Luc HOLLEVOET: 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.
Luc HOLLEVOET
Largest movements
- Current investments +€132,917
up €132,917 (+1,456%), from €9,131 to €142,047
- Receivables within one year +€19,274
up €19,274 (+20.2%), from €95,496 to €114,770
of which Trade receivables: +€16,286
- Cash +€13,129
up €13,129 (+12.6%), from €103,947 to €117,076
mainly Advances received (+€176,942) and Net result for the year (+€87,767)
- Tangible fixed assets -€13,035
down €13,035 (-3.0%), from €436,565 to €423,529
of which Land and buildings: -€40,622
- Advances received +€176,942
up €176,942 (+266%), from €66,640 to €243,582
- Reserves +€40,061
up €40,061 (+13.3%), from €301,586 to €341,647
of which Distributable reserves: +€40,061
- Current portion of long-term debt -€31,625
down €31,625 (-70.3%), from €44,955 to €13,330
- Trade debts -€28,772
down €28,772 (-44.8%), from €64,184 to €35,412
- Short-term financial debts -€25,000
down €25,000 (-25.0%), from €100,000 to €75,000
- Gross operating margin +€134,374
up €134,374 (+44.9%), from €299,003 to €433,377
- Taxes +€29,025
up €29,025 (+321%), from €9,040 to €38,064
- Staff costs +€28,545
up €28,545 (+15.6%), from €183,268 to €211,813
- Other operating charges +€6,160
up €6,160 (+73.5%), from €8,380 to €14,540
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 | €668,346 | €815,632 | +€147,286 | +22.0% |
| Fixed assets | 21/28 | €436,781 | €423,745 | -€13,035 | -3.0% |
| Tangible fixed assets | 22/27 | €436,565 | €423,529 | -€13,035 | -3.0% |
| Land and buildings | 22 | €399,374 | €358,752 | -€40,622 | -10.2% |
| Plant, machinery and equipment | 23 | €15,717 | €57,717 | +€42,000 | +267% |
| Furniture and vehicles | 24 | €21,474 | €7,061 | -€14,413 | -67.1% |
| Financial fixed assets | 28 | €216 | €216 | = | 0.0% |
| Current assets | 29/58 | €231,565 | €391,886 | +€160,321 | +69.2% |
| Stocks and contracts in progress | 3 | €12,426 | €8,066 | -€4,360 | -35.1% |
| Stocks | 30/36 | €12,426 | €8,066 | -€4,360 | -35.1% |
| Amounts receivable within one year | 40/41 | €95,496 | €114,770 | +€19,274 | +20.2% |
| Trade receivables | 40 | €84,055 | €100,341 | +€16,286 | +19.4% |
| Other amounts receivable | 41 | €11,441 | €14,429 | +€2,988 | +26.1% |
| Current investments | 50/53 | €9,131 | €142,047 | +€132,917 | +1,456% |
| Cash at bank and in hand | 54/58 | €103,947 | €117,076 | +€13,129 | +12.6% |
| Deferred charges and accrued income | 490/1 | €10,565 | €9,927 | -€638 | -6.0% |
| Total equity and liabilities | 10/49 | €668,346 | €815,632 | +€147,286 | +22.0% |
| Equity | 10/15 | €357,362 | €397,423 | +€40,061 | +11.2% |
| Contributions | 10/11 | €55,776 | €55,776 | = | 0.0% |
| Reserves | 13 | €301,586 | €341,647 | +€40,061 | +13.3% |
| Tax-exempt reserves | 132 | €13,513 | €13,513 | = | 0.0% |
| Distributable reserves | 133 | €288,073 | €328,134 | +€40,061 | +13.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €310,984 | €418,209 | +€107,225 | +34.5% |
| Amounts payable after more than one year | 17 | €5,982 | €26,391 | +€20,409 | +341% |
| Financial debts | 170/4 | €5,982 | €26,391 | +€20,409 | +341% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €305,002 | €391,818 | +€86,816 | +28.5% |
| Current portion of amounts payable after more than one year | 42 | €44,955 | €13,330 | -€31,625 | -70.3% |
| Financial debts | 43 | €100,000 | €75,000 | -€25,000 | -25.0% |
| Other loans | 439 | €100,000 | €75,000 | -€25,000 | -25.0% |
| Trade debts | 44 | €64,184 | €35,412 | -€28,772 | -44.8% |
| Suppliers | 440/4 | €64,184 | €35,412 | -€28,772 | -44.8% |
| Advances received on contracts in progress | 46 | €66,640 | €243,582 | +€176,942 | +266% |
| Taxes, remuneration and social security | 45 | €29,222 | €23,209 | -€6,013 | -20.6% |
| Taxes | 450/3 | €20,895 | €13,572 | -€7,324 | -35.0% |
| Remuneration and social security | 454/9 | €8,326 | €9,637 | +€1,310 | +15.7% |
| Other amounts payable | 47/48 | - | €1,285 | +€1,285 | |
| Non-recurring operating income | 76A | €0 | €5,250 | +€5,250 | |
| Remuneration, social security and pensions | 62 | €183,268 | €211,813 | +€28,545 | +15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,355 | €72,657 | -€1,698 | -2.3% |
| Other operating charges | 640/8 | €8,380 | €14,540 | +€6,160 | +73.5% |
| Non-recurring operating charges | 66A | €90 | €1,210 | +€1,120 | +1,245% |
| Gross operating margin | 9900 | €299,003 | €433,377 | +€134,374 | +44.9% |
| Operating profit (loss) | 9901 | €32,909 | €133,156 | +€100,247 | +305% |
| Financial income | 75/76B | €198 | €298 | +€100 | +50.6% |
| Recurring financial income | 75 | €198 | €298 | +€100 | +50.6% |
| Financial charges | 65/66B | €10,723 | €7,624 | -€3,099 | -28.9% |
| Recurring financial charges | 65 | €10,723 | €7,624 | -€3,099 | -28.9% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €22,384 | €125,831 | +€103,447 | +462% |
| Income taxes | 67/77 | €9,040 | €38,064 | +€29,025 | +321% |
| Profit (loss) for the period | 9904 | €13,344 | €87,767 | +€74,422 | +558% |
| Profit (loss) for the period to be appropriated | 9905 | €13,344 | €87,767 | +€74,422 | +558% |
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 21 October 2026 via checked.be.