D'HONDT: 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.
D'HONDT
Largest movements
- Tangible fixed assets +€1.8m
up €1.8m (+35.1%), from €5.1m to €6.9m
of which Land and buildings: +€1.8m
- Financial fixed assets +€875,000
up €875,000 (+108,452%), from €807 to €875,807
- Current investments +€547,183
up €547,183 (+10.9%), from €5.0m to €5.6m
- Cash +€506,569
up €506,569 (+66.5%), from €761,197 to €1.3m
mainly Debts after one year (+€2.9m) and Net result for the year (+€1.0m)
- Debts after one year +€2.9m
up €2.9m (+2,737%), from €104,167 to €3.0m
- Reserves +€644,468
up €644,468 (+6.3%), from €10.3m to €10.9m
of which Distributable reserves: +€656,000
- Other debts +€321,022
up €321,022 (+110%), from €290,599 to €611,621
- Financial income +€434,595
up €434,595 (+323%), from €134,428 to €569,023
of which Non-recurring financial income: +€470,977
- Gross operating margin +€200,426
up €200,426 (+12.7%), from €1.6m to €1.8m
- Taxes +€131,913
up €131,913 (+45.0%), from €293,044 to €424,957
- Other operating charges -€70,354
down €70,354 (-68.3%), from €103,046 to €32,692
- Staff costs +€49,364
up €49,364 (+11.9%), from €414,775 to €464,139
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,500,814 | €15,146,812 | +€3.6m | +31.7% |
| Fixed assets | 21/28 | €5,125,089 | €7,796,293 | +€2.7m | +52.1% |
| Tangible fixed assets | 22/27 | €5,124,282 | €6,920,486 | +€1.8m | +35.1% |
| Land and buildings | 22 | €5,047,738 | €6,835,502 | +€1.8m | +35.4% |
| Plant, machinery and equipment | 23 | €2,027 | €37,502 | +€35,476 | +1,750% |
| Furniture and vehicles | 24 | €71,602 | €44,858 | -€26,743 | -37.3% |
| Other tangible fixed assets | 26 | €2,915 | €2,624 | -€292 | -10.0% |
| Financial fixed assets | 28 | €807 | €875,807 | +€875,000 | +108,452% |
| Current assets | 29/58 | €6,375,725 | €7,350,519 | +€974,794 | +15.3% |
| Stocks and contracts in progress | 3 | €141,674 | €141,062 | -€612 | -0.4% |
| Stocks | 30/36 | €141,674 | €141,062 | -€612 | -0.4% |
| Amounts receivable within one year | 40/41 | €442,044 | €368,403 | -€73,641 | -16.7% |
| Trade receivables | 40 | €442,044 | €359,457 | -€82,587 | -18.7% |
| Other amounts receivable | 41 | €0 | €8,946 | +€8,946 | |
| Current investments | 50/53 | €5,016,865 | €5,564,048 | +€547,183 | +10.9% |
| Cash at bank and in hand | 54/58 | €761,197 | €1,267,766 | +€506,569 | +66.5% |
| Deferred charges and accrued income | 490/1 | €13,945 | €9,240 | -€4,706 | -33.7% |
| Total equity and liabilities | 10/49 | €11,500,814 | €15,146,812 | +€3.6m | +31.7% |
| Equity | 10/15 | €10,371,807 | €11,017,525 | +€645,719 | +6.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €10,286,725 | €10,931,192 | +€644,468 | +6.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €63,525 | €51,992 | -€11,532 | -18.2% |
| Distributable reserves | 133 | €10,217,000 | €10,873,000 | +€656,000 | +6.4% |
| Profit (loss) carried forward | 14 | €23,082 | €24,333 | +€1,251 | +5.4% |
| Provisions and deferred taxes | 16 | €35,024 | €28,666 | -€6,358 | -18.2% |
| Deferred taxes | 168 | €35,024 | €28,666 | -€6,358 | -18.2% |
| Amounts payable | 17/49 | €1,093,983 | €4,100,621 | +€3.0m | +275% |
| Amounts payable after more than one year | 17 | €104,167 | €2,955,175 | +€2.9m | +2,737% |
| Financial debts | 170/4 | €104,167 | €2,955,175 | +€2.9m | +2,737% |
| Amounts payable within one year | 42/48 | €864,291 | €1,133,584 | +€269,294 | +31.2% |
| Current portion of amounts payable after more than one year | 42 | €250,000 | €104,167 | -€145,833 | -58.3% |
| Trade debts | 44 | €199,268 | €216,966 | +€17,698 | +8.9% |
| Suppliers | 440/4 | €199,268 | €216,966 | +€17,698 | +8.9% |
| Taxes, remuneration and social security | 45 | €124,424 | €200,830 | +€76,407 | +61.4% |
| Taxes | 450/3 | €77,875 | €148,207 | +€70,332 | +90.3% |
| Remuneration and social security | 454/9 | €46,549 | €52,623 | +€6,075 | +13.0% |
| Other amounts payable | 47/48 | €290,599 | €611,621 | +€321,022 | +110% |
| Accrued charges and deferred income | 492/3 | €125,525 | €11,861 | -€113,664 | -90.6% |
| Non-recurring operating income | 76A | - | €2,300 | +€2,300 | |
| Remuneration, social security and pensions | 62 | €414,775 | €464,139 | +€49,364 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €288,182 | €324,802 | +€36,619 | +12.7% |
| Other operating charges | 640/8 | €103,046 | €32,692 | -€70,354 | -68.3% |
| Non-recurring operating charges | 66A | - | €174 | +€174 | |
| Gross operating margin | 9900 | €1,583,621 | €1,784,047 | +€200,426 | +12.7% |
| Operating profit (loss) | 9901 | €777,618 | €962,240 | +€184,622 | +23.7% |
| Financial income | 75/76B | €134,428 | €569,023 | +€434,595 | +323% |
| Recurring financial income | 75 | €134,428 | €98,046 | -€36,383 | -27.1% |
| Non-recurring financial income | 76B | - | €470,977 | +€470,977 | |
| Financial charges | 65/66B | €43,789 | €62,946 | +€19,156 | +43.7% |
| Recurring financial charges | 65 | €43,789 | €62,946 | +€19,156 | +43.7% |
| Profit (loss) for the period before taxes | 9903 | €868,257 | €1,468,318 | +€600,060 | +69.1% |
| Transfer from deferred taxes | 780 | €6,358 | €6,358 | = | 0.0% |
| Income taxes | 67/77 | €293,044 | €424,957 | +€131,913 | +45.0% |
| Profit (loss) for the period | 9904 | €581,572 | €1,049,719 | +€468,147 | +80.5% |
| Transfer from tax-exempt reserves | 789 | €11,532 | €11,532 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €593,104 | €1,061,251 | +€468,147 | +78.9% |
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 27 October 2026 via checked.be.