H.O.: 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.
H.O.
Largest movements
- Tangible fixed assets +€51,303
up €51,303 (+4.2%), from €1.2m to €1.3m
of which Other tangible fixed assets: +€84,044
- Debts after one year -€93,491
down €93,491 (-11.4%), from €821,197 to €727,705
- Other debts +€75,237
up €75,237 (+314.9%), from €23,892 to €99,129
- Reserves +€47,898
up €47,898 (+15.3%), from €312,824 to €360,722
- Depreciation +€23,652
up €23,652 (+36.5%), from €64,751 to €88,402
- Taxes -€12,515
down €12,515 (-43.4%), from €28,827 to €16,313
- Gross operating margin -€10,182
down €10,182 (-5.4%), from €189,965 to €179,782
- Other operating charges +€3,003
up €3,003 (+51.1%), from €5,875 to €8,878
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 | €1,264,703 | €1,304,300 | +€39,597 | +3.1% |
| Fixed assets | 21/28 | €1,222,833 | €1,274,137 | +€51,303 | +4.2% |
| Tangible fixed assets | 22/27 | €1,222,833 | €1,274,137 | +€51,303 | +4.2% |
| Land and buildings | 22 | €939,671 | €910,401 | -€29,270 | -3.1% |
| Furniture and vehicles | 24 | €6,757 | €3,287 | -€3,470 | -51.4% |
| Other tangible fixed assets | 26 | €276,405 | €360,449 | +€84,044 | +30.4% |
| Current assets | 29/58 | €41,870 | €30,163 | -€11,707 | -28.0% |
| Amounts receivable within one year | 40/41 | €13,894 | €8,688 | -€5,206 | -37.5% |
| Trade receivables | 40 | €13,893 | - | -€13,893 | |
| Other amounts receivable | 41 | €1 | €8,688 | +€8,687 | +1579445.5% |
| Cash at bank and in hand | 54/58 | €20,976 | €15,253 | -€5,722 | -27.3% |
| Deferred charges and accrued income | 490/1 | €7,000 | €6,222 | -€778 | -11.1% |
| Total equity and liabilities | 10/49 | €1,264,703 | €1,304,300 | +€39,597 | +3.1% |
| Equity | 10/15 | €322,486 | €370,384 | +€47,898 | +14.9% |
| Contributions | 10/11 | €9,662 | €9,662 | = | 0.0% |
| Reserves | 13 | €312,824 | €360,722 | +€47,898 | +15.3% |
| Distributable reserves | 133 | €312,824 | €360,722 | +€47,898 | +15.3% |
| Amounts payable | 17/49 | €942,217 | €933,916 | -€8,301 | -0.9% |
| Amounts payable after more than one year | 17 | €821,197 | €727,705 | -€93,491 | -11.4% |
| Financial debts | 170/4 | €821,197 | €727,705 | -€93,491 | -11.4% |
| Amounts payable within one year | 42/48 | €121,020 | €205,444 | +€84,423 | +69.8% |
| Current portion of amounts payable after more than one year | 42 | €91,685 | €94,379 | +€2,694 | +2.9% |
| Financial debts | 43 | - | €1,265 | +€1,265 | |
| Credit institutions | 430/8 | - | €1,265 | +€1,265 | |
| Trade debts | 44 | €802 | €770 | -€32 | -4.0% |
| Suppliers | 440/4 | €802 | €770 | -€32 | -4.0% |
| Taxes, remuneration and social security | 45 | €4,641 | €9,901 | +€5,260 | +113.3% |
| Taxes | 450/3 | €4,641 | €9,901 | +€5,260 | +113.3% |
| Other amounts payable | 47/48 | €23,892 | €99,129 | +€75,237 | +314.9% |
| Accrued charges and deferred income | 492/3 | - | €767 | +€767 | |
| Non-recurring operating income | 76A | €1,797 | - | -€1,797 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,751 | €88,402 | +€23,652 | +36.5% |
| Other operating charges | 640/8 | €5,875 | €8,878 | +€3,003 | +51.1% |
| Gross operating margin | 9900 | €189,965 | €179,782 | -€10,182 | -5.4% |
| Operating profit (loss) | 9901 | €119,339 | €82,502 | -€36,837 | -30.9% |
| Financial income | 75/76B | €49 | €0 | -€49 | -99.0% |
| Recurring financial income | 75 | €49 | €0 | -€49 | -99.0% |
| Financial charges | 65/66B | €18,432 | €17,459 | -€972 | -5.3% |
| Recurring financial charges | 65 | €18,432 | €17,459 | -€972 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €100,956 | €65,043 | -€35,913 | -35.6% |
| Income taxes | 67/77 | €28,827 | €16,313 | -€12,515 | -43.4% |
| Profit (loss) for the period | 9904 | €72,129 | €48,731 | -€23,398 | -32.4% |
| Profit (loss) for the period to be appropriated | 9905 | €72,129 | €48,731 | -€23,398 | -32.4% |
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.