HOLVOET FRERES: 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 FRERES
Largest movements
- Receivables within one year +€316,786
up €316,786 (+24.5%), from €1.3m to €1.6m
of which Trade receivables: +€218,813
- Cash +€181,681
up €181,681 (+80.7%), from €225,190 to €406,871
mainly Net result for the year (+€492,741) and Depreciation (+€301,488)
- Tangible fixed assets +€133,650
up €133,650 (+9.5%), from €1.4m to €1.5m
of which Plant, machinery and equipment: +€142,537
- Deferred charges and accrued income -€93,343
down €93,343 (-10.1%), from €921,341 to €827,999
- Reserves +€492,741
up €492,741 (+28.7%), from €1.7m to €2.2m
of which Tax-exempt reserves: +€255,915
- Other debts +€126,890
up €126,890 (+28.9%), from €439,728 to €566,618
- Debts after one year -€81,928
down €81,928 (-9.3%), from €880,861 to €798,933
of which Financial debts: -€81,928
- Tax, wage and social debts -€77,107
down €77,107 (-76.5%), from €100,790 to €23,683
- Trade debts +€56,755
up €56,755 (+24.8%), from €229,130 to €285,885
- Gross operating margin -€131,972
down €131,972 (-11.3%), from €1.2m to €1.0m
- Taxes -€68,570
down €68,570 (-27.3%), from €250,790 to €182,220
- Depreciation -€60,324
down €60,324 (-16.7%), from €361,812 to €301,488
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 | €3,848,961 | €4,387,736 | +€538,775 | +14.0% |
| Fixed assets | 21/28 | €1,410,431 | €1,544,081 | +€133,650 | +9.5% |
| Tangible fixed assets | 22/27 | €1,410,431 | €1,544,081 | +€133,650 | +9.5% |
| Plant, machinery and equipment | 23 | €1,394,661 | €1,537,198 | +€142,537 | +10.2% |
| Furniture and vehicles | 24 | €15,770 | €6,884 | -€8,886 | -56.3% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €2,438,530 | €2,843,655 | +€405,125 | +16.6% |
| Amounts receivable within one year | 40/41 | €1,291,999 | €1,608,785 | +€316,786 | +24.5% |
| Trade receivables | 40 | €1,205,342 | €1,424,156 | +€218,813 | +18.2% |
| Other amounts receivable | 41 | €86,657 | €184,630 | +€97,972 | +113% |
| Cash at bank and in hand | 54/58 | €225,190 | €406,871 | +€181,681 | +80.7% |
| Deferred charges and accrued income | 490/1 | €921,341 | €827,999 | -€93,343 | -10.1% |
| Total equity and liabilities | 10/49 | €3,848,961 | €4,387,736 | +€538,775 | +14.0% |
| Equity | 10/15 | €1,737,385 | €2,230,126 | +€492,741 | +28.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,718,785 | €2,211,526 | +€492,741 | +28.7% |
| Tax-exempt reserves | 132 | €191,928 | €447,843 | +€255,915 | +133% |
| Distributable reserves | 133 | €1,526,857 | €1,763,684 | +€236,826 | +15.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €174,183 | €160,345 | -€13,838 | -7.9% |
| Provisions for liabilities and charges | 160/5 | €110,880 | €110,880 | = | 0.0% |
| Pensions and similar obligations | 160 | €110,880 | €110,880 | = | 0.0% |
| Deferred taxes | 168 | €63,303 | €49,465 | -€13,838 | -21.9% |
| Amounts payable | 17/49 | €1,937,393 | €1,997,265 | +€59,872 | +3.1% |
| Amounts payable after more than one year | 17 | €880,861 | €798,933 | -€81,928 | -9.3% |
| Financial debts | 170/4 | €761,501 | €679,573 | -€81,928 | -10.8% |
| Other amounts payable | 178/9 | €119,360 | €119,360 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,018,718 | €1,158,114 | +€139,396 | +13.7% |
| Current portion of amounts payable after more than one year | 42 | €249,070 | €281,928 | +€32,858 | +13.2% |
| Trade debts | 44 | €229,130 | €285,885 | +€56,755 | +24.8% |
| Suppliers | 440/4 | €229,130 | €285,885 | +€56,755 | +24.8% |
| Taxes, remuneration and social security | 45 | €100,790 | €23,683 | -€77,107 | -76.5% |
| Taxes | 450/3 | €100,790 | €23,683 | -€77,107 | -76.5% |
| Other amounts payable | 47/48 | €439,728 | €566,618 | +€126,890 | +28.9% |
| Accrued charges and deferred income | 492/3 | €37,815 | €40,218 | +€2,404 | +6.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €361,812 | €301,488 | -€60,324 | -16.7% |
| Other operating charges | 640/8 | €1,471 | €1,513 | +€43 | +2.9% |
| Gross operating margin | 9900 | €1,165,679 | €1,033,707 | -€131,972 | -11.3% |
| Operating profit (loss) | 9901 | €802,397 | €730,706 | -€71,691 | -8.9% |
| Financial income | 75/76B | €291 | €188 | -€103 | -35.6% |
| Recurring financial income | 75 | €291 | €188 | -€103 | -35.6% |
| Financial charges | 65/66B | €62,729 | €69,770 | +€7,041 | +11.2% |
| Recurring financial charges | 65 | €62,729 | €69,770 | +€7,041 | +11.2% |
| Profit (loss) for the period before taxes | 9903 | €739,958 | €661,124 | -€78,835 | -10.7% |
| Transfer from deferred taxes | 780 | €13,838 | €13,838 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €250,790 | €182,220 | -€68,570 | -27.3% |
| Profit (loss) for the period | 9904 | €503,006 | €492,741 | -€10,265 | -2.0% |
| Transfer from tax-exempt reserves | 789 | €42,995 | €42,995 | -€0 | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | €298,910 | +€298,910 | |
| Profit (loss) for the period to be appropriated | 9905 | €546,001 | €236,826 | -€309,175 | -56.6% |
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 23 October 2026 via checked.be.