HOLVOET N: what changed
HOLVOET N
Largest movements
- Tangible fixed assets +€97,805
up €97,805 (+133%), from €73,697 to €171,503
of which Furniture and vehicles: +€90,910
- Cash -€17,291
down €17,291 (-14.9%), from €116,227 to €98,936
mainly Investment in fixed assets (net) (-€132,016) and Tax, wage and social debts (-€24,377)
- Deferred charges and accrued income +€8,053
up €8,053 (+21.0%), from €38,393 to €46,446
- Receivables within one year +€6,441
up €6,441 (+28.5%), from €22,619 to €29,059
of which Other amounts receivable: +€6,441
- Intangible fixed assets -€4,099
down €4,099 (-37.7%), from €10,882 to €6,783
- Reserves +€52,259
up €52,259 (+28.7%), from €182,024 to €234,283
of which Distributable reserves: +€55,539
- Debts after one year +€43,283
up €43,283, from €0 to €43,283
- Tax, wage and social debts -€24,377
down €24,377 (-49.4%), from €49,360 to €24,983
of which Taxes: -€24,806
- Current portion of long-term debt +€19,939
up €19,939 (+85.0%), from €23,471 to €43,410
- Gross operating margin -€12,665
down €12,665 (-6.1%), from €207,675 to €195,009
- Depreciation +€10,221
up €10,221 (+36.4%), from €28,088 to €38,310
- Taxes -€7,280
down €7,280 (-20.7%), from €35,244 to €27,964
- Staff costs +€3,559
up €3,559 (+5.0%), from €71,497 to €75,056
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 | €287,007 | €377,916 | +€90,909 | +31.7% |
| Fixed assets | 21/28 | €89,769 | €183,475 | +€93,706 | +104% |
| Intangible fixed assets | 21 | €10,882 | €6,783 | -€4,099 | -37.7% |
| Tangible fixed assets | 22/27 | €73,697 | €171,503 | +€97,805 | +133% |
| Land and buildings | 22 | - | €1,907 | +€1,907 | |
| Plant, machinery and equipment | 23 | €67,091 | €72,079 | +€4,988 | +7.4% |
| Furniture and vehicles | 24 | €6,607 | €97,517 | +€90,910 | +1,376% |
| Financial fixed assets | 28 | €5,190 | €5,190 | = | 0.0% |
| Current assets | 29/58 | €197,238 | €194,441 | -€2,797 | -1.4% |
| Amounts receivable within one year | 40/41 | €22,619 | €29,059 | +€6,441 | +28.5% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €22,619 | €29,059 | +€6,441 | +28.5% |
| Current investments | 50/53 | €20,000 | €20,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €116,227 | €98,936 | -€17,291 | -14.9% |
| Deferred charges and accrued income | 490/1 | €38,393 | €46,446 | +€8,053 | +21.0% |
| Total equity and liabilities | 10/49 | €287,007 | €377,916 | +€90,909 | +31.7% |
| Equity | 10/15 | €201,024 | €253,283 | +€52,259 | +26.0% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €182,024 | €234,283 | +€52,259 | +28.7% |
| Tax-exempt reserves | 132 | €10,575 | €7,296 | -€3,279 | -31.0% |
| Distributable reserves | 133 | €171,449 | €226,987 | +€55,539 | +32.4% |
| Provisions and deferred taxes | 16 | €6,257 | €5,437 | -€820 | -13.1% |
| Deferred taxes | 168 | €6,257 | €5,437 | -€820 | -13.1% |
| Amounts payable | 17/49 | €79,726 | €119,196 | +€39,470 | +49.5% |
| Amounts payable after more than one year | 17 | €0 | €43,283 | +€43,283 | |
| Financial debts | 170/4 | €0 | €43,283 | +€43,283 | |
| Amounts payable within one year | 42/48 | €79,726 | €75,573 | -€4,153 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €23,471 | €43,410 | +€19,939 | +85.0% |
| Trade debts | 44 | €6,895 | €7,180 | +€285 | +4.1% |
| Suppliers | 440/4 | €6,895 | €7,180 | +€285 | +4.1% |
| Taxes, remuneration and social security | 45 | €49,360 | €24,983 | -€24,377 | -49.4% |
| Taxes | 450/3 | €37,270 | €12,464 | -€24,806 | -66.6% |
| Remuneration and social security | 454/9 | €12,090 | €12,519 | +€430 | +3.6% |
| Accrued charges and deferred income | 492/3 | - | €340 | +€340 | |
| Non-recurring operating income | 76A | - | €6,393 | +€6,393 | |
| Remuneration, social security and pensions | 62 | €71,497 | €75,056 | +€3,559 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,088 | €38,310 | +€10,221 | +36.4% |
| Other operating charges | 640/8 | €3,291 | €3,372 | +€82 | +2.5% |
| Gross operating margin | 9900 | €207,675 | €195,009 | -€12,665 | -6.1% |
| Operating profit (loss) | 9901 | €104,798 | €78,271 | -€26,527 | -25.3% |
| Financial income | 75/76B | €2,213 | €2,944 | +€731 | +33.0% |
| Recurring financial income | 75 | €2,213 | €2,944 | +€731 | +33.0% |
| Financial charges | 65/66B | €2,975 | €1,811 | -€1,163 | -39.1% |
| Recurring financial charges | 65 | €211 | €1,811 | +€1,600 | +757% |
| Non-recurring financial charges | 66B | €2,763 | €0 | -€2,763 | -100% |
| Profit (loss) for the period before taxes | 9903 | €104,036 | €79,404 | -€24,633 | -23.7% |
| Transfer from deferred taxes | 780 | €820 | €820 | = | 0.0% |
| Income taxes | 67/77 | €35,244 | €27,964 | -€7,280 | -20.7% |
| Profit (loss) for the period | 9904 | €69,612 | €52,259 | -€17,353 | -24.9% |
| Transfer from tax-exempt reserves | 789 | €3,279 | €3,279 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €72,891 | €55,539 | -€17,353 | -23.8% |
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 2 November 2026 via checked.be.