HJO Real Estate: what changed
What changed
HJO Real Estate
NACE 68.121, Development of residential building projects
filed annual accounts (NBB)
Net result for the year
-€375,387
2024 · -€428,284+€52,896
Equity
-€655,662
2024 · -€280,275-€375,387
Cash
€44,019
2024 · €1.3m-€1.3m
Balance sheet total
€17.0m
2024 · €21.4m-€4.4m
Largest movements
Assets
- Stocks and contracts -€3.0m
down €3.0m (-15.4%), from €19.4m to €16.4m
- Cash -€1.3m
down €1.3m (-96.7%), from €1.3m to €44,019
mainly Short-term financial debts (-€6.7m) and Trade debts (-€962,932)
- Deferred charges and accrued income -€342,005
down €342,005 (-60.9%), from €561,922 to €219,918
Equity and liabilities
- Short-term financial debts -€6.7m
down €6.7m (-50.6%), from €13.3m to €6.6m
- Debts after one year +€2.3m
up €2.3m (+98.9%), from €2.3m to €4.6m
- Other debts +€1.4m
up €1.4m (+38.2%), from €3.6m to €5.0m
- Trade debts -€962,932
down €962,932 (-58.3%), from €1.7m to €689,401
- Profit (loss) carried forward -€375,387
down €375,387 (-26.0%), from -€1.4m to -€1.8m
Income statement
- Gross operating margin +€197,664
up €197,664 (+83.8%), from €235,755 to €433,418
- Financial charges +€163,828
up €163,828 (+67.2%), from €243,645 to €407,473
- Depreciation -€20,269
down €20,269 (-43.7%), from €46,333 to €26,064
- Other operating charges +€8,754
up €8,754 (+135%), from €6,467 to €15,222
- Staff costs -€7,455
down €7,455 (-2.0%), from €366,818 to €359,363
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.
Result 2024
-€428,284
Gross operating margin
+€197,664
Staff costs
+€7,455
Depreciation
+€20,269
Other operating charges
-€8,754
Financial income
+€32
Financial charges
-€163,828
Taxes
+€59
Result 2025
-€375,387
raises the resultlowers the result
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.
From operations
+€3.2m
Investment
-€81,640
Financing
-€4.4m
Cash 2024
€1.3m
From operations (derived)
+€3.2m
Net result for the year
-€375,387
Depreciation
+€26,064
Stocks and contracts
+€3.0m
Receivables within one year
-€151,361
Deferred charges and accrued income
+€342,005
Trade debts
-€962,932
Tax, wage and social debts
-€162,884
Advances received
+€45,360
Other debts
+€1.4m
Accrued charges and deferred income
+€44,918
Investment (derived)
-€81,640
Investment in fixed assets (net)
-€81,640
Financing
-€4.4m
Debts after one year
+€2.3m
Current portion of long-term debt
+€88,870
Short-term financial debts
-€6.7m
Cash 2025
€44,019
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,351,292 | €16,958,865 | -€4.4m | -20.6% |
| Fixed assets | 21/28 | €34,056 | €89,632 | +€55,576 | +163% |
| Intangible fixed assets | 21 | €5,514 | €494 | -€5,020 | -91.0% |
| Tangible fixed assets | 22/27 | €19,292 | €84,887 | +€65,596 | +340% |
| Furniture and vehicles | 24 | €11,574 | €84,887 | +€73,313 | +633% |
| Leasing and similar rights | 25 | €7,718 | €0 | -€7,718 | -100% |
| Financial fixed assets | 28 | €9,250 | €4,250 | -€5,000 | -54.1% |
| Current assets | 29/58 | €21,317,236 | €16,869,234 | -€4.4m | -20.9% |
| Stocks and contracts in progress | 3 | €19,365,602 | €16,380,401 | -€3.0m | -15.4% |
| Stocks | 30/36 | €19,365,602 | €16,380,401 | -€3.0m | -15.4% |
