Holding 2: 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
Holding 2
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€16,131
2024 · €24,367-€8,235
Equity
€4.8m
2024 · €2.3m+€2.5m
Cash
€618,118
2024 · €583,500+€34,618
Balance sheet total
€5.6m
2024 · €3.1m+€2.5m
Largest movements
Assets
- Tangible fixed assets +€2.5m
up €2.5m (+160%), from €1.5m to €4.0m
of which Land and buildings: +€2.5m
Equity and liabilities
- Revaluation surpluses +€2.5m
new in 2025: €2.5m
- Debts after one year -€98,670
down €98,670 (-29.7%), from €332,151 to €233,481
of which Financial debts: -€98,070
Income statement
- Turnover +€32,514
up €32,514 (+8.3%), from €389,873 to €422,387
- Financial income -€25,055
down €25,055 (-99.7%), from €25,127 to €72
- Taxes +€5,633
up €5,633 (+24.8%), from €22,759 to €28,392
- Services and other goods +€4,600
up €4,600 (+1.3%), from €353,883 to €358,483
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
€24,367
Turnover
+€32,514
Other operating income
-€531
Services and other goods
-€4,600
Staff costs
-€725
Depreciation
-€1,595
Other operating charges
-€1,380
Financial income
-€25,055
Financial charges
-€1,231
Taxes
-€5,633
Result 2025
€16,131
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
+€173,552
Investment
-€2.6m
Financing
+€2.4m
Cash 2024
€583,500
From operations (derived)
+€173,552
Net result for the year
+€16,131
Depreciation
+€105,353
Smaller working-capital items
-€6,677
Deferred charges and accrued income
+€6,857
Provisions
-€9,429
Tax, wage and social debts
+€25,507
Other debts
+€48,309
Accrued charges and deferred income
-€12,500
Investment (derived)
-€2.6m
Investment in fixed assets (net)
-€2.6m
Financing
+€2.4m
Debts after one year
-€98,670
Current portion of long-term debt
-€9,622
Short-term financial debts
-€33
Contributions, distributions and other
+€2.5m
Cash 2025
€618,118
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,090,756 | €5,568,176 | +€2.5m | +80.2% |
| Fixed assets | 21/28 | €2,362,950 | €4,808,363 | +€2.4m | +103% |
| Intangible fixed assets | 21 | €163,694 | €152,001 | -€11,692 | -7.1% |
| Tangible fixed assets | 22/27 | €1,532,256 | €3,989,361 | +€2.5m | +160% |
| Land and buildings | 22 | €1,459,546 | €3,948,752 | +€2.5m | +171% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €72,710 | €40,609 | -€32,101 | -44.1% |
| Financial fixed assets | 28 | €667,000 | €667,000 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €667,000 | €667,000 | = | 0.0% |
| Participating interests | 282 | €667,000 | €667,000 | = | 0.0% |
| Current assets | 29/58 | €727,806 | €759,813 | +€32,008 | +4.4% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €125,298 | €129,545 | +€4,247 | +3.4% |
| Trade receivables | 40 | €124 | €4,922 | +€4,798 | +3,874% |
| Other amounts receivable | 41 | €125,174 | €124,623 | -€551 | -0.4% |
| Cash at bank and in hand | 54/58 | €583,500 | €618,118 | +€34,618 | +5.9% |
| Deferred charges and accrued income | 490/1 | €19,008 | €12,151 | -€6,857 | -36.1% |
| Total equity and liabilities | 10/49 | €3,090,756 | €5,568,176 | +€2.5m | +80.2% |
| Equity | 10/15 | €2,303,867 | €4,840,154 | +€2.5m | +110% |
| Contributions | 10/11 | €190,000 | €190,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €2,547,502 | +€2.5m | |
| Reserves | 13 | €2,040,249 | €2,029,034 | -€11,215 | -0.5% |
| Tax-exempt reserves | 132 | €459,944 | €450,726 | -€9,218 | -2.0% |
