Ho Fat: 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.
Ho Fat
Largest movements
- Cash -€15,064
down €15,064 (-34.7%), from €43,472 to €28,408
mainly Investment in fixed assets (net) (-€13,417) and Receivables within one year (-€7,314)
- Receivables within one year +€7,314
up €7,314 (+40.5%), from €18,039 to €25,354
- Tangible fixed assets +€4,160
up €4,160 (+17.3%), from €23,996 to €28,155
- Tax, wage and social debts -€4,016
down €4,016 (-30.5%), from €13,157 to €9,141
of which Taxes: -€4,325
- Staff costs +€16,748
up €16,748 (+38.5%), from €43,554 to €60,302
- Taxes -€4,778
down €4,778 (-91.3%), from €5,236 to €458
- Gross operating margin +€2,813
up €2,813 (+4.0%), from €69,703 to €72,516
- Other operating charges +€1,566
up €1,566 (+192.3%), from €815 to €2,381
- Depreciation +€1,402
up €1,402 (+17.8%), from €7,856 to €9,257
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 | €89,175 | €85,737 | -€3,438 | -3.9% |
| Fixed assets | 21/28 | €24,496 | €28,655 | +€4,160 | +17.0% |
| Tangible fixed assets | 22/27 | €23,996 | €28,155 | +€4,160 | +17.3% |
| Plant, machinery and equipment | 23 | €23,996 | €28,155 | +€4,160 | +17.3% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €64,679 | €57,081 | -€7,598 | -11.7% |
| Stocks and contracts in progress | 3 | €3,168 | €3,320 | +€152 | +4.8% |
| Stocks | 30/36 | €3,168 | €3,320 | +€152 | +4.8% |
| Amounts receivable within one year | 40/41 | €18,039 | €25,354 | +€7,314 | +40.5% |
| Other amounts receivable | 41 | €18,039 | €25,354 | +€7,314 | +40.5% |
| Cash at bank and in hand | 54/58 | €43,472 | €28,408 | -€15,064 | -34.7% |
| Total equity and liabilities | 10/49 | €89,175 | €85,737 | -€3,438 | -3.9% |
| Equity | 10/15 | €73,606 | €73,617 | +€11 | 0.0% |
| Reserves | 13 | €54,537 | €54,537 | = | 0.0% |
| Distributable reserves | 133 | €54,537 | €54,537 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,069 | €19,080 | +€11 | +0.1% |
| Amounts payable | 17/49 | €15,569 | €12,120 | -€3,449 | -22.2% |
| Amounts payable within one year | 42/48 | €15,569 | €12,120 | -€3,449 | -22.2% |
| Trade debts | 44 | €2,412 | €2,980 | +€567 | +23.5% |
| Suppliers | 440/4 | €2,412 | €2,980 | +€567 | +23.5% |
| Taxes, remuneration and social security | 45 | €13,157 | €9,141 | -€4,016 | -30.5% |
| Taxes | 450/3 | €7,034 | €2,710 | -€4,325 | -61.5% |
| Remuneration and social security | 454/9 | €6,123 | €6,431 | +€309 | +5.0% |
| Remuneration, social security and pensions | 62 | €43,554 | €60,302 | +€16,748 | +38.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,856 | €9,257 | +€1,402 | +17.8% |
| Other operating charges | 640/8 | €815 | €2,381 | +€1,566 | +192.3% |
| Gross operating margin | 9900 | €69,703 | €72,516 | +€2,813 | +4.0% |
| Operating profit (loss) | 9901 | €17,479 | €575 | -€16,903 | -96.7% |
| Financial income | 75/76B | €1,156 | €1,359 | +€203 | +17.6% |
| Recurring financial income | 75 | €1,156 | €1,359 | +€203 | +17.6% |
| Financial charges | 65/66B | €952 | €1,466 | +€514 | +54.0% |
| Recurring financial charges | 65 | €952 | €1,466 | +€514 | +54.0% |
| Profit (loss) for the period before taxes | 9903 | €17,683 | €468 | -€17,215 | -97.4% |
| Income taxes | 67/77 | €5,236 | €458 | -€4,778 | -91.3% |
| Profit (loss) for the period | 9904 | €12,447 | €11 | -€12,436 | -99.9% |
| Profit (loss) for the period to be appropriated | 9905 | €12,447 | €11 | -€12,436 | -99.9% |
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 1 October 2026 via checked.be.