GUY HOMBROUCK: what changed
Two fiscal 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.
GUY HOMBROUCK
Largest movements
- Tangible fixed assets +€31,266
up €31,266 (+8.4%), from €370,625 to €401,892
of which Plant, machinery and equipment: +€35,224
- Cash -€20,494
down €20,494 (-8.1%), from €251,913 to €231,419
mainly Investment in fixed assets (net) (-€56,971) and Receivables within one year (-€16,770)
- Receivables within one year +€16,770
up €16,770 (+24.7%), from €68,000 to €84,771
of which Trade receivables: +€31,477
- Stocks and contracts +€10,000
up €10,000 (+40.0%), from €25,000 to €35,000
- Reserves +€18,264
up €18,264 (+6.4%), from €283,777 to €302,041
of which Distributable reserves: +€18,264
- Trade debts +€8,166
up €8,166 (+66.5%), from €12,271 to €20,437
- Other operating charges +€21,059
up €21,059 (+712.7%), from €2,955 to €24,014
- Taxes -€10,193
down €10,193 (-52.9%), from €19,278 to €9,086
- Depreciation +€5,583
up €5,583 (+27.7%), from €20,122 to €25,704
- Gross operating margin -€4,067
down €4,067 (-4.0%), from €100,997 to €96,930
- Financial charges +€1,368
up €1,368 (+6.9%), from €19,709 to €21,077
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.
Cash bridge derived
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 | €717,141 | €754,775 | +€37,634 | +5.2% |
| Fixed assets | 21/28 | €370,760 | €402,027 | +€31,266 | +8.4% |
| Tangible fixed assets | 22/27 | €370,625 | €401,892 | +€31,266 | +8.4% |
| Land and buildings | 22 | €285,734 | €282,765 | -€2,969 | -1.0% |
| Plant, machinery and equipment | 23 | €82,419 | €117,644 | +€35,224 | +42.7% |
| Furniture and vehicles | 24 | €2,471 | €1,483 | -€989 | -40.0% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €346,381 | €352,748 | +€6,367 | +1.8% |
| Stocks and contracts in progress | 3 | €25,000 | €35,000 | +€10,000 | +40.0% |
| Contracts in progress | 37 | €25,000 | €35,000 | +€10,000 | +40.0% |
| Amounts receivable within one year | 40/41 | €68,000 | €84,771 | +€16,770 | +24.7% |
| Trade receivables | 40 | €51,291 | €82,767 | +€31,477 | +61.4% |
| Other amounts receivable | 41 | €16,710 | €2,003 | -€14,706 | -88.0% |
| Cash at bank and in hand | 54/58 | €251,913 | €231,419 | -€20,494 | -8.1% |
| Deferred charges and accrued income | 490/1 | €1,468 | €1,558 | +€91 | +6.2% |
| Total equity and liabilities | 10/49 | €717,141 | €754,775 | +€37,634 | +5.2% |
| Equity | 10/15 | €347,272 | €365,536 | +€18,264 | +5.3% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €283,777 | €302,041 | +€18,264 | +6.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €283,777 | €302,041 | +€18,264 | +6.4% |
| Profit (loss) carried forward | 14 | €3,496 | €3,496 | = | 0.0% |
| Amounts payable | 17/49 | €369,869 | €389,238 | +€19,370 | +5.2% |
| Amounts payable after more than one year | 17 | €136,000 | €136,000 | = | 0.0% |
| Financial debts | 170/4 | €136,000 | €136,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €214,819 | €233,022 | +€18,203 | +8.5% |
| Financial debts | 43 | €3,509 | €3,488 | -€21 | -0.6% |
| Credit institutions | 430/8 | €3,509 | €3,488 | -€21 | -0.6% |
| Trade debts | 44 | €12,271 | €20,437 | +€8,166 | +66.5% |
| Suppliers | 440/4 | €12,271 | €20,437 | +€8,166 | +66.5% |
| Taxes, remuneration and social security | 45 | €9,278 | €13,145 | +€3,867 | +41.7% |
| Taxes | 450/3 | €9,278 | €13,145 | +€3,867 | +41.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €189,761 | €195,952 | +€6,191 | +3.3% |
| Accrued charges and deferred income | 492/3 | €19,050 | €20,216 | +€1,166 | +6.1% |
| Remuneration, social security and pensions | 62 | €3 | €0 | -€3 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,122 | €25,704 | +€5,583 | +27.7% |
| Other operating charges | 640/8 | €2,955 | €24,014 | +€21,059 | +712.7% |
| Gross operating margin | 9900 | €100,997 | €96,930 | -€4,067 | -4.0% |
| Operating profit (loss) | 9901 | €77,918 | €47,211 | -€30,706 | -39.4% |
| Financial income | 75/76B | €14 | €1,216 | +€1,202 | +8747.1% |
| Recurring financial income | 75 | €14 | €1,216 | +€1,202 | +8747.1% |
| Financial charges | 65/66B | €19,709 | €21,077 | +€1,368 | +6.9% |
| Recurring financial charges | 65 | €19,709 | €21,077 | +€1,368 | +6.9% |
| Profit (loss) for the period before taxes | 9903 | €58,222 | €27,350 | -€30,872 | -53.0% |
| Income taxes | 67/77 | €19,278 | €9,086 | -€10,193 | -52.9% |
| Profit (loss) for the period | 9904 | €38,944 | €18,264 | -€20,680 | -53.1% |
| Profit (loss) for the period to be appropriated | 9905 | €38,944 | €18,264 | -€20,680 | -53.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.