Relaunch for the Future: 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
Relaunch for the Future
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€824,501
2024 · €5.3m-€4.5m
Equity
€505.7m
2024 · €504.9m+€824,501
Cash
€240,727
2024 · €5.5m-€5.3m
Balance sheet total
€506.5m
2024 · €505.5m+€1.0m
Largest movements
Assets
- Financial fixed assets +€7.6m
up €7.6m (+4.2%), from €179.4m to €187.0m
of which Companies linked by participating interests: +€4.8m
- Cash -€5.3m
down €5.3m (-95.6%), from €5.5m to €240,727
mainly Investment in fixed assets (net) (-€7.6m) and Receivables after one year (-€623,191)
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
No income-statement line moved by more than 1% of the activity.
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
€5.3m
Write-downs
+€1.1m
Other operating items
-€5,526
Financial income
-€4.2m
Financial charges
+€6,704
Taxes
-€1.4m
Result 2025
€824,501
raises the resultlowers the resultnot broken down further in the accounts
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
+€376,573
Investment
-€5.7m
Financing
€0
Cash 2024
€5.5m
From operations (derived)
+€376,573
Net result for the year
+€824,501
Receivables after one year
-€623,191
Receivables within one year
+€358,409
Deferred charges and accrued income
-€371,417
Trade debts
+€61,181
Tax, wage and social debts
+€122,552
Accrued charges and deferred income
+€4,538
Investment (derived)
-€5.7m
Investment in fixed assets (net)
-€7.6m
Current investments
+€1.9m
Cash 2025
€240,727
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €505,529,840 | €506,542,611 | +€1.0m | +0.2% |
| Fixed assets | 21/28 | €179,427,931 | €186,999,194 | +€7.6m | +4.2% |
| Financial fixed assets | 28 | €179,427,931 | €186,999,194 | +€7.6m | +4.2% |
| Companies linked by participating interests | 282/3 | €117,441,961 | €122,216,706 | +€4.8m | +4.1% |
| Participating interests | 282 | €85,313,522 | €84,731,509 | -€582,012 | -0.7% |
| Amounts receivable | 283 | €32,128,439 | €37,485,197 | +€5.4m | +16.7% |
| Other financial fixed assets | 284/8 | €61,985,971 | €64,782,488 | +€2.8m | +4.5% |
| Shares | 284 | €56,340,709 | €64,382,488 | +€8.0m | +14.3% |
| Amounts receivable and cash guarantees | 285/8 | €5,645,262 | €400,000 | -€5.2m | -92.9% |
| Current assets | 29/58 | €326,101,908 | €319,543,418 | -€6.6m | -2.0% |
| Amounts receivable after more than one year | 29 | €16,664,038 | €17,287,229 | +€623,191 | +3.7% |
| Other amounts receivable | 291 | €16,664,038 | €17,287,229 | +€623,191 | +3.7% |
| Amounts receivable within one year | 40/41 | €3,261,436 | €2,903,027 | -€358,409 | -11.0% |
| Trade receivables | 40 | - | €14,102 | +€14,102 | |
| Other amounts receivable | 41 | €3,261,436 | €2,888,925 | -€372,511 | -11.4% |
| Current investments | 50/53 | €298,659,208 | €296,738,818 | -€1.9m | -0.6% |
| Other investments | 51/53 | €298,659,208 | €296,738,818 | -€1.9m | -0.6% |
| Cash at bank and in hand | 54/58 | €5,515,026 | €240,727 | -€5.3m | -95.6% |
| Deferred charges and accrued income | 490/1 | €2,002,199 | €2,373,616 | +€371,417 | +18.6% |
| Total equity and liabilities | 10/49 | €505,529,840 | €506,542,611 | +€1.0m | +0.2% |
| Equity | 10/15 | €504,883,008 | €505,707,509 | +€824,501 | +0.2% |
| Contributions | 10/11 | €500,000,000 | €500,000,000 | = | 0.0% |
| Capital | 10 | €500,000,000 | €500,000,000 | = | 0.0% |
| Issued capital | 100 | €500,000,000 | €500,000,000 | = | 0.0% |
| Reserves | 13 | €244,150 | €285,375 | +€41,225 | +16.9% |
| Non-distributable reserves | 130/1 | €244,150 | €285,375 | +€41,225 | +16.9% |
| Legal reserve | 130 | €244,150 | €285,375 | +€41,225 | +16.9% |
| Profit (loss) carried forward | 14 | €4,638,857 | €5,422,134 | +€783,276 | +16.9% |
| Amounts payable | 17/49 | €646,832 | €835,102 | +€188,270 | +29.1% |
| Amounts payable within one year | 42/48 | €646,832 | €830,565 | +€183,733 | +28.4% |
| Trade debts | 44 | €646,832 | €708,013 | +€61,181 | +9.5% |
| Suppliers | 440/4 | €646,832 | €708,013 | +€61,181 | +9.5% |
| Taxes, remuneration and social security | 45 | - | €122,552 | +€122,552 | |
| Taxes | 450/3 | - | €122,552 | +€122,552 | |
| Accrued charges and deferred income | 492/3 | - | €4,538 | +€4,538 | |
| Operating charges | 60/66A | €2,663,732 | €1,588,847 | -€1.1m | -40.4% |
| Services and other goods | 61 | €1,583,321 | €1,588,847 | +€5,526 | +0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,080,411 | - | -€1.1m | |
| Operating profit (loss) | 9901 | -€2,663,732 | -€1,588,847 | +€1.1m | +40.4% |
| Financial income | 75/76B | €14,834,019 | €10,682,779 | -€4.2m | -28.0% |
| Recurring financial income | 75 | €14,834,019 | €10,682,779 | -€4.2m | -28.0% |
| Income from financial fixed assets | 750 | €1,776,904 | €4,398,643 | +€2.6m | +148% |
| Income from current assets | 751 | €13,057,115 | €6,284,136 | -€6.8m | -51.9% |
| Financial charges | 65/66B | €6,104,214 | €6,097,510 | -€6,704 | -0.1% |
| Recurring financial charges | 65 | €5,680,214 | €6,097,510 | +€417,297 | +7.3% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €5,680,000 | - | -€5.7m | |
| Other financial charges | 652/9 | €214 | - | -€214 | |
| Non-recurring financial charges | 66B | €424,000 | €6,097,510 | +€5.7m | +1,338% |
| Profit (loss) for the period before taxes | 9903 | €6,066,074 | €2,996,422 | -€3.1m | -50.6% |
| Income taxes | 67/77 | €735,058 | €2,171,920 | +€1.4m | +195% |
| Taxes | 670/3 | €2,400,884 | €2,171,920 | -€228,963 | -9.5% |
| Tax adjustments and reversals of tax provisions | 77 | €1,665,826 | - | -€1.7m | |
| Profit (loss) for the period | 9904 | €5,331,016 | €824,501 | -€4.5m | -84.5% |
| Profit (loss) for the period to be appropriated | 9905 | €5,331,016 | €824,501 | -€4.5m | -84.5% |
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 18 October 2026 via checked.be.