HECTAAR: 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.
What changed
HECTAAR
NACE 68.121, Development of residential building projects
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€7.0m
2024 · €4.2m+€2.8m
Equity
€25.6m
2024 · €25.4m+€173,298
Cash
€111,540
2024 · €248,518-€136,977
Balance sheet total
€38.5m
2024 · €42.1m-€3.6m
Largest movements
Assets
- Stocks and contracts -€3.6m
down €3.6m (-10.6%), from €34.2m to €30.6m
of which Stocks: -€3.8m
- Receivables within one year -€1.0m
down €1.0m (-62.1%), from €1.6m to €623,719
of which Trade receivables: -€789,619
- Tangible fixed assets +€883,897
up €883,897 (+16.7%), from €5.3m to €6.2m
of which Other tangible fixed assets: +€1.1m
- Current investments +€425,000
new in 2025: €425,000
Equity and liabilities
- Short-term financial debts -€5.3m
down €5.3m (-86.1%), from €6.2m to €853,490
- Other debts +€2.0m
up €2.0m (+50.0%), from €3.9m to €5.8m
- Accrued charges and deferred income +€664,957
up €664,957 (+1556547.9%), from €43 to €665,000
Income statement
- Goods and materials +€8.5m
up €8.5m (+25.4%), from €33.4m to €41.9m
of which Change in stocks: decrease (increase): +€6.3m
- Turnover -€3.1m
down €3.1m (-6.1%), from €50.2m to €47.1m
- Taxes +€1.0m
up €1.0m (+111.5%), from €906,327 to €1.9m
of which Taxes: +€923,915
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.
Result 2024
€4.2m
Turnover
-€3.1m
Other operating income
-€168,972
Goods and materials
-€8.5m
Services and other goods
+€128,171
Staff costs
-€67,436
Depreciation
-€159,713
Other operating charges
-€27,127
Other operating items
+€15.0m
Financial income
+€143,734
Financial charges
+€469,012
Taxes
-€1.0m
Result 2025
€7.0m
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.
From operations
+€13.9m
Investment
-€1.7m
Financing
-€12.3m
Cash 2024
€248,518
From operations (derived)
+€13.9m
Net result for the year
+€7.0m
Depreciation
+€502,489
Stocks and contracts
+€3.6m
Receivables within one year
+€1.0m
Smaller working-capital items
-€6,174
Trade debts
-€222,881
Tax, wage and social debts
-€348,255
Advances received
-€312,414
Other debts
+€2.0m
Accrued charges and deferred income
+€664,957
Investment (derived)
-€1.7m
Investment in fixed assets (net)
-€1.3m
Current investments
-€425,000
Financing
-€12.3m
Debts after one year
-€208,779
Current portion of long-term debt
+€6,087
Short-term financial debts
-€5.3m
Contributions, distributions and other
-€6.8m
Cash 2025
€111,540
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €42,095,123 | €38,489,848 | -€3.6m | -8.6% |
| Fixed assets | 21/28 | €5,956,532 | €6,717,667 | +€761,135 | +12.8% |
| Intangible fixed assets | 21 | €317,325 | €287,433 | -€29,892 | -9.4% |
| Tangible fixed assets | 22/27 | €5,292,169 | €6,176,066 | +€883,897 | +16.7% |
| Land and buildings | 22 | €5,100,337 | €4,892,228 | -€208,108 | -4.1% |
| Plant, machinery and equipment | 23 | €39,612 | €39,824 | +€212 | +0.5% |
| Furniture and vehicles | 24 | €143,220 | €106,715 | -€36,505 | -25.5% |
| Other tangible fixed assets | 26 | €9,000 | €1,137,299 | +€1.1m | +12536.7% |
| Financial fixed assets | 28 | €347,038 | €254,167 | -€92,871 | -26.8% |
| Affiliated companies | 280/1 | €37,500 | €37,500 | = | 0.0% |
| Participating interests | 280 | €37,500 | €37,500 | = | 0.0% |
| Amounts receivable | 281 | €0 | - | = | |
| Other financial fixed assets | 284/8 | €309,538 | €216,667 | -€92,871 | -30.0% |
| Amounts receivable and cash guarantees | 285/8 | €309,538 | €216,667 | -€92,871 | -30.0% |
| Current assets | 29/58 | €36,138,591 | €31,772,181 | -€4.4m | -12.1% |
| Stocks and contracts in progress | 3 | €34,188,732 | €30,552,133 | -€3.6m | -10.6% |
| Stocks | 30/36 | €33,348,671 | €29,594,513 | -€3.8m | -11.3% |
| Property held for sale | 35 | €33,348,671 | €29,594,513 | -€3.8m | -11.3% |
| Contracts in progress | 37 | €840,060 | €957,620 | +€117,560 | +14.0% |
| Amounts receivable within one year | 40/41 | €1,645,841 | €623,719 | -€1.0m | -62.1% |
| Trade receivables | 40 | €1,339,034 | €549,415 | -€789,619 | -59.0% |
| Other amounts receivable | 41 | €306,807 | €74,304 | -€232,503 | -75.8% |
| Current investments | 50/53 | - | €425,000 | +€425,000 | |
| Other investments | 51/53 | - | €425,000 | +€425,000 | |
| Cash at bank and in hand | 54/58 | €248,518 | €111,540 | -€136,977 | -55.1% |
| Deferred charges and accrued income | 490/1 | €55,501 | €59,788 | +€4,288 | +7.7% |
