HoA: 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.
HoA
Largest movements
- Stocks and contracts -€28,316
down €28,316 (-13.6%), from €208,694 to €180,378
- Receivables within one year -€14,364
down €14,364 (-30.7%), from €46,815 to €32,450
of which Trade receivables: -€22,961
- Cash +€12,525
up €12,525 (+18.6%), from €67,345 to €79,871
mainly Stocks and contracts (+€28,316) and Receivables within one year (+€14,364)
- Tangible fixed assets -€4,845
down €4,845 (-16.7%), from €28,950 to €24,105
of which Other tangible fixed assets: -€2,891
- Reserves -€12,284
down €12,284 (-5.8%), from €211,298 to €199,014
of which Distributable reserves: -€12,284
- Trade debts -€6,785
down €6,785 (-23.7%), from €28,657 to €21,872
- Tax, wage and social debts -€6,429
down €6,429 (-21.9%), from €29,370 to €22,940
of which Taxes: -€5,814
- Other debts -€6,029
down €6,029 (-11.5%), from €52,649 to €46,621
- Gross operating margin -€24,492
down €24,492 (-17.4%), from €140,509 to €116,017
- Write-downs +€12,724
up €12,724 (+492.5%), from €2,583 to €15,308
- Taxes -€4,278
down €4,278 (-100.0%), from €4,278 to €0
- Depreciation -€4,209
down €4,209 (-34.6%), from €12,154 to €7,945
- Financial charges -€2,131
down €2,131 (-32.3%), from €6,605 to €4,474
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 | €356,271 | €321,082 | -€35,189 | -9.9% |
| Fixed assets | 21/28 | €32,983 | €28,138 | -€4,845 | -14.7% |
| Tangible fixed assets | 22/27 | €28,950 | €24,105 | -€4,845 | -16.7% |
| Plant, machinery and equipment | 23 | €2,493 | €1,241 | -€1,252 | -50.2% |
| Furniture and vehicles | 24 | €3,407 | €2,705 | -€702 | -20.6% |
| Other tangible fixed assets | 26 | €23,051 | €20,160 | -€2,891 | -12.5% |
| Financial fixed assets | 28 | €4,033 | €4,033 | = | 0.0% |
| Current assets | 29/58 | €323,288 | €292,943 | -€30,344 | -9.4% |
| Stocks and contracts in progress | 3 | €208,694 | €180,378 | -€28,316 | -13.6% |
| Stocks | 30/36 | €208,694 | €180,378 | -€28,316 | -13.6% |
| Amounts receivable within one year | 40/41 | €46,815 | €32,450 | -€14,364 | -30.7% |
| Trade receivables | 40 | €45,093 | €22,132 | -€22,961 | -50.9% |
| Other amounts receivable | 41 | €1,722 | €10,319 | +€8,597 | +499.2% |
| Cash at bank and in hand | 54/58 | €67,345 | €79,871 | +€12,525 | +18.6% |
| Deferred charges and accrued income | 490/1 | €434 | €244 | -€190 | -43.8% |
| Total equity and liabilities | 10/49 | €356,271 | €321,082 | -€35,189 | -9.9% |
| Equity | 10/15 | €232,729 | €220,142 | -€12,587 | -5.4% |
| Contributions | 10/11 | €20,405 | €20,405 | = | 0.0% |
| Reserves | 13 | €211,298 | €199,014 | -€12,284 | -5.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €211,298 | €199,014 | -€12,284 | -5.8% |
| Investment grants | 15 | €1,026 | €723 | -€303 | -29.5% |
| Provisions and deferred taxes | 16 | €378 | €241 | -€137 | -36.3% |
| Deferred taxes | 168 | €378 | €241 | -€137 | -36.3% |
| Amounts payable | 17/49 | €123,164 | €100,699 | -€22,465 | -18.2% |
| Amounts payable within one year | 42/48 | €110,676 | €91,433 | -€19,243 | -17.4% |
| Trade debts | 44 | €28,657 | €21,872 | -€6,785 | -23.7% |
| Suppliers | 440/4 | €28,657 | €21,872 | -€6,785 | -23.7% |
| Taxes, remuneration and social security | 45 | €29,370 | €22,940 | -€6,429 | -21.9% |
| Taxes | 450/3 | €12,325 | €6,511 | -€5,814 | -47.2% |
| Remuneration and social security | 454/9 | €17,045 | €16,429 | -€616 | -3.6% |
| Other amounts payable | 47/48 | €52,649 | €46,621 | -€6,029 | -11.5% |
| Accrued charges and deferred income | 492/3 | €12,488 | €9,266 | -€3,222 | -25.8% |
| Remuneration, social security and pensions | 62 | €105,775 | €105,560 | -€215 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,154 | €7,945 | -€4,209 | -34.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,583 | €15,308 | +€12,724 | +492.5% |
| Other operating charges | 640/8 | €412 | €436 | +€24 | +5.7% |
| Non-recurring operating charges | 66A | €3,721 | €0 | -€3,721 | -100.0% |
| Gross operating margin | 9900 | €140,509 | €116,017 | -€24,492 | -17.4% |
| Operating profit (loss) | 9901 | €15,864 | -€13,231 | -€29,095 | |
| Financial income | 75/76B | €5,069 | €5,421 | +€352 | +6.9% |
| Recurring financial income | 75 | €5,069 | €5,421 | +€352 | +6.9% |
| Financial charges | 65/66B | €6,605 | €4,474 | -€2,131 | -32.3% |
| Recurring financial charges | 65 | €6,605 | €4,474 | -€2,131 | -32.3% |
| Profit (loss) for the period before taxes | 9903 | €14,328 | -€12,284 | -€26,612 | |
| Transfer from deferred taxes | 780 | €137 | €0 | -€137 | -100.0% |
| Income taxes | 67/77 | €4,278 | €0 | -€4,278 | -100.0% |
| Profit (loss) for the period | 9904 | €10,187 | -€12,284 | -€22,471 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,187 | -€12,284 | -€22,471 |
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 29 September 2026 via checked.be.