Georges HOUGARDY: what changed
Georges HOUGARDY
Largest movements
- Current investments +€144,504
up €144,504 (+34.8%), from €415,344 to €559,848
- Cash -€136,974
down €136,974 (-62.7%), from €218,510 to €81,536
mainly Current investments (-€144,504) and Receivables within one year (-€8,307)
- Receivables within one year +€8,307
up €8,307 (+21.8%), from €38,038 to €46,345
- Reserves +€20,996
up €20,996 (+3.2%), from €656,023 to €677,019
of which Distributable reserves: +€20,996
- Gross operating margin +€13,842
up €13,842 (+76.8%), from €18,024 to €31,866
- Taxes +€9,963
up €9,963 (+119%), from €8,350 to €18,313
- Financial income -€6,030
down €6,030 (-43.1%), from €13,975 to €7,945
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 | €671,891 | €687,728 | +€15,837 | +2.4% |
| Current assets | 29/58 | €671,891 | €687,728 | +€15,837 | +2.4% |
| Amounts receivable within one year | 40/41 | €38,038 | €46,345 | +€8,307 | +21.8% |
| Other amounts receivable | 41 | €38,038 | €46,345 | +€8,307 | +21.8% |
| Current investments | 50/53 | €415,344 | €559,848 | +€144,504 | +34.8% |
| Cash at bank and in hand | 54/58 | €218,510 | €81,536 | -€136,974 | -62.7% |
| Total equity and liabilities | 10/49 | €671,891 | €687,728 | +€15,837 | +2.4% |
| Equity | 10/15 | €662,223 | €683,219 | +€20,996 | +3.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €656,023 | €677,019 | +€20,996 | +3.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €654,163 | €675,159 | +€20,996 | +3.2% |
| Amounts payable | 17/49 | €9,668 | €4,509 | -€5,159 | -53.4% |
| Amounts payable within one year | 42/48 | €9,668 | €4,509 | -€5,159 | -53.4% |
| Trade debts | 44 | - | €167 | +€167 | |
| Suppliers | 440/4 | - | €167 | +€167 | |
| Other amounts payable | 47/48 | €9,668 | €4,342 | -€5,326 | -55.1% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €18,024 | €31,866 | +€13,842 | +76.8% |
| Operating profit (loss) | 9901 | €17,637 | €31,466 | +€13,830 | +78.4% |
| Financial income | 75/76B | €13,975 | €7,945 | -€6,030 | -43.1% |
| Recurring financial income | 75 | €13,975 | €7,945 | -€6,030 | -43.1% |
| Financial charges | 65/66B | €99 | €103 | +€3 | +3.5% |
| Recurring financial charges | 65 | €99 | €103 | +€3 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €31,513 | €39,309 | +€7,796 | +24.7% |
| Income taxes | 67/77 | €8,350 | €18,313 | +€9,963 | +119% |
| Profit (loss) for the period | 9904 | €23,163 | €20,996 | -€2,167 | -9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €23,163 | €20,996 | -€2,167 | -9.4% |
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 5 November 2026 via checked.be.