Holding Project 13: 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 Project 13
Largest movements
- Cash +€86,678
up €86,678 (+296%), from €29,238 to €115,916
mainly Depreciation (+€104,430) and Net result for the year (+€91,943)
- Financial fixed assets -€38,901
down €38,901 (-19.6%), from €198,000 to €159,099
- Tangible fixed assets -€37,719
down €37,719 (-5.7%), from €663,669 to €625,950
of which Other tangible fixed assets: -€32,430
- Receivables within one year -€12,974
down €12,974 (-37.4%), from €34,662 to €21,687
- Profit (loss) carried forward +€91,943
up €91,943 (+78.5%), from -€117,059 to -€25,116
- Other debts -€49,225
down €49,225 (-24.0%), from €205,047 to €155,822
- Current portion of long-term debt -€34,440
down €34,440 (-26.0%), from €132,494 to €98,054
- Debts after one year -€9,912
down €9,912 (-2.1%), from €462,565 to €452,652
- Gross operating margin +€162,354
up €162,354 (+48.4%), from €335,647 to €498,001
- Staff costs +€55,171
up €55,171 (+24.8%), from €222,435 to €277,607
- Depreciation +€13,773
up €13,773 (+15.2%), from €90,657 to €104,430
- Financial charges +€8,967
up €8,967 (+75.5%), from €11,869 to €20,836
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 | €938,933 | €934,539 | -€4,394 | -0.5% |
| Fixed assets | 21/28 | €864,517 | €787,317 | -€77,200 | -8.9% |
| Intangible fixed assets | 21 | €2,848 | €2,269 | -€580 | -20.4% |
| Tangible fixed assets | 22/27 | €663,669 | €625,950 | -€37,719 | -5.7% |
| Plant, machinery and equipment | 23 | €22,336 | €17,047 | -€5,289 | -23.7% |
| Other tangible fixed assets | 26 | €641,333 | €608,903 | -€32,430 | -5.1% |
| Financial fixed assets | 28 | €198,000 | €159,099 | -€38,901 | -19.6% |
| Current assets | 29/58 | €74,416 | €147,221 | +€72,805 | +97.8% |
| Amounts receivable within one year | 40/41 | €34,662 | €21,687 | -€12,974 | -37.4% |
| Trade receivables | 40 | €34,662 | €21,687 | -€12,974 | -37.4% |
| Cash at bank and in hand | 54/58 | €29,238 | €115,916 | +€86,678 | +296% |
| Deferred charges and accrued income | 490/1 | €10,516 | €9,618 | -€898 | -8.5% |
| Total equity and liabilities | 10/49 | €938,933 | €934,539 | -€4,394 | -0.5% |
| Equity | 10/15 | €32,941 | €124,884 | +€91,943 | +279% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€117,059 | -€25,116 | +€91,943 | +78.5% |
| Amounts payable | 17/49 | €905,992 | €809,655 | -€96,337 | -10.6% |
| Amounts payable after more than one year | 17 | €462,565 | €452,652 | -€9,912 | -2.1% |
| Financial debts | 170/4 | €462,565 | €452,652 | -€9,912 | -2.1% |
| Amounts payable within one year | 42/48 | €443,428 | €357,003 | -€86,425 | -19.5% |
| Current portion of amounts payable after more than one year | 42 | €132,494 | €98,054 | -€34,440 | -26.0% |
| Financial debts | 43 | €2,330 | - | -€2,330 | |
| Credit institutions | 430/8 | €2,330 | - | -€2,330 | |
| Trade debts | 44 | €70,586 | €64,078 | -€6,507 | -9.2% |
| Suppliers | 440/4 | €70,586 | €64,078 | -€6,507 | -9.2% |
| Taxes, remuneration and social security | 45 | €32,971 | €39,048 | +€6,077 | +18.4% |
| Taxes | 450/3 | €8,089 | €9,818 | +€1,729 | +21.4% |
| Remuneration and social security | 454/9 | €24,882 | €29,230 | +€4,348 | +17.5% |
| Other amounts payable | 47/48 | €205,047 | €155,822 | -€49,225 | -24.0% |
| Remuneration, social security and pensions | 62 | €222,435 | €277,607 | +€55,171 | +24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,657 | €104,430 | +€13,773 | +15.2% |
| Other operating charges | 640/8 | €4,546 | €2,827 | -€1,719 | -37.8% |
| Non-recurring operating charges | 66A | - | €2,463 | +€2,463 | |
| Gross operating margin | 9900 | €335,647 | €498,001 | +€162,354 | +48.4% |
| Operating profit (loss) | 9901 | €18,009 | €110,674 | +€92,665 | +515% |
| Financial income | 75/76B | - | €2,109 | +€2,109 | |
| Recurring financial income | 75 | - | €104 | +€104 | |
| Non-recurring financial income | 76B | - | €2,004 | +€2,004 | |
| Financial charges | 65/66B | €11,869 | €20,836 | +€8,967 | +75.5% |
| Recurring financial charges | 65 | €11,869 | €20,836 | +€8,967 | +75.5% |
| Profit (loss) for the period before taxes | 9903 | €6,140 | €91,947 | +€85,807 | +1,398% |
| Income taxes | 67/77 | - | €4 | +€4 | |
| Profit (loss) for the period | 9904 | €6,140 | €91,943 | +€85,803 | +1,397% |
| Profit (loss) for the period to be appropriated | 9905 | €6,140 | €91,943 | +€85,803 | +1,397% |
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 25 October 2026 via checked.be.