HODEL: 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.
HODEL
Largest movements
- Tangible fixed assets -€74,274
down €74,274 (-2.3%), from €3.2m to €3.1m
- Other debts -€42,053
down €42,053 (-39.4%), from €106,679 to €64,626
- Depreciation -€12,698
down €12,698 (-10.7%), from €118,662 to €105,964
- Financial income +€7,545
up €7,545 (+543.5%), from €1,388 to €8,934
of which Non-recurring financial income: +€8,041
- Gross operating margin +€6,191
up €6,191 (+5.1%), from €121,618 to €127,809
- Other operating charges +€5,249
up €5,249 (+25.1%), from €20,916 to €26,165
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 | €3,357,703 | €3,319,738 | -€37,965 | -1.1% |
| Fixed assets | 21/28 | €3,204,072 | €3,129,798 | -€74,274 | -2.3% |
| Tangible fixed assets | 22/27 | €3,204,072 | €3,129,798 | -€74,274 | -2.3% |
| Other tangible fixed assets | 26 | €3,204,072 | €3,129,798 | -€74,274 | -2.3% |
| Current assets | 29/58 | €153,631 | €189,940 | +€36,309 | +23.6% |
| Amounts receivable within one year | 40/41 | €13,889 | €16,707 | +€2,818 | +20.3% |
| Trade receivables | 40 | €300 | - | -€300 | |
| Other amounts receivable | 41 | €13,589 | €16,707 | +€3,118 | +22.9% |
| Cash at bank and in hand | 54/58 | €139,742 | €173,232 | +€33,491 | +24.0% |
| Total equity and liabilities | 10/49 | €3,357,703 | €3,319,738 | -€37,965 | -1.1% |
| Equity | 10/15 | €3,229,374 | €3,233,045 | +€3,671 | +0.1% |
| Contributions | 10/11 | €3,368,600 | €3,368,600 | = | 0.0% |
| Reserves | 13 | €30,400 | €30,400 | = | 0.0% |
| Distributable reserves | 133 | €30,400 | €30,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€169,626 | -€165,955 | +€3,671 | +2.2% |
| Amounts payable | 17/49 | €128,328 | €86,693 | -€41,636 | -32.4% |
| Amounts payable within one year | 42/48 | €128,328 | €86,693 | -€41,636 | -32.4% |
| Trade debts | 44 | €300 | €2,211 | +€1,911 | +636.9% |
| Suppliers | 440/4 | €300 | €2,211 | +€1,911 | +636.9% |
| Taxes, remuneration and social security | 45 | €21,350 | €19,856 | -€1,493 | -7.0% |
| Taxes | 450/3 | €21,350 | €19,856 | -€1,493 | -7.0% |
| Other amounts payable | 47/48 | €106,679 | €64,626 | -€42,053 | -39.4% |
| Non-recurring operating income | 76A | - | €12,085 | +€12,085 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,662 | €105,964 | -€12,698 | -10.7% |
| Other operating charges | 640/8 | €20,916 | €26,165 | +€5,249 | +25.1% |
| Gross operating margin | 9900 | €121,618 | €127,809 | +€6,191 | +5.1% |
| Operating profit (loss) | 9901 | -€17,959 | -€4,321 | +€13,639 | +75.9% |
| Financial income | 75/76B | €1,388 | €8,934 | +€7,545 | +543.5% |
| Recurring financial income | 75 | €1,388 | €893 | -€496 | -35.7% |
| Non-recurring financial income | 76B | - | €8,041 | +€8,041 | |
| Financial charges | 65/66B | €676 | €942 | +€266 | +39.4% |
| Recurring financial charges | 65 | €676 | €942 | +€266 | +39.4% |
| Profit (loss) for the period before taxes | 9903 | -€17,247 | €3,671 | +€20,918 | |
| Profit (loss) for the period | 9904 | -€17,247 | €3,671 | +€20,918 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,247 | €3,671 | +€20,918 |
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 8 October 2026 via checked.be.