VIOHALCO: 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
VIOHALCO
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€98.4m
2024 · €32.9m+€65.5m
Equity
€1.20bn
2024 · €1.17bn+€28.4m
Cash
€1.8m
2024 · €3.1m-€1.3m
Balance sheet total
€1.27bn
2024 · €1.21bn+€57.0m
Largest movements
Assets
- Current investments +€68.7m
up €68.7m (+161%), from €42.6m to €111.3m
Equity and liabilities
- Profit (loss) carried forward +€28.4m
up €28.4m (+32.7%), from €87.0m to €115.4m
- Other debts +€28.3m
up €28.3m (+67.5%), from €41.8m to €70.1m
Income statement
- Financial income +€68.0m
up €68.0m (+164%), from €41.6m to €109.6m
of which Non-recurring financial income: +€46.8m
- Services and other goods +€1.2m
up €1.2m (+25.2%), from €4.7m to €5.9m
- Financial charges +€843,791
up €843,791 (+83.5%), from €1.0m to €1.9m
of which Non-recurring financial charges: +€737,394
- Other operating charges +€671,022
up €671,022 (+33.7%), from €2.0m to €2.7m
- Turnover +€402,650
up €402,650 (+127%), from €317,553 to €720,203
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
€32.9m
Turnover
+€402,650
Other operating income
-€84,019
Services and other goods
-€1.2m
Staff costs
-€99,266
Depreciation
-€26,425
Other operating charges
-€671,022
Other operating items
-€55,000
Financial income
+€68.0m
Financial charges
-€843,791
Taxes
-€1,230
Result 2025
€98.4m
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
+€127.5m
Investment
-€58.8m
Financing
-€70.0m
Cash 2024
€3.1m
From operations (derived)
+€127.5m
Net result for the year
+€98.4m
Depreciation
+€162,473
Smaller working-capital items
-€173,240
Deferred charges and accrued income
+€399,948
Tax, wage and social debts
+€454,829
Other debts
+€28.3m
Investment (derived)
-€58.8m
Investment in fixed assets (net)
+€9.9m
Current investments
-€68.7m
Financing
-€70.0m
Debts after one year
+€4,160
Contributions, distributions and other
-€70.0m
Cash 2025
€1.8m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,210,968,347 | €1,268,004,064 | +€57.0m | +4.7% |
| Fixed assets | 21/28 | €1,160,131,194 | €1,150,066,529 | -€10.1m | -0.9% |
| Tangible fixed assets | 22/27 | €18,658,259 | €18,533,454 | -€124,805 | -0.7% |
| Land and buildings | 22 | €18,628,300 | €18,519,998 | -€108,302 | -0.6% |
| Plant, machinery and equipment | 23 | €18,117 | €6,039 | -€12,078 | -66.7% |
| Furniture and vehicles | 24 | €11,843 | €7,417 | -€4,425 | -37.4% |
| Financial fixed assets | 28 | €1,141,472,935 | €1,131,533,075 | -€9.9m | -0.9% |
| Affiliated companies | 280/1 | €1,137,964,400 | €1,128,005,694 | -€10.0m | -0.9% |
| Participating interests | 280 | €1,137,964,400 | €1,128,005,694 | -€10.0m | -0.9% |
| Other financial fixed assets | 284/8 | €3,508,535 | €3,527,381 | +€18,846 | +0.5% |
| Shares | 284 | €3,497,399 | €3,516,245 | +€18,846 | +0.5% |
| Amounts receivable and cash guarantees | 285/8 | €11,136 | €11,136 | = | 0.0% |
| Current assets | 29/58 | €50,837,153 | €117,937,535 | +€67.1m | +132% |
| Amounts receivable after more than one year | 29 | €2,213,629 | €2,213,629 | = | 0.0% |
| Other amounts receivable | 291 | €2,213,629 | €2,213,629 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,768,955 | €1,838,973 | +€70,018 | +4.0% |
| Trade receivables | 40 | €135,868 | €273,140 | +€137,272 | +101% |
| Other amounts receivable | 41 | €1,633,087 | €1,565,833 | -€67,254 | -4.1% |
| Current investments | 50/53 | €42,625,000 | €111,325,000 | +€68.7m | +161% |
| Other investments | 51/53 | €42,625,000 | €111,325,000 | +€68.7m | +161% |
| Cash at bank and in hand | 54/58 | €3,092,238 | €1,822,551 | -€1.3m | -41.1% |
| Deferred charges and accrued income | 490/1 | €1,137,331 | €737,382 | -€399,948 | -35.2% |
| Total equity and liabilities | 10/49 | €1,210,968,347 | €1,268,004,064 | +€57.0m | +4.7% |
