B: what changed
What changed
B
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€42,634
2024 · €39,524+€3,109
Equity
€147,559
2024 · €104,925+€42,634
Cash
€22,371
2024 · €8,618+€13,753
Balance sheet total
€270,042
2024 · €257,523+€12,519
Largest movements
Assets
- Cash +€13,753
up €13,753 (+160%), from €8,618 to €22,371
mainly Net result for the year (+€42,634) and Depreciation (+€1,297)
Equity and liabilities
- Reserves +€42,634
up €42,634 (+41.4%), from €102,925 to €145,559
- Debts after one year -€31,000
down €31,000 (-24.2%), from €128,000 to €97,000
of which Other amounts payable: -€25,000
Income statement
- Gross operating margin +€7,307
up €7,307 (+13.3%), from €54,889 to €62,196
- Financial income -€2,001
down €2,001 (-100.0%), from €2,001 to €0
- Taxes +€1,853
up €1,853 (+13.2%), from €14,036 to €15,889
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
€39,524
Gross operating margin
+€7,307
Depreciation
-€310
Other operating charges
-€83
Financial income
-€2,001
Financial charges
+€49
Taxes
-€1,853
Result 2025
€42,634
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
+€46,031
Investment
-€1,278
Financing
-€31,000
Cash 2024
€8,618
From operations (derived)
+€46,031
Net result for the year
+€42,634
Depreciation
+€1,297
Receivables within one year
+€1,226
Smaller working-capital items
-€93
Trade debts
-€223
Tax, wage and social debts
+€1,192
Investment (derived)
-€1,278
Investment in fixed assets (net)
-€1,278
Financing
-€31,000
Debts after one year
-€31,000
Cash 2025
€22,371
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €257,523 | €270,042 | +€12,519 | +4.9% |
| Formation expenses | 20 | €572 | €331 | -€242 | -42.2% |
| Fixed assets | 21/28 | €234,689 | €234,911 | +€223 | +0.1% |
| Tangible fixed assets | 22/27 | €4,689 | €4,911 | +€223 | +4.7% |
| Furniture and vehicles | 24 | €4,689 | €3,671 | -€1,017 | -21.7% |
| Other tangible fixed assets | 26 | - | €1,240 | +€1,240 | |
| Financial fixed assets | 28 | €230,000 | €230,000 | = | 0.0% |
| Current assets | 29/58 | €22,262 | €34,800 | +€12,538 | +56.3% |
| Amounts receivable within one year | 40/41 | €13,525 | €12,299 | -€1,226 | -9.1% |
| Trade receivables | 40 | €13,507 | €12,297 | -€1,210 | -9.0% |
| Other amounts receivable | 41 | €17 | €1 | -€16 | -92.6% |
| Cash at bank and in hand | 54/58 | €8,618 | €22,371 | +€13,753 | +160% |
| Deferred charges and accrued income | 490/1 | €119 | €130 | +€11 | +9.0% |
| Total equity and liabilities | 10/49 | €257,523 | €270,042 | +€12,519 | +4.9% |
| Equity | 10/15 | €104,925 | €147,559 | +€42,634 | +40.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €102,925 | €145,559 | +€42,634 | +41.4% |
| Distributable reserves | 133 | €102,925 | €145,559 | +€42,634 | +41.4% |
| Amounts payable | 17/49 | €152,597 | €122,483 | -€30,114 | -19.7% |
| Amounts payable after more than one year | 17 | €128,000 | €97,000 | -€31,000 | -24.2% |
| Financial debts | 170/4 | €78,000 | €72,000 | -€6,000 | -7.7% |
| Other amounts payable | 178/9 | €50,000 | €25,000 | -€25,000 | -50.0% |
| Amounts payable within one year | 42/48 | €24,012 | €24,943 | +€931 | +3.9% |
| Trade debts | 44 | €611 | €388 | -€223 | -36.5% |
| Suppliers | 440/4 | €611 | €388 | -€223 | -36.5% |
| Taxes, remuneration and social security | 45 | €23,363 | €24,555 | +€1,192 | +5.1% |
| Taxes | 450/3 | €23,363 | €24,555 | +€1,192 | +5.1% |
| Other amounts payable | 47/48 | €38 | - | -€38 | |
| Accrued charges and deferred income | 492/3 | €585 | €540 | -€45 | -7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €987 | €1,297 | +€310 | +31.5% |
| Other operating charges | 640/8 | €895 | €978 | +€83 | +9.3% |
| Gross operating margin | 9900 | €54,889 | €62,196 | +€7,307 | +13.3% |
| Operating profit (loss) | 9901 | €53,007 | €59,921 | +€6,914 | +13.0% |
| Financial income | 75/76B | €2,001 | €0 | -€2,001 | -100.0% |
| Recurring financial income | 75 | €2,001 | €0 | -€2,001 | -100.0% |
| Financial charges | 65/66B | €1,447 | €1,399 | -€49 | -3.4% |
| Recurring financial charges | 65 | €1,447 | €1,399 | -€49 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €53,561 | €58,522 | +€4,962 | +9.3% |
| Income taxes | 67/77 | €14,036 | €15,889 | +€1,853 | +13.2% |
| Profit (loss) for the period | 9904 | €39,524 | €42,634 | +€3,109 | +7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €39,524 | €42,634 | +€3,109 | +7.9% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.