HOLVAST: what changed
Two fiscal 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.
HOLVAST
Largest movements
- Tangible fixed assets +€142,539
up €142,539 (+219.7%), from €64,876 to €207,415
of which Other tangible fixed assets: +€130,438
- Receivables within one year +€66,994
up €66,994 (+217.3%), from €30,825 to €97,819
of which Trade receivables: +€68,082
- Stocks and contracts +€5,004
up €5,004 (+21.7%), from €23,035 to €28,039
- Debts after one year +€138,057
up €138,057 (+675.4%), from €20,442 to €158,499
- Trade debts +€65,795
up €65,795 (+264.4%), from €24,889 to €90,684
- Other debts +€23,964
up €23,964 (+708.1%), from €3,384 to €27,348
- Current portion of long-term debt +€13,622
up €13,622 (+358.9%), from €3,796 to €17,418
- Reserves -€10,322
down €10,322 (-21.8%), from €47,253 to €36,932
of which Distributable reserves: -€10,322
- Gross operating margin -€45,393
down €45,393 (-58.0%), from €78,219 to €32,825
- Staff costs -€41,682
down €41,682 (-75.6%), from €55,125 to €13,444
- Financial charges +€4,018
up €4,018 (+79.7%), from €5,042 to €9,060
- Depreciation -€1,843
down €1,843 (-9.3%), from €19,762 to €17,920
- Other operating charges -€1,599
down €1,599 (-36.3%), from €4,411 to €2,812
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.
Cash bridge derived
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 | €123,608 | €339,449 | +€215,840 | +174.6% |
| Fixed assets | 21/28 | €64,876 | €207,415 | +€142,539 | +219.7% |
| Tangible fixed assets | 22/27 | €64,876 | €207,415 | +€142,539 | +219.7% |
| Land and buildings | 22 | €42,843 | €42,084 | -€759 | -1.8% |
| Plant, machinery and equipment | 23 | €10,793 | €10,603 | -€190 | -1.8% |
| Furniture and vehicles | 24 | €1,704 | €14,754 | +€13,049 | +765.7% |
| Other tangible fixed assets | 26 | €9,536 | €139,974 | +€130,438 | +1367.9% |
| Current assets | 29/58 | €58,732 | €132,033 | +€73,301 | +124.8% |
| Stocks and contracts in progress | 3 | €23,035 | €28,039 | +€5,004 | +21.7% |
| Stocks | 30/36 | €23,035 | €28,039 | +€5,004 | +21.7% |
| Amounts receivable within one year | 40/41 | €30,825 | €97,819 | +€66,994 | +217.3% |
| Trade receivables | 40 | €25,721 | €93,803 | +€68,082 | +264.7% |
| Other amounts receivable | 41 | €5,104 | €4,016 | -€1,089 | -21.3% |
| Cash at bank and in hand | 54/58 | €4,469 | €6,176 | +€1,707 | +38.2% |
| Deferred charges and accrued income | 490/1 | €404 | €0 | -€404 | -100.0% |
| Total equity and liabilities | 10/49 | €123,608 | €339,449 | +€215,840 | +174.6% |
| Equity | 10/15 | €53,453 | €43,132 | -€10,322 | -19.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €47,253 | €36,932 | -€10,322 | -21.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €45,393 | €35,072 | -€10,322 | -22.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €70,155 | €296,317 | +€226,162 | +322.4% |
| Amounts payable after more than one year | 17 | €20,442 | €158,499 | +€138,057 | +675.4% |
| Financial debts | 170/4 | €20,442 | €158,499 | +€138,057 | +675.4% |
| Amounts payable within one year | 42/48 | €49,713 | €137,818 | +€88,105 | +177.2% |
| Current portion of amounts payable after more than one year | 42 | €3,796 | €17,418 | +€13,622 | +358.9% |
| Financial debts | 43 | €7,082 | €0 | -€7,082 | -100.0% |
| Credit institutions | 430/8 | €7,082 | €0 | -€7,082 | -100.0% |
| Trade debts | 44 | €24,889 | €90,684 | +€65,795 | +264.4% |
| Suppliers | 440/4 | €24,889 | €90,684 | +€65,795 | +264.4% |
| Taxes, remuneration and social security | 45 | €10,562 | €2,368 | -€8,194 | -77.6% |
| Taxes | 450/3 | €8,033 | €661 | -€7,372 | -91.8% |
| Remuneration and social security | 454/9 | €2,529 | €1,707 | -€822 | -32.5% |
| Other amounts payable | 47/48 | €3,384 | €27,348 | +€23,964 | +708.1% |
| Remuneration, social security and pensions | 62 | €55,125 | €13,444 | -€41,682 | -75.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,762 | €17,920 | -€1,843 | -9.3% |
| Other operating charges | 640/8 | €4,411 | €2,812 | -€1,599 | -36.3% |
| Gross operating margin | 9900 | €78,219 | €32,825 | -€45,393 | -58.0% |
| Operating profit (loss) | 9901 | -€1,080 | -€1,350 | -€270 | -25.0% |
| Financial income | 75/76B | €65 | €88 | +€23 | +35.1% |
| Recurring financial income | 75 | €65 | €88 | +€23 | +35.1% |
| Financial charges | 65/66B | €5,042 | €9,060 | +€4,018 | +79.7% |
| Recurring financial charges | 65 | €5,042 | €9,060 | +€4,018 | +79.7% |
| Profit (loss) for the period before taxes | 9903 | -€6,057 | -€10,322 | -€4,265 | -70.4% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€6,057 | -€10,322 | -€4,265 | -70.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,057 | -€10,322 | -€4,265 | -70.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.