De Hondt Projects: 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.
De Hondt Projects
Largest movements
- Tangible fixed assets -€14,864
down €14,864 (-20.4%), from €72,868 to €58,004
- Cash +€2,960
up €2,960 (+6.8%), from €43,754 to €46,714
mainly Depreciation (+€16,375) and Receivables within one year (+€2,729)
- Receivables within one year -€2,729
down €2,729 (-21.9%), from €12,441 to €9,712
of which Other amounts receivable: -€2,274
- Reserves -€11,043
down €11,043 (-8.4%), from €131,642 to €120,599
of which Distributable reserves: -€11,043
- Trade debts -€3,780
no longer reported in 2025 (was €3,780)
- Current portion of long-term debt -€1,990
no longer reported in 2025 (was €1,990)
- Gross operating margin -€67,875
down €67,875 (-91.2%), from €74,456 to €6,581
- Depreciation +€12,752
up €12,752 (+352.0%), from €3,623 to €16,375
- Other operating charges -€7,715
down €7,715 (-89.9%), from €8,583 to €868
- Taxes -€6,889
down €6,889 (-97.5%), from €7,067 to €178
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 | €165,137 | €149,445 | -€15,692 | -9.5% |
| Fixed assets | 21/28 | €73,658 | €58,794 | -€14,864 | -20.2% |
| Tangible fixed assets | 22/27 | €72,868 | €58,004 | -€14,864 | -20.4% |
| Furniture and vehicles | 24 | €72,868 | €58,004 | -€14,864 | -20.4% |
| Financial fixed assets | 28 | €790 | €790 | = | 0.0% |
| Current assets | 29/58 | €91,479 | €90,651 | -€828 | -0.9% |
| Amounts receivable after more than one year | 29 | €34,570 | €34,225 | -€345 | -1.0% |
| Other amounts receivable | 291 | €34,570 | €34,225 | -€345 | -1.0% |
| Amounts receivable within one year | 40/41 | €12,441 | €9,712 | -€2,729 | -21.9% |
| Trade receivables | 40 | €7,380 | €6,925 | -€455 | -6.2% |
| Other amounts receivable | 41 | €5,061 | €2,787 | -€2,274 | -44.9% |
| Cash at bank and in hand | 54/58 | €43,754 | €46,714 | +€2,960 | +6.8% |
| Deferred charges and accrued income | 490/1 | €714 | - | -€714 | |
| Total equity and liabilities | 10/49 | €165,137 | €149,445 | -€15,692 | -9.5% |
| Equity | 10/15 | €150,192 | €139,149 | -€11,043 | -7.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €131,642 | €120,599 | -€11,043 | -8.4% |
| Tax-exempt reserves | 132 | €5,300 | €5,300 | = | 0.0% |
| Distributable reserves | 133 | €126,342 | €115,299 | -€11,043 | -8.7% |
| Amounts payable | 17/49 | €14,945 | €10,296 | -€4,649 | -31.1% |
| Amounts payable within one year | 42/48 | €14,945 | €10,296 | -€4,649 | -31.1% |
| Current portion of amounts payable after more than one year | 42 | €1,990 | - | -€1,990 | |
| Trade debts | 44 | €3,780 | - | -€3,780 | |
| Suppliers | 440/4 | €3,780 | - | -€3,780 | |
| Taxes, remuneration and social security | 45 | €9,175 | €10,296 | +€1,121 | +12.2% |
| Taxes | 450/3 | €4,348 | €5,760 | +€1,412 | +32.5% |
| Remuneration and social security | 454/9 | €4,827 | €4,536 | -€291 | -6.0% |
| Non-recurring operating income | 76A | €56,612 | - | -€56,612 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,623 | €16,375 | +€12,752 | +352.0% |
| Other operating charges | 640/8 | €8,583 | €868 | -€7,715 | -89.9% |
| Non-recurring operating charges | 66A | €14,064 | - | -€14,064 | |
| Gross operating margin | 9900 | €74,456 | €6,581 | -€67,875 | -91.2% |
| Operating profit (loss) | 9901 | €48,186 | -€10,662 | -€58,848 | |
| Financial income | 75/76B | €6 | - | -€6 | |
| Recurring financial income | 75 | €6 | - | -€6 | |
| Financial charges | 65/66B | €924 | €203 | -€721 | -78.0% |
| Recurring financial charges | 65 | €924 | €203 | -€721 | -78.0% |
| Profit (loss) for the period before taxes | 9903 | €47,268 | -€10,865 | -€58,133 | |
| Income taxes | 67/77 | €7,067 | €178 | -€6,889 | -97.5% |
| Profit (loss) for the period | 9904 | €40,201 | -€11,043 | -€51,244 | |
| Profit (loss) for the period to be appropriated | 9905 | €40,201 | -€11,043 | -€51,244 |
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 6 October 2026 via checked.be.