Holbrecht: 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.
Holbrecht
Largest movements
- Tangible fixed assets -€100,766
down €100,766 (-7.1%), from €1.4m to €1.3m
of which Land and buildings: -€60,477
- Cash +€91,160
up €91,160 (+19.3%), from €472,797 to €563,957
mainly Net result for the year (+€184,811) and Depreciation (+€120,566)
- Receivables within one year -€78,308
down €78,308 (-25.3%), from €309,899 to €231,591
of which Other amounts receivable: -€40,816
- Current investments +€55,630
up €55,630 (+14.1%), from €394,652 to €450,282
- Other debts +€118,363
up €118,363 (+46.6%), from €254,032 to €372,395
- Reserves -€52,636
down €52,636 (-8.3%), from €631,130 to €578,494
of which Distributable reserves: -€52,636
- Debts after one year -€44,958
down €44,958 (-6.7%), from €675,700 to €630,742
of which Financial debts: -€50,022
- Current portion of long-term debt -€36,894
down €36,894 (-41.6%), from €88,633 to €51,740
- Gross operating margin +€62,167
up €62,167 (+12.1%), from €513,468 to €575,635
- Depreciation +€27,226
up €27,226 (+29.2%), from €93,341 to €120,566
- Taxes +€9,019
up €9,019 (+16.7%), from €53,952 to €62,971
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 | €2,867,715 | €2,848,876 | -€18,840 | -0.7% |
| Fixed assets | 21/28 | €1,429,802 | €1,329,236 | -€100,566 | -7.0% |
| Tangible fixed assets | 22/27 | €1,426,802 | €1,326,036 | -€100,766 | -7.1% |
| Land and buildings | 22 | €1,212,282 | €1,151,805 | -€60,477 | -5.0% |
| Plant, machinery and equipment | 23 | €32,003 | €38,745 | +€6,742 | +21.1% |
| Furniture and vehicles | 24 | €182,517 | €135,486 | -€47,031 | -25.8% |
| Financial fixed assets | 28 | €3,000 | €3,200 | +€200 | +6.7% |
| Current assets | 29/58 | €1,437,914 | €1,519,640 | +€81,726 | +5.7% |
| Stocks and contracts in progress | 3 | €246,192 | €257,561 | +€11,369 | +4.6% |
| Stocks | 30/36 | €246,192 | €257,561 | +€11,369 | +4.6% |
| Amounts receivable within one year | 40/41 | €309,899 | €231,591 | -€78,308 | -25.3% |
| Trade receivables | 40 | €259,392 | €221,900 | -€37,492 | -14.5% |
| Other amounts receivable | 41 | €50,507 | €9,692 | -€40,816 | -80.8% |
| Current investments | 50/53 | €394,652 | €450,282 | +€55,630 | +14.1% |
| Cash at bank and in hand | 54/58 | €472,797 | €563,957 | +€91,160 | +19.3% |
| Deferred charges and accrued income | 490/1 | €14,374 | €16,249 | +€1,875 | +13.0% |
| Total equity and liabilities | 10/49 | €2,867,715 | €2,848,876 | -€18,840 | -0.7% |
| Equity | 10/15 | €1,483,130 | €1,430,494 | -€52,636 | -3.5% |
| Contributions | 10/11 | €852,000 | €852,000 | = | 0.0% |
| Reserves | 13 | €631,130 | €578,494 | -€52,636 | -8.3% |
| Tax-exempt reserves | 132 | €79,834 | €79,834 | = | 0.0% |
| Distributable reserves | 133 | €551,296 | €498,660 | -€52,636 | -9.5% |
| Amounts payable | 17/49 | €1,384,585 | €1,418,381 | +€33,796 | +2.4% |
| Amounts payable after more than one year | 17 | €675,700 | €630,742 | -€44,958 | -6.7% |
| Financial debts | 170/4 | €409,166 | €359,144 | -€50,022 | -12.2% |
| Other amounts payable | 178/9 | €266,534 | €271,598 | +€5,064 | +1.9% |
| Amounts payable within one year | 42/48 | €663,856 | €741,345 | +€77,489 | +11.7% |
| Current portion of amounts payable after more than one year | 42 | €88,633 | €51,740 | -€36,894 | -41.6% |
| Trade debts | 44 | €264,957 | €257,367 | -€7,589 | -2.9% |
| Suppliers | 440/4 | €264,957 | €257,367 | -€7,589 | -2.9% |
| Advances received on contracts in progress | 46 | €37,699 | €35,899 | -€1,800 | -4.8% |
| Taxes, remuneration and social security | 45 | €18,535 | €23,944 | +€5,410 | +29.2% |
| Taxes | 450/3 | €11,488 | €16,629 | +€5,141 | +44.8% |
| Remuneration and social security | 454/9 | €7,047 | €7,316 | +€269 | +3.8% |
| Other amounts payable | 47/48 | €254,032 | €372,395 | +€118,363 | +46.6% |
| Accrued charges and deferred income | 492/3 | €45,030 | €46,294 | +€1,265 | +2.8% |
| Non-recurring operating income | 76A | - | €5,000 | +€5,000 | |
| Remuneration, social security and pensions | 62 | €106,953 | €109,729 | +€2,775 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,341 | €120,566 | +€27,226 | +29.2% |
| Other operating charges | 640/8 | €72,572 | €77,030 | +€4,458 | +6.1% |
| Non-recurring operating charges | 66A | €1,108 | - | -€1,108 | |
| Gross operating margin | 9900 | €513,468 | €575,635 | +€62,167 | +12.1% |
| Operating profit (loss) | 9901 | €239,493 | €268,310 | +€28,817 | +12.0% |
| Financial income | 75/76B | €3,653 | €6,104 | +€2,451 | +67.1% |
| Recurring financial income | 75 | €3,653 | €6,104 | +€2,451 | +67.1% |
| Financial charges | 65/66B | €24,316 | €26,633 | +€2,317 | +9.5% |
| Recurring financial charges | 65 | €24,316 | €26,633 | +€2,317 | +9.5% |
| Profit (loss) for the period before taxes | 9903 | €218,831 | €247,782 | +€28,951 | +13.2% |
| Income taxes | 67/77 | €53,952 | €62,971 | +€9,019 | +16.7% |
| Profit (loss) for the period | 9904 | €164,879 | €184,811 | +€19,932 | +12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €164,879 | €184,811 | +€19,932 | +12.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.