HOLDVET: 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.
HOLDVET
Largest movements
- Cash +€70,720
up €70,720 (+74.0%), from €95,519 to €166,239
mainly Net result for the year (+€88,321) and Receivables within one year (+€23,519)
- Tangible fixed assets +€32,436
up €32,436 (+448%), from €7,246 to €39,682
of which Furniture and vehicles: +€32,536
- Receivables within one year -€23,519
down €23,519 (-24.5%), from €95,899 to €72,380
of which Trade receivables: -€37,282
- Reserves +€64,369
up €64,369 (+25.0%), from €257,964 to €322,332
of which Distributable reserves: +€64,369
- Debts after one year +€18,269
new in 2025: €18,269
- Tax, wage and social debts -€6,889
down €6,889 (-35.4%), from €19,476 to €12,588
- Current portion of long-term debt +€6,430
new in 2025: €6,430
- Gross operating margin +€23,780
up €23,780 (+21.0%), from €113,261 to €137,041
- Taxes +€8,161
up €8,161 (+25.1%), from €32,575 to €40,736
- Financial income +€5,918
up €5,918 (+1,634%), from €362 to €6,281
- Depreciation -€2,847
down €2,847 (-20.5%), from €13,879 to €11,032
- Other operating charges +€1,531
up €1,531 (+159%), from €962 to €2,492
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 | €297,562 | €379,755 | +€82,193 | +27.6% |
| Fixed assets | 21/28 | €106,143 | €138,579 | +€32,436 | +30.6% |
| Tangible fixed assets | 22/27 | €7,246 | €39,682 | +€32,436 | +448% |
| Plant, machinery and equipment | 23 | €617 | €517 | -€100 | -16.2% |
| Furniture and vehicles | 24 | €6,629 | €39,165 | +€32,536 | +491% |
| Financial fixed assets | 28 | €98,897 | €98,897 | = | 0.0% |
| Current assets | 29/58 | €191,418 | €241,176 | +€49,758 | +26.0% |
| Amounts receivable within one year | 40/41 | €95,899 | €72,380 | -€23,519 | -24.5% |
| Trade receivables | 40 | €90,911 | €53,628 | -€37,282 | -41.0% |
| Other amounts receivable | 41 | €4,989 | €18,752 | +€13,763 | +276% |
| Cash at bank and in hand | 54/58 | €95,519 | €166,239 | +€70,720 | +74.0% |
| Deferred charges and accrued income | 490/1 | - | €2,557 | +€2,557 | |
| Total equity and liabilities | 10/49 | €297,562 | €379,755 | +€82,193 | +27.6% |
| Equity | 10/15 | €276,815 | €341,185 | +€64,369 | +23.3% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €257,964 | €322,332 | +€64,369 | +25.0% |
| Non-distributable reserves | 130/1 | €1,875 | €1,875 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,875 | €1,875 | = | 0.0% |
| Distributable reserves | 133 | €256,089 | €320,457 | +€64,369 | +25.1% |
| Profit (loss) carried forward | 14 | €102 | €102 | +€1 | +0.7% |
| Amounts payable | 17/49 | €20,747 | €38,570 | +€17,824 | +85.9% |
| Amounts payable after more than one year | 17 | - | €18,269 | +€18,269 | |
| Financial debts | 170/4 | - | €18,269 | +€18,269 | |
| Amounts payable within one year | 42/48 | €19,821 | €19,724 | -€97 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | - | €6,430 | +€6,430 | |
| Trade debts | 44 | €345 | €707 | +€362 | +105% |
| Suppliers | 440/4 | €345 | €707 | +€362 | +105% |
| Taxes, remuneration and social security | 45 | €19,476 | €12,588 | -€6,889 | -35.4% |
| Taxes | 450/3 | €19,476 | €12,588 | -€6,889 | -35.4% |
| Accrued charges and deferred income | 492/3 | €925 | €577 | -€349 | -37.7% |
| Non-recurring operating income | 76A | - | €9,050 | +€9,050 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,879 | €11,032 | -€2,847 | -20.5% |
| Other operating charges | 640/8 | €962 | €2,492 | +€1,531 | +159% |
| Gross operating margin | 9900 | €113,261 | €137,041 | +€23,780 | +21.0% |
| Operating profit (loss) | 9901 | €98,420 | €123,517 | +€25,097 | +25.5% |
| Financial income | 75/76B | €362 | €6,281 | +€5,918 | +1,634% |
| Recurring financial income | 75 | €362 | €6,281 | +€5,918 | +1,634% |
| Financial charges | 65/66B | €185 | €741 | +€555 | +300% |
| Recurring financial charges | 65 | €185 | €741 | +€555 | +300% |
| Profit (loss) for the period before taxes | 9903 | €98,597 | €129,057 | +€30,460 | +30.9% |
| Income taxes | 67/77 | €32,575 | €40,736 | +€8,161 | +25.1% |
| Profit (loss) for the period | 9904 | €66,022 | €88,321 | +€22,299 | +33.8% |
| Profit (loss) for the period to be appropriated | 9905 | €66,022 | €88,321 | +€22,299 | +33.8% |
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 14 October 2026 via checked.be.