| Total equity and liabilities | 10/49 | €42,095,123 | €38,489,848 | -€3.6m | -8.6% |
| Equity | 10/15 | €25,381,732 | €25,555,030 | +€173,298 | +0.7% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €25,131,732 | €25,305,030 | +€173,298 | +0.7% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,644,589 | €4,323,179 | -€321,410 | -6.9% |
| Distributable reserves | 133 | €20,462,143 | €20,956,851 | +€494,708 | +2.4% |
| Provisions and deferred taxes | 16 | €35,847 | €33,960 | -€1,887 | -5.3% |
| Deferred taxes | 168 | €35,847 | €33,960 | -€1,887 | -5.3% |
| Amounts payable | 17/49 | €16,677,544 | €12,900,857 | -€3.8m | -22.6% |
| Amounts payable after more than one year | 17 | €2,853,321 | €2,644,542 | -€208,779 | -7.3% |
| Financial debts | 170/4 | €2,853,321 | €2,644,542 | -€208,779 | -7.3% |
| Credit institutions | 173 | €2,853,321 | €2,644,542 | -€208,779 | -7.3% |
| Amounts payable within one year | 42/48 | €13,824,181 | €9,591,315 | -€4.2m | -30.6% |
| Current portion of amounts payable after more than one year | 42 | €202,692 | €208,779 | +€6,087 | +3.0% |
| Financial debts | 43 | €6,159,035 | €853,490 | -€5.3m | -86.1% |
| Credit institutions | 430/8 | €6,159,035 | €853,490 | -€5.3m | -86.1% |
| Trade debts | 44 | €1,628,403 | €1,405,521 | -€222,881 | -13.7% |
| Suppliers | 440/4 | €1,628,403 | €1,405,521 | -€222,881 | -13.7% |
| Advances received on contracts in progress | 46 | €952,370 | €639,956 | -€312,414 | -32.8% |
| Taxes, remuneration and social security | 45 | €982,888 | €634,634 | -€348,255 | -35.4% |
| Taxes | 450/3 | €810,018 | €455,426 | -€354,592 | -43.8% |
| Remuneration and social security | 454/9 | €172,870 | €179,208 | +€6,338 | +3.7% |
| Other amounts payable | 47/48 | €3,898,793 | €5,848,936 | +€2.0m | +50.0% |
| Accrued charges and deferred income | 492/3 | €43 | €665,000 | +€664,957 | +1556547.9% |
| Operating income | 70/76A | €43,453,435 | €55,259,451 | +€11.8m | +27.2% |
| Turnover | 70 | €50,183,569 | €47,129,144 | -€3.1m | -6.1% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€7,673,443 | €7,361,557 | +€15.0m | |
| Other operating income | 74 | €931,583 | €762,611 | -€168,972 | -18.1% |
| Non-recurring operating income | 76A | €11,727 | €6,140 | -€5,587 | -47.6% |
| Operating charges | 60/66A | €38,392,543 | €47,003,818 | +€8.6m | +22.4% |
| Goods for resale, raw materials and consumables | 60 | €33,438,839 | €41,924,008 | +€8.5m | +25.4% |
| Purchases | 600/8 | €35,972,552 | €38,169,850 | +€2.2m | +6.1% |
| Change in stocks: decrease (increase) | 609 | -€2,533,714 | €3,754,159 | +€6.3m | |
| Services and other goods | 61 | €2,950,132 | €2,821,961 | -€128,171 | -4.3% |
| Remuneration, social security and pensions | 62 | €1,642,232 | €1,709,667 | +€67,436 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €342,775 | €502,489 | +€159,713 | +46.6% |
| Other operating charges | 640/8 | €18,566 | €45,692 | +€27,127 | +146.1% |
| Operating profit (loss) | 9901 | €5,060,892 | €8,255,634 | +€3.2m | +63.1% |
| Financial income | 75/76B | €995,024 | €1,138,759 | +€143,734 | +14.4% |
| Recurring financial income | 75 | €995,024 | €1,138,759 | +€143,734 | +14.4% |
| Income from financial fixed assets | 750 | €462,341 | €500,000 | +€37,659 | +8.1% |
| Income from current assets | 751 | - | €17,367 | +€17,367 | |
| Other financial income | 752/9 | €532,684 | €621,391 | +€88,708 | +16.7% |
| Financial charges | 65/66B | €974,885 | €505,873 | -€469,012 | -48.1% |
| Recurring financial charges | 65 | €974,885 | €505,873 | -€469,012 | -48.1% |
| Debt charges | 650 | €875,961 | €359,995 | -€515,966 | -58.9% |
| Other financial charges | 652/9 | €98,924 | €145,878 | +€46,954 | +47.5% |
| Profit (loss) for the period before taxes | 9903 | €5,081,032 | €8,888,519 | +€3.8m | +74.9% |
| Transfer from deferred taxes | 780 | €1,887 | €1,887 | = | 0.0% |
| Income taxes | 67/77 | €906,327 | €1,917,108 | +€1.0m | +111.5% |
| Taxes | 670/3 | €993,193 | €1,917,108 | +€923,915 | +93.0% |
| Tax adjustments and reversals of tax provisions | 77 | €86,866 | - | -€86,866 | |
| Profit (loss) for the period | 9904 | €4,176,592 | €6,973,298 | +€2.8m | +67.0% |
| Transfer from tax-exempt reserves | 789 | €110,910 | €426,660 | +€315,750 | +284.7% |
| Transfer to tax-exempt reserves | 689 | - | €105,250 | +€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,287,502 | €7,294,708 | +€3.0m | +70.1% |
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 12 October 2026 via checked.be.