UP-DATE: what changed
Two fiscal 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
UP-DATE
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€19,119
2024 · -€175+€19,293
Equity
€173,424
2024 · €154,306+€19,119
Cash
€67,536
2024 · €9,710+€57,826
Balance sheet total
€4.2m
2024 · €4.0m+€169,215
Largest movements
Assets
- Receivables within one year +€104,309
up €104,309 (+22.5%), from €462,819 to €567,128
of which Trade receivables: +€57,450
- Cash +€57,826
up €57,826 (+595.5%), from €9,710 to €67,536
mainly Other debts (+€157,177) and Net result for the year (+€19,119)
Equity and liabilities
- Other debts +€157,177
up €157,177 (+9.8%), from €1.6m to €1.8m
Income statement
- Turnover +€16,899
up €16,899 (+15.1%), from €111,818 to €128,717
- Services and other goods -€4,942
down €4,942 (-4.5%), from €109,726 to €104,784
- Financial charges +€4,932
up €4,932 (+113.0%), from €4,364 to €9,296
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
-€175
Turnover
+€16,899
Other operating income
+€1,253
Services and other goods
+€4,942
Depreciation
-€21
Other operating charges
+€831
Financial income
-€4
Financial charges
-€4,932
Taxes
+€325
Result 2025
€19,119
Cash bridge derived
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
+€58,639
Investment
-€813
Financing
€0
Cash 2024
€9,710
From operations (derived)
+€58,639
Net result for the year
+€19,119
Depreciation
+€21
Receivables within one year
-€104,309
Deferred charges and accrued income
-€6,288
Trade debts
-€3,984
Tax, wage and social debts
-€3,067
Other debts
+€157,177
Accrued charges and deferred income
-€30
Investment (derived)
-€813
Investment in fixed assets (net)
-€813
Cash 2025
€67,536
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,022,829 | €4,192,044 | +€169,215 | +4.2% |
| Fixed assets | 21/28 | €3,550,300 | €3,551,091 | +€791 | 0.0% |
| Tangible fixed assets | 22/27 | - | €391 | +€391 | |
| Plant, machinery and equipment | 23 | - | €391 | +€391 | |
| Financial fixed assets | 28 | €3,550,300 | €3,550,700 | +€400 | 0.0% |
| Affiliated companies | 280/1 | €3,550,300 | €3,550,300 | = | 0.0% |
| Participating interests | 280 | €3,550,300 | €3,550,300 | = | 0.0% |
| Other financial fixed assets | 284/8 | - | €400 | +€400 | |
| Amounts receivable and cash guarantees | 285/8 | - | €400 | +€400 | |
| Current assets | 29/58 | €472,529 | €640,952 | +€168,423 | +35.6% |
| Amounts receivable within one year | 40/41 | €462,819 | €567,128 | +€104,309 | +22.5% |
| Trade receivables | 40 | €288,501 | €345,951 | +€57,450 | +19.9% |
| Other amounts receivable | 41 | €174,318 | €221,177 | +€46,859 | +26.9% |
| Cash at bank and in hand | 54/58 | €9,710 | €67,536 | +€57,826 | +595.5% |
| Deferred charges and accrued income | 490/1 | - | €6,288 | +€6,288 | |
| Total equity and liabilities | 10/49 | €4,022,829 | €4,192,044 | +€169,215 | +4.2% |
| Equity | 10/15 | €154,306 | €173,424 | +€19,119 | +12.4% |
| Contributions | 10/11 | €2,561,500 | €2,561,500 | = | 0.0% |
| Capital | 10 | €2,561,500 | €2,561,500 | = | 0.0% |
| Issued capital | 100 | €2,561,500 | €2,561,500 | = | 0.0% |
| Revaluation surpluses | 12 | €142,965 | €142,965 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,556,310 | -€2,537,191 | +€19,119 | +0.7% |
| Amounts payable | 17/49 | €3,868,523 | €4,018,619 | +€150,096 | +3.9% |
| Amounts payable after more than one year | 17 | €2,250,000 | €2,250,000 | = | 0.0% |
| Financial debts | 170/4 | €2,250,000 | €2,250,000 | = | 0.0% |
| Subordinated loans | 170 | €2,250,000 | €2,250,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,618,493 | €1,768,619 | +€150,126 | +9.3% |
| Trade debts | 44 | €14,289 | €10,304 | -€3,984 | -27.9% |
| Suppliers | 440/4 | €14,289 | €10,304 | -€3,984 | -27.9% |
| Taxes, remuneration and social security | 45 | €3,451 | €384 | -€3,067 | -88.9% |
| Taxes | 450/3 | €3,451 | - | -€3,451 | |
| Remuneration and social security | 454/9 | - | €384 | +€384 | |
| Other amounts payable | 47/48 | €1,600,754 | €1,757,931 | +€157,177 | +9.8% |
| Accrued charges and deferred income | 492/3 | €30 | - | -€30 | |
| Operating income | 70/76A | €114,255 | €132,407 | +€18,152 | +15.9% |
| Turnover | 70 | €111,818 | €128,717 | +€16,899 | +15.1% |
| Other operating income | 74 | €2,437 | €3,690 | +€1,253 | +51.4% |
| Operating charges | 60/66A | €111,511 | €105,760 | -€5,751 | -5.2% |
| Services and other goods | 61 | €109,726 | €104,784 | -€4,942 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €21 | +€21 | |
| Other operating charges | 640/8 | €1,785 | €955 | -€831 | -46.5% |
| Operating profit (loss) | 9901 | €2,743 | €26,647 | +€23,904 | +871.3% |
| Financial income | 75/76B | €1,781 | €1,778 | -€4 | -0.2% |
| Recurring financial income | 75 | €1,781 | €1,778 | -€4 | -0.2% |
| Income from current assets | 751 | €1,755 | €1,743 | -€12 | -0.7% |
| Other financial income | 752/9 | €26 | €34 | +€8 | +30.5% |
| Financial charges | 65/66B | €4,364 | €9,296 | +€4,932 | +113.0% |
| Recurring financial charges | 65 | €4,364 | €9,296 | +€4,932 | +113.0% |
| Debt charges | 650 | €4,202 | €9,230 | +€5,029 | +119.7% |
| Other financial charges | 652/9 | €163 | €66 | -€97 | -59.7% |
| Profit (loss) for the period before taxes | 9903 | €160 | €19,129 | +€18,969 | +11838.3% |
| Income taxes | 67/77 | €335 | €10 | -€325 | -97.0% |
| Taxes | 670/3 | €335 | €10 | -€325 | -97.0% |
| Profit (loss) for the period | 9904 | -€175 | €19,119 | +€19,293 | |
| Profit (loss) for the period to be appropriated | 9905 | -€175 | €19,119 | +€19,293 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.