HOEBREGTS: 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.
HOEBREGTS
Largest movements
- Cash +€68,125
up €68,125 (+14.3%), from €476,867 to €544,993
mainly Net result for the year (+€68,826) and Depreciation (+€49,972)
- Tangible fixed assets -€49,972
down €49,972 (-34.0%), from €146,988 to €97,016
of which Plant, machinery and equipment: -€27,926
- Stocks and contracts -€27,339
down €27,339 (-4.5%), from €612,530 to €585,191
- Deferred charges and accrued income +€21,932
up €21,932 (+240.9%), from €9,104 to €31,037
- Receivables within one year -€17,072
down €17,072 (-22.7%), from €75,277 to €58,204
of which Other amounts receivable: -€13,286
- Reserves +€68,826
up €68,826 (+8.5%), from €812,523 to €881,349
- Trade debts -€39,267
down €39,267 (-38.4%), from €102,375 to €63,108
- Debts after one year -€20,659
down €20,659 (-37.7%), from €54,745 to €34,086
- Gross operating margin +€9,162
up €9,162 (+4.0%), from €228,270 to €237,432
- Staff costs +€4,951
up €4,951 (+6.5%), from €76,033 to €80,984
- Depreciation -€4,922
down €4,922 (-9.0%), from €54,894 to €49,972
- Financial charges +€4,261
up €4,261 (+39.1%), from €10,899 to €15,160
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 | €1,322,856 | €1,318,800 | -€4,056 | -0.3% |
| Fixed assets | 21/28 | €149,077 | €99,375 | -€49,703 | -33.3% |
| Tangible fixed assets | 22/27 | €146,988 | €97,016 | -€49,972 | -34.0% |
| Land and buildings | 22 | €5,632 | €3,153 | -€2,480 | -44.0% |
| Plant, machinery and equipment | 23 | €89,537 | €61,611 | -€27,926 | -31.2% |
| Furniture and vehicles | 24 | €51,818 | €32,252 | -€19,566 | -37.8% |
| Financial fixed assets | 28 | €2,090 | €2,359 | +€269 | +12.9% |
| Current assets | 29/58 | €1,173,779 | €1,219,425 | +€45,646 | +3.9% |
| Stocks and contracts in progress | 3 | €612,530 | €585,191 | -€27,339 | -4.5% |
| Stocks | 30/36 | €612,530 | €585,191 | -€27,339 | -4.5% |
| Amounts receivable within one year | 40/41 | €75,277 | €58,204 | -€17,072 | -22.7% |
| Trade receivables | 40 | €61,991 | €58,204 | -€3,787 | -6.1% |
| Other amounts receivable | 41 | €13,286 | - | -€13,286 | |
| Cash at bank and in hand | 54/58 | €476,867 | €544,993 | +€68,125 | +14.3% |
| Deferred charges and accrued income | 490/1 | €9,104 | €31,037 | +€21,932 | +240.9% |
| Total equity and liabilities | 10/49 | €1,322,856 | €1,318,800 | -€4,056 | -0.3% |
| Equity | 10/15 | €909,223 | €978,049 | +€68,826 | +7.6% |
| Contributions | 10/11 | €96,700 | €96,700 | = | 0.0% |
| Reserves | 13 | €812,523 | €881,349 | +€68,826 | +8.5% |
| Distributable reserves | 133 | €812,523 | €881,349 | +€68,826 | +8.5% |
| Amounts payable | 17/49 | €413,633 | €340,751 | -€72,883 | -17.6% |
| Amounts payable after more than one year | 17 | €54,745 | €34,086 | -€20,659 | -37.7% |
| Financial debts | 170/4 | €54,745 | €34,086 | -€20,659 | -37.7% |
| Amounts payable within one year | 42/48 | €358,888 | €306,664 | -€52,224 | -14.6% |
| Current portion of amounts payable after more than one year | 42 | €18,883 | €20,110 | +€1,226 | +6.5% |
| Trade debts | 44 | €102,375 | €63,108 | -€39,267 | -38.4% |
| Suppliers | 440/4 | €102,375 | €63,108 | -€39,267 | -38.4% |
| Taxes, remuneration and social security | 45 | €24,706 | €12,123 | -€12,583 | -50.9% |
| Taxes | 450/3 | €19,756 | €7,623 | -€12,133 | -61.4% |
| Remuneration and social security | 454/9 | €4,950 | €4,500 | -€450 | -9.1% |
| Other amounts payable | 47/48 | €212,924 | €211,323 | -€1,600 | -0.8% |
| Non-recurring operating income | 76A | - | €206 | +€206 | |
| Remuneration, social security and pensions | 62 | €76,033 | €80,984 | +€4,951 | +6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,894 | €49,972 | -€4,922 | -9.0% |
| Other operating charges | 640/8 | €4,716 | €5,032 | +€316 | +6.7% |
| Gross operating margin | 9900 | €228,270 | €237,432 | +€9,162 | +4.0% |
| Operating profit (loss) | 9901 | €92,627 | €101,444 | +€8,817 | +9.5% |
| Financial income | 75/76B | €3,292 | €3,557 | +€266 | +8.1% |
| Recurring financial income | 75 | €3,292 | €3,557 | +€266 | +8.1% |
| Financial charges | 65/66B | €10,899 | €15,160 | +€4,261 | +39.1% |
| Recurring financial charges | 65 | €10,899 | €15,160 | +€4,261 | +39.1% |
| Profit (loss) for the period before taxes | 9903 | €85,020 | €89,841 | +€4,821 | +5.7% |
| Income taxes | 67/77 | €20,017 | €21,015 | +€998 | +5.0% |
| Profit (loss) for the period | 9904 | €65,003 | €68,826 | +€3,824 | +5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €65,003 | €68,826 | +€3,824 | +5.9% |
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.