RCA 38: what changed
What changed
RCA 38
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€50,219
2024 · -€44,424+€94,643
Equity
€3.0m
2024 · €2.9m+€50,219
Cash
€6,502
2024 · €337,164-€330,662
Balance sheet total
€11.4m
2024 · €11.9m-€477,504
Largest movements
Assets
- Financial fixed assets -€350,037
down €350,037 (-3.1%), from €11.5m to €11.1m
- Cash -€330,662
down €330,662 (-98.1%), from €337,164 to €6,502
mainly Debts after one year (-€356,985) and Receivables within one year (-€202,051)
- Receivables within one year +€202,051
up €202,051 (+362%), from €55,855 to €257,906
of which Trade receivables: +€249,156
Equity and liabilities
- Debts after one year -€356,985
down €356,985 (-5.1%), from €7.0m to €6.7m
of which Financial debts: -€356,985
Income statement
- Write-downs +€350,037
new in 2025: €350,037
- Services and other goods -€213,309
down €213,309 (-21.7%), from €980,962 to €767,653
- Financial charges -€202,078
down €202,078 (-74.1%), from €272,821 to €70,743
of which Non-recurring financial charges: -€112,502
- Turnover +€49,594
up €49,594 (+4.2%), from €1.2m to €1.2m
- Other operating income -€43,595
no longer reported in 2025 (was €43,595)
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
-€44,424
Turnover
+€49,594
Other operating income
-€43,595
Services and other goods
+€213,309
Write-downs
-€350,037
Other operating charges
-€93
Financial income
+€21,007
Financial charges
+€202,078
Taxes
+€2,379
Result 2025
€50,219
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
-€324,735
Investment
+€350,037
Financing
-€355,964
Cash 2024
€337,164
From operations (derived)
-€324,735
Net result for the year
+€50,219
Receivables within one year
-€202,051
Deferred charges and accrued income
-€1,144
Trade debts
-€13,381
Tax, wage and social debts
-€100,795
Other debts
-€77,674
Accrued charges and deferred income
+€20,090
Investment (derived)
+€350,037
Investment in fixed assets (net)
+€350,037
Financing
-€355,964
Debts after one year
-€356,985
Current portion of long-term debt
+€1,037
Short-term financial debts
-€16
Cash 2025
€6,502
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,860,286 | €11,382,782 | -€477,504 | -4.0% |
| Fixed assets | 21/28 | €11,467,267 | €11,117,230 | -€350,037 | -3.1% |
| Financial fixed assets | 28 | €11,467,267 | €11,117,230 | -€350,037 | -3.1% |
| Affiliated companies | 280/1 | €11,467,267 | €11,117,230 | -€350,037 | -3.1% |
| Participating interests | 280 | €11,117,230 | €11,117,230 | = | 0.0% |
| Amounts receivable | 281 | €350,037 | - | -€350,037 | |
| Current assets | 29/58 | €393,019 | €265,552 | -€127,467 | -32.4% |
| Amounts receivable within one year | 40/41 | €55,855 | €257,906 | +€202,051 | +362% |
| Trade receivables | 40 | - | €249,156 | +€249,156 | |
| Other amounts receivable | 41 | €55,855 | €8,751 | -€47,104 | -84.3% |
| Cash at bank and in hand | 54/58 | €337,164 | €6,502 | -€330,662 | -98.1% |
| Deferred charges and accrued income | 490/1 | - | €1,144 | +€1,144 | |
| Total equity and liabilities | 10/49 | €11,860,286 | €11,382,782 | -€477,504 | -4.0% |
| Equity | 10/15 | €2,913,572 | €2,963,791 | +€50,219 | +1.7% |
| Contributions | 10/11 | €1,500,000 | €1,500,000 | = | 0.0% |
