DEN HOED: 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.
What changed
DEN HOED
NACE 70.100, Activities of head offices
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3.3m
2024 · €1.6m+€1.7m
Equity
€36.9m
2024 · €33.6m+€3.3m
Cash
€317,434
2024 · €622,452-€305,017
Balance sheet total
€56.2m
2024 · €51.7m+€4.5m
Largest movements
Assets
- Receivables after one year +€7.5m
up €7.5m (+198.4%), from €3.8m to €11.2m
- Financial fixed assets -€1.3m
down €1.3m (-4.0%), from €32.7m to €31.4m
of which Affiliated companies: -€1.3m
- Receivables within one year -€1.1m
down €1.1m (-15.6%), from €7.3m to €6.2m
of which Other amounts receivable: -€1.2m
Equity and liabilities
- Profit (loss) carried forward +€3.2m
up €3.2m (+25.5%), from €12.4m to €15.5m
- Short-term financial debts +€2.0m
up €2.0m (+23.2%), from €8.8m to €10.8m
of which Credit institutions: +€2.1m
- Other debts -€1.2m
down €1.2m (-23.1%), from €5.1m to €3.9m
Income statement
- Financial income +€1.5m
up €1.5m (+41.5%), from €3.5m to €5.0m
- Services and other goods +€601,714
up €601,714 (+33.9%), from €1.8m to €2.4m
- Financial charges -€576,971
down €576,971 (-46.8%), from €1.2m to €654,565
- Turnover +€496,788
up €496,788 (+41.8%), from €1.2m to €1.7m
- Depreciation -€64,831
down €64,831 (-22.6%), from €286,272 to €221,441
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.
Result 2024
€1.6m
Turnover
+€496,788
Other operating income
+€24,229
Services and other goods
-€601,714
Staff costs
-€40,677
Depreciation
+€64,831
Other operating charges
+€3,510
Other operating items
-€303,499
Financial income
+€1.5m
Financial charges
+€576,971
Taxes
+€1,051
Result 2025
€3.3m
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.
From operations
-€4.2m
Investment
+€1.3m
Financing
+€2.5m
Cash 2024
€622,452
From operations (derived)
-€4.2m
Net result for the year
+€3.3m
Depreciation
+€221,441
Receivables after one year
-€7.5m
Receivables within one year
+€1.1m
Deferred charges and accrued income
-€24,436
Trade debts
-€133,760
Tax, wage and social debts
-€35,194
Other debts
-€1.2m
Accrued charges and deferred income
-€46,005
Investment (derived)
+€1.3m
Investment in fixed assets (net)
+€1.2m
Current investments
+€186,280
Financing
+€2.5m
Debts after one year
+€475,596
Current portion of long-term debt
+€36,836
Short-term financial debts
+€2.0m
Cash 2025
€317,434
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €51,729,932 | €56,205,990 | +€4.5m | +8.7% |
| Fixed assets | 21/28 | €39,671,372 | €38,292,637 | -€1.4m | -3.5% |
| Intangible fixed assets | 21 | - | €13,923 | +€13,923 | |
| Tangible fixed assets | 22/27 | €6,937,530 | €6,867,270 | -€70,260 | -1.0% |
| Furniture and vehicles | 24 | €89,907 | €56,866 | -€33,040 | -36.7% |
| Other tangible fixed assets | 26 | €5,414,828 | €6,810,404 | +€1.4m | +25.8% |
| Assets under construction and advance payments | 27 | €1,432,796 | - | -€1.4m | |
| Financial fixed assets | 28 | €32,733,841 | €31,411,444 | -€1.3m | -4.0% |
| Affiliated companies | 280/1 | €32,732,446 | €31,410,049 | -€1.3m | -4.0% |
| Participating interests | 280 | €32,732,446 | €31,410,049 | -€1.3m | -4.0% |
| Other financial fixed assets | 284/8 | €1,395 | €1,395 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,395 | €1,395 | = | 0.0% |
| Current assets | 29/58 | €12,058,560 | €17,913,353 | +€5.9m | +48.6% |
| Amounts receivable after more than one year | 29 | €3,761,177 | €11,222,810 | +€7.5m | +198.4% |
| Other amounts receivable | 291 | €3,761,177 | €11,222,810 | +€7.5m | +198.4% |
| Amounts receivable within one year | 40/41 | €7,306,189 | €6,166,211 | -€1.1m | -15.6% |
| Trade receivables | 40 | €24,217 | €123,677 | +€99,460 | +410.7% |
| Other amounts receivable | 41 | €7,281,972 | €6,042,534 | -€1.2m | -17.0% |
| Current investments | 50/53 | €186,280 | - | -€186,280 | |
| Other investments | 51/53 | €186,280 | - | -€186,280 | |
| Cash at bank and in hand | 54/58 | €622,452 | €317,434 | -€305,017 | -49.0% |
| Deferred charges and accrued income | 490/1 | €182,462 | €206,898 | +€24,436 | +13.4% |
