MANAGEMENT BOLLEN THIERRY: 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.
What changed
MANAGEMENT BOLLEN THIERRY
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€110,279
2024 · €103,337+€6,942
Equity
€889,403
2024 · €808,573+€80,829
Cash
€78,648
2024 · €62,773+€15,875
Balance sheet total
€1.9m
2024 · €1.9m+€8,010
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Debts after one year -€93,366
down €93,366 (-13.8%), from €675,750 to €582,384
- Reserves +€80,829
up €80,829 (+10.2%), from €789,973 to €870,803
Income statement
- Financial charges -€4,636
down €4,636 (-17.4%), from €26,602 to €21,966
- Depreciation -€3,502
down €3,502 (-31.2%), from €11,225 to €7,723
- Taxes +€2,251
up €2,251 (+8.0%), from €28,208 to €30,459
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.
Result 2024
€103,337
Gross operating margin
+€771
Staff costs
-€81
Depreciation
+€3,502
Other operating charges
-€31
Financial income
+€396
Financial charges
+€4,636
Taxes
-€2,251
Result 2025
€110,279
raises the resultlowers the result
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.
From operations
+€135,594
Investment
€0
Financing
-€119,719
Cash 2024
€62,773
From operations (derived)
+€135,594
Net result for the year
+€110,279
Depreciation
+€7,723
Smaller working-capital items
+€39
Tax, wage and social debts
+€3,738
Other debts
+€13,815
Financing
-€119,719
Debts after one year
-€93,366
Current portion of long-term debt
+€3,204
Short-term financial debts
-€107
Contributions, distributions and other
-€29,450
Cash 2025
€78,648
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,855,205 | €1,863,215 | +€8,010 | +0.4% |
| Fixed assets | 21/28 | €1,792,052 | €1,784,329 | -€7,723 | -0.4% |
| Tangible fixed assets | 22/27 | €7,738 | €14 | -€7,723 | -99.8% |
| Furniture and vehicles | 24 | €7,738 | €14 | -€7,723 | -99.8% |
| Financial fixed assets | 28 | €1,784,315 | €1,784,315 | = | 0.0% |
| Current assets | 29/58 | €63,153 | €78,886 | +€15,733 | +24.9% |
| Amounts receivable within one year | 40/41 | €139 | €0 | -€139 | -100% |
| Trade receivables | 40 | €139 | €0 | -€139 | -100% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €62,773 | €78,648 | +€15,875 | +25.3% |
| Deferred charges and accrued income | 490/1 | €241 | €238 | -€3 | -1.3% |
| Total equity and liabilities | 10/49 | €1,855,205 | €1,863,215 | +€8,010 | +0.4% |
| Equity | 10/15 | €808,573 | €889,403 | +€80,829 | +10.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €789,973 | €870,803 | +€80,829 | +10.2% |
| Distributable reserves | 133 | €789,973 | €870,803 | +€80,829 | +10.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,046,632 | €973,812 | -€72,820 | -7.0% |
| Amounts payable after more than one year | 17 | €675,750 | €582,384 | -€93,366 | -13.8% |
| Financial debts | 170/4 | €675,750 | €582,384 | -€93,366 | -13.8% |
| Amounts payable within one year | 42/48 | €369,989 | €390,639 | +€20,650 | +5.6% |
| Current portion of amounts payable after more than one year | 42 | €90,162 | €93,366 | +€3,204 | +3.6% |
| Financial debts | 43 | €6,788 | €6,681 | -€107 | -1.6% |
| Credit institutions | 430/8 | €6,788 | €6,681 | -€107 | -1.6% |
| Taxes, remuneration and social security | 45 | €12,280 | €16,018 | +€3,738 | +30.4% |
| Taxes | 450/3 | €12,280 | €16,018 | +€3,738 | +30.4% |
| Other amounts payable | 47/48 | €260,759 | €274,573 | +€13,815 | +5.3% |
| Accrued charges and deferred income | 492/3 | €892 | €789 | -€104 | -11.6% |
| Remuneration, social security and pensions | 62 | - | €81 | +€81 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,225 | €7,723 | -€3,502 | -31.2% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | €170,333 | €171,104 | +€771 | +0.5% |
| Operating profit (loss) | 9901 | €158,141 | €162,301 | +€4,161 | +2.6% |
| Financial income | 75/76B | €6 | €402 | +€396 | +6,441% |
| Recurring financial income | 75 | €6 | €402 | +€396 | +6,441% |
| Financial charges | 65/66B | €26,602 | €21,966 | -€4,636 | -17.4% |
| Recurring financial charges | 65 | €26,602 | €21,966 | -€4,636 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €131,545 | €140,738 | +€9,193 | +7.0% |
| Income taxes | 67/77 | €28,208 | €30,459 | +€2,251 | +8.0% |
| Profit (loss) for the period | 9904 | €103,337 | €110,279 | +€6,942 | +6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €103,337 | €110,279 | +€6,942 | +6.7% |
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 26 October 2026 via checked.be.