HOLCIBEL: 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
HOLCIBEL
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€27.9m
2024 · €23.1m+€4.8m
Equity
€1.11bn
2024 · €1.08bn+€27.9m
Cash
€627,458
2024 · €500,292+€127,167
Balance sheet total
€1.11bn
2024 · €1.08bn+€35.1m
Largest movements
Assets
- Receivables after one year +€33.9m
up €33.9m (+3.9%), from €870.4m to €904.2m
Equity and liabilities
- Reserves +€153.6m
up €153.6m (+58.8%), from €261.0m to €414.5m
of which Distributable reserves: +€153.6m
- Profit (loss) carried forward -€125.7m
down €125.7m (-100.0%), from €125.7m to €2,445
Income statement
- Financial charges -€13.9m
down €13.9m (-78.3%), from €17.7m to €3.8m
of which Non-recurring financial charges: -€7.4m
- Financial income -€9.3m
down €9.3m (-21.4%), from €43.4m to €34.1m
of which Financial income: -€9.3m
- Taxes -€456,073
down €456,073 (-17.4%), from €2.6m to €2.2m
- Staff costs +€275,977
up €275,977 (+32.6%), from €847,847 to €1.1m
- Services and other goods -€29,876
down €29,876 (-21.9%), from €136,617 to €106,741
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
€23.1m
Turnover
-€979
Services and other goods
+€29,876
Staff costs
-€275,977
Other operating charges
-€20,008
Financial income
-€9.3m
Financial charges
+€13.9m
Taxes
+€456,073
Result 2025
€27.9m
raises the resultlowers the result
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
-€5.9m
Investment
€0
Financing
+€6.1m
Cash 2024
€500,292
From operations (derived)
-€5.9m
Net result for the year
+€27.9m
Receivables after one year
-€33.9m
Receivables within one year
-€6.0m
Deferred charges and accrued income
+€5.0m
Smaller working-capital items
+€667
Tax, wage and social debts
-€919,983
Other debts
+€2.0m
Financing
+€6.1m
Short-term financial debts
+€6.1m
Cash 2025
€627,458
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,078,961,701 | €1,114,013,499 | +€35.1m | +3.2% |
| Fixed assets | 21/28 | €187,907,944 | €187,907,944 | = | 0.0% |
| Financial fixed assets | 28 | €187,907,944 | €187,907,944 | = | 0.0% |
| Affiliated companies | 280/1 | €30,713,336 | €30,713,336 | = | 0.0% |
| Participating interests | 280 | €30,713,336 | €30,713,336 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €157,194,608 | €157,194,608 | = | 0.0% |
| Participating interests | 282 | €157,194,608 | €157,194,608 | = | 0.0% |
| Current assets | 29/58 | €891,053,757 | €926,105,555 | +€35.1m | +3.9% |
| Amounts receivable after more than one year | 29 | €870,364,850 | €904,234,420 | +€33.9m | +3.9% |
| Other amounts receivable | 291 | €870,364,850 | €904,234,420 | +€33.9m | +3.9% |
| Amounts receivable within one year | 40/41 | €475,428 | €6,491,628 | +€6.0m | +1,265% |
| Trade receivables | 40 | €263,320 | €277,760 | +€14,440 | +5.5% |
| Other amounts receivable | 41 | €212,108 | €6,213,869 | +€6.0m | +2,830% |
| Cash at bank and in hand | 54/58 | €500,292 | €627,458 | +€127,167 | +25.4% |
| Deferred charges and accrued income | 490/1 | €19,713,187 | €14,752,048 | -€5.0m | -25.2% |
| Total equity and liabilities | 10/49 | €1,078,961,701 | €1,114,013,499 | +€35.1m | +3.2% |
| Equity | 10/15 | €1,077,668,287 | €1,105,528,445 | +€27.9m | +2.6% |
