Etn. D'hoedt: 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.
What changed
Etn. D'hoedt
NACE 47.811, Retail sale of cars and light vans (up to 3.5 tonnes)
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€23,079
2024 · -€52,669+€75,748
Equity
-€354,223
2024 · -€377,302+€23,079
Cash
€43,492
2024 · €38,402+€5,091
Balance sheet total
€3.2m
2024 · €3.5m-€289,851
Largest movements
Assets
- Tangible fixed assets -€97,098
down €97,098 (-4.1%), from €2.4m to €2.3m
of which Land and buildings: -€82,261
- Receivables within one year -€96,216
down €96,216 (-47.5%), from €202,403 to €106,187
of which Trade receivables: -€96,293
- Intangible fixed assets -€52,690
down €52,690 (-14.6%), from €360,379 to €307,689
- Stocks and contracts -€50,619
down €50,619 (-10.0%), from €506,736 to €456,117
Equity and liabilities
- Debts after one year -€443,935
down €443,935 (-14.2%), from €3.1m to €2.7m
- Current portion of long-term debt +€251,887
up €251,887 (+131%), from €192,048 to €443,935
- Trade debts -€120,002
down €120,002 (-70.0%), from €171,355 to €51,353
Income statement
- Gross operating margin +€103,055
up €103,055 (+22.0%), from €467,717 to €570,772
- Staff costs +€33,927
up €33,927 (+13.3%), from €255,240 to €289,166
- Financial charges -€9,334
down €9,334 (-10.9%), from €85,313 to €75,979
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
-€52,669
Gross operating margin
+€103,055
Staff costs
-€33,927
Depreciation
-€1,284
Other operating charges
-€984
Other operating items
+€877
Financial income
-€1,311
Financial charges
+€9,334
Taxes
-€14
Result 2025
€23,079
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€215,607
Investment
-€18,469
Financing
-€192,048
Cash 2024
€38,402
From operations (derived)
+€215,607
Net result for the year
+€23,079
Depreciation
+€163,672
Stocks and contracts
+€50,619
Receivables within one year
+€96,216
Deferred charges and accrued income
+€2,905
Trade debts
-€120,002
Tax, wage and social debts
+€7,897
Advances received
-€3,257
Other debts
-€11,559
Accrued charges and deferred income
+€6,039
Investment (derived)
-€18,469
Investment in fixed assets (net)
-€18,469
Financing
-€192,048
Debts after one year
-€443,935
Current portion of long-term debt
+€251,887
Cash 2025
€43,492
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,472,496 | €3,182,644 | -€289,851 | -8.3% |
| Fixed assets | 21/28 | €2,718,157 | €2,572,955 | -€145,203 | -5.3% |
| Intangible fixed assets | 21 | €360,379 | €307,689 | -€52,690 | -14.6% |
| Tangible fixed assets | 22/27 | €2,357,778 | €2,260,680 | -€97,098 | -4.1% |
| Land and buildings | 22 | €2,291,532 | €2,209,271 | -€82,261 | -3.6% |
| Plant, machinery and equipment | 23 | €8,422 | €11,067 | +€2,644 | +31.4% |
| Furniture and vehicles | 24 | €57,824 | €40,343 | -€17,481 | -30.2% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | - | €4,585 | +€4,585 | |
| Current assets | 29/58 | €754,338 | €609,690 | -€144,648 | -19.2% |
| Stocks and contracts in progress | 3 | €506,736 | €456,117 | -€50,619 | -10.0% |
| Stocks | 30/36 | €506,736 | €456,117 | -€50,619 | -10.0% |
| Amounts receivable within one year | 40/41 | €202,403 | €106,187 | -€96,216 | -47.5% |
| Trade receivables | 40 | €202,375 | €106,082 | -€96,293 | -47.6% |
| Other amounts receivable | 41 | €28 | €105 | +€77 | +277% |
| Cash at bank and in hand | 54/58 | €38,402 | €43,492 | +€5,091 | +13.3% |
| Deferred charges and accrued income | 490/1 | €6,797 | €3,893 | -€2,905 | -42.7% |
| Total equity and liabilities | 10/49 | €3,472,496 | €3,182,644 | -€289,851 | -8.3% |
| Equity | 10/15 | -€377,302 | -€354,223 | +€23,079 | +6.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€387,302 | -€364,223 | +€23,079 | +6.0% |
| Amounts payable | 17/49 | €3,849,798 | €3,536,868 | -€312,930 | -8.1% |
| Amounts payable after more than one year | 17 | €3,119,873 | €2,675,939 | -€443,935 | -14.2% |
| Financial debts | 170/4 | €3,119,873 | €2,675,939 | -€443,935 | -14.2% |
| Amounts payable within one year | 42/48 | €729,236 | €854,201 | +€124,966 | +17.1% |
| Current portion of amounts payable after more than one year | 42 | €192,048 | €443,935 | +€251,887 | +131% |
| Financial debts | 43 | €300,000 | €300,000 | = | 0.0% |
| Credit institutions | 430/8 | €300,000 | €300,000 | = | 0.0% |
| Trade debts | 44 | €171,355 | €51,353 | -€120,002 | -70.0% |
| Suppliers | 440/4 | €171,355 | €51,353 | -€120,002 | -70.0% |
| Advances received on contracts in progress | 46 | €3,257 | €0 | -€3,257 | -100% |
| Taxes, remuneration and social security | 45 | €50,725 | €58,622 | +€7,897 | +15.6% |
| Taxes | 450/3 | €32,397 | €19,528 | -€12,870 | -39.7% |
| Remuneration and social security | 454/9 | €18,328 | €39,095 | +€20,767 | +113% |
| Other amounts payable | 47/48 | €11,850 | €291 | -€11,559 | -97.5% |
| Accrued charges and deferred income | 492/3 | €689 | €6,728 | +€6,039 | +877% |
| Non-recurring operating income | 76A | €1,365 | €1,661 | +€296 | +21.7% |
| Remuneration, social security and pensions | 62 | €255,240 | €289,166 | +€33,927 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €162,387 | €163,672 | +€1,284 | +0.8% |
| Other operating charges | 640/8 | €17,250 | €18,234 | +€984 | +5.7% |
| Non-recurring operating charges | 66A | €1,314 | €437 | -€877 | -66.8% |
| Gross operating margin | 9900 | €467,717 | €570,772 | +€103,055 | +22.0% |
| Operating profit (loss) | 9901 | €31,526 | €99,264 | +€67,738 | +215% |
| Financial income | 75/76B | €1,387 | €76 | -€1,311 | -94.5% |
| Recurring financial income | 75 | €1,387 | €76 | -€1,311 | -94.5% |
| Financial charges | 65/66B | €85,313 | €75,979 | -€9,334 | -10.9% |
| Recurring financial charges | 65 | €85,313 | €75,979 | -€9,334 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | -€52,400 | €23,361 | +€75,761 | |
| Income taxes | 67/77 | €268 | €282 | +€14 | +5.1% |
| Profit (loss) for the period | 9904 | -€52,669 | €23,079 | +€75,748 | |
| Profit (loss) for the period to be appropriated | 9905 | -€52,669 | €23,079 | +€75,748 |
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 30 October 2026 via checked.be.