HOLVER: what changed
HOLVER
Largest movements
- Tangible fixed assets +€636,981
up €636,981 (+1,526%), from €41,751 to €678,732
of which Land and buildings: +€595,985
- Cash +€426,068
up €426,068 (+642%), from €66,318 to €492,386
mainly Debts after one year (+€488,709) and Accrued charges and deferred income (+€465,143)
- Debts after one year +€488,709
up €488,709 (+611%), from €80,000 to €568,709
- Accrued charges and deferred income +€465,143
up €465,143 (+3,417%), from €13,613 to €478,756
- Reserves +€111,612
up €111,612 (+112%), from €99,734 to €211,345
- Tax, wage and social debts -€41,494
down €41,494 (-62.4%), from €66,461 to €24,967
of which Taxes: -€46,508
- Trade debts +€40,833
up €40,833 (+68.6%), from €59,487 to €100,320
- Gross operating margin +€227,172
up €227,172 (+92.4%), from €245,811 to €472,983
- Staff costs +€109,279
up €109,279 (+92.7%), from €117,831 to €227,110
- Other operating charges +€73,352
up €73,352 (+8,266%), from €887 to €74,239
- Taxes +€9,735
up €9,735 (+39.4%), from €24,727 to €34,462
- Depreciation +€6,377
up €6,377 (+39.3%), from €16,220 to €22,597
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €387,406 | €1,470,258 | +€1.1m | +280% |
| Fixed assets | 21/28 | €41,751 | €678,732 | +€636,981 | +1,526% |
| Tangible fixed assets | 22/27 | €41,751 | €678,732 | +€636,981 | +1,526% |
| Land and buildings | 22 | - | €595,985 | +€595,985 | |
| Plant, machinery and equipment | 23 | €32,775 | €23,774 | -€9,001 | -27.5% |
| Furniture and vehicles | 24 | €8,975 | €58,973 | +€49,998 | +557% |
| Current assets | 29/58 | €345,655 | €791,526 | +€445,871 | +129% |
| Stocks and contracts in progress | 3 | €106,182 | €114,545 | +€8,363 | +7.9% |
| Stocks | 30/36 | €90,572 | €71,835 | -€18,737 | -20.7% |
| Contracts in progress | 37 | €15,610 | €42,710 | +€27,100 | +174% |
| Amounts receivable within one year | 40/41 | €171,473 | €181,694 | +€10,222 | +6.0% |
| Trade receivables | 40 | €169,354 | €153,839 | -€15,515 | -9.2% |
| Other amounts receivable | 41 | €2,119 | €27,855 | +€25,737 | +1,215% |
| Cash at bank and in hand | 54/58 | €66,318 | €492,386 | +€426,068 | +642% |
| Deferred charges and accrued income | 490/1 | €1,683 | €2,901 | +€1,218 | +72.4% |
| Total equity and liabilities | 10/49 | €387,406 | €1,470,258 | +€1.1m | +280% |
| Equity | 10/15 | €149,734 | €261,345 | +€111,612 | +74.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €99,734 | €211,345 | +€111,612 | +112% |
| Distributable reserves | 133 | €99,734 | €211,345 | +€111,612 | +112% |
| Amounts payable | 17/49 | €237,672 | €1,208,913 | +€971,241 | +409% |
| Amounts payable after more than one year | 17 | €80,000 | €568,709 | +€488,709 | +611% |
| Financial debts | 170/4 | €80,000 | €568,709 | +€488,709 | +611% |
| Amounts payable within one year | 42/48 | €144,060 | €161,448 | +€17,389 | +12.1% |
| Current portion of amounts payable after more than one year | 42 | €1,422 | €33,161 | +€31,739 | +2,232% |
| Trade debts | 44 | €59,487 | €100,320 | +€40,833 | +68.6% |
| Suppliers | 440/4 | €59,487 | €100,320 | +€40,833 | +68.6% |
| Advances received on contracts in progress | 46 | - | €3,000 | +€3,000 | |
| Taxes, remuneration and social security | 45 | €66,461 | €24,967 | -€41,494 | -62.4% |
| Taxes | 450/3 | €66,461 | €19,953 | -€46,508 | -70.0% |
| Remuneration and social security | 454/9 | - | €5,014 | +€5,014 | |
| Other amounts payable | 47/48 | €16,689 | - | -€16,689 | |
| Accrued charges and deferred income | 492/3 | €13,613 | €478,756 | +€465,143 | +3,417% |
| Remuneration, social security and pensions | 62 | €117,831 | €227,110 | +€109,279 | +92.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,220 | €22,597 | +€6,377 | +39.3% |
| Other operating charges | 640/8 | €887 | €74,239 | +€73,352 | +8,266% |
| Gross operating margin | 9900 | €245,811 | €472,983 | +€227,172 | +92.4% |
| Operating profit (loss) | 9901 | €110,872 | €149,037 | +€38,165 | +34.4% |
| Financial income | 75/76B | €1,097 | €5,675 | +€4,578 | +417% |
| Recurring financial income | 75 | €1,097 | €5,675 | +€4,578 | +417% |
| Financial charges | 65/66B | €2,852 | €8,638 | +€5,786 | +203% |
| Recurring financial charges | 65 | €2,852 | €8,638 | +€5,786 | +203% |
| Profit (loss) for the period before taxes | 9903 | €109,117 | €146,074 | +€36,957 | +33.9% |
| Income taxes | 67/77 | €24,727 | €34,462 | +€9,735 | +39.4% |
| Profit (loss) for the period | 9904 | €84,391 | €111,612 | +€27,221 | +32.3% |
| Profit (loss) for the period to be appropriated | 9905 | €84,391 | €111,612 | +€27,221 | +32.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.