HOLDUX: 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.
HOLDUX
Largest movements
- Receivables within one year +€199,908
up €199,908 (+49.9%), from €400,392 to €600,300
of which Other amounts receivable: +€176,307
- Other debts +€719,294
up €719,294 (+58.1%), from €1.2m to €2.0m
- Reserves -€295,413
down €295,413 (-6.1%), from €4.8m to €4.5m
of which Distributable reserves: -€295,413
- Short-term financial debts -€175,000
no longer reported in 2025 (was €175,000)
- Current portion of long-term debt +€125,970
up €125,970 (+136.6%), from €92,198 to €218,168
- Debts after one year -€110,842
down €110,842 (-9.8%), from €1.1m to €1.0m
- Staff costs -€150,712
down €150,712 (-46.5%), from €324,208 to €173,496
- Gross operating margin -€145,374
down €145,374 (-37.0%), from €392,652 to €247,277
- Financial charges +€22,647
up €22,647 (+62.5%), from €36,246 to €58,893
- Taxes -€13,134
down €13,134 (-59.2%), from €22,198 to €9,064
- Financial income -€9,582
down €9,582 (-1.0%), from €913,907 to €904,325
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,635,563 | €7,841,624 | +€206,061 | +2.7% |
| Fixed assets | 21/28 | €7,230,211 | €7,233,675 | +€3,464 | 0.0% |
| Tangible fixed assets | 22/27 | €6,110 | €9,574 | +€3,464 | +56.7% |
| Furniture and vehicles | 24 | €6,110 | €9,574 | +€3,464 | +56.7% |
| Financial fixed assets | 28 | €7,224,101 | €7,224,101 | = | 0.0% |
| Current assets | 29/58 | €405,352 | €607,949 | +€202,597 | +50.0% |
| Amounts receivable within one year | 40/41 | €400,392 | €600,300 | +€199,908 | +49.9% |
| Trade receivables | 40 | €131,893 | €155,494 | +€23,601 | +17.9% |
| Other amounts receivable | 41 | €268,499 | €444,806 | +€176,307 | +65.7% |
| Cash at bank and in hand | 54/58 | €2,571 | €6,926 | +€4,356 | +169.4% |
| Deferred charges and accrued income | 490/1 | €2,390 | €723 | -€1,666 | -69.7% |
| Total equity and liabilities | 10/49 | €7,635,563 | €7,841,624 | +€206,061 | +2.7% |
| Equity | 10/15 | €4,842,226 | €4,546,813 | -€295,413 | -6.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €4,822,226 | €4,526,813 | -€295,413 | -6.1% |
| Non-distributable reserves | 130/1 | €1,639,936 | €1,639,936 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,639,936 | €1,639,936 | = | 0.0% |
| Distributable reserves | 133 | €3,182,290 | €2,886,877 | -€295,413 | -9.3% |
| Amounts payable | 17/49 | €2,793,337 | €3,294,811 | +€501,474 | +18.0% |
| Amounts payable after more than one year | 17 | €1,128,001 | €1,017,159 | -€110,842 | -9.8% |
| Financial debts | 170/4 | €1,128,001 | €1,017,159 | -€110,842 | -9.8% |
| Amounts payable within one year | 42/48 | €1,663,407 | €2,277,653 | +€614,246 | +36.9% |
| Current portion of amounts payable after more than one year | 42 | €92,198 | €218,168 | +€125,970 | +136.6% |
| Financial debts | 43 | €175,000 | - | -€175,000 | |
| Credit institutions | 430/8 | €175,000 | - | -€175,000 | |
| Trade debts | 44 | €45,238 | €25,452 | -€19,786 | -43.7% |
| Suppliers | 440/4 | €45,238 | €25,452 | -€19,786 | -43.7% |
| Taxes, remuneration and social security | 45 | €111,986 | €75,755 | -€36,232 | -32.4% |
| Taxes | 450/3 | €71,426 | €43,903 | -€27,523 | -38.5% |
| Remuneration and social security | 454/9 | €40,560 | €31,851 | -€8,709 | -21.5% |
| Other amounts payable | 47/48 | €1,238,984 | €1,958,278 | +€719,294 | +58.1% |
| Accrued charges and deferred income | 492/3 | €1,930 | - | -€1,930 | |
| Remuneration, social security and pensions | 62 | €324,208 | €173,496 | -€150,712 | -46.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,928 | €4,382 | +€1,454 | +49.6% |
| Other operating charges | 640/8 | €1,092 | €1,180 | +€89 | +8.1% |
| Gross operating margin | 9900 | €392,652 | €247,277 | -€145,374 | -37.0% |
| Operating profit (loss) | 9901 | €64,424 | €68,219 | +€3,795 | +5.9% |
| Financial income | 75/76B | €913,907 | €904,325 | -€9,582 | -1.0% |
| Recurring financial income | 75 | €913,907 | €904,325 | -€9,582 | -1.0% |
| Financial charges | 65/66B | €36,246 | €58,893 | +€22,647 | +62.5% |
| Recurring financial charges | 65 | €36,246 | €58,893 | +€22,647 | +62.5% |
| Profit (loss) for the period before taxes | 9903 | €942,085 | €913,651 | -€28,434 | -3.0% |
| Income taxes | 67/77 | €22,198 | €9,064 | -€13,134 | -59.2% |
| Profit (loss) for the period | 9904 | €919,887 | €904,587 | -€15,300 | -1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €919,887 | €904,587 | -€15,300 | -1.7% |
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 8 October 2026 via checked.be.