Ets M. HOUGARDY: what changed
What changed
Ets M. HOUGARDY
NACE 47.527, Retail trade
filed annual accounts (NBB)
Net result for the year
€35,766
2024 · €44,674-€8,908
Equity
€375,317
2024 · €339,550+€35,766
Cash
€58,364
2024 · €39,500+€18,864
Balance sheet total
€837,101
2024 · €858,032-€20,931
Largest movements
Assets
- Receivables within one year -€25,239
down €25,239 (-31.1%), from €81,030 to €55,791
of which Trade receivables: -€28,956
- Cash +€18,864
up €18,864 (+47.8%), from €39,500 to €58,364
mainly Depreciation (+€38,659) and Net result for the year (+€35,766)
- Tangible fixed assets -€11,597
down €11,597 (-2.0%), from €587,588 to €575,991
of which Furniture and vehicles: -€16,350
Equity and liabilities
- Reserves +€35,000
up €35,000 (+12.4%), from €282,800 to €317,800
of which Distributable reserves: +€35,000
- Debts after one year -€28,053
down €28,053 (-7.1%), from €393,946 to €365,894
- Tax, wage and social debts -€14,074
down €14,074 (-92.8%), from €15,174 to €1,099
of which Remuneration and social security: -€10,353
Income statement
- Staff costs +€39,490
up €39,490 (+29.8%), from €132,638 to €172,127
- Gross operating margin +€31,167
up €31,167 (+12.6%), from €248,217 to €279,384
- Write-downs +€6,422
new in 2025: €6,422
- Depreciation +€4,545
up €4,545 (+13.3%), from €34,114 to €38,659
- Taxes -€3,853
down €3,853 (-18.7%), from €20,654 to €16,801
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€44,674
Gross operating margin
+€31,167
Staff costs
-€39,490
Depreciation
-€4,545
Write-downs
-€6,422
Other operating charges
+€1,496
Other operating items
+€4,508
Financial income
+€627
Financial charges
-€103
Taxes
+€3,853
Result 2025
€35,766
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€73,816
Investment
-€27,062
Financing
-€27,890
Cash 2024
€39,500
From operations (derived)
+€73,816
Net result for the year
+€35,766
Depreciation
+€38,659
Stocks and contracts
+€5,964
Receivables within one year
+€25,239
Deferred charges and accrued income
-€3,005
Trade debts
-€7,878
Tax, wage and social debts
-€14,074
Advances received
-€6,855
Investment (derived)
-€27,062
Investment in fixed assets (net)
-€27,062
Financing
-€27,890
Debts after one year
-€28,053
Current portion of long-term debt
+€162
Cash 2025
€58,364
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €858,032 | €837,101 | -€20,931 | -2.4% |
| Fixed assets | 21/28 | €587,588 | €575,991 | -€11,597 | -2.0% |
| Tangible fixed assets | 22/27 | €587,588 | €575,991 | -€11,597 | -2.0% |
| Land and buildings | 22 | €551,778 | €556,531 | +€4,753 | +0.9% |
| Furniture and vehicles | 24 | €35,810 | €19,460 | -€16,350 | -45.7% |
| Current assets | 29/58 | €270,444 | €261,110 | -€9,334 | -3.5% |
| Stocks and contracts in progress | 3 | €139,614 | €133,650 | -€5,964 | -4.3% |
| Stocks | 30/36 | €139,614 | €133,650 | -€5,964 | -4.3% |
| Amounts receivable within one year | 40/41 | €81,030 | €55,791 | -€25,239 | -31.1% |
| Trade receivables | 40 | €43,856 | €14,899 | -€28,956 | -66.0% |
| Other amounts receivable | 41 | €37,174 | €40,892 | +€3,718 | +10.0% |
| Cash at bank and in hand | 54/58 | €39,500 | €58,364 | +€18,864 | +47.8% |
| Deferred charges and accrued income | 490/1 | €10,300 | €13,305 | +€3,005 | +29.2% |
| Total equity and liabilities | 10/49 | €858,032 | €837,101 | -€20,931 | -2.4% |
| Equity | 10/15 | €339,550 | €375,317 | +€35,766 | +10.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €282,800 | €317,800 | +€35,000 | +12.4% |
| Non-distributable reserves | 130/1 | €5,800 | €5,800 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,800 | €5,800 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,000 | €7,000 | = | 0.0% |
| Distributable reserves | 133 | €270,000 | €305,000 | +€35,000 | +13.0% |
| Profit (loss) carried forward | 14 | €6,750 | €7,517 | +€766 | +11.4% |
| Amounts payable | 17/49 | €518,482 | €461,784 | -€56,697 | -10.9% |
| Amounts payable after more than one year | 17 | €393,946 | €365,894 | -€28,053 | -7.1% |
| Financial debts | 170/4 | €393,946 | €365,894 | -€28,053 | -7.1% |
| Amounts payable within one year | 42/48 | €124,535 | €95,890 | -€28,645 | -23.0% |
| Current portion of amounts payable after more than one year | 42 | €27,890 | €28,053 | +€162 | +0.6% |
| Financial debts | 43 | €25,000 | €25,000 | = | 0.0% |
| Credit institutions | 430/8 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €11,632 | €3,755 | -€7,878 | -67.7% |
| Suppliers | 440/4 | €11,632 | €3,755 | -€7,878 | -67.7% |
| Advances received on contracts in progress | 46 | €44,839 | €37,984 | -€6,855 | -15.3% |
| Taxes, remuneration and social security | 45 | €15,174 | €1,099 | -€14,074 | -92.8% |
| Taxes | 450/3 | €3,721 | - | -€3,721 | |
| Remuneration and social security | 454/9 | €11,453 | €1,099 | -€10,353 | -90.4% |
| Non-recurring operating income | 76A | - | €1,146 | +€1,146 | |
| Remuneration, social security and pensions | 62 | €132,638 | €172,127 | +€39,490 | +29.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,114 | €38,659 | +€4,545 | +13.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,422 | +€6,422 | |
| Other operating charges | 640/8 | €4,567 | €3,071 | -€1,496 | -32.8% |
| Non-recurring operating charges | 66A | €4,508 | - | -€4,508 | |
| Gross operating margin | 9900 | €248,217 | €279,384 | +€31,167 | +12.6% |
| Operating profit (loss) | 9901 | €72,390 | €59,105 | -€13,285 | -18.4% |
| Financial income | 75/76B | €4,067 | €4,694 | +€627 | +15.4% |
| Recurring financial income | 75 | €4,067 | €4,694 | +€627 | +15.4% |
| Financial charges | 65/66B | €11,129 | €11,232 | +€103 | +0.9% |
| Recurring financial charges | 65 | €11,129 | €11,232 | +€103 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €65,328 | €52,567 | -€12,761 | -19.5% |
| Income taxes | 67/77 | €20,654 | €16,801 | -€3,853 | -18.7% |
| Profit (loss) for the period | 9904 | €44,674 | €35,766 | -€8,908 | -19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €44,674 | €35,766 | -€8,908 | -19.9% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.