HOLVOET: 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.
HOLVOET
Largest movements
- Cash +€44,142
up €44,142 (+21.5%), from €204,839 to €248,981
mainly Net result for the year (+€42,672) and Receivables within one year (+€35,035)
- Receivables within one year -€35,035
down €35,035 (-14.4%), from €243,271 to €208,236
of which Trade receivables: -€28,886
- Tangible fixed assets +€23,951
up €23,951 (+38.7%), from €61,825 to €85,776
of which Furniture and vehicles: +€38,396
- Reserves +€42,672
up €42,672 (+5.1%), from €842,038 to €884,710
- Trade debts -€33,579
down €33,579 (-42.3%), from €79,315 to €45,736
- Current portion of long-term debt +€17,809
up €17,809, from €0 to €17,809
- Debts after one year +€16,728
new in 2025: €16,728
- Gross operating margin +€21,918
up €21,918 (+33.0%), from €66,456 to €88,374
- Other operating charges -€2,971
down €2,971 (-54.7%), from €5,436 to €2,465
- Write-downs +€2,342
up €2,342 (+1,127%), from €208 to €2,550
- Taxes -€1,565
down €1,565 (-9.3%), from €16,775 to €15,210
- Financial charges -€1,007
down €1,007 (-14.3%), from €7,051 to €6,044
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 | €981,654 | €1,022,726 | +€41,072 | +4.2% |
| Fixed assets | 21/28 | €74,443 | €95,896 | +€21,453 | +28.8% |
| Intangible fixed assets | 21 | €5,088 | €2,590 | -€2,498 | -49.1% |
| Tangible fixed assets | 22/27 | €61,825 | €85,776 | +€23,951 | +38.7% |
| Land and buildings | 22 | €10,160 | €9,104 | -€1,056 | -10.4% |
| Plant, machinery and equipment | 23 | €41,818 | €28,429 | -€13,389 | -32.0% |
| Furniture and vehicles | 24 | €9,847 | €48,243 | +€38,396 | +390% |
| Financial fixed assets | 28 | €7,530 | €7,530 | = | 0.0% |
| Current assets | 29/58 | €907,211 | €926,830 | +€19,618 | +2.2% |
| Stocks and contracts in progress | 3 | €449,312 | €452,756 | +€3,444 | +0.8% |
| Stocks | 30/36 | €449,312 | €452,756 | +€3,444 | +0.8% |
| Amounts receivable within one year | 40/41 | €243,271 | €208,236 | -€35,035 | -14.4% |
| Trade receivables | 40 | €135,863 | €106,977 | -€28,886 | -21.3% |
| Other amounts receivable | 41 | €107,408 | €101,259 | -€6,150 | -5.7% |
| Cash at bank and in hand | 54/58 | €204,839 | €248,981 | +€44,142 | +21.5% |
| Deferred charges and accrued income | 490/1 | €9,788 | €16,856 | +€7,068 | +72.2% |
| Total equity and liabilities | 10/49 | €981,654 | €1,022,726 | +€41,072 | +4.2% |
| Equity | 10/15 | €866,827 | €909,499 | +€42,672 | +4.9% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €842,038 | €884,710 | +€42,672 | +5.1% |
| Distributable reserves | 133 | €842,038 | €884,710 | +€42,672 | +5.1% |
| Amounts payable | 17/49 | €114,827 | €113,226 | -€1,600 | -1.4% |
| Amounts payable after more than one year | 17 | - | €16,728 | +€16,728 | |
| Financial debts | 170/4 | - | €16,728 | +€16,728 | |
| Amounts payable within one year | 42/48 | €114,827 | €96,499 | -€18,328 | -16.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | €17,809 | +€17,809 | |
| Trade debts | 44 | €79,315 | €45,736 | -€33,579 | -42.3% |
| Suppliers | 440/4 | €79,315 | €45,736 | -€33,579 | -42.3% |
| Taxes, remuneration and social security | 45 | €35,512 | €32,954 | -€2,558 | -7.2% |
| Taxes | 450/3 | €35,512 | €32,954 | -€2,558 | -7.2% |
| Non-recurring operating income | 76A | €33 | €2,697 | +€2,664 | +8,066% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,249 | €25,139 | +€890 | +3.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €208 | €2,550 | +€2,342 | +1,127% |
| Other operating charges | 640/8 | €5,436 | €2,465 | -€2,971 | -54.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €66,456 | €88,374 | +€21,918 | +33.0% |
| Operating profit (loss) | 9901 | €36,563 | €58,220 | +€21,657 | +59.2% |
| Financial income | 75/76B | €6,471 | €5,707 | -€764 | -11.8% |
| Recurring financial income | 75 | €6,471 | €5,707 | -€764 | -11.8% |
| Financial charges | 65/66B | €7,051 | €6,044 | -€1,007 | -14.3% |
| Recurring financial charges | 65 | €7,051 | €6,044 | -€1,007 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €35,983 | €57,882 | +€21,900 | +60.9% |
| Income taxes | 67/77 | €16,775 | €15,210 | -€1,565 | -9.3% |
| Profit (loss) for the period | 9904 | €19,208 | €42,672 | +€23,464 | +122% |
| Profit (loss) for the period to be appropriated | 9905 | €19,208 | €42,672 | +€23,464 | +122% |
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.