| Total equity and liabilities | 10/49 | €51,729,932 | €56,205,990 | +€4.5m | +8.7% |
| Equity | 10/15 | €33,624,417 | €36,948,922 | +€3.3m | +9.9% |
| Contributions | 10/11 | €17,890,000 | €17,890,000 | = | 0.0% |
| Capital | 10 | €17,890,000 | €17,890,000 | = | 0.0% |
| Issued capital | 100 | €17,890,000 | €17,890,000 | = | 0.0% |
| Reserves | 13 | €3,372,200 | €3,539,200 | +€167,000 | +5.0% |
| Non-distributable reserves | 130/1 | €972,200 | €1,139,200 | +€167,000 | +17.2% |
| Legal reserve | 130 | €972,200 | €1,139,200 | +€167,000 | +17.2% |
| Distributable reserves | 133 | €2,400,000 | €2,400,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,362,217 | €15,519,722 | +€3.2m | +25.5% |
| Amounts payable | 17/49 | €18,105,515 | €19,257,068 | +€1.2m | +6.4% |
| Amounts payable after more than one year | 17 | €3,355,340 | €3,830,936 | +€475,596 | +14.2% |
| Financial debts | 170/4 | €3,355,340 | €3,830,936 | +€475,596 | +14.2% |
| Credit institutions | 173 | €3,355,340 | €3,830,936 | +€475,596 | +14.2% |
| Amounts payable within one year | 42/48 | €14,702,110 | €15,424,072 | +€721,961 | +4.9% |
| Current portion of amounts payable after more than one year | 42 | €554,884 | €591,720 | +€36,836 | +6.6% |
| Financial debts | 43 | €8,765,662 | €10,800,000 | +€2.0m | +23.2% |
| Credit institutions | 430/8 | €8,750,000 | €10,800,000 | +€2.1m | +23.4% |
| Other loans | 439 | €15,662 | - | -€15,662 | |
| Trade debts | 44 | €200,540 | €66,780 | -€133,760 | -66.7% |
| Suppliers | 440/4 | €200,540 | €66,780 | -€133,760 | -66.7% |
| Taxes, remuneration and social security | 45 | €61,578 | €26,384 | -€35,194 | -57.2% |
| Taxes | 450/3 | €46,990 | €7,605 | -€39,385 | -83.8% |
| Remuneration and social security | 454/9 | €14,588 | €18,779 | +€4,192 | +28.7% |
| Other amounts payable | 47/48 | €5,119,446 | €3,939,187 | -€1.2m | -23.1% |
| Accrued charges and deferred income | 492/3 | €48,065 | €2,060 | -€46,005 | -95.7% |
| Operating income | 70/76A | €1,618,599 | €2,183,457 | +€564,858 | +34.9% |
| Turnover | 70 | €1,187,438 | €1,684,226 | +€496,788 | +41.8% |
| Other operating income | 74 | €179,396 | €203,624 | +€24,229 | +13.5% |
| Non-recurring operating income | 76A | €251,766 | €295,607 | +€43,841 | +17.4% |
| Operating charges | 60/66A | €2,257,267 | €3,178,656 | +€921,389 | +40.8% |
| Services and other goods | 61 | €1,773,298 | €2,375,013 | +€601,714 | +33.9% |
| Remuneration, social security and pensions | 62 | €166,189 | €206,866 | +€40,677 | +24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €286,272 | €221,441 | -€64,831 | -22.6% |
| Other operating charges | 640/8 | €31,508 | €27,998 | -€3,510 | -11.1% |
| Non-recurring operating charges | 66A | - | €347,339 | +€347,339 | |
| Operating profit (loss) | 9901 | -€638,668 | -€995,199 | -€356,531 | -55.8% |
| Financial income | 75/76B | €3,516,539 | €4,976,975 | +€1.5m | +41.5% |
| Recurring financial income | 75 | €3,516,539 | €4,976,975 | +€1.5m | +41.5% |
| Income from financial fixed assets | 750 | €1,904,561 | €4,363,620 | +€2.5m | +129.1% |
| Income from current assets | 751 | €1,610,013 | €613,077 | -€996,936 | -61.9% |
| Other financial income | 752/9 | €1,965 | €278 | -€1,687 | -85.9% |
| Financial charges | 65/66B | €1,231,536 | €654,565 | -€576,971 | -46.8% |
| Recurring financial charges | 65 | €1,231,536 | €654,565 | -€576,971 | -46.8% |
| Debt charges | 650 | €1,099,270 | €652,645 | -€446,624 | -40.6% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€28,566 | -€40,173 | -€11,607 | -40.6% |
| Other financial charges | 652/9 | €160,832 | €42,093 | -€118,739 | -73.8% |
| Profit (loss) for the period before taxes | 9903 | €1,646,335 | €3,327,210 | +€1.7m | +102.1% |
| Income taxes | 67/77 | €3,756 | €2,705 | -€1,051 | -28.0% |
| Taxes | 670/3 | €3,756 | €2,705 | -€1,051 | -28.0% |
| Profit (loss) for the period | 9904 | €1,642,579 | €3,324,505 | +€1.7m | +102.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,642,579 | €3,324,505 | +€1.7m | +102.4% |
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 7 October 2026 via checked.be.