HOED: 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.
HOED
Largest movements
- Tangible fixed assets +€241,463
up €241,463 (+104%), from €232,537 to €474,000
- Revaluation surpluses +€253,184
new in 2025: €253,184
- Profit (loss) carried forward -€8,976
down €8,976 (-12.1%), from €74,379 to €65,403
- Tax, wage and social debts -€5,152
no longer reported in 2025 (was €5,152)
- Gross operating margin -€859
down €859 (-18.7%), from €4,605 to €3,746
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.
Derived cash bridge
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 | €238,423 | €477,484 | +€239,061 | +100% |
| Fixed assets | 21/28 | €232,872 | €474,335 | +€241,463 | +104% |
| Tangible fixed assets | 22/27 | €232,537 | €474,000 | +€241,463 | +104% |
| Land and buildings | 22 | €232,537 | €474,000 | +€241,463 | +104% |
| Financial fixed assets | 28 | €335 | €335 | = | 0.0% |
| Current assets | 29/58 | €5,551 | €3,149 | -€2,402 | -43.3% |
| Amounts receivable within one year | 40/41 | €1,266 | €1,266 | = | 0.0% |
| Other amounts receivable | 41 | €1,266 | €1,266 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €4,212 | €1,808 | -€2,404 | -57.1% |
| Deferred charges and accrued income | 490/1 | €73 | €75 | +€2 | +2.7% |
| Total equity and liabilities | 10/49 | €238,423 | €477,484 | +€239,061 | +100% |
| Equity | 10/15 | €183,271 | €427,480 | +€244,209 | +133% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | - | €253,184 | +€253,184 | |
| Reserves | 13 | €90,292 | €90,292 | = | 0.0% |
| Distributable reserves | 133 | €90,292 | €90,292 | = | 0.0% |
| Profit (loss) carried forward | 14 | €74,379 | €65,403 | -€8,976 | -12.1% |
| Amounts payable | 17/49 | €55,152 | €50,004 | -€5,148 | -9.3% |
| Amounts payable within one year | 42/48 | €55,152 | €50,004 | -€5,148 | -9.3% |
| Taxes, remuneration and social security | 45 | €5,152 | - | -€5,152 | |
| Taxes | 450/3 | €5,152 | - | -€5,152 | |
| Other amounts payable | 47/48 | €50,000 | €50,004 | +€4 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,722 | €11,722 | = | 0.0% |
| Other operating charges | 640/8 | €899 | €928 | +€28 | +3.1% |
| Gross operating margin | 9900 | €4,605 | €3,746 | -€859 | -18.7% |
| Operating profit (loss) | 9901 | -€8,016 | -€8,903 | -€888 | -11.1% |
| Financial charges | 65/66B | €114 | €72 | -€42 | -36.5% |
| Recurring financial charges | 65 | €114 | €72 | -€42 | -36.5% |
| Profit (loss) for the period before taxes | 9903 | -€8,129 | -€8,976 | -€846 | -10.4% |
| Profit (loss) for the period | 9904 | -€8,129 | -€8,976 | -€846 | -10.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,129 | -€8,976 | -€846 | -10.4% |
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 15 October 2026 via checked.be.