HET EINDEKE: what changed
What changed
HET EINDEKE
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€53,172
2024 · €78,885-€25,713
Equity
€1.7m
2024 · €1.7m+€53,172
Cash
€107,408
2024 · €496,840-€389,432
Balance sheet total
€2.9m
2024 · €2.8m+€108,576
Largest movements
Assets
- Tangible fixed assets +€503,933
up €503,933 (+25.1%), from €2.0m to €2.5m
of which Land and buildings: +€507,344
- Cash -€389,432
down €389,432 (-78.4%), from €496,840 to €107,408
mainly Investment in fixed assets (net) (-€690,278) and Tax, wage and social debts (-€25,667)
Equity and liabilities
- Reserves +€53,172
up €53,172 (+4.6%), from €1.2m to €1.2m
of which Distributable reserves: +€53,172
- Debts after one year +€53,059
up €53,059 (+37.4%), from €141,719 to €194,778
- Other debts +€31,436
up €31,436 (+3.6%), from €873,633 to €905,069
Income statement
- Depreciation +€20,053
up €20,053 (+12.0%), from €166,793 to €186,846
- Gross operating margin -€10,109
down €10,109 (-3.8%), from €265,207 to €255,098
- Taxes -€7,136
down €7,136 (-31.7%), from €22,521 to €15,385
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€78,885
Gross operating margin
-€10,109
Depreciation
-€20,053
Other operating charges
+€1,014
Financial income
-€2,169
Financial charges
-€1,533
Taxes
+€7,136
Result 2025
€53,172
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€247,320
Investment
-€690,278
Financing
+€53,526
Cash 2024
€496,840
From operations (derived)
+€247,320
Net result for the year
+€53,172
Depreciation
+€186,846
Receivables within one year
+€5,424
Trade debts
-€2,732
Tax, wage and social debts
-€25,667
Other debts
+€31,436
Accrued charges and deferred income
-€1,159
Investment (derived)
-€690,278
Investment in fixed assets (net)
-€690,278
Financing
+€53,526
Debts after one year
+€53,059
Current portion of long-term debt
+€468
Cash 2025
€107,408
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,823,517 | €2,932,093 | +€108,576 | +3.8% |
| Fixed assets | 21/28 | €2,018,924 | €2,522,357 | +€503,433 | +24.9% |
| Tangible fixed assets | 22/27 | €2,006,824 | €2,510,757 | +€503,933 | +25.1% |
| Land and buildings | 22 | €1,981,580 | €2,488,924 | +€507,344 | +25.6% |
| Furniture and vehicles | 24 | €9,567 | €7,011 | -€2,556 | -26.7% |
| Other tangible fixed assets | 26 | €15,678 | €14,822 | -€855 | -5.5% |
| Financial fixed assets | 28 | €12,100 | €11,600 | -€500 | -4.1% |
| Current assets | 29/58 | €804,592 | €409,736 | -€394,856 | -49.1% |
| Amounts receivable within one year | 40/41 | €307,753 | €302,329 | -€5,424 | -1.8% |
| Trade receivables | 40 | €40,657 | €48,883 | +€8,226 | +20.2% |
| Other amounts receivable | 41 | €267,096 | €253,445 | -€13,651 | -5.1% |
| Cash at bank and in hand | 54/58 | €496,840 | €107,408 | -€389,432 | -78.4% |
| Total equity and liabilities | 10/49 | €2,823,517 | €2,932,093 | +€108,576 | +3.8% |
| Equity | 10/15 | €1,689,467 | €1,742,639 | +€53,172 | +3.1% |
| Contributions | 10/11 | €523,900 | €523,900 | = | 0.0% |
| Reserves | 13 | €1,165,567 | €1,218,739 | +€53,172 | +4.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,165,567 | €1,218,739 | +€53,172 | +4.6% |
| Amounts payable | 17/49 | €1,134,050 | €1,189,454 | +€55,404 | +4.9% |
| Amounts payable after more than one year | 17 | €141,719 | €194,778 | +€53,059 | +37.4% |
| Financial debts | 170/4 | €141,719 | €194,778 | +€53,059 | +37.4% |
| Amounts payable within one year | 42/48 | €989,679 | €993,184 | +€3,505 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €41,657 | €42,125 | +€468 | +1.1% |
| Trade debts | 44 | €15,994 | €13,262 | -€2,732 | -17.1% |
| Suppliers | 440/4 | €15,994 | €13,262 | -€2,732 | -17.1% |
| Taxes, remuneration and social security | 45 | €58,394 | €32,727 | -€25,667 | -44.0% |
| Taxes | 450/3 | €58,136 | €32,316 | -€25,820 | -44.4% |
| Remuneration and social security | 454/9 | €258 | €411 | +€153 | +59.1% |
| Other amounts payable | 47/48 | €873,633 | €905,069 | +€31,436 | +3.6% |
| Accrued charges and deferred income | 492/3 | €2,652 | €1,493 | -€1,159 | -43.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €166,793 | €186,846 | +€20,053 | +12.0% |
| Other operating charges | 640/8 | €3,249 | €2,235 | -€1,014 | -31.2% |
| Gross operating margin | 9900 | €265,207 | €255,098 | -€10,109 | -3.8% |
| Operating profit (loss) | 9901 | €95,165 | €66,017 | -€29,148 | -30.6% |
| Financial income | 75/76B | €8,710 | €6,541 | -€2,169 | -24.9% |
| Recurring financial income | 75 | €8,710 | €6,541 | -€2,169 | -24.9% |
| Financial charges | 65/66B | €2,469 | €4,002 | +€1,533 | +62.1% |
| Recurring financial charges | 65 | €2,469 | €4,002 | +€1,533 | +62.1% |
| Profit (loss) for the period before taxes | 9903 | €101,406 | €68,557 | -€32,850 | -32.4% |
| Income taxes | 67/77 | €22,521 | €15,385 | -€7,136 | -31.7% |
| Profit (loss) for the period | 9904 | €78,885 | €53,172 | -€25,713 | -32.6% |
| Profit (loss) for the period to be appropriated | 9905 | €78,885 | €53,172 | -€25,713 | -32.6% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.