MOVING TARGET: what changed
What changed
MOVING TARGET
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€1.8m
2024 · €2.8m-€1.0m
Equity
€8.4m
2024 · €6.7m+€1.8m
Cash
€23,782
2024 · €29,648-€5,866
Balance sheet total
€9.0m
2024 · €6.7m+€2.3m
Largest movements
Assets
- Receivables within one year +€2.2m
up €2.2m (+189%), from €1.2m to €3.4m
Equity and liabilities
- Reserves +€1.8m
up €1.8m (+39.1%), from €4.6m to €6.4m
of which Distributable reserves: +€1.8m
- Tax, wage and social debts +€487,609
up €487,609 (+800%), from €60,955 to €548,564
Income statement
- Financial income -€963,120
down €963,120 (-47.9%), from €2.0m to €1.0m
- Taxes +€66,654
up €66,654 (+31.6%), from €210,955 to €277,609
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.
Result 2024
€2.8m
Gross operating margin
-€1,280
Other operating charges
-€35
Financial income
-€963,120
Financial charges
+€50
Taxes
-€66,654
Result 2025
€1.8m
raises the resultlowers the result
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.
From operations
-€5,866
Investment
€0
Financing
€0
Cash 2024
€29,648
From operations (derived)
-€5,866
Net result for the year
+€1.8m
Receivables within one year
-€2.2m
Deferred charges and accrued income
-€36,880
Tax, wage and social debts
+€487,609
Cash 2025
€23,782
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,713,349 | €8,963,571 | +€2.3m | +33.5% |
| Fixed assets | 21/28 | €5,500,000 | €5,500,000 | = | 0.0% |
| Financial fixed assets | 28 | €5,500,000 | €5,500,000 | = | 0.0% |
| Current assets | 29/58 | €1,213,349 | €3,463,571 | +€2.3m | +185% |
| Amounts receivable within one year | 40/41 | €1,174,891 | €3,394,099 | +€2.2m | +189% |
| Other amounts receivable | 41 | €1,174,891 | €3,394,099 | +€2.2m | +189% |
| Cash at bank and in hand | 54/58 | €29,648 | €23,782 | -€5,866 | -19.8% |
| Deferred charges and accrued income | 490/1 | €8,810 | €45,690 | +€36,880 | +419% |
| Total equity and liabilities | 10/49 | €6,713,349 | €8,963,571 | +€2.3m | +33.5% |
| Equity | 10/15 | €6,651,317 | €8,413,931 | +€1.8m | +26.5% |
| Contributions | 10/11 | €2,000,000 | €2,000,000 | = | 0.0% |
| Reserves | 13 | €4,600,000 | €6,400,000 | +€1.8m | +39.1% |
| Non-distributable reserves | 130/1 | €200,000 | €200,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €200,000 | €200,000 | = | 0.0% |
| Distributable reserves | 133 | €4,400,000 | €6,200,000 | +€1.8m | +40.9% |
| Profit (loss) carried forward | 14 | €51,317 | €13,931 | -€37,387 | -72.9% |
| Amounts payable | 17/49 | €62,031 | €549,641 | +€487,609 | +786% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €62,031 | €549,641 | +€487,609 | +786% |
| Taxes, remuneration and social security | 45 | €60,955 | €548,564 | +€487,609 | +800% |
| Taxes | 450/3 | €60,955 | €548,564 | +€487,609 | +800% |
| Other amounts payable | 47/48 | €1,077 | €1,077 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Other operating charges | 640/8 | €1,108 | €1,143 | +€35 | +3.1% |
| Gross operating margin | 9900 | €996,998 | €995,717 | -€1,280 | -0.1% |
| Operating profit (loss) | 9901 | €995,889 | €994,575 | -€1,315 | -0.1% |
| Financial income | 75/76B | €2,008,810 | €1,045,690 | -€963,120 | -47.9% |
| Recurring financial income | 75 | €2,008,810 | €1,045,690 | -€963,120 | -47.9% |
| Financial charges | 65/66B | €92 | €42 | -€50 | -54.3% |
| Recurring financial charges | 65 | €92 | €42 | -€50 | -54.3% |
| Profit (loss) for the period before taxes | 9903 | €3,004,607 | €2,040,223 | -€964,385 | -32.1% |
| Income taxes | 67/77 | €210,955 | €277,609 | +€66,654 | +31.6% |
| Profit (loss) for the period | 9904 | €2,793,652 | €1,762,613 | -€1.0m | -36.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,793,652 | €1,762,613 | -€1.0m | -36.9% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.