HOLDING RAETS: 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 RAETS
Largest movements
- Tangible fixed assets +€523,081
up €523,081 (+897%), from €58,323 to €581,403
- Deferred charges and accrued income +€16,748
new in 2026: €16,748
- Debts after one year +€494,675
new in 2026: €494,675
- Profit (loss) carried forward +€244,786
up €244,786 (+77,444%), from €316 to €245,102
- Other debts -€239,028
down €239,028 (-62.4%), from €382,751 to €143,723
- Current portion of long-term debt +€36,282
new in 2026: €36,282
- Financial income +€303,266
up €303,266 (+19,900%), from €1,524 to €304,790
- Depreciation +€80,736
up €80,736 (+2,975%), from €2,714 to €83,449
- Gross operating margin +€39,617
up €39,617 (+295%), from €13,425 to €53,042
- Financial charges +€12,856
up €12,856 (+127%), from €10,109 to €22,965
- Other operating charges +€1,395
up €1,395 (+61.4%), from €2,273 to €3,668
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €447,754 | €987,983 | +€540,228 | +121% |
| Fixed assets | 21/28 | €396,014 | €919,094 | +€523,081 | +132% |
| Tangible fixed assets | 22/27 | €58,323 | €581,403 | +€523,081 | +897% |
| Land and buildings | 22 | €58,323 | €581,403 | +€523,081 | +897% |
| Financial fixed assets | 28 | €337,691 | €337,691 | = | 0.0% |
| Current assets | 29/58 | €51,741 | €68,889 | +€17,148 | +33.1% |
| Amounts receivable within one year | 40/41 | €50,584 | €46,032 | -€4,553 | -9.0% |
| Trade receivables | 40 | €6,864 | - | -€6,864 | |
| Other amounts receivable | 41 | €43,720 | €46,032 | +€2,312 | +5.3% |
| Cash at bank and in hand | 54/58 | €1,156 | €6,109 | +€4,952 | +428% |
| Deferred charges and accrued income | 490/1 | - | €16,748 | +€16,748 | |
| Total equity and liabilities | 10/49 | €447,754 | €987,983 | +€540,228 | +121% |
| Equity | 10/15 | €65,003 | €312,752 | +€247,749 | +381% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €3,187 | €6,150 | +€2,963 | +93.0% |
| Non-distributable reserves | 130/1 | €3,187 | €6,150 | +€2,963 | +93.0% |
| Legal reserve | 130 | €3,187 | €6,150 | +€2,963 | +93.0% |
| Profit (loss) carried forward | 14 | €316 | €245,102 | +€244,786 | +77,444% |
| Amounts payable | 17/49 | €382,751 | €675,230 | +€292,479 | +76.4% |
| Amounts payable after more than one year | 17 | - | €494,675 | +€494,675 | |
| Financial debts | 170/4 | - | €494,675 | +€494,675 | |
| Amounts payable within one year | 42/48 | €382,751 | €180,556 | -€202,195 | -52.8% |
| Current portion of amounts payable after more than one year | 42 | - | €36,282 | +€36,282 | |
| Trade debts | 44 | - | €551 | +€551 | |
| Suppliers | 440/4 | - | €551 | +€551 | |
| Other amounts payable | 47/48 | €382,751 | €143,723 | -€239,028 | -62.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,714 | €83,449 | +€80,736 | +2,975% |
| Other operating charges | 640/8 | €2,273 | €3,668 | +€1,395 | +61.4% |
| Gross operating margin | 9900 | €13,425 | €53,042 | +€39,617 | +295% |
| Operating profit (loss) | 9901 | €8,438 | -€34,075 | -€42,514 | |
| Financial income | 75/76B | €1,524 | €304,790 | +€303,266 | +19,900% |
| Recurring financial income | 75 | €1,524 | €304,790 | +€303,266 | +19,900% |
| Financial charges | 65/66B | €10,109 | €22,965 | +€12,856 | +127% |
| Recurring financial charges | 65 | €10,109 | €22,965 | +€12,856 | +127% |
| Profit (loss) for the period before taxes | 9903 | -€147 | €247,749 | +€247,896 | |
| Profit (loss) for the period | 9904 | -€147 | €247,749 | +€247,896 | |
| Profit (loss) for the period to be appropriated | 9905 | -€147 | €247,749 | +€247,896 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.