| Reserves | 13 | €1,457,995 | €1,457,995 | = | 0.0% |
| Distributable reserves | 133 | €1,457,995 | €1,457,995 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€44,424 | €5,796 | +€50,219 | |
| Amounts payable | 17/49 | €8,946,715 | €8,418,991 | -€527,723 | -5.9% |
| Amounts payable after more than one year | 17 | €7,011,370 | €6,654,385 | -€356,985 | -5.1% |
| Financial debts | 170/4 | €1,526,093 | €1,169,108 | -€356,985 | -23.4% |
| Credit institutions | 173 | €526,093 | €169,108 | -€356,985 | -67.9% |
| Other loans | 174 | €1,000,000 | €1,000,000 | = | 0.0% |
| Other amounts payable | 178/9 | €5,485,277 | €5,485,277 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,935,344 | €1,744,516 | -€190,828 | -9.9% |
| Current portion of amounts payable after more than one year | 42 | €355,948 | €356,985 | +€1,037 | +0.3% |
| Financial debts | 43 | €5,068 | €5,052 | -€16 | -0.3% |
| Credit institutions | 430/8 | €5,068 | €5,052 | -€16 | -0.3% |
| Trade debts | 44 | €90,458 | €77,077 | -€13,381 | -14.8% |
| Suppliers | 440/4 | €90,458 | €77,077 | -€13,381 | -14.8% |
| Taxes, remuneration and social security | 45 | €119,624 | €18,828 | -€100,795 | -84.3% |
| Taxes | 450/3 | €119,624 | €18,828 | -€100,795 | -84.3% |
| Other amounts payable | 47/48 | €1,364,247 | €1,286,573 | -€77,674 | -5.7% |
| Accrued charges and deferred income | 492/3 | - | €20,090 | +€20,090 | |
| Operating income | 70/76A | €1,229,482 | €1,235,482 | +€6,000 | +0.5% |
| Turnover | 70 | €1,185,888 | €1,235,482 | +€49,594 | +4.2% |
| Other operating income | 74 | €43,595 | - | -€43,595 | |
| Operating charges | 60/66A | €981,930 | €1,118,750 | +€136,821 | +13.9% |
| Services and other goods | 61 | €980,962 | €767,653 | -€213,309 | -21.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €350,037 | +€350,037 | |
| Other operating charges | 640/8 | €968 | €1,060 | +€93 | +9.6% |
| Operating profit (loss) | 9901 | €247,552 | €116,731 | -€130,821 | -52.8% |
| Financial income | 75/76B | €306 | €21,313 | +€21,007 | +6,865% |
| Recurring financial income | 75 | €306 | €21,313 | +€21,007 | +6,865% |
| Income from financial fixed assets | 750 | €301 | €4,619 | +€4,318 | +1,434% |
| Income from current assets | 751 | - | €16,664 | +€16,664 | |
| Other financial income | 752/9 | €5 | €30 | +€25 | +499% |
| Financial charges | 65/66B | €272,821 | €70,743 | -€202,078 | -74.1% |
| Recurring financial charges | 65 | €160,319 | €70,743 | -€89,576 | -55.9% |
| Debt charges | 650 | €159,543 | €70,059 | -€89,484 | -56.1% |
| Other financial charges | 652/9 | €776 | €684 | -€92 | -11.9% |
| Non-recurring financial charges | 66B | €112,502 | - | -€112,502 | |
| Profit (loss) for the period before taxes | 9903 | -€24,962 | €67,302 | +€92,264 | |
| Income taxes | 67/77 | €19,461 | €17,082 | -€2,379 | -12.2% |
| Taxes | 670/3 | €21,800 | €17,082 | -€4,718 | -21.6% |
| Tax adjustments and reversals of tax provisions | 77 | €2,339 | - | -€2,339 | |
| Profit (loss) for the period | 9904 | -€44,424 | €50,219 | +€94,643 | |
| Profit (loss) for the period to be appropriated | 9905 | -€44,424 | €50,219 | +€94,643 |
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 8 November 2026 via checked.be.