HODECON: 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.
HODECON
Largest movements
- Receivables within one year -€21,338
down €21,338 (-62.3%), from €34,261 to €12,924
of which Trade receivables: -€17,232
- Cash +€6,939
up €6,939 (+1726.8%), from €402 to €7,341
mainly Net result for the year (+€47,220) and Receivables within one year (+€21,338)
- Tangible fixed assets -€1,733
down €1,733 (-17.6%), from €9,837 to €8,105
of which Plant, machinery and equipment: -€3,116
- Stocks and contracts -€660
down €660 (-7.1%), from €9,247 to €8,587
- Deferred charges and accrued income +€592
new in 2025: €592
- Profit (loss) carried forward +€47,220
up €47,220 (+46.2%), from -€102,234 to -€55,014
- Trade debts -€46,355
down €46,355 (-39.8%), from €116,599 to €70,243
- Short-term financial debts -€18,438
no longer reported in 2025 (was €18,438)
- Other debts +€4,297
new in 2025: €4,297
- Tax, wage and social debts -€3,283
down €3,283 (-44.9%), from €7,306 to €4,024
of which Remuneration and social security: -€3,977
- Gross operating margin +€43,650
up €43,650 (+94.3%), from €46,285 to €89,934
- Staff costs -€29,079
down €29,079 (-48.9%), from €59,451 to €30,372
- Other operating charges -€1,957
down €1,957 (-62.4%), from €3,139 to €1,182
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 | €55,109 | €38,549 | -€16,560 | -30.0% |
| Fixed assets | 21/28 | €11,199 | €9,106 | -€2,093 | -18.7% |
| Intangible fixed assets | 21 | €630 | €270 | -€360 | -57.1% |
| Tangible fixed assets | 22/27 | €9,837 | €8,105 | -€1,733 | -17.6% |
| Plant, machinery and equipment | 23 | €9,837 | €6,721 | -€3,116 | -31.7% |
| Furniture and vehicles | 24 | - | €1,384 | +€1,384 | |
| Financial fixed assets | 28 | €731 | €731 | = | 0.0% |
| Current assets | 29/58 | €43,910 | €29,443 | -€14,467 | -32.9% |
| Stocks and contracts in progress | 3 | €9,247 | €8,587 | -€660 | -7.1% |
| Stocks | 30/36 | €9,247 | €8,587 | -€660 | -7.1% |
| Amounts receivable within one year | 40/41 | €34,261 | €12,924 | -€21,338 | -62.3% |
| Trade receivables | 40 | €29,346 | €12,115 | -€17,232 | -58.7% |
| Other amounts receivable | 41 | €4,915 | €809 | -€4,106 | -83.5% |
| Cash at bank and in hand | 54/58 | €402 | €7,341 | +€6,939 | +1726.8% |
| Deferred charges and accrued income | 490/1 | - | €592 | +€592 | |
| Total equity and liabilities | 10/49 | €55,109 | €38,549 | -€16,560 | -30.0% |
| Equity | 10/15 | -€87,234 | -€40,014 | +€47,220 | +54.1% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€102,234 | -€55,014 | +€47,220 | +46.2% |
| Amounts payable | 17/49 | €142,343 | €78,563 | -€63,779 | -44.8% |
| Amounts payable within one year | 42/48 | €142,343 | €78,563 | -€63,779 | -44.8% |
| Financial debts | 43 | €18,438 | - | -€18,438 | |
| Credit institutions | 430/8 | €18,438 | - | -€18,438 | |
| Trade debts | 44 | €116,599 | €70,243 | -€46,355 | -39.8% |
| Suppliers | 440/4 | €116,599 | €70,243 | -€46,355 | -39.8% |
| Taxes, remuneration and social security | 45 | €7,306 | €4,024 | -€3,283 | -44.9% |
| Taxes | 450/3 | - | €695 | +€695 | |
| Remuneration and social security | 454/9 | €7,306 | €3,329 | -€3,977 | -54.4% |
| Other amounts payable | 47/48 | - | €4,297 | +€4,297 | |
| Remuneration, social security and pensions | 62 | €59,451 | €30,372 | -€29,079 | -48.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,294 | €3,497 | -€797 | -18.6% |
| Other operating charges | 640/8 | €3,139 | €1,182 | -€1,957 | -62.4% |
| Gross operating margin | 9900 | €46,285 | €89,934 | +€43,650 | +94.3% |
| Operating profit (loss) | 9901 | -€20,598 | €54,884 | +€75,482 | |
| Financial income | 75/76B | €354 | - | -€354 | |
| Recurring financial income | 75 | €354 | - | -€354 | |
| Financial charges | 65/66B | €7,805 | €7,664 | -€141 | -1.8% |
| Recurring financial charges | 65 | €7,805 | €7,664 | -€141 | -1.8% |
| Profit (loss) for the period before taxes | 9903 | -€28,049 | €47,220 | +€75,269 | |
| Profit (loss) for the period | 9904 | -€28,049 | €47,220 | +€75,269 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,049 | €47,220 | +€75,269 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.