HOLDEON: 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.
HOLDEON
Largest movements
- Financial fixed assets +€575,000
up €575,000 (+15.4%), from €3.7m to €4.3m
- Current investments -€520,999
down €520,999 (-13.9%), from €3.7m to €3.2m
- Receivables within one year +€395,080
up €395,080 (+3092.4%), from €12,776 to €407,856
- Cash +€114,611
up €114,611 (+124.8%), from €91,855 to €206,466
mainly Current investments (+€520,999) and Debts after one year (+€356,814)
- Debts after one year +€356,814
up €356,814 (+55.7%), from €640,575 to €997,389
- Reserves +€176,488
up €176,488 (+3.9%), from €4.5m to €4.7m
of which Distributable reserves: +€184,908
- Financial income -€49,712
down €49,712 (-39.3%), from €126,418 to €76,706
- Gross operating margin +€27,877
up €27,877 (+13.6%), from €205,055 to €232,932
- Taxes -€10,646
down €10,646 (-10.9%), from €97,254 to €86,608
- Financial charges +€6,385
up €6,385 (+22.3%), from €28,650 to €35,035
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 | €7,586,258 | €8,140,079 | +€553,821 | +7.3% |
| Fixed assets | 21/28 | €3,735,802 | €4,300,893 | +€565,091 | +15.1% |
| Tangible fixed assets | 22/27 | €12,386 | €2,477 | -€9,909 | -80.0% |
| Furniture and vehicles | 24 | €12,386 | €2,477 | -€9,909 | -80.0% |
| Financial fixed assets | 28 | €3,723,416 | €4,298,416 | +€575,000 | +15.4% |
| Current assets | 29/58 | €3,850,456 | €3,839,186 | -€11,270 | -0.3% |
| Amounts receivable within one year | 40/41 | €12,776 | €407,856 | +€395,080 | +3092.4% |
| Other amounts receivable | 41 | €12,776 | €407,856 | +€395,080 | +3092.4% |
| Current investments | 50/53 | €3,745,195 | €3,224,196 | -€520,999 | -13.9% |
| Cash at bank and in hand | 54/58 | €91,855 | €206,466 | +€114,611 | +124.8% |
| Deferred charges and accrued income | 490/1 | €630 | €668 | +€37 | +5.9% |
| Total equity and liabilities | 10/49 | €7,586,258 | €8,140,079 | +€553,821 | +7.3% |
| Equity | 10/15 | €6,890,149 | €7,066,637 | +€176,488 | +2.6% |
| Contributions | 10/11 | €2,360,000 | €2,360,000 | = | 0.0% |
| Reserves | 13 | €4,527,366 | €4,703,854 | +€176,488 | +3.9% |
| Tax-exempt reserves | 132 | €357,850 | €349,430 | -€8,420 | -2.4% |
| Distributable reserves | 133 | €4,169,516 | €4,354,424 | +€184,908 | +4.4% |
| Profit (loss) carried forward | 14 | €2,783 | €2,783 | = | 0.0% |
| Amounts payable | 17/49 | €696,109 | €1,073,443 | +€377,333 | +54.2% |
| Amounts payable after more than one year | 17 | €640,575 | €997,389 | +€356,814 | +55.7% |
| Other amounts payable | 178/9 | €640,575 | €997,389 | +€356,814 | +55.7% |
| Amounts payable within one year | 42/48 | €55,535 | €76,054 | +€20,519 | +36.9% |
| Trade debts | 44 | €684 | €1,297 | +€612 | +89.5% |
| Suppliers | 440/4 | €684 | €1,297 | +€612 | +89.5% |
| Taxes, remuneration and social security | 45 | €54,850 | €59,034 | +€4,184 | +7.6% |
| Taxes | 450/3 | €54,850 | €59,034 | +€4,184 | +7.6% |
| Other amounts payable | 47/48 | - | €15,723 | +€15,723 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,909 | €9,909 | +€0 | 0.0% |
| Other operating charges | 640/8 | €1,686 | €1,597 | -€90 | -5.3% |
| Gross operating margin | 9900 | €205,055 | €232,932 | +€27,877 | +13.6% |
| Operating profit (loss) | 9901 | €193,459 | €221,426 | +€27,967 | +14.5% |
| Financial income | 75/76B | €126,418 | €76,706 | -€49,712 | -39.3% |
| Recurring financial income | 75 | €126,418 | €76,706 | -€49,712 | -39.3% |
| Financial charges | 65/66B | €28,650 | €35,035 | +€6,385 | +22.3% |
| Recurring financial charges | 65 | €28,650 | €35,035 | +€6,385 | +22.3% |
| Profit (loss) for the period before taxes | 9903 | €291,227 | €263,096 | -€28,131 | -9.7% |
| Income taxes | 67/77 | €97,254 | €86,608 | -€10,646 | -10.9% |
| Profit (loss) for the period | 9904 | €193,973 | €176,488 | -€17,485 | -9.0% |
| Transfer from tax-exempt reserves | 789 | €178,000 | €105,250 | -€72,750 | -40.9% |
| Transfer to tax-exempt reserves | 689 | €105,250 | €96,830 | -€8,420 | -8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €266,723 | €184,908 | -€81,815 | -30.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.