SUNHOLD: 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.
SUNHOLD
Largest movements
- Stocks and contracts +€142,914
new in 2025: €142,914
- Cash +€98,279
up €98,279 (+60.9%), from €161,431 to €259,710
- Receivables within one year +€14,840
new in 2025: €14,840
of which Trade receivables: +€12,707
- Reserves +€202,844
up €202,844 (+417.0%), from €48,639 to €251,483
of which Distributable reserves: +€212,215
- Other debts +€50,994
new in 2025: €50,994
- Contributions +€8,819
up €8,819 (+4.2%), from €211,300 to €220,119
- Gross operating margin +€246,464
up €246,464 (+376.9%), from €65,393 to €311,857
- Taxes +€60,502
up €60,502 (+310.2%), from €19,506 to €80,008
From the 2023 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.
Cash bridge derived
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €295,210 | €555,355 | +€260,145 | +88.1% |
| Fixed assets | 21/28 | €133,779 | €136,691 | +€2,911 | +2.2% |
| Tangible fixed assets | 22/27 | €133,753 | €136,664 | +€2,911 | +2.2% |
| Land and buildings | 22 | €133,753 | €136,664 | +€2,911 | +2.2% |
| Financial fixed assets | 28 | €26 | €26 | = | 0.0% |
| Current assets | 29/58 | €161,431 | €418,664 | +€257,233 | +159.3% |
| Stocks and contracts in progress | 3 | - | €142,914 | +€142,914 | |
| Stocks | 30/36 | - | €142,914 | +€142,914 | |
| Amounts receivable within one year | 40/41 | - | €14,840 | +€14,840 | |
| Trade receivables | 40 | - | €12,707 | +€12,707 | |
| Other amounts receivable | 41 | - | €2,133 | +€2,133 | |
| Current investments | 50/53 | - | €1,200 | +€1,200 | |
| Cash at bank and in hand | 54/58 | €161,431 | €259,710 | +€98,279 | +60.9% |
| Total equity and liabilities | 10/49 | €295,210 | €555,355 | +€260,145 | +88.1% |
| Equity | 10/15 | €259,939 | €471,602 | +€211,663 | +81.4% |
| Contributions | 10/11 | €211,300 | €220,119 | +€8,819 | +4.2% |
| Reserves | 13 | €48,639 | €251,483 | +€202,844 | +417.0% |
| Non-distributable reserves | 130/1 | €9,371 | - | -€9,371 | |
| Reserves not available under the articles | 1311 | €9,371 | - | -€9,371 | |
| Distributable reserves | 133 | €39,268 | €251,483 | +€212,215 | +540.4% |
| Amounts payable | 17/49 | €35,271 | €83,753 | +€48,482 | +137.5% |
| Amounts payable within one year | 42/48 | €32,421 | €83,753 | +€51,332 | +158.3% |
| Trade debts | 44 | €326 | €470 | +€144 | +44.1% |
| Suppliers | 440/4 | €326 | €470 | +€144 | +44.1% |
| Taxes, remuneration and social security | 45 | €32,095 | €32,289 | +€194 | +0.6% |
| Taxes | 450/3 | €32,095 | €32,289 | +€194 | +0.6% |
| Other amounts payable | 47/48 | - | €50,994 | +€50,994 | |
| Accrued charges and deferred income | 492/3 | €2,850 | - | -€2,850 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €485 | €1,628 | +€1,142 | +235.3% |
| Other operating charges | 640/8 | €202 | €218 | +€16 | +7.7% |
| Gross operating margin | 9900 | €65,393 | €311,857 | +€246,464 | +376.9% |
| Operating profit (loss) | 9901 | €64,705 | €310,011 | +€245,306 | +379.1% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €39 | €88 | +€49 | +123.4% |
| Recurring financial charges | 65 | €39 | €88 | +€49 | +123.4% |
| Profit (loss) for the period before taxes | 9903 | €64,666 | €309,923 | +€245,257 | +379.3% |
| Income taxes | 67/77 | €19,506 | €80,008 | +€60,502 | +310.2% |
| Profit (loss) for the period | 9904 | €45,159 | €229,915 | +€184,756 | +409.1% |
| Profit (loss) for the period to be appropriated | 9905 | €45,159 | €229,915 | +€184,756 | +409.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.