F. D'hondt: what changed
F. D'hondt
Largest movements
- Tangible fixed assets +€757,639
up €757,639 (+237%), from €319,033 to €1.1m
of which Land and buildings: +€473,953
- Stocks and contracts -€95,935
down €95,935 (-16.9%), from €567,215 to €471,280
- Receivables within one year -€30,895
down €30,895 (-56.7%), from €54,465 to €23,570
of which Trade receivables: -€35,360
- Cash -€16,873
down €16,873 (-46.7%), from €36,138 to €19,265
mainly Investment in fixed assets (net) (-€849,136) and Trade debts (-€80,777)
- Debts after one year +€528,333
up €528,333 (+370%), from €142,916 to €671,250
- Other debts +€134,702
up €134,702 (+32.5%), from €414,881 to €549,583
- Trade debts -€80,777
down €80,777 (-45.1%), from €178,983 to €98,206
- Current portion of long-term debt +€20,000
up €20,000 (+57.1%), from €35,000 to €55,000
- Gross operating margin -€188,882
down €188,882 (-52.4%), from €360,789 to €171,907
- Taxes -€41,429
down €41,429 (-98.7%), from €41,993 to €564
- Staff costs +€9,456
up €9,456 (+12.1%), from €78,437 to €87,893
- Depreciation +€8,306
up €8,306 (+10.0%), from €83,191 to €91,496
- Financial income +€7,077
up €7,077 (+2,447%), from €289 to €7,367
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €978,020 | €1,592,035 | +€614,015 | +62.8% |
| Fixed assets | 21/28 | €319,033 | €1,076,672 | +€757,639 | +237% |
| Tangible fixed assets | 22/27 | €319,033 | €1,076,672 | +€757,639 | +237% |
| Land and buildings | 22 | - | €473,953 | +€473,953 | |
| Plant, machinery and equipment | 23 | €73,711 | €430,394 | +€356,682 | +484% |
| Furniture and vehicles | 24 | €245,321 | €172,326 | -€72,996 | -29.8% |
| Current assets | 29/58 | €658,987 | €515,362 | -€143,625 | -21.8% |
| Stocks and contracts in progress | 3 | €567,215 | €471,280 | -€95,935 | -16.9% |
| Stocks | 30/36 | €567,215 | €471,280 | -€95,935 | -16.9% |
| Amounts receivable within one year | 40/41 | €54,465 | €23,570 | -€30,895 | -56.7% |
| Trade receivables | 40 | €39,192 | €3,832 | -€35,360 | -90.2% |
| Other amounts receivable | 41 | €15,273 | €19,738 | +€4,465 | +29.2% |
| Cash at bank and in hand | 54/58 | €36,138 | €19,265 | -€16,873 | -46.7% |
| Deferred charges and accrued income | 490/1 | €1,170 | €1,248 | +€78 | +6.7% |
| Total equity and liabilities | 10/49 | €978,020 | €1,592,035 | +€614,015 | +62.8% |
| Equity | 10/15 | €155,894 | €164,260 | +€8,366 | +5.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €154,894 | €148,319 | -€6,575 | -4.2% |
| Distributable reserves | 133 | €154,894 | €148,319 | -€6,575 | -4.2% |
| Investment grants | 15 | - | €14,941 | +€14,941 | |
| Provisions and deferred taxes | 16 | - | €786 | +€786 | |
| Deferred taxes | 168 | - | €786 | +€786 | |
| Amounts payable | 17/49 | €822,126 | €1,426,989 | +€604,863 | +73.6% |
| Amounts payable after more than one year | 17 | €142,916 | €671,250 | +€528,333 | +370% |
| Financial debts | 170/4 | €142,916 | €671,250 | +€528,333 | +370% |
| Amounts payable within one year | 42/48 | €679,209 | €755,739 | +€76,530 | +11.3% |
| Current portion of amounts payable after more than one year | 42 | €35,000 | €55,000 | +€20,000 | +57.1% |
| Trade debts | 44 | €178,983 | €98,206 | -€80,777 | -45.1% |
| Suppliers | 440/4 | €178,983 | €98,206 | -€80,777 | -45.1% |
| Taxes, remuneration and social security | 45 | €50,346 | €52,950 | +€2,604 | +5.2% |
| Taxes | 450/3 | €44,511 | €45,256 | +€745 | +1.7% |
| Remuneration and social security | 454/9 | €5,835 | €7,694 | +€1,859 | +31.9% |
| Other amounts payable | 47/48 | €414,881 | €549,583 | +€134,702 | +32.5% |
| Remuneration, social security and pensions | 62 | €78,437 | €87,893 | +€9,456 | +12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,191 | €91,496 | +€8,306 | +10.0% |
| Other operating charges | 640/8 | €464 | €250 | -€214 | -46.1% |
| Gross operating margin | 9900 | €360,789 | €171,907 | -€188,882 | -52.4% |
| Operating profit (loss) | 9901 | €198,697 | -€7,733 | -€206,430 | |
| Financial income | 75/76B | €289 | €7,367 | +€7,077 | +2,447% |
| Recurring financial income | 75 | €289 | €7,367 | +€7,077 | +2,447% |
| Financial charges | 65/66B | €2,099 | €6,026 | +€3,927 | +187% |
| Recurring financial charges | 65 | €2,099 | €6,026 | +€3,927 | +187% |
| Profit (loss) for the period before taxes | 9903 | €196,887 | -€6,392 | -€203,280 | |
| Transfer from deferred taxes | 780 | - | €382 | +€382 | |
| Income taxes | 67/77 | €41,993 | €564 | -€41,429 | -98.7% |
| Profit (loss) for the period | 9904 | €154,894 | -€6,575 | -€161,469 | |
| Profit (loss) for the period to be appropriated | 9905 | €154,894 | -€6,575 | -€161,469 |
Next steps
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 2 November 2026 via checked.be.