R-HOLD: what changed
What changed
R-HOLD
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€80,571
2025 · €102,375-€21,804
Equity
€1.1m
2025 · €979,084+€80,571
Cash
€39,758
2025 · €102,425-€62,667
Balance sheet total
€4.1m
2025 · €4.2m-€162,424
Largest movements
Assets
- Tangible fixed assets -€120,742
down €120,742 (-4.0%), from €3.1m to €2.9m
of which Assets under construction and advance payments: -€98,581
- Cash -€62,667
down €62,667 (-61.2%), from €102,425 to €39,758
mainly Debts after one year (-€171,016) and Trade debts (-€84,961)
Equity and liabilities
- Debts after one year -€171,016
down €171,016 (-6.2%), from €2.7m to €2.6m
of which Financial debts: -€135,016
- Trade debts -€84,961
down €84,961 (-72.1%), from €117,870 to €32,908
- Reserves +€80,571
up €80,571 (+8.7%), from €931,084 to €1.0m
of which Distributable reserves: +€80,571
Income statement
- Staff costs -€19,424
down €19,424 (-44.4%), from €43,751 to €24,327
- Gross operating margin -€17,186
down €17,186 (-4.8%), from €357,522 to €340,336
- Other operating charges +€15,957
up €15,957 (+269%), from €5,928 to €21,885
- Taxes +€8,083
up €8,083 (+39.0%), from €20,702 to €28,786
- Financial charges -€5,124
down €5,124 (-6.9%), from €73,933 to €68,809
Change in the result, 2025 to 2026
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 2025
€102,375
Gross operating margin
-€17,186
Staff costs
+€19,424
Depreciation
-€568
Other operating charges
-€15,957
Other operating items
-€816
Financial income
-€3,742
Financial charges
+€5,124
Taxes
-€8,083
Result 2026
€80,571
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€101,310
Investment
+€3,816
Financing
-€167,792
Cash 2025
€102,425
From operations (derived)
+€101,310
Net result for the year
+€80,571
Depreciation
+€116,926
Receivables within one year
-€22,400
Deferred charges and accrued income
+€1,415
Trade debts
-€84,961
Tax, wage and social debts
+€3,262
Other debts
+€10,780
Accrued charges and deferred income
-€4,283
Investment (derived)
+€3,816
Investment in fixed assets (net)
+€3,816
Financing
-€167,792
Debts after one year
-€171,016
Current portion of long-term debt
+€3,225
Cash 2026
€39,758
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,223,268 | €4,060,844 | -€162,424 | -3.8% |
| Fixed assets | 21/28 | €4,056,767 | €3,936,025 | -€120,742 | -3.0% |
| Tangible fixed assets | 22/27 | €3,050,767 | €2,930,025 | -€120,742 | -4.0% |
| Plant, machinery and equipment | 23 | €4,091 | €2,930 | -€1,161 | -28.4% |
| Furniture and vehicles | 24 | €58,365 | €40,418 | -€17,947 | -30.7% |
| Other tangible fixed assets | 26 | €9,441 | €6,388 | -€3,053 | -32.3% |
| Assets under construction and advance payments | 27 | €2,978,870 | €2,880,289 | -€98,581 | -3.3% |
| Financial fixed assets | 28 | €1,006,000 | €1,006,000 | = | 0.0% |
| Current assets | 29/58 | €166,501 | €124,819 | -€41,682 | -25.0% |
| Amounts receivable within one year | 40/41 | €50,984 | €73,384 | +€22,400 | +43.9% |
| Trade receivables | 40 | €45,135 | €66,656 | +€21,521 | +47.7% |
| Other amounts receivable | 41 | €5,849 | €6,728 | +€879 | +15.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €102,425 | €39,758 | -€62,667 | -61.2% |
| Deferred charges and accrued income | 490/1 | €13,093 | €11,677 | -€1,415 | -10.8% |
| Total equity and liabilities | 10/49 | €4,223,268 | €4,060,844 | -€162,424 | -3.8% |
| Equity | 10/15 | €979,084 | €1,059,655 | +€80,571 | +8.2% |
| Contributions | 10/11 | €48,000 | €48,000 | = | 0.0% |
| Reserves | 13 | €931,084 | €1,011,655 | +€80,571 | +8.7% |
| Tax-exempt reserves | 132 | €58,940 | €58,940 | = | 0.0% |
| Distributable reserves | 133 | €872,144 | €952,715 | +€80,571 | +9.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €3,244,184 | €3,001,190 | -€242,995 | -7.5% |
| Amounts payable after more than one year | 17 | €2,746,189 | €2,575,173 | -€171,016 | -6.2% |
| Financial debts | 170/4 | €2,347,189 | €2,212,173 | -€135,016 | -5.8% |
| Other amounts payable | 178/9 | €399,000 | €363,000 | -€36,000 | -9.0% |
| Amounts payable within one year | 42/48 | €492,617 | €424,921 | -€67,695 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | €131,792 | €135,016 | +€3,225 | +2.4% |
| Trade debts | 44 | €117,870 | €32,908 | -€84,961 | -72.1% |
| Suppliers | 440/4 | €117,870 | €32,908 | -€84,961 | -72.1% |
| Taxes, remuneration and social security | 45 | €35,120 | €38,383 | +€3,262 | +9.3% |
| Taxes | 450/3 | €29,400 | €37,552 | +€8,152 | +27.7% |
| Remuneration and social security | 454/9 | €5,720 | €830 | -€4,890 | -85.5% |
| Other amounts payable | 47/48 | €207,835 | €218,614 | +€10,780 | +5.2% |
| Accrued charges and deferred income | 492/3 | €5,378 | €1,095 | -€4,283 | -79.6% |
| Non-recurring operating income | 76A | €14,721 | €0 | -€14,721 | -100% |
| Remuneration, social security and pensions | 62 | €43,751 | €24,327 | -€19,424 | -44.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,358 | €116,926 | +€568 | +0.5% |
| Other operating charges | 640/8 | €5,928 | €21,885 | +€15,957 | +269% |
| Non-recurring operating charges | 66A | €0 | €816 | +€816 | |
| Gross operating margin | 9900 | €357,522 | €340,336 | -€17,186 | -4.8% |
| Operating profit (loss) | 9901 | €191,485 | €176,383 | -€15,103 | -7.9% |
| Financial income | 75/76B | €5,524 | €1,783 | -€3,742 | -67.7% |
| Recurring financial income | 75 | €5,524 | €1,783 | -€3,742 | -67.7% |
| Financial charges | 65/66B | €73,933 | €68,809 | -€5,124 | -6.9% |
| Recurring financial charges | 65 | €73,933 | €68,809 | -€5,124 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €123,077 | €109,357 | -€13,720 | -11.1% |
| Income taxes | 67/77 | €20,702 | €28,786 | +€8,083 | +39.0% |
| Profit (loss) for the period | 9904 | €102,375 | €80,571 | -€21,804 | -21.3% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €102,375 | €80,571 | -€21,804 | -21.3% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.