HODEC: 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.
HODEC
Largest movements
- Stocks and contracts -€774,124
down €774,124 (-43.1%), from €1.8m to €1.0m
- Cash +€526,634
up €526,634 (+30.3%), from €1.7m to €2.3m
mainly Stocks and contracts (+€774,124) and Depreciation (+€128,027)
- Tangible fixed assets -€202,313
down €202,313 (-37.6%), from €537,562 to €335,249
of which Plant, machinery and equipment: -€123,283
- Trade debts -€231,085
down €231,085 (-60.9%), from €379,488 to €148,403
- Profit (loss) carried forward -€190,368
down €190,368 (-3.6%), from €5.3m to €5.1m
- Tax, wage and social debts -€123,272
down €123,272 (-44.4%), from €277,701 to €154,429
of which Remuneration and social security: -€106,876
- Gross operating margin -€771,178
down €771,178 (-63.2%), from €1.2m to €448,552
- Staff costs -€357,605
down €357,605 (-36.8%), from €972,620 to €615,015
- Financial charges -€266,800
down €266,800 (-96.5%), from €276,334 to €9,534
of which Financial charges: -€254,779
- Write-downs -€50,113
down €50,113, from €3,711 to -€46,403
- Financial income +€34,745
up €34,745 (+36.4%), from €95,556 to €130,301
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 | €7,641,011 | €7,125,513 | -€515,497 | -6.7% |
| Fixed assets | 21/28 | €540,707 | €338,394 | -€202,313 | -37.4% |
| Tangible fixed assets | 22/27 | €537,562 | €335,249 | -€202,313 | -37.6% |
| Land and buildings | 22 | €109,175 | €88,840 | -€20,335 | -18.6% |
| Plant, machinery and equipment | 23 | €258,522 | €135,239 | -€123,283 | -47.7% |
| Furniture and vehicles | 24 | €153,959 | €97,642 | -€56,317 | -36.6% |
| Other tangible fixed assets | 26 | €15,905 | €13,528 | -€2,377 | -14.9% |
| Financial fixed assets | 28 | €3,145 | €3,145 | = | 0.0% |
| Current assets | 29/58 | €7,100,303 | €6,787,119 | -€313,184 | -4.4% |
| Amounts receivable after more than one year | 29 | €1,095,000 | €1,065,000 | -€30,000 | -2.7% |
| Other amounts receivable | 291 | €1,095,000 | €1,065,000 | -€30,000 | -2.7% |
| Stocks and contracts in progress | 3 | €1,797,469 | €1,023,345 | -€774,124 | -43.1% |
| Stocks | 30/36 | €1,797,469 | €1,023,345 | -€774,124 | -43.1% |
| Amounts receivable within one year | 40/41 | €792,017 | €744,803 | -€47,214 | -6.0% |
| Trade receivables | 40 | €9,701 | €534,892 | +€525,191 | +5413.9% |
| Other amounts receivable | 41 | €782,317 | €209,911 | -€572,405 | -73.2% |
| Current investments | 50/53 | €1,644,815 | €1,671,220 | +€26,405 | +1.6% |
| Cash at bank and in hand | 54/58 | €1,739,061 | €2,265,695 | +€526,634 | +30.3% |
| Deferred charges and accrued income | 490/1 | €31,941 | €17,056 | -€14,886 | -46.6% |
| Total equity and liabilities | 10/49 | €7,641,011 | €7,125,513 | -€515,497 | -6.7% |
| Equity | 10/15 | €6,931,867 | €6,741,499 | -€190,368 | -2.7% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €1,402,000 | €1,402,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €1,382,000 | €1,382,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,329,867 | €5,139,499 | -€190,368 | -3.6% |
| Amounts payable | 17/49 | €709,143 | €384,014 | -€325,129 | -45.8% |
| Amounts payable within one year | 42/48 | €704,110 | €379,429 | -€324,681 | -46.1% |
| Trade debts | 44 | €379,488 | €148,403 | -€231,085 | -60.9% |
| Suppliers | 440/4 | €379,488 | €148,403 | -€231,085 | -60.9% |
| Taxes, remuneration and social security | 45 | €277,701 | €154,429 | -€123,272 | -44.4% |
| Taxes | 450/3 | €105,363 | €88,967 | -€16,396 | -15.6% |
| Remuneration and social security | 454/9 | €172,338 | €65,462 | -€106,876 | -62.0% |
| Other amounts payable | 47/48 | €46,921 | €76,597 | +€29,676 | +63.2% |
| Accrued charges and deferred income | 492/3 | €5,033 | €4,585 | -€448 | -8.9% |
| Non-recurring operating income | 76A | €13,200 | €617,152 | +€603,952 | +4575.4% |
| Remuneration, social security and pensions | 62 | €972,620 | €615,015 | -€357,605 | -36.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €153,816 | €128,027 | -€25,788 | -16.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,711 | -€46,403 | -€50,113 | |
| Other operating charges | 640/8 | €73,731 | €42,935 | -€30,795 | -41.8% |
| Non-recurring operating charges | 66A | €97,780 | €0 | -€97,780 | -100.0% |
| Gross operating margin | 9900 | €1,219,731 | €448,552 | -€771,178 | -63.2% |
| Operating profit (loss) | 9901 | -€81,927 | -€291,023 | -€209,096 | -255.2% |
| Financial income | 75/76B | €95,556 | €130,301 | +€34,745 | +36.4% |
| Recurring financial income | 75 | €95,556 | €130,301 | +€34,745 | +36.4% |
| Financial charges | 65/66B | €276,334 | €9,534 | -€266,800 | -96.5% |
| Recurring financial charges | 65 | €264,313 | €9,534 | -€254,779 | -96.4% |
| Non-recurring financial charges | 66B | €12,021 | €0 | -€12,021 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€262,705 | -€170,256 | +€92,449 | +35.2% |
| Income taxes | 67/77 | €11,680 | -€9,888 | -€21,568 | |
| Profit (loss) for the period | 9904 | -€274,385 | -€160,368 | +€114,017 | +41.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€274,385 | -€160,368 | +€114,017 | +41.6% |
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 10 October 2026 via checked.be.