Karel Holvoet: what changed
Karel Holvoet
Largest movements
- Current investments +€120,000
up €120,000 (+120%), from €100,000 to €220,000
- Cash -€17,220
down €17,220 (-10.5%), from €164,333 to €147,112
mainly Contributions, distributions and other (-€322,332) and Current investments (-€120,000)
- Tangible fixed assets -€9,991
down €9,991 (-36.6%), from €27,264 to €17,273
- Receivables within one year -€9,781
down €9,781 (-39.4%), from €24,835 to €15,054
of which Trade receivables: -€5,648
- Other debts +€350,402
new in 2025: €350,402
- Reserves -€252,051
no longer reported in 2025 (was €252,051)
- Tax, wage and social debts -€10,890
down €10,890 (-36.6%), from €29,778 to €18,888
- Debts after one year -€6,197
down €6,197 (-53.9%), from €11,497 to €5,300
- Gross operating margin -€12,540
down €12,540 (-11.2%), from €112,013 to €99,473
- Taxes -€1,625
down €1,625 (-6.9%), from €23,704 to €22,080
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 | €317,625 | €401,104 | +€83,479 | +26.3% |
| Fixed assets | 21/28 | €27,264 | €17,273 | -€9,991 | -36.6% |
| Tangible fixed assets | 22/27 | €27,264 | €17,273 | -€9,991 | -36.6% |
| Furniture and vehicles | 24 | €27,264 | €17,273 | -€9,991 | -36.6% |
| Current assets | 29/58 | €290,361 | €383,831 | +€93,470 | +32.2% |
| Amounts receivable within one year | 40/41 | €24,835 | €15,054 | -€9,781 | -39.4% |
| Trade receivables | 40 | €20,668 | €15,020 | -€5,648 | -27.3% |
| Other amounts receivable | 41 | €4,166 | €34 | -€4,133 | -99.2% |
| Current investments | 50/53 | €100,000 | €220,000 | +€120,000 | +120% |
| Cash at bank and in hand | 54/58 | €164,333 | €147,112 | -€17,220 | -10.5% |
| Deferred charges and accrued income | 490/1 | €1,194 | €1,665 | +€471 | +39.5% |
| Total equity and liabilities | 10/49 | €317,625 | €401,104 | +€83,479 | +26.3% |
| Equity | 10/15 | €267,051 | €15,000 | -€252,051 | -94.4% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €252,051 | - | -€252,051 | |
| Distributable reserves | 133 | €252,051 | - | -€252,051 | |
| Amounts payable | 17/49 | €50,574 | €386,104 | +€335,530 | +663% |
| Amounts payable after more than one year | 17 | €11,497 | €5,300 | -€6,197 | -53.9% |
| Financial debts | 170/4 | €11,497 | €5,300 | -€6,197 | -53.9% |
| Amounts payable within one year | 42/48 | €39,077 | €380,804 | +€341,727 | +874% |
| Current portion of amounts payable after more than one year | 42 | €6,024 | €6,197 | +€173 | +2.9% |
| Trade debts | 44 | €3,275 | €5,317 | +€2,042 | +62.3% |
| Suppliers | 440/4 | €3,275 | €5,317 | +€2,042 | +62.3% |
| Taxes, remuneration and social security | 45 | €29,778 | €18,888 | -€10,890 | -36.6% |
| Taxes | 450/3 | €29,778 | €18,888 | -€10,890 | -36.6% |
| Other amounts payable | 47/48 | - | €350,402 | +€350,402 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,991 | €9,991 | = | 0.0% |
| Other operating charges | 640/8 | €1,057 | €741 | -€316 | -29.9% |
| Gross operating margin | 9900 | €112,013 | €99,473 | -€12,540 | -11.2% |
| Operating profit (loss) | 9901 | €100,965 | €88,740 | -€12,224 | -12.1% |
| Financial income | 75/76B | €5,091 | €4,249 | -€841 | -16.5% |
| Recurring financial income | 75 | €5,091 | €4,249 | -€841 | -16.5% |
| Financial charges | 65/66B | €887 | €629 | -€258 | -29.1% |
| Recurring financial charges | 65 | €887 | €629 | -€258 | -29.1% |
| Profit (loss) for the period before taxes | 9903 | €105,168 | €92,360 | -€12,808 | -12.2% |
| Income taxes | 67/77 | €23,704 | €22,080 | -€1,625 | -6.9% |
| Profit (loss) for the period | 9904 | €81,463 | €70,281 | -€11,183 | -13.7% |
| Profit (loss) for the period to be appropriated | 9905 | €81,463 | €70,281 | -€11,183 | -13.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.