HOLDING 2000: 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.
What changed
HOLDING 2000
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€125,422
2024 · €113,463+€11,959
Equity
€562,907
2024 · €728,979-€166,072
Cash
€739,455
2024 · €640,612+€98,843
Balance sheet total
€2.0m
2024 · €2.4m-€404,938
Largest movements
Assets
- Tangible fixed assets -€285,389
down €285,389 (-19.4%), from €1.5m to €1.2m
of which Land and buildings: -€283,613
- Financial fixed assets -€223,591
down €223,591 (-99.4%), from €224,841 to €1,250
- Cash +€98,843
up €98,843 (+15.4%), from €640,612 to €739,455
mainly Investment in fixed assets (net) (+€277,402) and Depreciation (+€231,578)
Equity and liabilities
- Debts after one year -€158,501
down €158,501 (-12.0%), from €1.3m to €1.2m
of which Financial debts: -€169,112
- Reserves -€151,583
down €151,583 (-24.4%), from €620,756 to €469,173
of which Distributable reserves: -€147,172
- Other debts -€63,360
down €63,360 (-67.2%), from €94,218 to €30,859
Income statement
- Gross operating margin +€18,140
up €18,140 (+3.2%), from €560,392 to €578,532
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
€113,463
Gross operating margin
+€18,140
Staff costs
-€3,237
Depreciation
+€3,044
Other operating charges
-€462
Financial income
-€3,397
Financial charges
+€2,337
Taxes
-€4,465
Result 2025
€125,422
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.
From operations
+€284,624
Investment
+€277,402
Financing
-€463,184
Cash 2024
€640,612
From operations (derived)
+€284,624
Net result for the year
+€125,422
Depreciation
+€231,578
Stocks and contracts
-€1,883
Receivables within one year
-€2,794
Deferred charges and accrued income
-€522
Trade debts
-€7,503
Tax, wage and social debts
+€1,622
Other debts
-€63,360
Accrued charges and deferred income
+€2,065
Investment (derived)
+€277,402
Investment in fixed assets (net)
+€277,402
Financing
-€463,184
Debts after one year
-€158,501
Current portion of long-term debt
-€13,189
Contributions, distributions and other
-€291,494
Cash 2025
€739,455
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,375,502 | €1,970,564 | -€404,938 | -17.0% |
| Fixed assets | 21/28 | €1,697,115 | €1,188,135 | -€508,980 | -30.0% |
| Tangible fixed assets | 22/27 | €1,472,274 | €1,186,885 | -€285,389 | -19.4% |
| Land and buildings | 22 | €1,455,233 | €1,171,621 | -€283,613 | -19.5% |
| Plant, machinery and equipment | 23 | €15,970 | €12,837 | -€3,133 | -19.6% |
| Furniture and vehicles | 24 | €1,071 | €2,427 | +€1,356 | +126.7% |
| Financial fixed assets | 28 | €224,841 | €1,250 | -€223,591 | -99.4% |
| Current assets | 29/58 | €678,387 | €782,429 | +€104,042 | +15.3% |
| Stocks and contracts in progress | 3 | €7,189 | €9,072 | +€1,883 | +26.2% |
| Stocks | 30/36 | €7,189 | €9,072 | +€1,883 | +26.2% |
| Amounts receivable within one year | 40/41 | €14,061 | €16,856 | +€2,794 | +19.9% |
| Trade receivables | 40 | €10,866 | €13,175 | +€2,308 | +21.2% |
| Other amounts receivable | 41 | €3,195 | €3,681 | +€486 | +15.2% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €640,612 | €739,455 | +€98,843 | +15.4% |
| Deferred charges and accrued income | 490/1 | €16,524 | €17,046 | +€522 | +3.2% |
| Total equity and liabilities | 10/49 | €2,375,502 | €1,970,564 | -€404,938 | -17.0% |
| Equity | 10/15 | €728,979 | €562,907 | -€166,072 | -22.8% |
| Contributions | 10/11 | €62,000 | €61,500 | -€500 | -0.8% |
| Capital | 10 | €62,000 | €61,500 | -€500 | -0.8% |
| Issued capital | 100 | €62,000 | €61,500 | -€500 | -0.8% |
| Reserves | 13 | €620,756 | €469,173 | -€151,583 | -24.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,150 | -€50 | -0.8% |
| Legal reserve | 130 | €6,200 | €6,150 | -€50 | -0.8% |
| Tax-exempt reserves | 132 | €11,181 | €6,820 | -€4,361 | -39.0% |
| Distributable reserves | 133 | €603,375 | €456,203 | -€147,172 | -24.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €46,223 | €32,234 | -€13,988 | -30.3% |
| Amounts payable | 17/49 | €1,646,523 | €1,407,657 | -€238,866 | -14.5% |
| Amounts payable after more than one year | 17 | €1,319,492 | €1,160,991 | -€158,501 | -12.0% |
| Financial debts | 170/4 | €1,087,198 | €918,086 | -€169,112 | -15.6% |
| Other amounts payable | 178/9 | €232,294 | €242,905 | +€10,611 | +4.6% |
| Amounts payable within one year | 42/48 | €327,031 | €244,601 | -€82,430 | -25.2% |
| Current portion of amounts payable after more than one year | 42 | €183,944 | €170,755 | -€13,189 | -7.2% |
| Trade debts | 44 | €23,981 | €16,477 | -€7,503 | -31.3% |
| Suppliers | 440/4 | €23,981 | €16,477 | -€7,503 | -31.3% |
| Taxes, remuneration and social security | 45 | €24,888 | €26,510 | +€1,622 | +6.5% |
| Taxes | 450/3 | €15,185 | €15,871 | +€686 | +4.5% |
| Remuneration and social security | 454/9 | €9,703 | €10,639 | +€935 | +9.6% |
| Other amounts payable | 47/48 | €94,218 | €30,859 | -€63,360 | -67.2% |
| Accrued charges and deferred income | 492/3 | - | €2,065 | +€2,065 | |
| Remuneration, social security and pensions | 62 | €127,727 | €130,964 | +€3,237 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €234,622 | €231,578 | -€3,044 | -1.3% |
| Other operating charges | 640/8 | €15,195 | €15,657 | +€462 | +3.0% |
| Gross operating margin | 9900 | €560,392 | €578,532 | +€18,140 | +3.2% |
| Operating profit (loss) | 9901 | €182,849 | €200,334 | +€17,485 | +9.6% |
| Financial income | 75/76B | €16,212 | €12,814 | -€3,397 | -21.0% |
| Recurring financial income | 75 | €16,212 | €12,814 | -€3,397 | -21.0% |
| Financial charges | 65/66B | €56,436 | €54,099 | -€2,337 | -4.1% |
| Recurring financial charges | 65 | €56,436 | €54,099 | -€2,337 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €142,625 | €159,049 | +€16,424 | +11.5% |
| Income taxes | 67/77 | €29,162 | €33,627 | +€4,465 | +15.3% |
| Profit (loss) for the period | 9904 | €113,463 | €125,422 | +€11,959 | +10.5% |
| Transfer to tax-exempt reserves | 689 | - | €11,209 | +€11,209 | |
| Profit (loss) for the period to be appropriated | 9905 | €113,463 | €114,213 | +€751 | +0.7% |
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 6 October 2026 via checked.be.