GENTVEST: 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
GENTVEST
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€5.4m
2024 · €1.3m-€6.7m
Equity
€14.2m
2024 · €20.3m-€6.1m
Cash
€4.0m
2024 · €5.7m-€1.7m
Balance sheet total
€15.1m
2024 · €21.2m-€6.1m
Largest movements
Assets
- Receivables after one year -€2.4m
down €2.4m (-100.0%), from €2.4m to €0
- Financial fixed assets -€2.2m
down €2.2m (-17.7%), from €12.2m to €10.0m
- Cash -€1.7m
down €1.7m (-30.1%), from €5.7m to €4.0m
mainly Net result for the year (-€5.4m) and Contributions, distributions and other (-€623,766)
- Receivables within one year +€277,217
up €277,217 (+37.5%), from €739,476 to €1.0m
of which Other amounts receivable: +€243,544
Equity and liabilities
- Profit (loss) carried forward -€6.1m
down €6.1m (-40.9%), from €14.8m to €8.7m
Income statement
- Financial charges +€6.4m
up €6.4m, from -€24,827 to €6.4m
of which Non-recurring financial charges: +€3.9m
- Financial income -€460,290
down €460,290 (-52.9%), from €869,314 to €409,024
- Taxes -€198,159
down €198,159 (-100.0%), from €198,159 to €0
- Services and other goods +€12,760
up €12,760 (+11.7%), from €108,828 to €121,588
- Turnover +€11,160
up €11,160 (+3.6%), from €308,329 to €319,488
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
€1.3m
Turnover
+€11,160
Services and other goods
-€12,760
Depreciation
-€115
Other operating charges
+€1,875
Financial income
-€460,290
Financial charges
-€6.4m
Taxes
+€198,159
Result 2025
-€5.4m
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
-€3.2m
Investment
+€2.2m
Financing
-€623,766
Cash 2024
€5.7m
From operations (derived)
-€3.2m
Net result for the year
-€5.4m
Depreciation
+€365
Receivables after one year
+€2.4m
Receivables within one year
-€277,217
Deferred charges and accrued income
+€109,855
Smaller working-capital items
-€5,460
Other debts
-€17,500
Investment (derived)
+€2.2m
Investment in fixed assets (net)
+€2.2m
Financing
-€623,766
Contributions, distributions and other
-€623,766
Cash 2025
€4.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,182,659 | €15,104,194 | -€6.1m | -28.7% |
| Fixed assets | 21/28 | €12,154,264 | €10,003,668 | -€2.2m | -17.7% |
| Tangible fixed assets | 22/27 | €1,575 | €1,210 | -€365 | -23.2% |
| Plant, machinery and equipment | 23 | €1,575 | €1,210 | -€365 | -23.2% |
| Financial fixed assets | 28 | €12,152,689 | €10,002,458 | -€2.2m | -17.7% |
| Affiliated companies | 280/1 | €12,152,689 | €10,002,458 | -€2.2m | -17.7% |
| Participating interests | 280 | €10,443,564 | €7,793,333 | -€2.7m | -25.4% |
| Amounts receivable | 281 | €1,709,125 | €2,209,125 | +€500,000 | +29.3% |
| Current assets | 29/58 | €9,028,395 | €5,100,526 | -€3.9m | -43.5% |
| Amounts receivable after more than one year | 29 | €2,375,000 | €0 | -€2.4m | -100.0% |
| Other amounts receivable | 291 | €2,375,000 | €0 | -€2.4m | -100.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €739,476 | €1,016,693 | +€277,217 | +37.5% |
| Trade receivables | 40 | €31,253 | €64,925 | +€33,673 | +107.7% |
| Other amounts receivable | 41 | €708,224 | €951,768 | +€243,544 | +34.4% |
| Current investments | 50/53 | €0 | - | = | |
| Other investments | 51/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €5,720,606 | €4,000,375 | -€1.7m | -30.1% |
