I-HOLD: 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.
I-HOLD
Largest movements
- Receivables within one year +€341,214
up €341,214 (+64.3%), from €530,295 to €871,509
- Tangible fixed assets +€191,135
up €191,135 (+73.6%), from €259,774 to €450,908
of which Furniture and vehicles: +€104,112
- Cash +€81,910
up €81,910 (+121.1%), from €67,661 to €149,571
mainly Short-term financial debts (+€551,689) and Net result for the year (+€61,387)
- Short-term financial debts +€551,689
up €551,689 (+129.3%), from €426,529 to €978,218
- Financial income +€70,808
up €70,808 (+60.1%), from €117,835 to €188,643
- Financial charges +€55,775
up €55,775, from -€8,236 to €47,539
- Gross operating margin +€14,221
up €14,221 (+28.3%), from -€50,252 to -€36,031
- Depreciation +€6,887
up €6,887 (+33.2%), from €20,756 to €27,643
- Taxes +€1,041
up €1,041 (+20.7%), from €5,033 to €6,074
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 | €5,252,149 | €5,869,361 | +€617,213 | +11.8% |
| Fixed assets | 21/28 | €1,026,585 | €1,217,720 | +€191,135 | +18.6% |
| Tangible fixed assets | 22/27 | €259,774 | €450,908 | +€191,135 | +73.6% |
| Land and buildings | 22 | €218,599 | €318,828 | +€100,230 | +45.9% |
| Furniture and vehicles | 24 | €12,561 | €116,672 | +€104,112 | +828.9% |
| Leasing and similar rights | 25 | €28,614 | €15,408 | -€13,207 | -46.2% |
| Financial fixed assets | 28 | €766,812 | €766,812 | = | 0.0% |
| Current assets | 29/58 | €4,225,563 | €4,651,641 | +€426,078 | +10.1% |
| Stocks and contracts in progress | 3 | €770,975 | €770,975 | = | 0.0% |
| Stocks | 30/36 | €770,975 | €770,975 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €530,295 | €871,509 | +€341,214 | +64.3% |
| Other amounts receivable | 41 | €530,295 | €871,509 | +€341,214 | +64.3% |
| Current investments | 50/53 | €2,856,632 | €2,812,780 | -€43,852 | -1.5% |
| Cash at bank and in hand | 54/58 | €67,661 | €149,571 | +€81,910 | +121.1% |
| Deferred charges and accrued income | 490/1 | - | €46,806 | +€46,806 | |
| Total equity and liabilities | 10/49 | €5,252,149 | €5,869,361 | +€617,213 | +11.8% |
| Equity | 10/15 | €3,569,378 | €3,630,766 | +€61,387 | +1.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €3,515,761 | €3,568,766 | +€53,005 | +1.5% |
| Non-distributable reserves | 130/1 | €250,000 | €250,000 | = | 0.0% |
| Legal reserve | 130 | €250,000 | €250,000 | = | 0.0% |
| Distributable reserves | 133 | €3,265,761 | €3,318,766 | +€53,005 | +1.6% |
| Profit (loss) carried forward | 14 | -€8,383 | €0 | +€8,383 | |
| Amounts payable | 17/49 | €1,682,770 | €2,238,596 | +€555,825 | +33.0% |
| Amounts payable after more than one year | 17 | €950,946 | €938,000 | -€12,946 | -1.4% |
| Financial debts | 170/4 | €950,946 | €938,000 | -€12,946 | -1.4% |
| Amounts payable within one year | 42/48 | €731,824 | €1,298,096 | +€566,271 | +77.4% |
| Current portion of amounts payable after more than one year | 42 | €14,154 | €12,946 | -€1,208 | -8.5% |
| Financial debts | 43 | €426,529 | €978,218 | +€551,689 | +129.3% |
| Credit institutions | 430/8 | €426,529 | €978,218 | +€551,689 | +129.3% |
| Trade debts | 44 | €4,730 | €22,374 | +€17,644 | +373.0% |
| Suppliers | 440/4 | €4,730 | €22,374 | +€17,644 | +373.0% |
| Other amounts payable | 47/48 | €286,412 | €284,558 | -€1,854 | -0.6% |
| Accrued charges and deferred income | 492/3 | - | €2,500 | +€2,500 | |
| Non-recurring operating income | 76A | - | €24,803 | +€24,803 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,756 | €27,643 | +€6,887 | +33.2% |
| Other operating charges | 640/8 | €9,589 | €9,969 | +€380 | +4.0% |
| Gross operating margin | 9900 | -€50,252 | -€36,031 | +€14,221 | +28.3% |
| Operating profit (loss) | 9901 | -€80,597 | -€73,642 | +€6,954 | +8.6% |
| Financial income | 75/76B | €117,835 | €188,643 | +€70,808 | +60.1% |
| Recurring financial income | 75 | €117,835 | €188,643 | +€70,808 | +60.1% |
| Financial charges | 65/66B | -€8,236 | €47,539 | +€55,775 | |
| Recurring financial charges | 65 | -€8,236 | €47,539 | +€55,775 | |
| Profit (loss) for the period before taxes | 9903 | €45,474 | €67,461 | +€21,987 | +48.4% |
| Income taxes | 67/77 | €5,033 | €6,074 | +€1,041 | +20.7% |
| Profit (loss) for the period | 9904 | €40,441 | €61,387 | +€20,946 | +51.8% |
| Profit (loss) for the period to be appropriated | 9905 | €40,441 | €61,387 | +€20,946 | +51.8% |
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 3 October 2026 via checked.be.