Freddy HOFFMANN: 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.
Freddy HOFFMANN
Largest movements
- Stocks and contracts -€66,107
down €66,107 (-21.5%), from €306,981 to €240,874
of which Stocks: -€113,047
- Cash +€64,094
up €64,094 (+97.7%), from €65,616 to €129,710
mainly Net result for the year (+€130,238) and Depreciation (+€96,698)
- Tangible fixed assets +€23,883
up €23,883 (+3.1%), from €767,939 to €791,823
of which Furniture and vehicles: +€72,877
- Receivables within one year -€22,252
down €22,252 (-16.2%), from €137,395 to €115,143
of which Trade receivables: -€40,715
- Profit (loss) carried forward +€130,238
up €130,238 (+32.5%), from €400,356 to €530,594
- Trade debts -€56,472
down €56,472 (-82.1%), from €68,812 to €12,340
- Debts after one year -€25,000
down €25,000 (-21.4%), from €116,667 to €91,667
of which Financial debts: -€25,000
- Advances received -€22,306
down €22,306 (-28.2%), from €79,183 to €56,877
- Current portion of long-term debt -€18,341
down €18,341 (-42.3%), from €43,341 to €25,000
- Gross operating margin -€90,726
down €90,726 (-22.8%), from €397,218 to €306,492
- Staff costs -€38,665
down €38,665 (-37.6%), from €102,923 to €64,259
- Financial income -€13,701
down €13,701 (-26.5%), from €51,607 to €37,906
- Taxes -€13,687
down €13,687 (-28.6%), from €47,867 to €34,179
- Financial charges +€4,200
up €4,200 (+37.6%), from €11,181 to €15,381
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,288,353 | €1,283,539 | -€4,814 | -0.4% |
| Fixed assets | 21/28 | €768,074 | €791,958 | +€23,883 | +3.1% |
| Tangible fixed assets | 22/27 | €767,939 | €791,823 | +€23,883 | +3.1% |
| Land and buildings | 22 | €701,885 | €652,709 | -€49,176 | -7.0% |
| Plant, machinery and equipment | 23 | €29,826 | €30,008 | +€182 | +0.6% |
| Furniture and vehicles | 24 | €36,229 | €109,106 | +€72,877 | +201% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €520,279 | €491,581 | -€28,697 | -5.5% |
| Stocks and contracts in progress | 3 | €306,981 | €240,874 | -€66,107 | -21.5% |
| Stocks | 30/36 | €306,981 | €193,933 | -€113,047 | -36.8% |
| Contracts in progress | 37 | - | €46,941 | +€46,941 | |
| Amounts receivable within one year | 40/41 | €137,395 | €115,143 | -€22,252 | -16.2% |
| Trade receivables | 40 | €123,872 | €83,157 | -€40,715 | -32.9% |
| Other amounts receivable | 41 | €13,524 | €31,986 | +€18,463 | +137% |
| Cash at bank and in hand | 54/58 | €65,616 | €129,710 | +€64,094 | +97.7% |
| Deferred charges and accrued income | 490/1 | €10,287 | €5,854 | -€4,433 | -43.1% |
| Total equity and liabilities | 10/49 | €1,288,353 | €1,283,539 | -€4,814 | -0.4% |
| Equity | 10/15 | €877,842 | €1,000,048 | +€122,207 | +13.9% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €392,099 | €392,099 | = | 0.0% |
| Tax-exempt reserves | 132 | €55,699 | €55,699 | = | 0.0% |
| Distributable reserves | 133 | €336,400 | €336,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €400,356 | €530,594 | +€130,238 | +32.5% |
| Investment grants | 15 | €63,387 | €55,356 | -€8,031 | -12.7% |
| Amounts payable | 17/49 | €410,512 | €283,491 | -€127,021 | -30.9% |
| Amounts payable after more than one year | 17 | €116,667 | €91,667 | -€25,000 | -21.4% |
| Financial debts | 170/4 | €66,667 | €41,667 | -€25,000 | -37.5% |
| Other amounts payable | 178/9 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €287,031 | €185,499 | -€101,531 | -35.4% |
| Current portion of amounts payable after more than one year | 42 | €43,341 | €25,000 | -€18,341 | -42.3% |
| Trade debts | 44 | €68,812 | €12,340 | -€56,472 | -82.1% |
| Suppliers | 440/4 | €68,812 | €12,340 | -€56,472 | -82.1% |
| Advances received on contracts in progress | 46 | €79,183 | €56,877 | -€22,306 | -28.2% |
| Taxes, remuneration and social security | 45 | €42,201 | €39,322 | -€2,879 | -6.8% |
| Taxes | 450/3 | €36,351 | €32,455 | -€3,896 | -10.7% |
| Remuneration and social security | 454/9 | €5,850 | €6,867 | +€1,017 | +17.4% |
| Other amounts payable | 47/48 | €53,495 | €51,961 | -€1,533 | -2.9% |
| Accrued charges and deferred income | 492/3 | €6,814 | €6,325 | -€490 | -7.2% |
| Non-recurring operating income | 76A | - | €9,050 | +€9,050 | |
| Remuneration, social security and pensions | 62 | €102,923 | €64,259 | -€38,665 | -37.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,338 | €96,698 | -€1,641 | -1.7% |
| Other operating charges | 640/8 | €6,617 | €3,643 | -€2,974 | -44.9% |
| Gross operating margin | 9900 | €397,218 | €306,492 | -€90,726 | -22.8% |
| Operating profit (loss) | 9901 | €189,339 | €141,892 | -€47,447 | -25.1% |
| Financial income | 75/76B | €51,607 | €37,906 | -€13,701 | -26.5% |
| Recurring financial income | 75 | €51,607 | €37,906 | -€13,701 | -26.5% |
| Financial charges | 65/66B | €11,181 | €15,381 | +€4,200 | +37.6% |
| Recurring financial charges | 65 | €11,181 | €15,381 | +€4,200 | +37.6% |
| Profit (loss) for the period before taxes | 9903 | €229,765 | €164,417 | -€65,348 | -28.4% |
| Income taxes | 67/77 | €47,867 | €34,179 | -€13,687 | -28.6% |
| Profit (loss) for the period | 9904 | €181,899 | €130,238 | -€51,661 | -28.4% |
| Profit (loss) for the period to be appropriated | 9905 | €181,899 | €130,238 | -€51,661 | -28.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.