HOLTZHEIMER: 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.
HOLTZHEIMER
Largest movements
- Cash -€45,615
down €45,615 (-49.4%), from €92,299 to €46,684
mainly Contributions, distributions and other (-€127,524) and Other debts (-€12,963)
- Tangible fixed assets -€8,538
down €8,538 (-50.6%), from €16,866 to €8,327
- Reserves -€54,471
down €54,471 (-24.1%), from €225,957 to €171,486
- Other debts -€12,963
down €12,963 (-30.9%), from €42,000 to €29,037
- Tax, wage and social debts +€8,618
up €8,618 (+40.0%), from €21,542 to €30,161
of which Taxes: +€7,618
- Gross operating margin +€25,283
up €25,283 (+29.7%), from €85,139 to €110,421
- Taxes +€7,213
up €7,213 (+34.1%), from €21,133 to €28,346
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 | €292,019 | €234,611 | -€57,409 | -19.7% |
| Fixed assets | 21/28 | €16,866 | €8,327 | -€8,538 | -50.6% |
| Tangible fixed assets | 22/27 | €16,866 | €8,327 | -€8,538 | -50.6% |
| Furniture and vehicles | 24 | €16,866 | €8,327 | -€8,538 | -50.6% |
| Current assets | 29/58 | €275,154 | €226,283 | -€48,871 | -17.8% |
| Amounts receivable within one year | 40/41 | €179,911 | €177,530 | -€2,381 | -1.3% |
| Trade receivables | 40 | €0 | €0 | = | |
| Other amounts receivable | 41 | €179,911 | €177,530 | -€2,381 | -1.3% |
| Cash at bank and in hand | 54/58 | €92,299 | €46,684 | -€45,615 | -49.4% |
| Deferred charges and accrued income | 490/1 | €2,944 | €2,069 | -€875 | -29.7% |
| Total equity and liabilities | 10/49 | €292,019 | €234,611 | -€57,409 | -19.7% |
| Equity | 10/15 | €227,957 | €173,486 | -€54,471 | -23.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €225,957 | €171,486 | -€54,471 | -24.1% |
| Distributable reserves | 133 | €225,957 | €171,486 | -€54,471 | -24.1% |
| Amounts payable | 17/49 | €64,063 | €61,125 | -€2,938 | -4.6% |
| Amounts payable within one year | 42/48 | €64,063 | €61,125 | -€2,938 | -4.6% |
| Trade debts | 44 | €520 | €1,928 | +€1,407 | +270% |
| Suppliers | 440/4 | €520 | €1,928 | +€1,407 | +270% |
| Taxes, remuneration and social security | 45 | €21,542 | €30,161 | +€8,618 | +40.0% |
| Taxes | 450/3 | €21,542 | €29,161 | +€7,618 | +35.4% |
| Remuneration and social security | 454/9 | €0 | €1,000 | +€1,000 | |
| Other amounts payable | 47/48 | €42,000 | €29,037 | -€12,963 | -30.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,538 | €8,538 | = | 0.0% |
| Other operating charges | 640/8 | €543 | €560 | +€17 | +3.2% |
| Gross operating margin | 9900 | €85,139 | €110,421 | +€25,283 | +29.7% |
| Operating profit (loss) | 9901 | €76,058 | €101,323 | +€25,265 | +33.2% |
| Financial income | 75/76B | €166 | €236 | +€70 | +42.1% |
| Recurring financial income | 75 | €166 | €236 | +€70 | +42.1% |
| Financial charges | 65/66B | €142 | €160 | +€18 | +12.7% |
| Recurring financial charges | 65 | €142 | €160 | +€18 | +12.7% |
| Profit (loss) for the period before taxes | 9903 | €76,082 | €101,399 | +€25,317 | +33.3% |
| Income taxes | 67/77 | €21,133 | €28,346 | +€7,213 | +34.1% |
| Profit (loss) for the period | 9904 | €54,948 | €73,053 | +€18,105 | +32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €54,948 | €73,053 | +€18,105 | +32.9% |
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 13 October 2026 via checked.be.