Isabel Van Holle: 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.
Isabel Van Holle
Largest movements
- Current investments +€200,000
new in 2025: €200,000
- Cash -€109,773
down €109,773 (-39.6%), from €276,918 to €167,145
mainly Current investments (-€200,000) and Investment in fixed assets (net) (-€61,759)
- Receivables within one year +€13,011
up €13,011 (+31.6%), from €41,127 to €54,138
of which Other amounts receivable: +€51,280
- Reserves +€90,083
up €90,083 (+16.8%), from €537,767 to €627,850
- Debts after one year +€17,845
up €17,845 (+53.3%), from €33,495 to €51,340
- Trade debts +€16,413
up €16,413 (+595%), from €2,758 to €19,171
- Tax, wage and social debts -€14,155
down €14,155 (-40.9%), from €34,584 to €20,430
of which Remuneration and social security: -€10,604
- Gross operating margin -€104,645
down €104,645 (-24.2%), from €432,381 to €327,736
- Staff costs -€55,426
down €55,426 (-30.3%), from €182,704 to €127,278
- Taxes -€14,495
down €14,495 (-25.4%), from €57,135 to €42,640
- Depreciation +€4,751
up €4,751 (+8.4%), from €56,656 to €61,407
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 | €693,614 | €794,996 | +€101,382 | +14.6% |
| Fixed assets | 21/28 | €369,500 | €369,852 | +€352 | +0.1% |
| Tangible fixed assets | 22/27 | €369,225 | €369,577 | +€352 | +0.1% |
| Land and buildings | 22 | €260,361 | €237,945 | -€22,416 | -8.6% |
| Plant, machinery and equipment | 23 | - | €6,345 | +€6,345 | |
| Furniture and vehicles | 24 | €108,864 | €125,287 | +€16,423 | +15.1% |
| Financial fixed assets | 28 | €275 | €275 | = | 0.0% |
| Current assets | 29/58 | €324,114 | €425,144 | +€101,030 | +31.2% |
| Amounts receivable within one year | 40/41 | €41,127 | €54,138 | +€13,011 | +31.6% |
| Trade receivables | 40 | €41,127 | €2,858 | -€38,269 | -93.1% |
| Other amounts receivable | 41 | €0 | €51,280 | +€51,280 | |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €276,918 | €167,145 | -€109,773 | -39.6% |
| Deferred charges and accrued income | 490/1 | €6,070 | €3,861 | -€2,208 | -36.4% |
| Total equity and liabilities | 10/49 | €693,614 | €794,996 | +€101,382 | +14.6% |
| Equity | 10/15 | €556,367 | €646,450 | +€90,083 | +16.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €537,767 | €627,850 | +€90,083 | +16.8% |
| Distributable reserves | 133 | €537,767 | €627,850 | +€90,083 | +16.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €137,247 | €148,546 | +€11,299 | +8.2% |
| Amounts payable after more than one year | 17 | €33,495 | €51,340 | +€17,845 | +53.3% |
| Financial debts | 170/4 | €33,495 | €51,340 | +€17,845 | +53.3% |
| Amounts payable within one year | 42/48 | €98,619 | €97,206 | -€1,413 | -1.4% |
| Current portion of amounts payable after more than one year | 42 | €31,417 | €26,222 | -€5,195 | -16.5% |
| Financial debts | 43 | €21 | €0 | -€21 | -100% |
| Credit institutions | 430/8 | €21 | €0 | -€21 | -100% |
| Trade debts | 44 | €2,758 | €19,171 | +€16,413 | +595% |
| Suppliers | 440/4 | €2,758 | €19,171 | +€16,413 | +595% |
| Taxes, remuneration and social security | 45 | €34,584 | €20,430 | -€14,155 | -40.9% |
| Taxes | 450/3 | €7,151 | €3,600 | -€3,551 | -49.7% |
| Remuneration and social security | 454/9 | €27,433 | €16,829 | -€10,604 | -38.7% |
| Other amounts payable | 47/48 | €29,839 | €31,383 | +€1,545 | +5.2% |
| Accrued charges and deferred income | 492/3 | €5,133 | €0 | -€5,133 | -100% |
| Remuneration, social security and pensions | 62 | €182,704 | €127,278 | -€55,426 | -30.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,656 | €61,407 | +€4,751 | +8.4% |
| Other operating charges | 640/8 | €4,035 | €3,738 | -€297 | -7.4% |
| Gross operating margin | 9900 | €432,381 | €327,736 | -€104,645 | -24.2% |
| Operating profit (loss) | 9901 | €188,986 | €135,313 | -€53,673 | -28.4% |
| Financial income | 75/76B | €1,488 | €2,075 | +€587 | +39.4% |
| Recurring financial income | 75 | €1,488 | €2,075 | +€587 | +39.4% |
| Financial charges | 65/66B | €7,302 | €4,666 | -€2,637 | -36.1% |
| Recurring financial charges | 65 | €7,302 | €4,666 | -€2,637 | -36.1% |
| Profit (loss) for the period before taxes | 9903 | €183,172 | €132,723 | -€50,450 | -27.5% |
| Income taxes | 67/77 | €57,135 | €42,640 | -€14,495 | -25.4% |
| Profit (loss) for the period | 9904 | €126,037 | €90,083 | -€35,954 | -28.5% |
| Profit (loss) for the period to be appropriated | 9905 | €126,037 | €90,083 | -€35,954 | -28.5% |
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 20 October 2026 via checked.be.