| Deferred charges and accrued income | 490/1 | €193,313 | €83,458 | -€109,855 | -56.8% |
| Total equity and liabilities | 10/49 | €21,182,659 | €15,104,194 | -€6.1m | -28.7% |
| Equity | 10/15 | €20,282,895 | €14,227,390 | -€6.1m | -29.9% |
| Contributions | 10/11 | €200,450 | €200,450 | = | 0.0% |
| Capital | 10 | €200,450 | €200,450 | = | 0.0% |
| Issued capital | 100 | €200,450 | €200,450 | = | 0.0% |
| Reserves | 13 | €5,292,136 | €5,292,136 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,045 | €20,045 | = | 0.0% |
| Legal reserve | 130 | €20,045 | €20,045 | = | 0.0% |
| Tax-exempt reserves | 132 | €137,105 | €137,105 | = | 0.0% |
| Distributable reserves | 133 | €5,134,986 | €5,134,986 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,790,309 | €8,734,804 | -€6.1m | -40.9% |
| Amounts payable | 17/49 | €899,764 | €876,804 | -€22,960 | -2.6% |
| Amounts payable within one year | 42/48 | €898,796 | €876,804 | -€21,992 | -2.4% |
| Trade debts | 44 | €19,813 | €18,204 | -€1,609 | -8.1% |
| Suppliers | 440/4 | €19,813 | €18,204 | -€1,609 | -8.1% |
| Taxes, remuneration and social security | 45 | €106,467 | €103,584 | -€2,883 | -2.7% |
| Taxes | 450/3 | €102,282 | €103,584 | +€1,302 | +1.3% |
| Remuneration and social security | 454/9 | €4,185 | €0 | -€4,185 | -100.0% |
| Other amounts payable | 47/48 | €772,516 | €755,016 | -€17,500 | -2.3% |
| Accrued charges and deferred income | 492/3 | €968 | €0 | -€968 | -100.0% |
| Operating income | 70/76A | €683,329 | €694,488 | +€11,160 | +1.6% |
| Turnover | 70 | €308,329 | €319,488 | +€11,160 | +3.6% |
| Other operating income | 74 | €375,000 | €375,000 | = | 0.0% |
| Operating charges | 60/66A | €112,909 | €123,909 | +€11,000 | +9.7% |
| Services and other goods | 61 | €108,828 | €121,588 | +€12,760 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €250 | €365 | +€115 | +46.0% |
| Other operating charges | 640/8 | €3,830 | €1,956 | -€1,875 | -48.9% |
| Operating profit (loss) | 9901 | €570,420 | €570,579 | +€159 | 0.0% |
| Financial income | 75/76B | €869,314 | €409,024 | -€460,290 | -52.9% |
| Recurring financial income | 75 | €869,314 | €409,024 | -€460,290 | -52.9% |
| Income from financial fixed assets | 750 | €763,679 | €376,524 | -€387,155 | -50.7% |
| Income from current assets | 751 | €104,884 | €32,500 | -€72,384 | -69.0% |
| Other financial income | 752/9 | €751 | €0 | -€751 | -100.0% |
| Financial charges | 65/66B | -€24,827 | €6,411,343 | +€6.4m | |
| Recurring financial charges | 65 | -€24,827 | €2,511,112 | +€2.5m | |
| Debt charges | 650 | €0 | €42 | +€42 | |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€210,666 | €2,510,105 | +€2.7m | |
| Other financial charges | 652/9 | €185,839 | €966 | -€184,873 | -99.5% |
| Non-recurring financial charges | 66B | €0 | €3,900,230 | +€3.9m | |
| Profit (loss) for the period before taxes | 9903 | €1,464,561 | -€5,431,739 | -€6.9m | |
| Income taxes | 67/77 | €198,159 | €0 | -€198,159 | -100.0% |
| Taxes | 670/3 | €198,159 | €0 | -€198,159 | -100.0% |
| Profit (loss) for the period | 9904 | €1,266,403 | -€5,431,739 | -€6.7m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,266,403 | -€5,431,739 | -€6.7m |
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 11 October 2026 via checked.be.