| Equity | 10/15 | €1,167,006,631 | €1,195,434,168 | +€28.4m | +2.4% |
| Contributions | 10/11 | €670,006,330 | €670,006,330 | = | 0.0% |
| Capital | 10 | €141,893,811 | €141,893,811 | = | 0.0% |
| Issued capital | 100 | €141,893,811 | €141,893,811 | = | 0.0% |
| Contributions outside capital | 11 | €528,112,518 | €528,112,518 | = | 0.0% |
| Share premium | 1100/10 | €528,112,518 | €528,112,518 | = | 0.0% |
| Revaluation surpluses | 12 | €21,054,319 | €21,054,319 | = | 0.0% |
| Reserves | 13 | €388,989,327 | €388,989,327 | = | 0.0% |
| Non-distributable reserves | 130/1 | €35,367,692 | €35,367,692 | = | 0.0% |
| Legal reserve | 130 | €32,717,117 | €32,717,117 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,650,576 | €2,650,576 | = | 0.0% |
| Tax-exempt reserves | 132 | €353,621,635 | €353,621,635 | = | 0.0% |
| Profit (loss) carried forward | 14 | €86,956,655 | €115,384,192 | +€28.4m | +32.7% |
| Amounts payable | 17/49 | €43,961,717 | €72,569,896 | +€28.6m | +65.1% |
| Amounts payable after more than one year | 17 | - | €4,160 | +€4,160 | |
| Other amounts payable | 178/9 | - | €4,160 | +€4,160 | |
| Amounts payable within one year | 42/48 | €43,148,344 | €71,804,276 | +€28.7m | +66.4% |
| Trade debts | 44 | €888,402 | €837,092 | -€51,310 | -5.8% |
| Suppliers | 440/4 | €888,402 | €837,092 | -€51,310 | -5.8% |
| Taxes, remuneration and social security | 45 | €435,096 | €889,924 | +€454,829 | +105% |
| Taxes | 450/3 | €339,194 | €529,855 | +€190,661 | +56.2% |
| Remuneration and social security | 454/9 | €95,902 | €360,069 | +€264,168 | +275% |
| Other amounts payable | 47/48 | €41,824,847 | €70,077,260 | +€28.3m | +67.5% |
| Accrued charges and deferred income | 492/3 | €813,373 | €761,460 | -€51,912 | -6.4% |
| Operating income | 70/76A | €456,572 | €720,203 | +€263,631 | +57.7% |
| Turnover | 70 | €317,553 | €720,203 | +€402,650 | +127% |
| Other operating income | 74 | €84,019 | - | -€84,019 | |
| Non-recurring operating income | 76A | €55,000 | - | -€55,000 | |
| Operating charges | 60/66A | €8,076,606 | €10,058,912 | +€2.0m | +24.5% |
| Services and other goods | 61 | €4,713,920 | €5,899,512 | +€1.2m | +25.2% |
| Remuneration, social security and pensions | 62 | €1,234,448 | €1,333,714 | +€99,266 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €136,048 | €162,473 | +€26,425 | +19.4% |
| Other operating charges | 640/8 | €1,992,190 | €2,663,212 | +€671,022 | +33.7% |
| Operating profit (loss) | 9901 | -€7,620,034 | -€9,338,709 | -€1.7m | -22.6% |
| Financial income | 75/76B | €41,558,243 | €109,604,826 | +€68.0m | +164% |
| Recurring financial income | 75 | €41,006,125 | €62,243,361 | +€21.2m | +51.8% |
| Income from financial fixed assets | 750 | €39,583,625 | €61,415,015 | +€21.8m | +55.2% |
| Income from current assets | 751 | €1,422,500 | €828,188 | -€594,312 | -41.8% |
| Other financial income | 752/9 | €0 | €158 | +€158 | |
| Non-recurring financial income | 76B | €552,118 | €47,361,465 | +€46.8m | +8,478% |
| Financial charges | 65/66B | €1,011,074 | €1,854,864 | +€843,791 | +83.5% |
| Recurring financial charges | 65 | €398,458 | €504,854 | +€106,396 | +26.7% |
| Other financial charges | 652/9 | €398,458 | €504,854 | +€106,396 | +26.7% |
| Non-recurring financial charges | 66B | €612,616 | €1,350,010 | +€737,394 | +120% |
| Profit (loss) for the period before taxes | 9903 | €32,927,136 | €98,411,253 | +€65.5m | +199% |
| Income taxes | 67/77 | €1,250 | €2,480 | +€1,230 | +98.4% |
| Taxes | 670/3 | €1,250 | €2,480 | +€1,230 | +98.4% |
| Profit (loss) for the period | 9904 | €32,925,886 | €98,408,773 | +€65.5m | +199% |
| Profit (loss) for the period to be appropriated | 9905 | €32,925,886 | €98,408,773 | +€65.5m | +199% |
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 26 October 2026 via checked.be.