HOLDING 42: 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.
HOLDING 42
Largest movements
- Receivables within one year -€51,559
down €51,559 (-68.7%), from €75,042 to €23,483
of which Trade receivables: -€54,063
- Cash +€51,238
up €51,238 (+37.7%), from €135,746 to €186,984
mainly Receivables within one year (+€51,559) and Depreciation (+€45,026)
- Stocks and contracts +€6,458
up €6,458 (+11.6%), from €55,782 to €62,240
- Tangible fixed assets +€5,852
up €5,852 (+5.0%), from €117,475 to €123,327
of which Furniture and vehicles: +€8,664
- Trade debts +€21,624
new in 2025: €21,624
- Tax, wage and social debts -€8,694
down €8,694 (-20.4%), from €42,716 to €34,022
- Current portion of long-term debt +€7,114
up €7,114 (+44.7%), from €15,914 to €23,028
- Other debts -€4,102
down €4,102 (-8.4%), from €48,592 to €44,490
- Gross operating margin -€14,355
down €14,355 (-14.8%), from €97,092 to €82,737
- Turnover -€13,778
down €13,778 (-4.7%), from €290,526 to €276,748
- Other operating charges +€12,524
up €12,524 (+503%), from €2,492 to €15,016
- Taxes -€8,025
down €8,025 (-63.1%), from €12,726 to €4,701
- Depreciation +€7,410
up €7,410 (+19.7%), from €37,616 to €45,026
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 | €384,045 | €396,034 | +€11,989 | +3.1% |
| Fixed assets | 21/28 | €117,475 | €123,327 | +€5,852 | +5.0% |
| Tangible fixed assets | 22/27 | €117,475 | €123,327 | +€5,852 | +5.0% |
| Land and buildings | 22 | - | €8,478 | +€8,478 | |
| Plant, machinery and equipment | 23 | €214 | €1,812 | +€1,598 | +747% |
| Furniture and vehicles | 24 | €71,232 | €79,896 | +€8,664 | +12.2% |
| Other tangible fixed assets | 26 | €46,029 | €33,141 | -€12,888 | -28.0% |
| Current assets | 29/58 | €266,570 | €272,707 | +€6,137 | +2.3% |
| Stocks and contracts in progress | 3 | €55,782 | €62,240 | +€6,458 | +11.6% |
| Stocks | 30/36 | €55,782 | €62,240 | +€6,458 | +11.6% |
| Amounts receivable within one year | 40/41 | €75,042 | €23,483 | -€51,559 | -68.7% |
| Trade receivables | 40 | €74,953 | €20,890 | -€54,063 | -72.1% |
| Other amounts receivable | 41 | €89 | €2,593 | +€2,504 | +2,813% |
| Cash at bank and in hand | 54/58 | €135,746 | €186,984 | +€51,238 | +37.7% |
| Total equity and liabilities | 10/49 | €384,045 | €396,034 | +€11,989 | +3.1% |
| Equity | 10/15 | €149,639 | €145,970 | -€3,669 | -2.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €129,639 | €129,639 | +€0 | 0.0% |
| Distributable reserves | 133 | €129,639 | €129,639 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | - | -€3,669 | -€3,669 | |
| Amounts payable | 17/49 | €234,406 | €250,064 | +€15,658 | +6.7% |
| Amounts payable after more than one year | 17 | €122,861 | €121,774 | -€1,087 | -0.9% |
| Financial debts | 170/4 | €122,861 | €121,774 | -€1,087 | -0.9% |
| Amounts payable within one year | 42/48 | €107,222 | €123,965 | +€16,743 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €15,914 | €23,028 | +€7,114 | +44.7% |
| Financial debts | 43 | - | €801 | +€801 | |
| Credit institutions | 430/8 | - | €801 | +€801 | |
| Trade debts | 44 | - | €21,624 | +€21,624 | |
| Suppliers | 440/4 | - | €21,624 | +€21,624 | |
| Taxes, remuneration and social security | 45 | €42,716 | €34,022 | -€8,694 | -20.4% |
| Taxes | 450/3 | €42,716 | €34,022 | -€8,694 | -20.4% |
| Other amounts payable | 47/48 | €48,592 | €44,490 | -€4,102 | -8.4% |
| Accrued charges and deferred income | 492/3 | €4,323 | €4,324 | +€1 | 0.0% |
| Turnover | 70 | €290,526 | €276,748 | -€13,778 | -4.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €193,434 | €194,011 | +€577 | +0.3% |
| Remuneration, social security and pensions | 62 | €12,179 | €11,946 | -€233 | -1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,616 | €45,026 | +€7,410 | +19.7% |
| Other operating charges | 640/8 | €2,492 | €15,016 | +€12,524 | +503% |
| Gross operating margin | 9900 | €97,092 | €82,737 | -€14,355 | -14.8% |
| Operating profit (loss) | 9901 | €44,805 | €10,749 | -€34,056 | -76.0% |
| Financial income | 75/76B | - | €257 | +€257 | |
| Recurring financial income | 75 | - | €257 | +€257 | |
| Financial charges | 65/66B | €9,653 | €9,975 | +€322 | +3.3% |
| Recurring financial charges | 65 | €9,653 | €9,975 | +€322 | +3.3% |
| Profit (loss) for the period before taxes | 9903 | €35,152 | €1,032 | -€34,120 | -97.1% |
| Income taxes | 67/77 | €12,726 | €4,701 | -€8,025 | -63.1% |
| Profit (loss) for the period | 9904 | €22,426 | -€3,669 | -€26,095 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,426 | -€3,669 | -€26,095 |
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 27 October 2026 via checked.be.