HOEFMAN: 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.
HOEFMAN
Largest movements
- Cash -€398,997
down €398,997 (-50.5%), from €789,719 to €390,722
mainly Debts after one year (-€500,000) and Investment in fixed assets (net) (-€191,890)
- Tangible fixed assets +€89,215
up €89,215 (+2.5%), from €3.6m to €3.7m
of which Furniture and vehicles: +€105,490
- Current investments -€75,096
down €75,096 (-100%), from €75,096 to €0
- Debts after one year -€500,000
down €500,000 (-35.7%), from €1.4m to €900,000
- Profit (loss) carried forward +€145,952
up €145,952 (+52.5%), from -€278,171 to -€132,219
- Gross operating margin +€52,021
up €52,021 (+18.1%), from €286,637 to €338,658
- Financial charges -€18,883
down €18,883 (-30.2%), from €62,600 to €43,717
- Other operating charges +€14,073
up €14,073 (+50.3%), from €27,991 to €42,064
- Depreciation +€6,841
up €6,841 (+7.1%), from €95,835 to €102,675
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 | €4,523,242 | €4,162,901 | -€360,341 | -8.0% |
| Fixed assets | 21/28 | €3,611,899 | €3,701,113 | +€89,215 | +2.5% |
| Tangible fixed assets | 22/27 | €3,611,899 | €3,701,113 | +€89,215 | +2.5% |
| Land and buildings | 22 | €3,364,851 | €3,319,794 | -€45,057 | -1.3% |
| Plant, machinery and equipment | 23 | €14,877 | €43,659 | +€28,782 | +193% |
| Furniture and vehicles | 24 | €81,890 | €187,380 | +€105,490 | +129% |
| Other tangible fixed assets | 26 | €150,280 | €150,280 | = | 0.0% |
| Current assets | 29/58 | €911,343 | €461,787 | -€449,556 | -49.3% |
| Amounts receivable within one year | 40/41 | €30,264 | €56,391 | +€26,127 | +86.3% |
| Trade receivables | 40 | €30,040 | €31,081 | +€1,040 | +3.5% |
| Other amounts receivable | 41 | €224 | €25,310 | +€25,086 | +11,208% |
| Current investments | 50/53 | €75,096 | €0 | -€75,096 | -100% |
| Cash at bank and in hand | 54/58 | €789,719 | €390,722 | -€398,997 | -50.5% |
| Deferred charges and accrued income | 490/1 | €16,264 | €14,675 | -€1,589 | -9.8% |
| Total equity and liabilities | 10/49 | €4,523,242 | €4,162,901 | -€360,341 | -8.0% |
| Equity | 10/15 | €3,078,029 | €3,223,981 | +€145,952 | +4.7% |
| Contributions | 10/11 | €3,350,000 | €3,350,000 | = | 0.0% |
| Capital | 10 | €3,350,000 | €3,350,000 | = | 0.0% |
| Issued capital | 100 | €3,350,000 | €3,350,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€278,171 | -€132,219 | +€145,952 | +52.5% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €1,445,213 | €938,920 | -€506,293 | -35.0% |
| Amounts payable after more than one year | 17 | €1,400,000 | €900,000 | -€500,000 | -35.7% |
| Other amounts payable | 178/9 | €1,400,000 | €900,000 | -€500,000 | -35.7% |
| Amounts payable within one year | 42/48 | €35,280 | €30,758 | -€4,522 | -12.8% |
| Trade debts | 44 | €17,430 | €29,087 | +€11,658 | +66.9% |
| Suppliers | 440/4 | €17,430 | €29,087 | +€11,658 | +66.9% |
| Taxes, remuneration and social security | 45 | €1,048 | €750 | -€298 | -28.5% |
| Taxes | 450/3 | €1,048 | €750 | -€298 | -28.5% |
| Other amounts payable | 47/48 | €16,802 | €921 | -€15,881 | -94.5% |
| Accrued charges and deferred income | 492/3 | €9,933 | €8,161 | -€1,771 | -17.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,835 | €102,675 | +€6,841 | +7.1% |
| Other operating charges | 640/8 | €27,991 | €42,064 | +€14,073 | +50.3% |
| Gross operating margin | 9900 | €286,637 | €338,658 | +€52,021 | +18.1% |
| Operating profit (loss) | 9901 | €162,811 | €193,919 | +€31,107 | +19.1% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €62,600 | €43,717 | -€18,883 | -30.2% |
| Recurring financial charges | 65 | €62,600 | €43,717 | -€18,883 | -30.2% |
| Profit (loss) for the period before taxes | 9903 | €100,212 | €150,202 | +€49,990 | +49.9% |
| Transfer from deferred taxes | 780 | €136 | €0 | -€136 | -100% |
| Income taxes | 67/77 | €2,776 | €4,250 | +€1,473 | +53.1% |
| Profit (loss) for the period | 9904 | €97,572 | €145,952 | +€48,380 | +49.6% |
| Transfer from tax-exempt reserves | 789 | €409 | €0 | -€409 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €97,980 | €145,952 | +€47,971 | +49.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.