HODUCE: 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.
HODUCE
Largest movements
- Tangible fixed assets +€510,601
up €510,601 (+46.1%), from €1.1m to €1.6m
- Cash -€212,839
down €212,839 (-46.8%), from €454,802 to €241,963
mainly Investment in fixed assets (net) (-€565,233) and Current investments (-€40,000)
- Current investments +€40,000
new in 2025: €40,000
- Debts after one year +€269,448
up €269,448 (+195.5%), from €137,858 to €407,307
- Reserves +€100,000
up €100,000 (+16.7%), from €600,000 to €700,000
- Profit (loss) carried forward -€49,924
down €49,924 (-82.4%), from €60,564 to €10,640
- Current portion of long-term debt +€21,364
up €21,364 (+156.1%), from €13,688 to €35,052
- Gross operating margin +€18,750
up €18,750 (+15.4%), from €121,447 to €140,197
- Depreciation +€16,990
up €16,990 (+45.1%), from €37,642 to €54,632
- Financial income -€8,690
down €8,690 (-82.0%), from €10,594 to €1,904
- Financial charges +€4,872
up €4,872 (+115.2%), from €4,230 to €9,102
- Taxes -€3,177
down €3,177 (-15.9%), from €19,924 to €16,747
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 | €1,580,146 | €1,905,458 | +€325,313 | +20.6% |
| Fixed assets | 21/28 | €1,107,163 | €1,617,764 | +€510,601 | +46.1% |
| Tangible fixed assets | 22/27 | €1,107,163 | €1,617,764 | +€510,601 | +46.1% |
| Land and buildings | 22 | €1,107,163 | €1,617,764 | +€510,601 | +46.1% |
| Current assets | 29/58 | €472,982 | €287,694 | -€185,288 | -39.2% |
| Amounts receivable within one year | 40/41 | €17,026 | €4,539 | -€12,487 | -73.3% |
| Trade receivables | 40 | €1,285 | €228 | -€1,057 | -82.3% |
| Other amounts receivable | 41 | €15,741 | €4,311 | -€11,430 | -72.6% |
| Current investments | 50/53 | - | €40,000 | +€40,000 | |
| Cash at bank and in hand | 54/58 | €454,802 | €241,963 | -€212,839 | -46.8% |
| Deferred charges and accrued income | 490/1 | €1,155 | €1,193 | +€38 | +3.3% |
| Total equity and liabilities | 10/49 | €1,580,146 | €1,905,458 | +€325,313 | +20.6% |
| Equity | 10/15 | €1,405,564 | €1,455,640 | +€50,076 | +3.6% |
| Contributions | 10/11 | €745,000 | €745,000 | = | 0.0% |
| Reserves | 13 | €600,000 | €700,000 | +€100,000 | +16.7% |
| Distributable reserves | 133 | €600,000 | €700,000 | +€100,000 | +16.7% |
| Profit (loss) carried forward | 14 | €60,564 | €10,640 | -€49,924 | -82.4% |
| Amounts payable | 17/49 | €174,581 | €449,818 | +€275,237 | +157.7% |
| Amounts payable after more than one year | 17 | €137,858 | €407,307 | +€269,448 | +195.5% |
| Financial debts | 170/4 | €137,858 | €407,307 | +€269,448 | +195.5% |
| Amounts payable within one year | 42/48 | €35,843 | €41,578 | +€5,734 | +16.0% |
| Current portion of amounts payable after more than one year | 42 | €13,688 | €35,052 | +€21,364 | +156.1% |
| Trade debts | 44 | €1,813 | €1,917 | +€104 | +5.7% |
| Suppliers | 440/4 | €1,813 | €1,917 | +€104 | +5.7% |
| Advances received on contracts in progress | 46 | €2,640 | €3,870 | +€1,230 | +46.6% |
| Taxes, remuneration and social security | 45 | €17,702 | €739 | -€16,963 | -95.8% |
| Taxes | 450/3 | €17,702 | €739 | -€16,963 | -95.8% |
| Accrued charges and deferred income | 492/3 | €880 | €934 | +€54 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,642 | €54,632 | +€16,990 | +45.1% |
| Other operating charges | 640/8 | €10,474 | €11,544 | +€1,071 | +10.2% |
| Gross operating margin | 9900 | €121,447 | €140,197 | +€18,750 | +15.4% |
| Operating profit (loss) | 9901 | €73,332 | €74,021 | +€688 | +0.9% |
| Financial income | 75/76B | €10,594 | €1,904 | -€8,690 | -82.0% |
| Recurring financial income | 75 | €10,594 | €1,904 | -€8,690 | -82.0% |
| Financial charges | 65/66B | €4,230 | €9,102 | +€4,872 | +115.2% |
| Recurring financial charges | 65 | €4,230 | €9,102 | +€4,872 | +115.2% |
| Profit (loss) for the period before taxes | 9903 | €79,696 | €66,823 | -€12,873 | -16.2% |
| Income taxes | 67/77 | €19,924 | €16,747 | -€3,177 | -15.9% |
| Profit (loss) for the period | 9904 | €59,772 | €50,076 | -€9,696 | -16.2% |
| Profit (loss) for the period to be appropriated | 9905 | €59,772 | €50,076 | -€9,696 | -16.2% |
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 11 October 2026 via checked.be.