| Amounts receivable within one year | 40/41 | €73,534 | €224,896 | +€151,361 | +206% |
| Trade receivables | 40 | €60,369 | €76,355 | +€15,986 | +26.5% |
| Other amounts receivable | 41 | €13,166 | €148,541 | +€135,375 | +1,028% |
| Cash at bank and in hand | 54/58 | €1,316,177 | €44,019 | -€1.3m | -96.7% |
| Deferred charges and accrued income | 490/1 | €561,922 | €219,918 | -€342,005 | -60.9% |
| Total equity and liabilities | 10/49 | €21,351,292 | €16,958,865 | -€4.4m | -20.6% |
| Equity | 10/15 | -€280,275 | -€655,662 | -€375,387 | -134% |
| Contributions | 10/11 | €1,162,000 | €1,162,000 | = | 0.0% |
| Capital | 10 | €1,162,000 | €1,162,000 | = | 0.0% |
| Issued capital | 100 | €1,162,000 | €1,162,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,442,275 | -€1,817,662 | -€375,387 | -26.0% |
| Amounts payable | 17/49 | €21,631,566 | €17,614,527 | -€4.0m | -18.6% |
| Amounts payable after more than one year | 17 | €2,299,891 | €4,575,249 | +€2.3m | +98.9% |
| Financial debts | 170/4 | €2,299,891 | €4,575,249 | +€2.3m | +98.9% |
| Amounts payable within one year | 42/48 | €19,045,383 | €12,708,069 | -€6.3m | -33.3% |
| Current portion of amounts payable after more than one year | 42 | €8,299 | €97,169 | +€88,870 | +1,071% |
| Financial debts | 43 | €13,307,699 | €6,572,686 | -€6.7m | -50.6% |
| Credit institutions | 430/8 | €13,307,699 | €6,572,686 | -€6.7m | -50.6% |
| Trade debts | 44 | €1,652,333 | €689,401 | -€962,932 | -58.3% |
| Suppliers | 440/4 | €1,652,333 | €689,401 | -€962,932 | -58.3% |
| Advances received on contracts in progress | 46 | €155,747 | €201,107 | +€45,360 | +29.1% |
| Taxes, remuneration and social security | 45 | €280,017 | €117,133 | -€162,884 | -58.2% |
| Taxes | 450/3 | €198,077 | €52,095 | -€145,982 | -73.7% |
| Remuneration and social security | 454/9 | €81,940 | €65,038 | -€16,902 | -20.6% |
| Other amounts payable | 47/48 | €3,641,288 | €5,030,573 | +€1.4m | +38.2% |
| Accrued charges and deferred income | 492/3 | €286,292 | €331,209 | +€44,918 | +15.7% |
| Non-recurring operating income | 76A | - | €632,160 | +€632,160 | |
| Remuneration, social security and pensions | 62 | €366,818 | €359,363 | -€7,455 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,333 | €26,064 | -€20,269 | -43.7% |
| Other operating charges | 640/8 | €6,467 | €15,222 | +€8,754 | +135% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €235,755 | €433,418 | +€197,664 | +83.8% |
| Operating profit (loss) | 9901 | -€183,864 | €32,770 | +€216,634 | |
| Financial income | 75/76B | €0 | €32 | +€32 | |
| Recurring financial income | 75 | €0 | €32 | +€32 | |
| Financial charges | 65/66B | €243,645 | €407,473 | +€163,828 | +67.2% |
| Recurring financial charges | 65 | €243,645 | €407,473 | +€163,828 | +67.2% |
| Profit (loss) for the period before taxes | 9903 | -€427,509 | -€374,671 | +€52,838 | +12.4% |
| Income taxes | 67/77 | €775 | €717 | -€59 | -7.6% |
| Profit (loss) for the period | 9904 | -€428,284 | -€375,387 | +€52,896 | +12.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€428,284 | -€375,387 | +€52,896 | +12.4% |
Next steps
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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.