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
- Receivables within one year -€387,050
down €387,050 (-59.4%), from €651,766 to €264,716
of which Trade receivables: -€385,020
- Cash -€112,993
down €112,993 (-47.1%), from €239,770 to €126,777
mainly Trade debts (-€216,646) and Other debts (-€144,450)
- Tangible fixed assets +€51,052
up €51,052 (+65.2%), from €78,274 to €129,326
of which Furniture and vehicles: +€52,209
- Stocks and contracts +€29,017
up €29,017 (+5.2%), from €560,656 to €589,673
- Current investments -€24,000
no longer reported in 2025 (was €24,000)
- Trade debts -€216,646
down €216,646 (-45.8%), from €472,566 to €255,920
- Other debts -€144,450
down €144,450 (-18.0%), from €802,722 to €658,272
- Advances received -€69,492
down €69,492 (-48.3%), from €143,906 to €74,414
- Taxes -€41,604
down €41,604 (-85.8%), from €48,469 to €6,866
- Gross operating margin -€25,394
down €25,394 (-42.2%), from €60,205 to €34,811
- Depreciation -€20,947
down €20,947 (-52.0%), from €40,316 to €19,369
- Financial income +€13,972
up €13,972 (+275%), from €5,079 to €19,050
of which Financial income: +€14,470
- Other operating charges +€7,084
up €7,084 (+95.2%), from €7,438 to €14,521
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 | €1,619,180 | €1,194,314 | -€424,866 | -26.2% |
| Fixed assets | 21/28 | €78,274 | €129,326 | +€51,052 | +65.2% |
| Tangible fixed assets | 22/27 | €78,274 | €129,326 | +€51,052 | +65.2% |
| Land and buildings | 22 | €22,296 | €20,189 | -€2,108 | -9.5% |
| Plant, machinery and equipment | 23 | - | €951 | +€951 | |
| Furniture and vehicles | 24 | €55,978 | €108,186 | +€52,209 | +93.3% |
| Current assets | 29/58 | €1,540,907 | €1,064,988 | -€475,918 | -30.9% |
| Stocks and contracts in progress | 3 | €560,656 | €589,673 | +€29,017 | +5.2% |
| Stocks | 30/36 | €560,656 | €589,673 | +€29,017 | +5.2% |
| Amounts receivable within one year | 40/41 | €651,766 | €264,716 | -€387,050 | -59.4% |
| Trade receivables | 40 | €626,576 | €241,555 | -€385,020 | -61.4% |
| Other amounts receivable | 41 | €25,191 | €23,161 | -€2,030 | -8.1% |
| Current investments | 50/53 | €24,000 | - | -€24,000 | |
| Cash at bank and in hand | 54/58 | €239,770 | €126,777 | -€112,993 | -47.1% |
| Deferred charges and accrued income | 490/1 | €64,714 | €83,823 | +€19,108 | +29.5% |
| Total equity and liabilities | 10/49 | €1,619,180 | €1,194,314 | -€424,866 | -26.2% |
| Equity | 10/15 | €195,591 | €204,215 | +€8,624 | +4.4% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Capital | 10 | €24,789 | €24,789 | = | 0.0% |
| Issued capital | 100 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €25,909 | €34,533 | +€8,624 | +33.3% |
| Non-distributable reserves | 130/1 | €2,479 | €2,479 | = | 0.0% |
| Legal reserve | 130 | €2,479 | €2,479 | = | 0.0% |
| Distributable reserves | 133 | €23,430 | €32,054 | +€8,624 | +36.8% |
| Profit (loss) carried forward | 14 | €144,892 | €144,892 | = | 0.0% |
| Amounts payable | 17/49 | €1,423,589 | €990,100 | -€433,490 | -30.5% |
| Amounts payable within one year | 42/48 | €1,423,589 | €990,100 | -€433,490 | -30.5% |
| Trade debts | 44 | €472,566 | €255,920 | -€216,646 | -45.8% |
| Suppliers | 440/4 | €472,566 | €255,920 | -€216,646 | -45.8% |
| Advances received on contracts in progress | 46 | €143,906 | €74,414 | -€69,492 | -48.3% |
| Taxes, remuneration and social security | 45 | €4,396 | €1,494 | -€2,902 | -66.0% |
| Taxes | 450/3 | €4,396 | €1,494 | -€2,902 | -66.0% |
| Other amounts payable | 47/48 | €802,722 | €658,272 | -€144,450 | -18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,316 | €19,369 | -€20,947 | -52.0% |
| Other operating charges | 640/8 | €7,438 | €14,521 | +€7,084 | +95.2% |
| Gross operating margin | 9900 | €60,205 | €34,811 | -€25,394 | -42.2% |
| Operating profit (loss) | 9901 | €12,452 | €921 | -€11,531 | -92.6% |
| Financial income | 75/76B | €5,079 | €19,050 | +€13,972 | +275% |
| Recurring financial income | 75 | €79 | €14,549 | +€14,470 | +18,396% |
| Non-recurring financial income | 76B | €5,000 | €4,502 | -€498 | -10.0% |
| Financial charges | 65/66B | €3,304 | €4,482 | +€1,178 | +35.6% |
| Recurring financial charges | 65 | €3,304 | €4,482 | +€1,178 | +35.6% |
| Profit (loss) for the period before taxes | 9903 | €14,226 | €15,489 | +€1,263 | +8.9% |
| Income taxes | 67/77 | €48,469 | €6,866 | -€41,604 | -85.8% |
| Profit (loss) for the period | 9904 | -€34,243 | €8,624 | +€42,867 | |
| Profit (loss) for the period to be appropriated | 9905 | -€34,243 | €8,624 | +€42,867 |
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.