HOLVE: 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.
HOLVE
Largest movements
- Current investments +€5.1m
up €5.1m (+59.0%), from €8.7m to €13.8m
- Financial fixed assets -€2.5m
down €2.5m (-2.3%), from €111.7m to €109.2m
- Cash -€1.4m
down €1.4m (-79.2%), from €1.8m to €380,487
mainly Debts after one year (-€9.8m) and Current investments (-€5.1m)
- Debts after one year -€9.8m
down €9.8m (-100%), from €9.8m to €0
- Reserves +€5.8m
up €5.8m (+5.6%), from €105.0m to €110.8m
of which Distributable reserves: +€5.8m
- Other debts +€5.1m
up €5.1m (+37.8%), from €13.4m to €18.5m
- Financial income -€12.4m
down €12.4m (-61.7%), from €20.1m to €7.7m
of which Non-recurring financial income: -€11.1m
- Write-downs +€1.3m
up €1.3m, from -€1.3m to €0
- Financial charges +€1.2m
up €1.2m (+155%), from €763,453 to €1.9m
of which Non-recurring financial charges: +€954,345
- Gross operating margin -€170,133
down €170,133 (-41.5%), from €409,955 to €239,822
- Taxes -€155,071
down €155,071 (-52.3%), from €296,626 to €141,555
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 | €129,073,554 | €130,814,485 | +€1.7m | +1.3% |
| Fixed assets | 21/28 | €111,692,560 | €109,157,950 | -€2.5m | -2.3% |
| Tangible fixed assets | 22/27 | €4,351 | €3,354 | -€997 | -22.9% |
| Furniture and vehicles | 24 | €4,351 | €3,354 | -€997 | -22.9% |
| Financial fixed assets | 28 | €111,688,210 | €109,154,596 | -€2.5m | -2.3% |
| Current assets | 29/58 | €17,380,994 | €21,656,536 | +€4.3m | +24.6% |
| Amounts receivable after more than one year | 29 | €166,598 | €166,598 | = | 0.0% |
| Other amounts receivable | 291 | €166,598 | €166,598 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €6,715,963 | €7,239,358 | +€523,395 | +7.8% |
| Trade receivables | 40 | €52,038 | €258 | -€51,780 | -99.5% |
| Other amounts receivable | 41 | €6,663,925 | €7,239,101 | +€575,175 | +8.6% |
| Current investments | 50/53 | €8,669,063 | €13,780,339 | +€5.1m | +59.0% |
| Cash at bank and in hand | 54/58 | €1,827,621 | €380,487 | -€1.4m | -79.2% |
| Deferred charges and accrued income | 490/1 | €1,749 | €89,753 | +€88,005 | +5,033% |
| Total equity and liabilities | 10/49 | €129,073,554 | €130,814,485 | +€1.7m | +1.3% |
| Equity | 10/15 | €105,075,917 | €110,913,459 | +€5.8m | +5.6% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €104,975,917 | €110,813,459 | +€5.8m | +5.6% |
| Non-distributable reserves | 130/1 | €194,000 | €194,000 | = | 0.0% |
| Legal reserve | 130 | €194,000 | €194,000 | = | 0.0% |
| Distributable reserves | 133 | €104,781,917 | €110,619,459 | +€5.8m | +5.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €23,997,637 | €19,901,026 | -€4.1m | -17.1% |
| Amounts payable after more than one year | 17 | €9,750,000 | €0 | -€9.8m | -100% |
| Financial debts | 170/4 | €9,750,000 | €0 | -€9.8m | -100% |
| Amounts payable within one year | 42/48 | €13,439,552 | €19,121,234 | +€5.7m | +42.3% |
| Trade debts | 44 | €1,622 | €605,439 | +€603,816 | +37,222% |
| Suppliers | 440/4 | €1,622 | €605,439 | +€603,816 | +37,222% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €13,437,930 | €18,515,795 | +€5.1m | +37.8% |
| Accrued charges and deferred income | 492/3 | €808,085 | €779,792 | -€28,293 | -3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €966 | €997 | +€31 | +3.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,270,368 | €0 | +€1.3m | |
| Other operating charges | 640/8 | €362 | €126 | -€236 | -65.2% |
| Gross operating margin | 9900 | €409,955 | €239,822 | -€170,133 | -41.5% |
| Operating profit (loss) | 9901 | €1,678,995 | €238,699 | -€1.4m | -85.8% |
| Financial income | 75/76B | €20,062,501 | €7,687,048 | -€12.4m | -61.7% |
| Recurring financial income | 75 | €8,930,082 | €7,687,048 | -€1.2m | -13.9% |
| Non-recurring financial income | 76B | €11,132,419 | €0 | -€11.1m | -100% |
| Financial charges | 65/66B | €763,453 | €1,946,650 | +€1.2m | +155% |
| Recurring financial charges | 65 | €763,453 | €992,304 | +€228,851 | +30.0% |
| Non-recurring financial charges | 66B | - | €954,345 | +€954,345 | |
| Profit (loss) for the period before taxes | 9903 | €20,978,043 | €5,979,097 | -€15.0m | -71.5% |
| Income taxes | 67/77 | €296,626 | €141,555 | -€155,071 | -52.3% |
| Profit (loss) for the period | 9904 | €20,681,418 | €5,837,542 | -€14.8m | -71.8% |
| Profit (loss) for the period to be appropriated | 9905 | €20,681,418 | €5,837,542 | -€14.8m | -71.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.