HOLVOET: 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.
HOLVOET
Largest movements
- Tangible fixed assets -€31,521
down €31,521 (-24.6%), from €127,928 to €96,407
of which Furniture and vehicles: -€27,605
- Deferred charges and accrued income +€23,179
up €23,179 (+82.6%), from €28,063 to €51,242
- Cash +€18,415
up €18,415 (+10.5%), from €175,199 to €193,614
mainly Depreciation (+€42,879) and Trade debts (+€11,372)
- Stocks and contracts +€4,760
up €4,760 (+52.8%), from €9,017 to €13,776
- Debts after one year -€15,728
no longer reported in 2025 (was €15,728)
- Trade debts +€11,372
up €11,372 (+17.9%), from €63,578 to €74,950
- Reserves +€9,470
up €9,470 (+3.2%), from €293,123 to €302,593
- Tax, wage and social debts +€8,683
up €8,683 (+98.2%), from €8,840 to €17,524
of which Remuneration and social security: +€8,782
- Gross operating margin +€52,001
up €52,001 (+58.9%), from €88,298 to €140,299
- Staff costs +€42,102
up €42,102 (+138.0%), from €30,509 to €72,611
- Depreciation +€4,598
up €4,598 (+12.0%), from €38,282 to €42,879
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 | €415,493 | €429,481 | +€13,987 | +3.4% |
| Fixed assets | 21/28 | €127,928 | €96,407 | -€31,521 | -24.6% |
| Tangible fixed assets | 22/27 | €127,928 | €96,407 | -€31,521 | -24.6% |
| Plant, machinery and equipment | 23 | €14,559 | €10,642 | -€3,917 | -26.9% |
| Furniture and vehicles | 24 | €113,370 | €85,765 | -€27,605 | -24.3% |
| Current assets | 29/58 | €287,565 | €333,074 | +€45,509 | +15.8% |
| Stocks and contracts in progress | 3 | €9,017 | €13,776 | +€4,760 | +52.8% |
| Stocks | 30/36 | €9,017 | €13,776 | +€4,760 | +52.8% |
| Amounts receivable within one year | 40/41 | €25,097 | €24,252 | -€846 | -3.4% |
| Trade receivables | 40 | €15,603 | €13,674 | -€1,929 | -12.4% |
| Other amounts receivable | 41 | €9,495 | €10,578 | +€1,083 | +11.4% |
| Current investments | 50/53 | €50,189 | €50,189 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €175,199 | €193,614 | +€18,415 | +10.5% |
| Deferred charges and accrued income | 490/1 | €28,063 | €51,242 | +€23,179 | +82.6% |
| Total equity and liabilities | 10/49 | €415,493 | €429,481 | +€13,987 | +3.4% |
| Equity | 10/15 | €311,723 | €321,193 | +€9,470 | +3.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €293,123 | €302,593 | +€9,470 | +3.2% |
| Distributable reserves | 133 | €293,123 | €302,593 | +€9,470 | +3.2% |
| Amounts payable | 17/49 | €103,771 | €108,288 | +€4,517 | +4.4% |
| Amounts payable after more than one year | 17 | €15,728 | - | -€15,728 | |
| Financial debts | 170/4 | €15,728 | - | -€15,728 | |
| Amounts payable within one year | 42/48 | €88,043 | €108,288 | +€20,245 | +23.0% |
| Current portion of amounts payable after more than one year | 42 | €15,538 | €15,728 | +€190 | +1.2% |
| Trade debts | 44 | €63,578 | €74,950 | +€11,372 | +17.9% |
| Suppliers | 440/4 | €63,578 | €74,950 | +€11,372 | +17.9% |
| Taxes, remuneration and social security | 45 | €8,840 | €17,524 | +€8,683 | +98.2% |
| Taxes | 450/3 | €3,930 | €3,831 | -€99 | -2.5% |
| Remuneration and social security | 454/9 | €4,910 | €13,693 | +€8,782 | +178.8% |
| Other amounts payable | 47/48 | €87 | €87 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €30,509 | €72,611 | +€42,102 | +138.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,282 | €42,879 | +€4,598 | +12.0% |
| Other operating charges | 640/8 | €7,229 | €7,293 | +€64 | +0.9% |
| Gross operating margin | 9900 | €88,298 | €140,299 | +€52,001 | +58.9% |
| Operating profit (loss) | 9901 | €12,278 | €17,515 | +€5,237 | +42.7% |
| Financial income | 75/76B | €1,009 | €51 | -€958 | -94.9% |
| Recurring financial income | 75 | €1,009 | €51 | -€958 | -94.9% |
| Financial charges | 65/66B | €3,662 | €4,261 | +€599 | +16.4% |
| Recurring financial charges | 65 | €3,662 | €4,261 | +€599 | +16.4% |
| Profit (loss) for the period before taxes | 9903 | €9,625 | €13,305 | +€3,680 | +38.2% |
| Income taxes | 67/77 | €2,996 | €3,836 | +€840 | +28.0% |
| Profit (loss) for the period | 9904 | €6,629 | €9,470 | +€2,841 | +42.8% |
| Profit (loss) for the period to be appropriated | 9905 | €6,629 | €9,470 | +€2,841 | +42.8% |
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 6 October 2026 via checked.be.