HOLDCO: 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.
HOLDCO
Largest movements
- Cash -€137,425
down €137,425 (-97.6%), from €140,737 to €3,312
mainly Net result for the year (-€167,633) and Debts after one year (-€135,231)
- Tangible fixed assets -€109,390
down €109,390 (-4.3%), from €2.6m to €2.4m
- Profit (loss) carried forward -€167,633
down €167,633 (-13.8%), from -€1.2m to -€1.4m
- Debts after one year -€135,231
down €135,231 (-27.1%), from €498,633 to €363,403
- Short-term financial debts +€110,261
up €110,261 (+78.1%), from €141,201 to €251,462
- Other debts -€48,800
down €48,800 (-6.0%), from €815,730 to €766,930
- Gross operating margin +€86,372
up €86,372 (+104.5%), from €82,647 to €169,019
- Depreciation +€42,302
up €42,302 (+63.1%), from €67,088 to €109,390
- Turnover +€22,314
up €22,314 (+100.0%), from €22,314 to €44,628
- Purchases and services +€10,240
up €10,240 (+56.8%), from €18,027 to €28,267
- Financial charges -€4,645
down €4,645 (-2.2%), from €213,005 to €208,360
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 | €2,802,631 | €2,561,440 | -€241,190 | -8.6% |
| Fixed assets | 21/28 | €2,617,989 | €2,508,599 | -€109,390 | -4.2% |
| Tangible fixed assets | 22/27 | €2,558,374 | €2,448,984 | -€109,390 | -4.3% |
| Land and buildings | 22 | €2,558,374 | €2,448,984 | -€109,390 | -4.3% |
| Financial fixed assets | 28 | €59,616 | €59,616 | = | 0.0% |
| Current assets | 29/58 | €184,642 | €52,841 | -€131,800 | -71.4% |
| Amounts receivable within one year | 40/41 | €42,113 | €44,350 | +€2,237 | +5.3% |
| Trade receivables | 40 | €35,939 | €9,792 | -€26,147 | -72.8% |
| Other amounts receivable | 41 | €6,174 | €34,558 | +€28,384 | +459.7% |
| Cash at bank and in hand | 54/58 | €140,737 | €3,312 | -€137,425 | -97.6% |
| Deferred charges and accrued income | 490/1 | €1,791 | €5,179 | +€3,388 | +189.2% |
| Total equity and liabilities | 10/49 | €2,802,631 | €2,561,440 | -€241,190 | -8.6% |
| Equity | 10/15 | -€1,199,427 | -€1,367,060 | -€167,633 | -14.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€1,218,027 | -€1,385,660 | -€167,633 | -13.8% |
| Provisions and deferred taxes | 16 | €2,323,126 | €2,306,029 | -€17,097 | -0.7% |
| Provisions for liabilities and charges | 160/5 | €2,150,390 | €2,134,093 | -€16,297 | -0.8% |
| Other liabilities and charges | 164/5 | €2,150,390 | €2,134,093 | -€16,297 | -0.8% |
| Deferred taxes | 168 | €172,736 | €171,936 | -€800 | -0.5% |
| Amounts payable | 17/49 | €1,678,932 | €1,622,472 | -€56,460 | -3.4% |
| Amounts payable after more than one year | 17 | €498,633 | €363,403 | -€135,231 | -27.1% |
| Financial debts | 170/4 | €498,633 | €363,403 | -€135,231 | -27.1% |
| Amounts payable within one year | 42/48 | €1,165,298 | €1,259,069 | +€93,771 | +8.0% |
| Current portion of amounts payable after more than one year | 42 | €61,773 | €63,694 | +€1,921 | +3.1% |
| Financial debts | 43 | €141,201 | €251,462 | +€110,261 | +78.1% |
| Other loans | 439 | €141,201 | €251,462 | +€110,261 | +78.1% |
| Trade debts | 44 | €118,569 | €137,209 | +€18,640 | +15.7% |
| Suppliers | 440/4 | €118,569 | €137,209 | +€18,640 | +15.7% |
| Taxes, remuneration and social security | 45 | €28,026 | €39,775 | +€11,749 | +41.9% |
| Taxes | 450/3 | €28,026 | €39,775 | +€11,749 | +41.9% |
| Other amounts payable | 47/48 | €815,730 | €766,930 | -€48,800 | -6.0% |
| Accrued charges and deferred income | 492/3 | €15,000 | €0 | -€15,000 | -100.0% |
| Turnover | 70 | €22,314 | €44,628 | +€22,314 | +100.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €18,027 | €28,267 | +€10,240 | +56.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,088 | €109,390 | +€42,302 | +63.1% |
| Other operating charges | 640/8 | €14,012 | €9,543 | -€4,469 | -31.9% |
| Non-recurring operating charges | 66A | €1,032,325 | €0 | -€1.0m | -100.0% |
| Gross operating margin | 9900 | €82,647 | €169,019 | +€86,372 | +104.5% |
| Operating profit (loss) | 9901 | -€1,030,779 | €50,086 | +€1.1m | |
| Financial income | 75/76B | €81 | €1,747 | +€1,666 | +2056.2% |
| Recurring financial income | 75 | €81 | €1,747 | +€1,666 | +2056.2% |
| Financial charges | 65/66B | €213,005 | €208,360 | -€4,645 | -2.2% |
| Recurring financial charges | 65 | €213,005 | €208,360 | -€4,645 | -2.2% |
| Profit (loss) for the period before taxes | 9903 | -€1,243,703 | -€156,527 | +€1.1m | +87.4% |
| Transfer from deferred taxes | 780 | €400 | €800 | +€400 | +100.0% |
| Income taxes | 67/77 | €11,899 | €11,906 | +€7 | +0.1% |
| Profit (loss) for the period | 9904 | -€1,255,202 | -€167,633 | +€1.1m | +86.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,255,202 | -€167,633 | +€1.1m | +86.6% |
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 4 October 2026 via checked.be.