HOEDAERT-KEIRENS: 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.
HOEDAERT-KEIRENS
Largest movements
- Cash +€405,422
up €405,422 (+48.4%), from €837,592 to €1.2m
mainly Other debts (+€337,696) and Net result for the year (+€278,810)
- Current investments -€202,950
down €202,950 (-100%), from €202,950 to €0
- Tangible fixed assets +€25,070
up €25,070 (+226%), from €11,086 to €36,156
of which Furniture and vehicles: +€28,962
- Receivables within one year +€16,811
up €16,811 (+31.0%), from €54,147 to €70,958
of which Trade receivables: +€11,644
- Other debts +€337,696
up €337,696 (+415%), from €81,391 to €419,086
- Reserves -€167,215
down €167,215 (-19.6%), from €851,051 to €683,836
- Tax, wage and social debts +€35,414
up €35,414 (+56.3%), from €62,850 to €98,264
of which Taxes: +€44,863
- Current portion of long-term debt +€24,309
up €24,309 (+76.3%), from €31,876 to €56,185
- Debts after one year +€23,553
new in 2025: €23,553
- Financial income +€33,054
up €33,054 (+574%), from €5,757 to €38,812
- Gross operating margin +€26,878
up €26,878 (+6.3%), from €423,639 to €450,517
- Taxes +€13,417
up €13,417 (+12.9%), from €103,974 to €117,392
- Staff costs -€9,556
down €9,556 (-10.6%), from €90,569 to €81,013
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 | €1,142,138 | €1,389,903 | +€247,765 | +21.7% |
| Fixed assets | 21/28 | €15,369 | €39,297 | +€23,928 | +156% |
| Intangible fixed assets | 21 | €4,283 | €3,141 | -€1,142 | -26.7% |
| Tangible fixed assets | 22/27 | €11,086 | €36,156 | +€25,070 | +226% |
| Plant, machinery and equipment | 23 | €11,086 | €7,194 | -€3,892 | -35.1% |
| Furniture and vehicles | 24 | - | €28,962 | +€28,962 | |
| Current assets | 29/58 | €1,126,769 | €1,350,606 | +€223,837 | +19.9% |
| Amounts receivable within one year | 40/41 | €54,147 | €70,958 | +€16,811 | +31.0% |
| Trade receivables | 40 | €37,442 | €49,086 | +€11,644 | +31.1% |
| Other amounts receivable | 41 | €16,705 | €21,872 | +€5,167 | +30.9% |
| Current investments | 50/53 | €202,950 | €0 | -€202,950 | -100% |
| Cash at bank and in hand | 54/58 | €837,592 | €1,243,014 | +€405,422 | +48.4% |
| Deferred charges and accrued income | 490/1 | €32,080 | €36,634 | +€4,554 | +14.2% |
| Total equity and liabilities | 10/49 | €1,142,138 | €1,389,903 | +€247,765 | +21.7% |
| Equity | 10/15 | €957,390 | €790,175 | -€167,215 | -17.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €851,051 | €683,836 | -€167,215 | -19.6% |
| Distributable reserves | 133 | €851,051 | €683,836 | -€167,215 | -19.6% |
| Profit (loss) carried forward | 14 | €6,339 | €6,339 | = | 0.0% |
| Amounts payable | 17/49 | €184,748 | €599,728 | +€414,980 | +225% |
| Amounts payable after more than one year | 17 | - | €23,553 | +€23,553 | |
| Financial debts | 170/4 | - | €23,553 | +€23,553 | |
| Amounts payable within one year | 42/48 | €182,328 | €573,754 | +€391,426 | +215% |
| Current portion of amounts payable after more than one year | 42 | €31,876 | €56,185 | +€24,309 | +76.3% |
| Trade debts | 44 | €6,211 | €219 | -€5,992 | -96.5% |
| Suppliers | 440/4 | €6,211 | €219 | -€5,992 | -96.5% |
| Taxes, remuneration and social security | 45 | €62,850 | €98,264 | +€35,414 | +56.3% |
| Taxes | 450/3 | €45,280 | €90,143 | +€44,863 | +99.1% |
| Remuneration and social security | 454/9 | €17,570 | €8,121 | -€9,449 | -53.8% |
| Other amounts payable | 47/48 | €81,391 | €419,086 | +€337,696 | +415% |
| Accrued charges and deferred income | 492/3 | €2,420 | €2,420 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €90,569 | €81,013 | -€9,556 | -10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,253 | €7,571 | +€3,318 | +78.0% |
| Other operating charges | 640/8 | €1,108 | €2,082 | +€974 | +87.9% |
| Gross operating margin | 9900 | €423,639 | €450,517 | +€26,878 | +6.3% |
| Operating profit (loss) | 9901 | €327,709 | €359,851 | +€32,142 | +9.8% |
| Financial income | 75/76B | €5,757 | €38,812 | +€33,054 | +574% |
| Recurring financial income | 75 | €5,757 | €38,812 | +€33,054 | +574% |
| Financial charges | 65/66B | €1,158 | €2,461 | +€1,303 | +113% |
| Recurring financial charges | 65 | €1,158 | €2,461 | +€1,303 | +113% |
| Profit (loss) for the period before taxes | 9903 | €332,308 | €396,202 | +€63,894 | +19.2% |
| Income taxes | 67/77 | €103,974 | €117,392 | +€13,417 | +12.9% |
| Profit (loss) for the period | 9904 | €228,333 | €278,810 | +€50,476 | +22.1% |
| Profit (loss) for the period to be appropriated | 9905 | €228,333 | €278,810 | +€50,476 | +22.1% |
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 25 October 2026 via checked.be.