Only Belgium: 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
Only Belgium
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.2m
2024 · €7,176+€1.2m
Equity
€4.7m
2024 · €3.5m+€1.2m
Cash
€12,386
2024 · €71,864-€59,477
Balance sheet total
€9.2m
2024 · €9.2m+€38,656
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Other debts -€1.2m
down €1.2m (-28.4%), from €4.2m to €3.0m
- Reserves +€1.2m
up €1.2m (+176%), from €666,825 to €1.8m
Income statement
- Financial income +€1.5m
up €1.5m (+1,092,649%), from €137 to €1.5m
- Financial charges +€146,232
up €146,232 (+160%), from €91,123 to €237,355
- Turnover -€97,500
down €97,500 (-76.5%), from €127,500 to €30,000
- Staff costs +€75,230
new in 2025: €75,230
- Services and other goods +€17,282
up €17,282 (+67.9%), from €25,444 to €42,725
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
€7,176
Turnover
-€97,500
Other operating income
+€60
Services and other goods
-€17,282
Staff costs
-€75,230
Depreciation
-€299
Other operating charges
+€379
Financial income
+€1.5m
Financial charges
-€146,232
Taxes
+€4,676
Result 2025
€1.2m
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
-€11,675
Investment
-€93,541
Financing
+€45,738
Cash 2024
€71,864
From operations (derived)
-€11,675
Net result for the year
+€1.2m
Depreciation
+€299
Smaller working-capital items
-€4,892
Trade debts
-€5,055
Tax, wage and social debts
+€6,570
Other debts
-€1.2m
Investment (derived)
-€93,541
Investment in fixed assets (net)
-€93,541
Financing
+€45,738
Debts after one year
+€45,731
Short-term financial debts
+€7
Cash 2025
€12,386
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,209,107 | €9,247,763 | +€38,656 | +0.4% |
| Fixed assets | 21/28 | €9,134,161 | €9,227,403 | +€93,242 | +1.0% |
| Tangible fixed assets | 22/27 | - | €837 | +€837 | |
| Furniture and vehicles | 24 | - | €837 | +€837 | |
| Financial fixed assets | 28 | €9,134,161 | €9,226,566 | +€92,405 | +1.0% |
| Affiliated companies | 280/1 | €9,134,161 | €9,226,566 | +€92,405 | +1.0% |
| Participating interests | 280 | €9,134,161 | €9,226,566 | +€92,405 | +1.0% |
| Current assets | 29/58 | €74,946 | €20,360 | -€54,586 | -72.8% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €3,082 | €5,919 | +€2,836 | +92.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €3,082 | €5,919 | +€2,836 | +92.0% |
| Cash at bank and in hand | 54/58 | €71,864 | €12,386 | -€59,477 | -82.8% |
| Deferred charges and accrued income | 490/1 | - | €2,055 | +€2,055 | |
| Total equity and liabilities | 10/49 | €9,209,107 | €9,247,763 | +€38,656 | +0.4% |
| Equity | 10/15 | €3,499,551 | €4,675,179 | +€1.2m | +33.6% |
| Contributions | 10/11 | €2,832,726 | €2,832,726 | = | 0.0% |
| Reserves | 13 | €666,825 | €1,842,453 | +€1.2m | +176% |
| Distributable reserves | 133 | €666,825 | €1,842,453 | +€1.2m | +176% |
| Amounts payable | 17/49 | €5,709,556 | €4,572,585 | -€1.1m | -19.9% |
| Amounts payable after more than one year | 17 | €1,524,375 | €1,570,106 | +€45,731 | +3.0% |
| Financial debts | 170/4 | €1,524,375 | €1,570,106 | +€45,731 | +3.0% |
| Credit institutions | 173 | €0 | - | = | |
| Other loans | 174 | €1,524,375 | €1,570,106 | +€45,731 | +3.0% |
| Amounts payable within one year | 42/48 | €4,185,181 | €3,002,478 | -€1.2m | -28.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | - | €7 | +€7 | |
| Credit institutions | 430/8 | - | €7 | +€7 | |
| Trade debts | 44 | €16,936 | €11,881 | -€5,055 | -29.8% |
| Suppliers | 440/4 | €16,936 | €11,881 | -€5,055 | -29.8% |
| Taxes, remuneration and social security | 45 | €2,351 | €8,921 | +€6,570 | +279% |
| Taxes | 450/3 | €2,351 | €108 | -€2,243 | -95.4% |
| Remuneration and social security | 454/9 | - | €8,813 | +€8,813 | |
| Other amounts payable | 47/48 | €4,165,894 | €2,981,669 | -€1.2m | -28.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Operating income | 70/76A | €127,500 | €30,060 | -€97,440 | -76.4% |
| Turnover | 70 | €127,500 | €30,000 | -€97,500 | -76.5% |
| Other operating income | 74 | - | €60 | +€60 | |
| Operating charges | 60/66A | €26,946 | €119,377 | +€92,431 | +343% |
| Services and other goods | 61 | €25,444 | €42,725 | +€17,282 | +67.9% |
| Remuneration, social security and pensions | 62 | - | €75,230 | +€75,230 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €299 | +€299 | |
| Other operating charges | 640/8 | €1,503 | €1,123 | -€379 | -25.2% |
| Operating profit (loss) | 9901 | €100,554 | -€89,317 | -€189,871 | |
| Financial income | 75/76B | €137 | €1,500,016 | +€1.5m | +1,092,649% |
| Recurring financial income | 75 | €137 | €1,500,016 | +€1.5m | +1,092,649% |
| Income from financial fixed assets | 750 | - | €1,500,000 | +€1.5m | |
| Income from current assets | 751 | €137 | €16 | -€121 | -88.2% |
| Financial charges | 65/66B | €91,123 | €237,355 | +€146,232 | +160% |
| Recurring financial charges | 65 | €91,123 | €237,355 | +€146,232 | +160% |
| Debt charges | 650 | €90,823 | €236,989 | +€146,166 | +161% |
| Other financial charges | 652/9 | €300 | €366 | +€66 | +21.9% |
| Profit (loss) for the period before taxes | 9903 | €9,568 | €1,173,344 | +€1.2m | +12,164% |
| Income taxes | 67/77 | €2,392 | -€2,284 | -€4,676 | |
| Taxes | 670/3 | €2,392 | €108 | -€2,284 | -95.5% |
| Tax adjustments and reversals of tax provisions | 77 | - | €2,392 | +€2,392 | |
| Profit (loss) for the period | 9904 | €7,176 | €1,175,627 | +€1.2m | +16,283% |
| Profit (loss) for the period to be appropriated | 9905 | €7,176 | €1,175,627 | +€1.2m | +16,283% |
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 15 October 2026 via checked.be.