HOLBUCO: 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.
HOLBUCO
Largest movements
- Receivables after one year +€2.7m
up €2.7m (+217%), from €1.3m to €4.0m
- Cash +€286,301
up €286,301 (+270%), from €106,026 to €392,327
mainly Debts after one year (+€2.3m) and Net result for the year (+€602,110)
- Current investments -€200,580
no longer reported in 2025 (was €200,580)
- Debts after one year +€2.3m
up €2.3m (+80.7%), from €2.9m to €5.2m
- Reserves +€332,110
up €332,110 (+21.3%), from €1.6m to €1.9m
of which Distributable reserves: +€332,110
- Other debts +€186,130
up €186,130 (+28.1%), from €661,604 to €847,733
- Financial income +€416,038
up €416,038 (+134%), from €310,744 to €726,782
- Gross operating margin -€114,582
down €114,582 (-41.9%), from €273,592 to €159,010
- Financial charges +€46,903
up €46,903 (+35.0%), from €133,899 to €180,802
- Other operating charges -€24,362
down €24,362 (-70.0%), from €34,806 to €10,444
- Taxes +€12,046
up €12,046 (+37.5%), from €32,112 to €44,158
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,868,228 | €9,738,567 | +€2.9m | +41.8% |
| Fixed assets | 21/28 | €4,870,328 | €4,890,774 | +€20,446 | +0.4% |
| Tangible fixed assets | 22/27 | €595,305 | €615,751 | +€20,446 | +3.4% |
| Land and buildings | 22 | €553,871 | €521,699 | -€32,171 | -5.8% |
| Plant, machinery and equipment | 23 | - | €6,040 | +€6,040 | |
| Furniture and vehicles | 24 | €41,434 | €88,011 | +€46,577 | +112% |
| Financial fixed assets | 28 | €4,275,024 | €4,275,024 | = | 0.0% |
| Current assets | 29/58 | €1,997,900 | €4,847,792 | +€2.8m | +143% |
| Amounts receivable after more than one year | 29 | €1,250,000 | €3,958,853 | +€2.7m | +217% |
| Trade receivables | 290 | €1,250,000 | €3,958,853 | +€2.7m | +217% |
| Amounts receivable within one year | 40/41 | €441,294 | €496,613 | +€55,319 | +12.5% |
| Trade receivables | 40 | €431,294 | €486,613 | +€55,319 | +12.8% |
| Other amounts receivable | 41 | €10,000 | €10,000 | = | 0.0% |
| Current investments | 50/53 | €200,580 | - | -€200,580 | |
| Cash at bank and in hand | 54/58 | €106,026 | €392,327 | +€286,301 | +270% |
| Total equity and liabilities | 10/49 | €6,868,228 | €9,738,567 | +€2.9m | +41.8% |
| Equity | 10/15 | €3,027,088 | €3,359,198 | +€332,110 | +11.0% |
| Contributions | 10/11 | €1,466,125 | €1,466,125 | = | 0.0% |
| Capital | 10 | €1,466,125 | €1,466,125 | = | 0.0% |
| Issued capital | 100 | €1,466,125 | €1,466,125 | = | 0.0% |
| Reserves | 13 | €1,560,963 | €1,893,073 | +€332,110 | +21.3% |
| Non-distributable reserves | 130/1 | €103,740 | €103,740 | = | 0.0% |
| Legal reserve | 130 | €103,740 | €103,740 | = | 0.0% |
| Distributable reserves | 133 | €1,457,223 | €1,789,332 | +€332,110 | +22.8% |
| Amounts payable | 17/49 | €3,841,139 | €6,379,369 | +€2.5m | +66.1% |
| Amounts payable after more than one year | 17 | €2,895,567 | €5,232,773 | +€2.3m | +80.7% |
| Financial debts | 170/4 | €2,895,567 | €5,232,773 | +€2.3m | +80.7% |
| Amounts payable within one year | 42/48 | €945,573 | €1,146,596 | +€201,023 | +21.3% |
| Current portion of amounts payable after more than one year | 42 | €136,039 | €127,469 | -€8,570 | -6.3% |
| Trade debts | 44 | €50,236 | €36,915 | -€13,320 | -26.5% |
| Suppliers | 440/4 | €50,236 | €36,915 | -€13,320 | -26.5% |
| Taxes, remuneration and social security | 45 | €97,695 | €134,479 | +€36,784 | +37.7% |
| Taxes | 450/3 | €97,695 | €134,479 | +€36,784 | +37.7% |
| Other amounts payable | 47/48 | €661,604 | €847,733 | +€186,130 | +28.1% |
| Remuneration, social security and pensions | 62 | €4,919 | - | -€4,919 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,910 | €48,278 | +€8,367 | +21.0% |
| Other operating charges | 640/8 | €34,806 | €10,444 | -€24,362 | -70.0% |
| Non-recurring operating charges | 66A | - | €1 | +€1 | |
| Gross operating margin | 9900 | €273,592 | €159,010 | -€114,582 | -41.9% |
| Operating profit (loss) | 9901 | €193,957 | €100,288 | -€93,669 | -48.3% |
| Financial income | 75/76B | €310,744 | €726,782 | +€416,038 | +134% |
| Recurring financial income | 75 | €310,744 | €726,782 | +€416,038 | +134% |
| Financial charges | 65/66B | €133,899 | €180,802 | +€46,903 | +35.0% |
| Recurring financial charges | 65 | €133,899 | €180,802 | +€46,903 | +35.0% |
| Profit (loss) for the period before taxes | 9903 | €370,802 | €646,268 | +€275,466 | +74.3% |
| Income taxes | 67/77 | €32,112 | €44,158 | +€12,046 | +37.5% |
| Profit (loss) for the period | 9904 | €338,690 | €602,110 | +€263,420 | +77.8% |
| Profit (loss) for the period to be appropriated | 9905 | €338,690 | €602,110 | +€263,420 | +77.8% |
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 17 October 2026 via checked.be.