H.O.P.: 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.
H.O.P.
Largest movements
- Receivables within one year -€63,119
down €63,119 (-40.6%), from €155,284 to €92,165
of which Trade receivables: -€54,689
- Cash +€59,237
up €59,237 (+119%), from €49,978 to €109,215
mainly Receivables within one year (+€63,119) and Depreciation (+€44,856)
- Tangible fixed assets -€35,502
down €35,502 (-24.9%), from €142,497 to €106,995
of which Furniture and vehicles: -€30,369
- Trade debts -€44,130
down €44,130 (-42.1%), from €104,820 to €60,691
- Debts after one year -€29,960
down €29,960 (-39.7%), from €75,552 to €45,592
- Reserves +€22,747
up €22,747 (+25.8%), from €88,169 to €110,916
of which Distributable reserves: +€22,747
- Current portion of long-term debt +€6,625
up €6,625 (+22.3%), from €29,769 to €36,394
- Tax, wage and social debts +€5,884
up €5,884 (+36.0%), from €16,327 to €22,212
of which Taxes: +€5,496
- Gross operating margin +€15,269
up €15,269 (+15.5%), from €98,490 to €113,759
- Depreciation +€3,682
up €3,682 (+8.9%), from €41,174 to €44,856
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 | €356,153 | €316,617 | -€39,536 | -11.1% |
| Fixed assets | 21/28 | €142,754 | €107,251 | -€35,502 | -24.9% |
| Tangible fixed assets | 22/27 | €142,497 | €106,995 | -€35,502 | -24.9% |
| Land and buildings | 22 | €13,228 | €14,727 | +€1,500 | +11.3% |
| Plant, machinery and equipment | 23 | €19,206 | €12,573 | -€6,633 | -34.5% |
| Furniture and vehicles | 24 | €110,064 | €79,695 | -€30,369 | -27.6% |
| Financial fixed assets | 28 | €256 | €256 | = | 0.0% |
| Current assets | 29/58 | €213,399 | €209,365 | -€4,034 | -1.9% |
| Amounts receivable within one year | 40/41 | €155,284 | €92,165 | -€63,119 | -40.6% |
| Trade receivables | 40 | €131,990 | €77,301 | -€54,689 | -41.4% |
| Other amounts receivable | 41 | €23,294 | €14,863 | -€8,430 | -36.2% |
| Cash at bank and in hand | 54/58 | €49,978 | €109,215 | +€59,237 | +119% |
| Deferred charges and accrued income | 490/1 | €8,138 | €7,986 | -€152 | -1.9% |
| Total equity and liabilities | 10/49 | €356,153 | €316,617 | -€39,536 | -11.1% |
| Equity | 10/15 | €94,369 | €117,116 | +€22,747 | +24.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €88,169 | €110,916 | +€22,747 | +25.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €88,169 | €110,916 | +€22,747 | +25.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €261,783 | €199,501 | -€62,283 | -23.8% |
| Amounts payable after more than one year | 17 | €75,552 | €45,592 | -€29,960 | -39.7% |
| Financial debts | 170/4 | €75,552 | €45,592 | -€29,960 | -39.7% |
| Amounts payable within one year | 42/48 | €184,007 | €151,685 | -€32,322 | -17.6% |
| Current portion of amounts payable after more than one year | 42 | €29,769 | €36,394 | +€6,625 | +22.3% |
| Trade debts | 44 | €104,820 | €60,691 | -€44,130 | -42.1% |
| Suppliers | 440/4 | €104,820 | €60,691 | -€44,130 | -42.1% |
| Taxes, remuneration and social security | 45 | €16,327 | €22,212 | +€5,884 | +36.0% |
| Taxes | 450/3 | €14,581 | €20,077 | +€5,496 | +37.7% |
| Remuneration and social security | 454/9 | €1,747 | €2,135 | +€388 | +22.2% |
| Other amounts payable | 47/48 | €33,091 | €32,388 | -€702 | -2.1% |
| Accrued charges and deferred income | 492/3 | €2,224 | €2,224 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,174 | €44,856 | +€3,682 | +8.9% |
| Other operating charges | 640/8 | €3,857 | €3,847 | -€11 | -0.3% |
| Non-recurring operating charges | 66A | €4,252 | €0 | -€4,252 | -100% |
| Gross operating margin | 9900 | €98,490 | €113,759 | +€15,269 | +15.5% |
| Operating profit (loss) | 9901 | €49,207 | €65,056 | +€15,849 | +32.2% |
| Financial income | 75/76B | €497 | €861 | +€364 | +73.4% |
| Recurring financial income | 75 | €497 | €861 | +€364 | +73.4% |
| Financial charges | 65/66B | €5,412 | €5,140 | -€273 | -5.0% |
| Recurring financial charges | 65 | €5,412 | €5,140 | -€273 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €44,291 | €60,777 | +€16,486 | +37.2% |
| Income taxes | 67/77 | €19,311 | €18,406 | -€905 | -4.7% |
| Profit (loss) for the period | 9904 | €24,979 | €42,371 | +€17,391 | +69.6% |
| Profit (loss) for the period to be appropriated | 9905 | €24,979 | €42,371 | +€17,391 | +69.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.