuneration and social security | 45 | €7,723 | €14,253 | +€6,530 | +84.6% |
| Taxes | 450/3 | - | €4,892 | +€4,892 | |
| Remuneration and social security | 454/9 | €7,723 | €9,361 | +€1,638 | +21.2% |
| Remuneration, social security and pensions | 62 | €230,980 | €260,143 | +€29,163 | +12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,340 | €29,165 | -€175 | -0.6% |
| Other operating charges | 640/8 | €3,679 | €1,767 | -€1,913 | -52.0% |
| Gross operating margin | 9900 | €275,075 | €306,087 | +€31,012 | +11.3% |
| Operating profit (loss) | 9901 | €11,076 | €15,013 | +€3,937 | +35.5% |
| Financial income | 75/76B | €1,674 | €1,752 | +€79 | +4.7% |
| Recurring financial income | 75 | €1,674 | €1,752 | +€79 | +4.7% |
| Financial charges | 65/66B | €10,783 | €10,257 | -€526 | -4.9% |
| Recurring financial charges | 65 | €10,783 | €10,257 | -€526 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €1,966 | €6,508 | +€4,542 | +231.0% |
| Income taxes | 67/77 | €646 | €2,106 | +€1,461 | +226.2% |
| Profit (loss) for the period | 9904 | €1,320 | €4,402 | +€3,081 | +233.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,320 | €4,402 | +€3,081 | +233.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.