HOAL: 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.
HOAL
Largest movements
- Receivables within one year +€9,158
up €9,158 (+33.3%), from €27,534 to €36,692
of which Other amounts receivable: +€9,503
- Deferred charges and accrued income +€5,875
up €5,875 (+489.6%), from €1,200 to €7,075
- Cash +€5,826
up €5,826 (+15.8%), from €36,856 to €42,683
mainly Other debts (+€99,681) and Net result for the year (+€24,842)
- Tangible fixed assets -€3,936
down €3,936 (-9.2%), from €42,572 to €38,636
of which Other tangible fixed assets: -€3,445
- Other debts +€99,681
up €99,681 (+1154.2%), from €8,637 to €108,317
- Reserves -€70,158
down €70,158 (-45.7%), from €153,425 to €83,267
- Tax, wage and social debts -€4,706
down €4,706 (-34.2%), from €13,761 to €9,056
of which Taxes: -€4,706
- Debts after one year -€4,703
down €4,703 (-56.4%), from €8,340 to €3,637
- Trade debts -€3,354
down €3,354 (-34.1%), from €9,831 to €6,477
- Gross operating margin -€30,531
down €30,531 (-42.9%), from €71,232 to €40,701
- Taxes -€5,793
down €5,793 (-37.2%), from €15,557 to €9,764
- Financial charges +€1,405
up €1,405 (+59.0%), from €2,381 to €3,786
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 | €199,162 | €216,085 | +€16,924 | +8.5% |
| Fixed assets | 21/28 | €48,572 | €44,636 | -€3,936 | -8.1% |
| Tangible fixed assets | 22/27 | €42,572 | €38,636 | -€3,936 | -9.2% |
| Plant, machinery and equipment | 23 | €839 | €519 | -€320 | -38.1% |
| Furniture and vehicles | 24 | €293 | €122 | -€171 | -58.2% |
| Other tangible fixed assets | 26 | €41,440 | €37,995 | -€3,445 | -8.3% |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €150,590 | €171,449 | +€20,859 | +13.9% |
| Amounts receivable after more than one year | 29 | €85,000 | €85,000 | = | 0.0% |
| Other amounts receivable | 291 | €85,000 | €85,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €27,534 | €36,692 | +€9,158 | +33.3% |
| Trade receivables | 40 | €23,590 | €23,246 | -€344 | -1.5% |
| Other amounts receivable | 41 | €3,943 | €13,446 | +€9,503 | +241.0% |
| Cash at bank and in hand | 54/58 | €36,856 | €42,683 | +€5,826 | +15.8% |
| Deferred charges and accrued income | 490/1 | €1,200 | €7,075 | +€5,875 | +489.6% |
| Total equity and liabilities | 10/49 | €199,162 | €216,085 | +€16,924 | +8.5% |
| Equity | 10/15 | €153,925 | €83,767 | -€70,158 | -45.6% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €153,425 | €83,267 | -€70,158 | -45.7% |
| Distributable reserves | 133 | €153,425 | €83,267 | -€70,158 | -45.7% |
| Amounts payable | 17/49 | €45,237 | €132,318 | +€87,082 | +192.5% |
| Amounts payable after more than one year | 17 | €8,340 | €3,637 | -€4,703 | -56.4% |
| Financial debts | 170/4 | €8,340 | €3,637 | -€4,703 | -56.4% |
| Amounts payable within one year | 42/48 | €36,770 | €128,553 | +€91,783 | +249.6% |
| Current portion of amounts payable after more than one year | 42 | €4,542 | €4,703 | +€162 | +3.6% |
| Trade debts | 44 | €9,831 | €6,477 | -€3,354 | -34.1% |
| Suppliers | 440/4 | €9,831 | €6,477 | -€3,354 | -34.1% |
| Taxes, remuneration and social security | 45 | €13,761 | €9,056 | -€4,706 | -34.2% |
| Taxes | 450/3 | €11,326 | €6,621 | -€4,706 | -41.5% |
| Remuneration and social security | 454/9 | €2,435 | €2,435 | = | 0.0% |
| Other amounts payable | 47/48 | €8,637 | €108,317 | +€99,681 | +1154.2% |
| Accrued charges and deferred income | 492/3 | €126 | €128 | +€2 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,909 | €3,936 | +€26 | +0.7% |
| Other operating charges | 640/8 | €816 | €869 | +€54 | +6.6% |
| Gross operating margin | 9900 | €71,232 | €40,701 | -€30,531 | -42.9% |
| Operating profit (loss) | 9901 | €66,507 | €35,896 | -€30,611 | -46.0% |
| Financial income | 75/76B | €2,832 | €2,495 | -€337 | -11.9% |
| Recurring financial income | 75 | €2,832 | €2,495 | -€337 | -11.9% |
| Financial charges | 65/66B | €2,381 | €3,786 | +€1,405 | +59.0% |
| Recurring financial charges | 65 | €2,381 | €3,786 | +€1,405 | +59.0% |
| Profit (loss) for the period before taxes | 9903 | €66,958 | €34,605 | -€32,353 | -48.3% |
| Income taxes | 67/77 | €15,557 | €9,764 | -€5,793 | -37.2% |
| Profit (loss) for the period | 9904 | €51,401 | €24,842 | -€26,560 | -51.7% |
| Profit (loss) for the period to be appropriated | 9905 | €51,401 | €24,842 | -€26,560 | -51.7% |
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 9 October 2026 via checked.be.