HOLEMANS MANALYS: 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.
HOLEMANS MANALYS
Largest movements
- Current investments +€237,506
up €237,506 (+10.9%), from €2.2m to €2.4m
- Cash -€216,210
down €216,210 (-44.3%), from €488,251 to €272,041
mainly Trade debts (-€357,761) and Current investments (-€237,506)
- Tangible fixed assets +€157,090
up €157,090 (+62.3%), from €251,963 to €409,053
of which Other tangible fixed assets: +€180,000
- Trade debts -€357,761
down €357,761 (-79.0%), from €452,732 to €94,971
- Advances received +€247,713
up €247,713 (+91.4%), from €271,028 to €518,741
- Profit (loss) carried forward +€115,078
up €115,078 (+2.6%), from €4.4m to €4.5m
- Gross operating margin +€70,579
up €70,579 (+8.7%), from €814,130 to €884,709
- Financial charges +€67,316
up €67,316, from -€5,542 to €61,774
- Staff costs -€28,882
down €28,882 (-5.4%), from €532,868 to €503,986
- Taxes -€27,076
down €27,076 (-30.0%), from €90,379 to €63,303
- Financial income -€25,652
down €25,652 (-31.2%), from €82,121 to €56,469
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 | €6,213,648 | €6,283,854 | +€70,206 | +1.1% |
| Fixed assets | 21/28 | €356,553 | €500,631 | +€144,079 | +40.4% |
| Intangible fixed assets | 21 | €36,830 | €23,918 | -€12,912 | -35.1% |
| Tangible fixed assets | 22/27 | €251,963 | €409,053 | +€157,090 | +62.3% |
| Plant, machinery and equipment | 23 | €150,796 | €132,637 | -€18,159 | -12.0% |
| Furniture and vehicles | 24 | €81,515 | €76,765 | -€4,751 | -5.8% |
| Other tangible fixed assets | 26 | €19,652 | €199,652 | +€180,000 | +916% |
| Financial fixed assets | 28 | €67,760 | €67,660 | -€99 | -0.1% |
| Current assets | 29/58 | €5,857,096 | €5,783,223 | -€73,873 | -1.3% |
| Stocks and contracts in progress | 3 | €3,048,483 | €3,004,698 | -€43,785 | -1.4% |
| Stocks | 30/36 | €3,048,483 | €3,004,698 | -€43,785 | -1.4% |
| Amounts receivable within one year | 40/41 | €141,088 | €90,149 | -€50,939 | -36.1% |
| Trade receivables | 40 | €118,441 | €63,649 | -€54,792 | -46.3% |
| Other amounts receivable | 41 | €22,646 | €26,500 | +€3,854 | +17.0% |
| Current investments | 50/53 | €2,170,567 | €2,408,073 | +€237,506 | +10.9% |
| Cash at bank and in hand | 54/58 | €488,251 | €272,041 | -€216,210 | -44.3% |
| Deferred charges and accrued income | 490/1 | €8,706 | €8,262 | -€445 | -5.1% |
| Total equity and liabilities | 10/49 | €6,213,648 | €6,283,854 | +€70,206 | +1.1% |
| Equity | 10/15 | €5,313,611 | €5,427,689 | +€114,078 | +2.1% |
| Contributions | 10/11 | €822,000 | €822,000 | = | 0.0% |
| Capital | 10 | €822,000 | €822,000 | = | 0.0% |
| Issued capital | 100 | €822,000 | €822,000 | = | 0.0% |
| Reserves | 13 | €82,200 | €82,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €82,200 | €82,200 | = | 0.0% |
| Legal reserve | 130 | €82,200 | €82,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,408,411 | €4,523,489 | +€115,078 | +2.6% |
| Investment grants | 15 | €1,000 | - | -€1,000 | |
| Amounts payable | 17/49 | €900,037 | €856,165 | -€43,872 | -4.9% |
| Amounts payable within one year | 42/48 | €893,537 | €820,909 | -€72,629 | -8.1% |
| Trade debts | 44 | €452,732 | €94,971 | -€357,761 | -79.0% |
| Suppliers | 440/4 | €452,732 | €94,971 | -€357,761 | -79.0% |
| Advances received on contracts in progress | 46 | €271,028 | €518,741 | +€247,713 | +91.4% |
| Taxes, remuneration and social security | 45 | €69,778 | €57,196 | -€12,581 | -18.0% |
| Taxes | 450/3 | €18,534 | €7,639 | -€10,895 | -58.8% |
| Remuneration and social security | 454/9 | €51,244 | €49,557 | -€1,687 | -3.3% |
| Other amounts payable | 47/48 | €100,000 | €150,000 | +€50,000 | +50.0% |
| Accrued charges and deferred income | 492/3 | €6,500 | €35,257 | +€28,757 | +442% |
| Remuneration, social security and pensions | 62 | €532,868 | €503,986 | -€28,882 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,818 | €45,651 | +€10,833 | +31.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€826 | -€165 | +€661 | +80.0% |
| Other operating charges | 640/8 | €2,140 | €1,552 | -€588 | -27.5% |
| Gross operating margin | 9900 | €814,130 | €884,709 | +€70,579 | +8.7% |
| Operating profit (loss) | 9901 | €245,131 | €333,686 | +€88,555 | +36.1% |
| Financial income | 75/76B | €82,121 | €56,469 | -€25,652 | -31.2% |
| Recurring financial income | 75 | €82,121 | €56,469 | -€25,652 | -31.2% |
| Financial charges | 65/66B | -€5,542 | €61,774 | +€67,316 | |
| Recurring financial charges | 65 | -€5,542 | €61,774 | +€67,316 | |
| Profit (loss) for the period before taxes | 9903 | €332,794 | €328,381 | -€4,413 | -1.3% |
| Income taxes | 67/77 | €90,379 | €63,303 | -€27,076 | -30.0% |
| Profit (loss) for the period | 9904 | €242,415 | €265,078 | +€22,663 | +9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €242,415 | €265,078 | +€22,663 | +9.3% |
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.