HOLDING PCS: 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 PCS
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€65,275
2024 · €71,932-€137,207
Equity
€5.4m
2024 · €6.9m-€1.5m
Cash
€3.7m
2024 · €3.2m+€515,098
Balance sheet total
€13.7m
2024 · €14.3m-€621,510
Largest movements
Assets
- Current investments -€1.4m
down €1.4m (-100.0%), from €1.4m to €0
- Cash +€515,098
up €515,098 (+16.2%), from €3.2m to €3.7m
mainly Current investments (+€1.4m) and Depreciation (+€537,325)
- Financial fixed assets +€242,674
up €242,674 (+3.3%), from €7.3m to €7.5m
of which Affiliated companies: +€243,096
Equity and liabilities
- Reserves -€1.5m
down €1.5m (-39.6%), from €3.8m to €2.3m
of which Non-distributable reserves: -€1.4m
- Other debts +€273,953
up €273,953 (+5.5%), from €5.0m to €5.2m
- Debts after one year +€267,571
up €267,571 (+31.8%), from €840,855 to €1.1m
of which Other amounts payable: +€150,000
- Current portion of long-term debt +€154,041
up €154,041 (+27.4%), from €563,180 to €717,221
Income statement
- Staff costs +€353,020
up €353,020 (+13.9%), from €2.5m to €2.9m
- Goods and materials -€139,347
down €139,347 (-25.2%), from €553,280 to €413,934
of which Purchases: -€149,412
- Write-downs -€129,298
no longer reported in 2025 (was €129,298)
- Depreciation +€91,663
up €91,663 (+20.6%), from €445,663 to €537,325
- Services and other goods +€47,103
up €47,103 (+2.9%), from €1.6m to €1.7m
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
€71,932
Turnover
-€9,536
Other operating income
-€23,480
Goods and materials
+€139,347
Services and other goods
-€47,103
Staff costs
-€353,020
Depreciation
-€91,663
Write-downs
+€129,298
Other operating charges
-€9,381
Other operating items
+€160,348
Financial income
-€31,647
Financial charges
-€489
Taxes
+€118
Result 2025
-€65,275
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
+€895,916
Investment
+€566,155
Financing
-€946,974
Cash 2024
€3.2m
From operations (derived)
+€895,916
Net result for the year
-€65,275
Depreciation
+€537,325
Stocks and contracts
-€7,505
Receivables within one year
+€44,836
Deferred charges and accrued income
-€4,204
Trade debts
+€43,985
Tax, wage and social debts
+€75,485
Other debts
+€273,953
Accrued charges and deferred income
-€2,684
Investment (derived)
+€566,155
Investment in fixed assets (net)
-€869,045
Current investments
+€1.4m
Financing
-€946,974
Debts after one year
+€267,571
Current portion of long-term debt
+€154,041
Short-term financial debts
+€66,615
Contributions, distributions and other
-€1.4m
Cash 2025
€3.7m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,305,648 | €13,684,138 | -€621,510 | -4.3% |
| Formation expenses | 20 | €0 | €30,757 | +€30,757 | |
| Fixed assets | 21/28 | €8,598,193 | €8,899,155 | +€300,963 | +3.5% |
| Intangible fixed assets | 21 | €403,771 | €524,414 | +€120,643 | +29.9% |
| Tangible fixed assets | 22/27 | €928,969 | €866,614 | -€62,355 | -6.7% |
| Land and buildings | 22 | €0 | €3,062 | +€3,062 | |
| Plant, machinery and equipment | 23 | €194,388 | €164,653 | -€29,735 | -15.3% |
| Furniture and vehicles | 24 | €692,516 | €661,414 | -€31,102 | -4.5% |
| Leasing and similar rights | 25 | €42,064 | €37,484 | -€4,580 | -10.9% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €7,265,453 | €7,508,127 | +€242,674 | +3.3% |
| Affiliated companies | 280/1 | €7,265,031 | €7,508,127 | +€243,096 | +3.3% |
| Participating interests | 280 | €7,265,031 | €7,508,127 | +€243,096 | +3.3% |
| Amounts receivable | 281 | €0 | - | = | |
| Other financial fixed assets | 284/8 | €422 | €0 | -€422 | -100.0% |
| Amounts receivable and cash guarantees | 285/8 | €422 | €0 | -€422 | -100.0% |
| Current assets | 29/58 | €5,707,456 | €4,754,226 | -€953,230 | -16.7% |
| Stocks and contracts in progress | 3 | €71,475 | €78,979 | +€7,505 | +10.5% |
| Stocks | 30/36 | €71,475 | €78,979 | +€7,505 | +10.5% |
| Goods purchased for resale | 34 | €71,475 | €78,979 | +€7,505 | +10.5% |
| Amounts receivable within one year | 40/41 | €966,193 | €921,357 | -€44,836 | -4.6% |
| Trade receivables | 40 | €856,574 | €723,668 | -€132,906 | -15.5% |
| Other amounts receivable | 41 | €109,619 | €197,688 | +€88,070 | +80.3% |
| Current investments | 50/53 | €1,435,200 | €0 | -€1.4m | -100.0% |
| Own shares | 50 | €1,435,200 | €0 | -€1.4m | -100.0% |
| Cash at bank and in hand | 54/58 | €3,178,812 | €3,693,910 | +€515,098 | +16.2% |
| Deferred charges and accrued income | 490/1 | €55,775 | €59,980 | +€4,204 | +7.5% |
