TIME ZONE: 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
TIME ZONE
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€58,562
2024 · €470,982-€412,420
Equity
€6.4m
2024 · €6.3m+€58,562
Cash
€15,988
2024 · €1,245+€14,743
Balance sheet total
€7.3m
2024 · €7.4m-€49,351
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Debts after one year -€93,961
down €93,961 (-17.5%), from €536,933 to €442,972
- Other debts -€75,648
down €75,648 (-45.2%), from €167,468 to €91,821
Income statement
- Financial income -€404,737
down €404,737 (-100%), from €404,737 to €0
- Turnover -€16,756
down €16,756 (-3.6%), from €471,794 to €455,038
- Staff costs -€14,053
down €14,053 (-6.0%), from €233,674 to €219,621
- Other operating income -€8,242
down €8,242 (-4.7%), from €176,285 to €168,043
- Depreciation +€5,433
up €5,433 (+9.2%), from €59,343 to €64,776
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
€470,982
Turnover
-€16,756
Other operating income
-€8,242
Services and other goods
+€4,262
Staff costs
+€14,053
Depreciation
-€5,433
Other operating charges
+€21
Other operating items
-€1,370
Financial income
-€404,737
Financial charges
+€2,884
Taxes
+€2,897
Result 2025
€58,562
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
+€117,722
Investment
-€28,413
Financing
-€74,566
Cash 2024
€1,245
From operations (derived)
+€117,722
Net result for the year
+€58,562
Depreciation
+€64,776
Receivables within one year
+€27,731
Trade debts
+€9,070
Tax, wage and social debts
+€15,042
Other debts
-€75,648
Accrued charges and deferred income
+€18,189
Investment (derived)
-€28,413
Investment in fixed assets (net)
-€28,413
Financing
-€74,566
Debts after one year
-€93,961
Current portion of long-term debt
+€19,395
Cash 2025
€15,988
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,360,939 | €7,311,589 | -€49,351 | -0.7% |
| Fixed assets | 21/28 | €7,269,334 | €7,232,970 | -€36,363 | -0.5% |
| Tangible fixed assets | 22/27 | €377,324 | €340,960 | -€36,363 | -9.6% |
| Land and buildings | 22 | €275,656 | €241,222 | -€34,434 | -12.5% |
| Furniture and vehicles | 24 | €35,103 | €52,562 | +€17,459 | +49.7% |
| Leasing and similar rights | 25 | €53,328 | €38,133 | -€15,195 | -28.5% |
| Other tangible fixed assets | 26 | €13,236 | €9,043 | -€4,193 | -31.7% |
| Financial fixed assets | 28 | €6,892,010 | €6,892,010 | = | 0.0% |
| Affiliated companies | 280/1 | €6,892,010 | €6,892,010 | = | 0.0% |
| Participating interests | 280 | €6,892,010 | €6,892,010 | = | 0.0% |
| Current assets | 29/58 | €91,606 | €78,618 | -€12,987 | -14.2% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €90,360 | €62,630 | -€27,731 | -30.7% |
| Trade receivables | 40 | €81,554 | €37,121 | -€44,433 | -54.5% |
| Other amounts receivable | 41 | €8,806 | €25,509 | +€16,703 | +190% |
| Cash at bank and in hand | 54/58 | €1,245 | €15,988 | +€14,743 | +1,184% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €7,360,939 | €7,311,589 | -€49,351 | -0.7% |
| Equity | 10/15 | €6,349,267 | €6,407,829 | +€58,562 | +0.9% |
| Contributions | 10/11 | €5,341,000 | €5,341,000 | = | 0.0% |
| Reserves | 13 | €1,008,267 | €1,066,829 | +€58,562 | +5.8% |
| Tax-exempt reserves | 132 | €16,586 | €16,586 | = | 0.0% |
| Distributable reserves | 133 | €991,681 | €1,050,243 | +€58,562 | +5.9% |
| Amounts payable | 17/49 | €1,011,672 | €903,759 | -€107,913 | -10.7% |
| Amounts payable after more than one year | 17 | €536,933 | €442,972 | -€93,961 | -17.5% |
| Financial debts | 170/4 | €536,933 | €442,972 | -€93,961 | -17.5% |
| Subordinated loans | 170 | €175,000 | €175,000 | = | 0.0% |
| Leasing and similar obligations | 172 | €41,692 | €26,785 | -€14,907 | -35.8% |
| Credit institutions | 173 | €320,241 | €241,187 | -€79,054 | -24.7% |
| Amounts payable within one year | 42/48 | €457,205 | €425,064 | -€32,141 | -7.0% |
| Current portion of amounts payable after more than one year | 42 | €175,496 | €194,891 | +€19,395 | +11.1% |
| Trade debts | 44 | €35,652 | €44,721 | +€9,070 | +25.4% |
| Suppliers | 440/4 | €35,652 | €44,721 | +€9,070 | +25.4% |
| Taxes, remuneration and social security | 45 | €78,589 | €93,632 | +€15,042 | +19.1% |
| Taxes | 450/3 | €46,623 | €41,873 | -€4,751 | -10.2% |
| Remuneration and social security | 454/9 | €31,966 | €51,759 | +€19,793 | +61.9% |
| Other amounts payable | 47/48 | €167,468 | €91,821 | -€75,648 | -45.2% |
| Accrued charges and deferred income | 492/3 | €17,535 | €35,723 | +€18,189 | +104% |
| Operating income | 70/76A | €649,449 | €623,081 | -€26,368 | -4.1% |
| Turnover | 70 | €471,794 | €455,038 | -€16,756 | -3.6% |
| Other operating income | 74 | €176,285 | €168,043 | -€8,242 | -4.7% |
| Non-recurring operating income | 76A | €1,370 | €0 | -€1,370 | -100% |
| Operating charges | 60/66A | €518,552 | €505,648 | -€12,904 | -2.5% |
| Services and other goods | 61 | €209,670 | €205,407 | -€4,262 | -2.0% |
| Remuneration, social security and pensions | 62 | €233,674 | €219,621 | -€14,053 | -6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,343 | €64,776 | +€5,433 | +9.2% |
| Other operating charges | 640/8 | €15,865 | €15,844 | -€21 | -0.1% |
| Operating profit (loss) | 9901 | €130,897 | €117,433 | -€13,464 | -10.3% |
| Financial income | 75/76B | €404,737 | €0 | -€404,737 | -100% |
| Recurring financial income | 75 | €404,737 | €0 | -€404,737 | -100% |
| Income from financial fixed assets | 750 | €404,720 | €0 | -€404,720 | -100% |
| Other financial income | 752/9 | €17 | €0 | -€17 | -100% |
| Financial charges | 65/66B | €38,458 | €35,574 | -€2,884 | -7.5% |
| Recurring financial charges | 65 | €38,458 | €35,574 | -€2,884 | -7.5% |
| Debt charges | 650 | €37,960 | €35,114 | -€2,846 | -7.5% |
| Other financial charges | 652/9 | €497 | €460 | -€38 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €497,176 | €81,859 | -€415,317 | -83.5% |
| Income taxes | 67/77 | €26,194 | €23,297 | -€2,897 | -11.1% |
| Taxes | 670/3 | €26,194 | €23,297 | -€2,897 | -11.1% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €470,982 | €58,562 | -€412,420 | -87.6% |
| Profit (loss) for the period to be appropriated | 9905 | €470,982 | €58,562 | -€412,420 | -87.6% |
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 25 October 2026 via checked.be.