HOEDT - BOURGEOIS: 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.
HOEDT - BOURGEOIS
Largest movements
- Cash +€11,884
up €11,884 (+64.5%), from €18,434 to €30,319
mainly Net result for the year (+€37,353) and Trade debts (+€17,802)
- Receivables within one year -€11,203
down €11,203 (-29.6%), from €37,892 to €26,689
of which Other amounts receivable: -€23,037
- Stocks and contracts +€8,486
up €8,486 (+10.8%), from €78,602 to €87,088
- Tangible fixed assets -€7,927
down €7,927 (-25.6%), from €31,006 to €23,079
of which Leasing and similar rights: -€7,600
- Trade debts +€17,802
up €17,802 (+55.6%), from €32,020 to €49,822
- Debts after one year -€7,895
down €7,895 (-49.8%), from €15,841 to €7,946
- Other debts -€6,093
down €6,093 (-14.2%), from €43,000 to €36,907
- Current portion of long-term debt -€4,829
down €4,829 (-24.7%), from €19,537 to €14,708
- Tax, wage and social debts +€2,157
up €2,157 (+9.4%), from €22,969 to €25,126
of which Taxes: +€2,316
- Staff costs +€5,044
up €5,044 (+5.6%), from €90,526 to €95,569
- Gross operating margin -€4,771
down €4,771 (-2.9%), from €163,166 to €158,396
- Taxes -€2,655
down €2,655 (-16.3%), from €16,264 to €13,610
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 | €167,928 | €168,306 | +€378 | +0.2% |
| Fixed assets | 21/28 | €31,210 | €23,282 | -€7,927 | -25.4% |
| Tangible fixed assets | 22/27 | €31,006 | €23,079 | -€7,927 | -25.6% |
| Plant, machinery and equipment | 23 | €230 | €205 | -€25 | -11.0% |
| Furniture and vehicles | 24 | €1,071 | €1,537 | +€466 | +43.5% |
| Leasing and similar rights | 25 | €22,675 | €15,075 | -€7,600 | -33.5% |
| Other tangible fixed assets | 26 | €7,030 | €6,262 | -€768 | -10.9% |
| Financial fixed assets | 28 | €203 | €203 | = | 0.0% |
| Current assets | 29/58 | €136,718 | €145,024 | +€8,306 | +6.1% |
| Stocks and contracts in progress | 3 | €78,602 | €87,088 | +€8,486 | +10.8% |
| Stocks | 30/36 | €78,602 | €87,088 | +€8,486 | +10.8% |
| Amounts receivable within one year | 40/41 | €37,892 | €26,689 | -€11,203 | -29.6% |
| Trade receivables | 40 | €9,851 | €21,685 | +€11,834 | +120% |
| Other amounts receivable | 41 | €28,042 | €5,004 | -€23,037 | -82.2% |
| Cash at bank and in hand | 54/58 | €18,434 | €30,319 | +€11,884 | +64.5% |
| Deferred charges and accrued income | 490/1 | €1,789 | €928 | -€861 | -48.1% |
| Total equity and liabilities | 10/49 | €167,928 | €168,306 | +€378 | +0.2% |
| Equity | 10/15 | €31,378 | €31,731 | +€353 | +1.1% |
| Contributions | 10/11 | €27,500 | €27,500 | = | 0.0% |
| Reserves | 13 | €3,878 | €4,231 | +€353 | +9.1% |
| Distributable reserves | 133 | €3,878 | €4,231 | +€353 | +9.1% |
| Amounts payable | 17/49 | €136,550 | €136,575 | +€25 | 0.0% |
| Amounts payable after more than one year | 17 | €15,841 | €7,946 | -€7,895 | -49.8% |
| Financial debts | 170/4 | €15,841 | €7,946 | -€7,895 | -49.8% |
| Amounts payable within one year | 42/48 | €118,318 | €126,562 | +€8,244 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €19,537 | €14,708 | -€4,829 | -24.7% |
| Financial debts | 43 | €280 | - | -€280 | |
| Credit institutions | 430/8 | €280 | - | -€280 | |
| Trade debts | 44 | €32,020 | €49,822 | +€17,802 | +55.6% |
| Suppliers | 440/4 | €32,020 | €49,822 | +€17,802 | +55.6% |
| Advances received on contracts in progress | 46 | €512 | - | -€512 | |
| Taxes, remuneration and social security | 45 | €22,969 | €25,126 | +€2,157 | +9.4% |
| Taxes | 450/3 | €12,445 | €14,761 | +€2,316 | +18.6% |
| Remuneration and social security | 454/9 | €10,524 | €10,364 | -€160 | -1.5% |
| Other amounts payable | 47/48 | €43,000 | €36,907 | -€6,093 | -14.2% |
| Accrued charges and deferred income | 492/3 | €2,391 | €2,067 | -€324 | -13.5% |
| Remuneration, social security and pensions | 62 | €90,526 | €95,569 | +€5,044 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,697 | €8,856 | +€159 | +1.8% |
| Other operating charges | 640/8 | €786 | €629 | -€156 | -19.9% |
| Gross operating margin | 9900 | €163,166 | €158,396 | -€4,771 | -2.9% |
| Operating profit (loss) | 9901 | €63,158 | €53,340 | -€9,817 | -15.5% |
| Financial income | 75/76B | €297 | €192 | -€104 | -35.2% |
| Recurring financial income | 75 | €297 | €192 | -€104 | -35.2% |
| Financial charges | 65/66B | €2,920 | €2,570 | -€350 | -12.0% |
| Recurring financial charges | 65 | €2,920 | €2,570 | -€350 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | €60,534 | €50,963 | -€9,571 | -15.8% |
| Income taxes | 67/77 | €16,264 | €13,610 | -€2,655 | -16.3% |
| Profit (loss) for the period | 9904 | €44,270 | €37,353 | -€6,916 | -15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €44,270 | €37,353 | -€6,916 | -15.6% |
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 19 October 2026 via checked.be.