| Contributions | 10/11 | €691,000,000 | €691,000,000 | = | 0.0% |
| Capital | 10 | €691,000,000 | €691,000,000 | = | 0.0% |
| Issued capital | 100 | €691,000,000 | €691,000,000 | = | 0.0% |
| Reserves | 13 | €260,972,000 | €414,526,000 | +€153.6m | +58.8% |
| Non-distributable reserves | 130/1 | €69,100,000 | €69,100,000 | = | 0.0% |
| Legal reserve | 130 | €69,100,000 | €69,100,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €47,626,000 | €47,626,000 | = | 0.0% |
| Distributable reserves | 133 | €144,246,000 | €297,800,000 | +€153.6m | +106% |
| Profit (loss) carried forward | 14 | €125,696,287 | €2,445 | -€125.7m | -100.0% |
| Provisions and deferred taxes | 16 | - | €8,000 | +€8,000 | |
| Provisions for liabilities and charges | 160/5 | - | €8,000 | +€8,000 | |
| Other liabilities and charges | 164/5 | - | €8,000 | +€8,000 | |
| Amounts payable | 17/49 | €1,293,414 | €8,477,054 | +€7.2m | +555% |
| Amounts payable within one year | 42/48 | €1,293,414 | €8,477,054 | +€7.2m | +555% |
| Financial debts | 43 | - | €6,073,462 | +€6.1m | |
| Other loans | 439 | - | €6,073,462 | +€6.1m | |
| Trade debts | 44 | €163,798 | €156,465 | -€7,333 | -4.5% |
| Suppliers | 440/4 | €163,798 | €156,465 | -€7,333 | -4.5% |
| Taxes, remuneration and social security | 45 | €1,088,200 | €168,217 | -€919,983 | -84.5% |
| Taxes | 450/3 | €1,088,200 | €168,217 | -€919,983 | -84.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €41,415 | €2,078,909 | +€2.0m | +4,920% |
| Operating income | 70/76A | €996,418 | €995,439 | -€979 | -0.1% |
| Turnover | 70 | €996,418 | €995,439 | -€979 | -0.1% |
| Operating charges | 60/66A | €984,861 | €1,250,970 | +€266,109 | +27.0% |
| Services and other goods | 61 | €136,617 | €106,741 | -€29,876 | -21.9% |
| Remuneration, social security and pensions | 62 | €847,847 | €1,123,824 | +€275,977 | +32.6% |
| Other operating charges | 640/8 | €397 | €20,405 | +€20,008 | +5,039% |
| Operating profit (loss) | 9901 | €11,557 | -€255,531 | -€267,088 | |
| Financial income | 75/76B | €43,407,639 | €34,131,492 | -€9.3m | -21.4% |
| Recurring financial income | 75 | €43,407,639 | €34,131,492 | -€9.3m | -21.4% |
| Income from current assets | 751 | €43,216,211 | €34,121,098 | -€9.1m | -21.0% |
| Other financial income | 752/9 | €191,428 | €10,394 | -€181,034 | -94.6% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €17,730,952 | €3,845,192 | -€13.9m | -78.3% |
| Recurring financial charges | 65 | €7,706,079 | €1,200,063 | -€6.5m | -84.4% |
| Debt charges | 650 | €3,579 | €3,119 | -€460 | -12.8% |
| Other financial charges | 652/9 | €7,702,500 | €1,196,944 | -€6.5m | -84.5% |
| Non-recurring financial charges | 66B | €10,024,873 | €2,645,128 | -€7.4m | -73.6% |
| Profit (loss) for the period before taxes | 9903 | €25,688,244 | €30,030,770 | +€4.3m | +16.9% |
| Income taxes | 67/77 | €2,626,685 | €2,170,612 | -€456,073 | -17.4% |
| Taxes | 670/3 | €2,626,685 | €2,170,612 | -€456,073 | -17.4% |
| Profit (loss) for the period | 9904 | €23,061,559 | €27,860,158 | +€4.8m | +20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €23,061,559 | €27,860,158 | +€4.8m | +20.8% |
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 25 October 2026 via checked.be.