HOLDERBEKE: 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.
HOLDERBEKE
Largest movements
- Receivables within one year +€355,192
up €355,192 (+362%), from €98,059 to €453,251
of which Trade receivables: +€361,893
- Stocks and contracts +€83,194
up €83,194 (+29.6%), from €281,063 to €364,256
- Tangible fixed assets -€25,921
down €25,921 (-79.2%), from €32,718 to €6,797
of which Furniture and vehicles: -€20,081
- Cash -€15,208
down €15,208 (-100%), from €15,208 to €0
mainly Receivables within one year (-€355,192) and Stocks and contracts (-€83,194)
- Other debts +€502,764
up €502,764 (+3,709%), from €13,554 to €516,318
- Trade debts -€45,450
down €45,450 (-51.9%), from €87,561 to €42,111
- Profit (loss) carried forward -€37,271
down €37,271 (-28.0%), from -€133,323 to -€170,594
- Debts after one year -€15,122
down €15,122 (-7.1%), from €213,899 to €198,777
- Current portion of long-term debt -€14,356
down €14,356 (-47.2%), from €30,431 to €16,075
- Gross operating margin -€145,759
down €145,759 (-46.6%), from €312,947 to €167,188
- Other operating charges -€67,178
down €67,178 (-94.5%), from €71,069 to €3,890
- Staff costs -€59,614
down €59,614 (-28.2%), from €211,265 to €151,651
- Depreciation -€9,912
down €9,912 (-27.2%), from €36,382 to €26,470
- Write-downs +€7,399
new in 2025: €7,399
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 | €431,916 | €824,304 | +€392,388 | +90.8% |
| Fixed assets | 21/28 | €32,718 | €6,797 | -€25,921 | -79.2% |
| Tangible fixed assets | 22/27 | €32,718 | €6,797 | -€25,921 | -79.2% |
| Plant, machinery and equipment | 23 | €8,175 | €2,335 | -€5,840 | -71.4% |
| Furniture and vehicles | 24 | €24,543 | €4,462 | -€20,081 | -81.8% |
| Current assets | 29/58 | €399,199 | €817,507 | +€418,309 | +105% |
| Stocks and contracts in progress | 3 | €281,063 | €364,256 | +€83,194 | +29.6% |
| Stocks | 30/36 | €281,063 | €364,256 | +€83,194 | +29.6% |
| Amounts receivable within one year | 40/41 | €98,059 | €453,251 | +€355,192 | +362% |
| Trade receivables | 40 | €82,538 | €444,431 | +€361,893 | +438% |
| Other amounts receivable | 41 | €15,521 | €8,820 | -€6,701 | -43.2% |
| Cash at bank and in hand | 54/58 | €15,208 | €0 | -€15,208 | -100% |
| Deferred charges and accrued income | 490/1 | €4,869 | €0 | -€4,869 | -100% |
| Total equity and liabilities | 10/49 | €431,916 | €824,304 | +€392,388 | +90.8% |
| Equity | 10/15 | €62,302 | €25,031 | -€37,271 | -59.8% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €176,875 | €176,875 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,875 | €1,875 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,875 | €1,875 | = | 0.0% |
| Distributable reserves | 133 | €175,000 | €175,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€133,323 | -€170,594 | -€37,271 | -28.0% |
| Amounts payable | 17/49 | €369,615 | €799,274 | +€429,659 | +116% |
| Amounts payable after more than one year | 17 | €213,899 | €198,777 | -€15,122 | -7.1% |
| Financial debts | 170/4 | €213,899 | €198,777 | -€15,122 | -7.1% |
| Amounts payable within one year | 42/48 | €155,716 | €600,496 | +€444,780 | +286% |
| Current portion of amounts payable after more than one year | 42 | €30,431 | €16,075 | -€14,356 | -47.2% |
| Financial debts | 43 | €19,479 | €21,133 | +€1,654 | +8.5% |
| Credit institutions | 430/8 | €19,479 | €21,133 | +€1,654 | +8.5% |
| Trade debts | 44 | €87,561 | €42,111 | -€45,450 | -51.9% |
| Suppliers | 440/4 | €87,561 | €42,111 | -€45,450 | -51.9% |
| Taxes, remuneration and social security | 45 | €4,691 | €4,860 | +€169 | +3.6% |
| Taxes | 450/3 | €610 | €948 | +€338 | +55.5% |
| Remuneration and social security | 454/9 | €4,081 | €3,912 | -€169 | -4.1% |
| Other amounts payable | 47/48 | €13,554 | €516,318 | +€502,764 | +3,709% |
| Non-recurring operating income | 76A | €2,166 | €0 | -€2,166 | -100% |
| Remuneration, social security and pensions | 62 | €211,265 | €151,651 | -€59,614 | -28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,382 | €26,470 | -€9,912 | -27.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,399 | +€7,399 | |
| Other operating charges | 640/8 | €71,069 | €3,890 | -€67,178 | -94.5% |
| Non-recurring operating charges | 66A | - | €958 | +€958 | |
| Gross operating margin | 9900 | €312,947 | €167,188 | -€145,759 | -46.6% |
| Operating profit (loss) | 9901 | -€5,769 | -€23,181 | -€17,411 | -302% |
| Financial charges | 65/66B | €9,413 | €14,090 | +€4,678 | +49.7% |
| Recurring financial charges | 65 | €9,413 | €14,090 | +€4,678 | +49.7% |
| Profit (loss) for the period before taxes | 9903 | -€15,182 | -€37,271 | -€22,089 | -145% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€15,182 | -€37,271 | -€22,089 | -145% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,182 | -€37,271 | -€22,089 | -145% |
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 15 October 2026 via checked.be.