| Distributable reserves | 133 | €1,580,304 | €1,578,308 | -€1,997 | -0.1% |
| Profit (loss) carried forward | 14 | €73,618 | €73,618 | = | 0.0% |
| Provisions and deferred taxes | 16 | €42,448 | €33,019 | -€9,429 | -22.2% |
| Deferred taxes | 168 | €42,448 | €33,019 | -€9,429 | -22.2% |
| Amounts payable | 17/49 | €744,441 | €695,003 | -€49,438 | -6.6% |
| Amounts payable after more than one year | 17 | €332,151 | €233,481 | -€98,670 | -29.7% |
| Financial debts | 170/4 | €316,401 | €218,331 | -€98,070 | -31.0% |
| Credit institutions | 173 | €316,401 | €218,331 | -€98,070 | -31.0% |
| Other amounts payable | 178/9 | €15,750 | €15,150 | -€600 | -3.8% |
| Amounts payable within one year | 42/48 | €238,332 | €300,064 | +€61,732 | +25.9% |
| Current portion of amounts payable after more than one year | 42 | €107,692 | €98,070 | -€9,622 | -8.9% |
| Financial debts | 43 | €6,771 | €6,738 | -€33 | -0.5% |
| Credit institutions | 430/8 | €6,771 | €6,738 | -€33 | -0.5% |
| Trade debts | 44 | €16,546 | €14,116 | -€2,430 | -14.7% |
| Suppliers | 440/4 | €16,546 | €14,116 | -€2,430 | -14.7% |
| Taxes, remuneration and social security | 45 | €13,441 | €38,947 | +€25,507 | +190% |
| Taxes | 450/3 | €4,555 | €15,316 | +€10,760 | +236% |
| Remuneration and social security | 454/9 | €8,885 | €23,632 | +€14,747 | +166% |
| Other amounts payable | 47/48 | €93,883 | €142,192 | +€48,309 | +51.5% |
| Accrued charges and deferred income | 492/3 | €173,958 | €161,458 | -€12,500 | -7.2% |
| Operating income | 70/76A | €563,323 | €595,306 | +€31,983 | +5.7% |
| Turnover | 70 | €389,873 | €422,387 | +€32,514 | +8.3% |
| Other operating income | 74 | €173,451 | €172,920 | -€531 | -0.3% |
| Operating charges | 60/66A | €539,987 | €548,287 | +€8,300 | +1.5% |
| Goods for resale, raw materials and consumables | 60 | €0 | - | = | |
| Purchases | 600/8 | €0 | - | = | |
| Services and other goods | 61 | €353,883 | €358,483 | +€4,600 | +1.3% |
| Remuneration, social security and pensions | 62 | €71,248 | €71,972 | +€725 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,758 | €105,353 | +€1,595 | +1.5% |
| Other operating charges | 640/8 | €11,098 | €12,478 | +€1,380 | +12.4% |
| Operating profit (loss) | 9901 | €23,337 | €47,020 | +€23,683 | +101% |
| Financial income | 75/76B | €25,127 | €72 | -€25,055 | -99.7% |
| Recurring financial income | 75 | €25,127 | €72 | -€25,055 | -99.7% |
| Income from current assets | 751 | €25,127 | €72 | -€25,055 | -99.7% |
| Other financial income | 752/9 | - | €0 | +€0 | |
| Financial charges | 65/66B | €10,767 | €11,997 | +€1,231 | +11.4% |
| Recurring financial charges | 65 | €10,767 | €11,997 | +€1,231 | +11.4% |
| Debt charges | 650 | €10,438 | €11,642 | +€1,204 | +11.5% |
| Other financial charges | 652/9 | €329 | €356 | +€27 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | €37,697 | €35,095 | -€2,602 | -6.9% |
| Transfer from deferred taxes | 780 | €9,429 | €9,429 | = | 0.0% |
| Income taxes | 67/77 | €22,759 | €28,392 | +€5,633 | +24.8% |
| Taxes | 670/3 | €22,759 | €28,392 | +€5,633 | +24.8% |
| Profit (loss) for the period | 9904 | €24,367 | €16,131 | -€8,235 | -33.8% |
| Transfer from tax-exempt reserves | 789 | €28,318 | €28,318 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €52,685 | €44,449 | -€8,235 | -15.6% |
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 24 October 2026 via checked.be.