| Total equity and liabilities | 10/49 | €14,305,648 | €13,684,138 | -€621,510 | -4.3% |
| Equity | 10/15 | €6,924,098 | €5,423,623 | -€1.5m | -21.7% |
| Contributions | 10/11 | €3,136,916 | €3,136,916 | = | 0.0% |
| Capital | 10 | €3,125,316 | €3,125,316 | = | 0.0% |
| Issued capital | 100 | €3,125,316 | €3,125,316 | = | 0.0% |
| Outside capital | 11 | €11,600 | €11,600 | = | 0.0% |
| Share premium | 1100/10 | €11,600 | €11,600 | = | 0.0% |
| Reserves | 13 | €3,786,532 | €2,286,332 | -€1.5m | -39.6% |
| Non-distributable reserves | 130/1 | €1,747,732 | €312,532 | -€1.4m | -82.1% |
| Legal reserve | 130 | €312,532 | €312,532 | = | 0.0% |
| Own shares acquired | 1312 | €1,435,200 | - | -€1.4m | |
| Distributable reserves | 133 | €2,038,800 | €1,973,800 | -€65,000 | -3.2% |
| Profit (loss) carried forward | 14 | €650 | €375 | -€275 | -42.3% |
| Amounts payable | 17/49 | €7,381,551 | €8,260,516 | +€878,965 | +11.9% |
| Amounts payable after more than one year | 17 | €840,855 | €1,108,425 | +€267,571 | +31.8% |
| Financial debts | 170/4 | €840,855 | €958,425 | +€117,571 | +14.0% |
| Leasing and similar obligations | 172 | €4,525 | €3,946 | -€579 | -12.8% |
| Credit institutions | 173 | €836,330 | €954,479 | +€118,149 | +14.1% |
| Other amounts payable | 178/9 | - | €150,000 | +€150,000 | |
| Amounts payable within one year | 42/48 | €6,527,443 | €7,141,522 | +€614,079 | +9.4% |
| Current portion of amounts payable after more than one year | 42 | €563,180 | €717,221 | +€154,041 | +27.4% |
| Financial debts | 43 | €200,717 | €267,332 | +€66,615 | +33.2% |
| Credit institutions | 430/8 | €200,717 | €267,332 | +€66,615 | +33.2% |
| Trade debts | 44 | €306,579 | €350,564 | +€43,985 | +14.3% |
| Suppliers | 440/4 | €306,579 | €350,564 | +€43,985 | +14.3% |
| Taxes, remuneration and social security | 45 | €503,032 | €578,517 | +€75,485 | +15.0% |
| Taxes | 450/3 | €59,741 | €50,635 | -€9,106 | -15.2% |
| Remuneration and social security | 454/9 | €443,291 | €527,882 | +€84,591 | +19.1% |
| Other amounts payable | 47/48 | €4,953,935 | €5,227,888 | +€273,953 | +5.5% |
| Accrued charges and deferred income | 492/3 | €13,253 | €10,568 | -€2,684 | -20.3% |
| Operating income | 70/76A | €5,239,505 | €5,363,927 | +€124,422 | +2.4% |
| Turnover | 70 | €4,475,094 | €4,465,558 | -€9,536 | -0.2% |
| Own construction capitalised | 72 | - | €150,000 | +€150,000 | |
| Other operating income | 74 | €748,772 | €725,292 | -€23,480 | -3.1% |
| Non-recurring operating income | 76A | €15,639 | €23,077 | +€7,438 | +47.6% |
| Operating charges | 60/66A | €5,551,116 | €5,780,727 | +€229,612 | +4.1% |
| Goods for resale, raw materials and consumables | 60 | €553,280 | €413,934 | -€139,347 | -25.2% |
| Purchases | 600/8 | €570,850 | €421,438 | -€149,412 | -26.2% |
| Change in stocks: decrease (increase) | 609 | -€17,570 | -€7,505 | +€10,065 | +57.3% |
| Services and other goods | 61 | €1,616,398 | €1,663,501 | +€47,103 | +2.9% |
| Remuneration, social security and pensions | 62 | €2,533,543 | €2,886,563 | +€353,020 | +13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €445,663 | €537,325 | +€91,663 | +20.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €129,298 | - | -€129,298 | |
| Other operating charges | 640/8 | €270,024 | €279,405 | +€9,381 | +3.5% |
| Non-recurring operating charges | 66A | €2,910 | - | -€2,910 | |
| Operating profit (loss) | 9901 | -€311,611 | -€416,800 | -€105,189 | -33.8% |
| Financial income | 75/76B | €540,608 | €508,961 | -€31,647 | -5.9% |
| Recurring financial income | 75 | €540,608 | €505,864 | -€34,743 | -6.4% |
| Income from financial fixed assets | 750 | €500,000 | €500,000 | = | 0.0% |
| Income from current assets | 751 | €40,437 | €4,831 | -€35,606 | -88.1% |
| Other financial income | 752/9 | €171 | €1,033 | +€862 | +503.9% |
| Non-recurring financial income | 76B | - | €3,096 | +€3,096 | |
| Financial charges | 65/66B | €152,708 | €153,196 | +€489 | +0.3% |
| Recurring financial charges | 65 | €152,708 | €153,196 | +€489 | +0.3% |
| Debt charges | 650 | €145,444 | €145,810 | +€366 | +0.3% |
| Other financial charges | 652/9 | €7,264 | €7,386 | +€122 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €76,289 | -€61,036 | -€137,325 | |
| Income taxes | 67/77 | €4,357 | €4,239 | -€118 | -2.7% |
| Taxes | 670/3 | €4,357 | €4,239 | -€118 | -2.7% |
| Profit (loss) for the period | 9904 | €71,932 | -€65,275 | -€137,207 | |
| Profit (loss) for the period to be appropriated | 9905 | €71,932 | -€65,275 | -€137,207 |
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.