HELD ANTWERP: 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.
HELD ANTWERP
Largest movements
- Cash +€99,164
up €99,164 (+292.7%), from €33,877 to €133,041
mainly Net result for the year (+€139,828) and Tax, wage and social debts (+€59,655)
- Stocks and contracts +€74,457
up €74,457 (+551.3%), from €13,505 to €87,961
- Receivables within one year +€7,964
up €7,964 (+16.5%), from €48,179 to €56,143
of which Trade receivables: +€15,701
- Tangible fixed assets +€5,134
up €5,134 (+1612.4%), from €318 to €5,452
of which Furniture and vehicles: +€2,793
- Reserves +€139,828
up €139,828 (+228.4%), from €61,232 to €201,060
- Tax, wage and social debts +€59,655
up €59,655 (+641.7%), from €9,296 to €68,951
- Current portion of long-term debt -€9,082
no longer reported in 2025 (was €9,082)
- Trade debts -€3,646
down €3,646 (-55.9%), from €6,526 to €2,880
- Gross operating margin +€152,547
up €152,547 (+385.4%), from €39,586 to €192,133
- Taxes +€37,605
up €37,605 (+404.5%), from €9,296 to €46,902
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 | €96,047 | €282,719 | +€186,672 | +194.4% |
| Fixed assets | 21/28 | €318 | €5,452 | +€5,134 | +1612.4% |
| Tangible fixed assets | 22/27 | €318 | €5,452 | +€5,134 | +1612.4% |
| Plant, machinery and equipment | 23 | €318 | €2,269 | +€1,950 | +612.6% |
| Furniture and vehicles | 24 | - | €2,793 | +€2,793 | |
| Other tangible fixed assets | 26 | - | €390 | +€390 | |
| Current assets | 29/58 | €95,728 | €277,267 | +€181,538 | +189.6% |
| Stocks and contracts in progress | 3 | €13,505 | €87,961 | +€74,457 | +551.3% |
| Stocks | 30/36 | €13,505 | €87,961 | +€74,457 | +551.3% |
| Amounts receivable within one year | 40/41 | €48,179 | €56,143 | +€7,964 | +16.5% |
| Trade receivables | 40 | €39,601 | €55,302 | +€15,701 | +39.6% |
| Other amounts receivable | 41 | €8,578 | €841 | -€7,737 | -90.2% |
| Cash at bank and in hand | 54/58 | €33,877 | €133,041 | +€99,164 | +292.7% |
| Deferred charges and accrued income | 490/1 | €167 | €121 | -€46 | -27.4% |
| Total equity and liabilities | 10/49 | €96,047 | €282,719 | +€186,672 | +194.4% |
| Equity | 10/15 | €63,232 | €203,060 | +€139,828 | +221.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €61,232 | €201,060 | +€139,828 | +228.4% |
| Distributable reserves | 133 | €61,232 | €201,060 | +€139,828 | +228.4% |
| Amounts payable | 17/49 | €32,814 | €79,659 | +€46,845 | +142.8% |
| Amounts payable after more than one year | 17 | €7,910 | €7,828 | -€82 | -1.0% |
| Other amounts payable | 178/9 | €7,910 | €7,828 | -€82 | -1.0% |
| Amounts payable within one year | 42/48 | €24,904 | €71,831 | +€46,927 | +188.4% |
| Current portion of amounts payable after more than one year | 42 | €9,082 | - | -€9,082 | |
| Trade debts | 44 | €6,526 | €2,880 | -€3,646 | -55.9% |
| Suppliers | 440/4 | €6,526 | €2,880 | -€3,646 | -55.9% |
| Taxes, remuneration and social security | 45 | €9,296 | €68,951 | +€59,655 | +641.7% |
| Taxes | 450/3 | €9,296 | €68,951 | +€59,655 | +641.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €184 | €1,443 | +€1,260 | +686.0% |
| Other operating charges | 640/8 | €560 | €657 | +€97 | +17.3% |
| Gross operating margin | 9900 | €39,586 | €192,133 | +€152,547 | +385.4% |
| Operating profit (loss) | 9901 | €38,842 | €190,033 | +€151,190 | +389.2% |
| Financial income | 75/76B | €10 | €150 | +€139 | +1363.7% |
| Recurring financial income | 75 | €10 | €150 | +€139 | +1363.7% |
| Financial charges | 65/66B | €3,227 | €3,453 | +€226 | +7.0% |
| Recurring financial charges | 65 | €3,227 | €3,453 | +€226 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €35,625 | €186,730 | +€151,104 | +424.1% |
| Income taxes | 67/77 | €9,296 | €46,902 | +€37,605 | +404.5% |
| Profit (loss) for the period | 9904 | €26,329 | €139,828 | +€113,499 | +431.1% |
| Profit (loss) for the period to be appropriated | 9905 | €26,329 | €139,828 | +€113,499 | +431.1% |
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 10 October 2026 via checked.be.