HOENDER-EI: 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.
HOENDER-EI
Largest movements
- Tangible fixed assets +€751,784
up €751,784 (+40.0%), from €1.9m to €2.6m
of which Land and buildings: +€482,551
- Cash +€603,559
up €603,559 (+213.7%), from €282,470 to €886,029
mainly Net result for the year (+€581,797) and Debts after one year (+€510,632)
- Receivables within one year +€402,783
up €402,783 (+169.7%), from €237,323 to €640,106
of which Trade receivables: +€370,915
- Current investments -€402,018
down €402,018 (-41.9%), from €959,554 to €557,536
- Stocks and contracts +€188,340
up €188,340 (+94.8%), from €198,770 to €387,110
- Debts after one year +€510,632
up €510,632 (+92.5%), from €552,083 to €1.1m
- Current portion of long-term debt +€433,708
up €433,708 (+493.1%), from €87,958 to €521,667
- Trade debts +€374,548
up €374,548 (+309.9%), from €120,876 to €495,424
- Reserves +€305,917
up €305,917 (+12.7%), from €2.4m to €2.7m
of which Distributable reserves: +€305,917
- Other debts -€171,943
down €171,943 (-38.7%), from €444,375 to €272,432
- Gross operating margin +€155,352
up €155,352 (+15.8%), from €982,246 to €1.1m
- Depreciation +€31,905
up €31,905 (+12.6%), from €252,920 to €284,826
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 | €3,722,866 | €5,185,757 | +€1.5m | +39.3% |
| Fixed assets | 21/28 | €1,881,625 | €2,633,409 | +€751,784 | +40.0% |
| Tangible fixed assets | 22/27 | €1,881,625 | €2,633,409 | +€751,784 | +40.0% |
| Land and buildings | 22 | €1,312,526 | €1,795,077 | +€482,551 | +36.8% |
| Plant, machinery and equipment | 23 | €467,974 | €727,385 | +€259,410 | +55.4% |
| Furniture and vehicles | 24 | €101,125 | €110,947 | +€9,823 | +9.7% |
| Current assets | 29/58 | €1,841,241 | €2,552,348 | +€711,107 | +38.6% |
| Amounts receivable after more than one year | 29 | €163,124 | €81,567 | -€81,557 | -50.0% |
| Other amounts receivable | 291 | €163,124 | €81,567 | -€81,557 | -50.0% |
| Stocks and contracts in progress | 3 | €198,770 | €387,110 | +€188,340 | +94.8% |
| Stocks | 30/36 | €198,770 | €387,110 | +€188,340 | +94.8% |
| Amounts receivable within one year | 40/41 | €237,323 | €640,106 | +€402,783 | +169.7% |
| Trade receivables | 40 | €130,748 | €501,662 | +€370,915 | +283.7% |
| Other amounts receivable | 41 | €106,575 | €138,443 | +€31,869 | +29.9% |
| Current investments | 50/53 | €959,554 | €557,536 | -€402,018 | -41.9% |
| Cash at bank and in hand | 54/58 | €282,470 | €886,029 | +€603,559 | +213.7% |
| Total equity and liabilities | 10/49 | €3,722,866 | €5,185,757 | +€1.5m | +39.3% |
| Equity | 10/15 | €2,490,424 | €2,788,840 | +€298,417 | +12.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,410,424 | €2,716,340 | +€305,917 | +12.7% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,408,424 | €2,714,340 | +€305,917 | +12.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €60,000 | €52,500 | -€7,500 | -12.5% |
| Amounts payable | 17/49 | €1,232,442 | €2,396,916 | +€1.2m | +94.5% |
| Amounts payable after more than one year | 17 | €552,083 | €1,062,714 | +€510,632 | +92.5% |
| Financial debts | 170/4 | €552,083 | €1,062,714 | +€510,632 | +92.5% |
| Amounts payable within one year | 42/48 | €680,360 | €1,334,202 | +€653,842 | +96.1% |
| Current portion of amounts payable after more than one year | 42 | €87,958 | €521,667 | +€433,708 | +493.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €120,876 | €495,424 | +€374,548 | +309.9% |
| Suppliers | 440/4 | €120,876 | €495,424 | +€374,548 | +309.9% |
| Taxes, remuneration and social security | 45 | €27,151 | €44,679 | +€17,528 | +64.6% |
| Taxes | 450/3 | €22,992 | €40,535 | +€17,543 | +76.3% |
| Remuneration and social security | 454/9 | €4,159 | €4,144 | -€15 | -0.4% |
| Other amounts payable | 47/48 | €444,375 | €272,432 | -€171,943 | -38.7% |
| Remuneration, social security and pensions | 62 | €55,840 | €57,938 | +€2,098 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €252,920 | €284,826 | +€31,905 | +12.6% |
| Other operating charges | 640/8 | €20,093 | €20,324 | +€231 | +1.1% |
| Gross operating margin | 9900 | €982,246 | €1,137,598 | +€155,352 | +15.8% |
| Operating profit (loss) | 9901 | €653,392 | €774,510 | +€121,117 | +18.5% |
| Financial income | 75/76B | €19,409 | €22,069 | +€2,660 | +13.7% |
| Recurring financial income | 75 | €19,409 | €22,069 | +€2,660 | +13.7% |
| Financial charges | 65/66B | €47,462 | €41,590 | -€5,872 | -12.4% |
| Recurring financial charges | 65 | €47,462 | €41,590 | -€5,872 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €625,339 | €754,988 | +€129,649 | +20.7% |
| Income taxes | 67/77 | €163,051 | €173,191 | +€10,141 | +6.2% |
| Profit (loss) for the period | 9904 | €462,288 | €581,797 | +€119,509 | +25.9% |
| Profit (loss) for the period to be appropriated | 9905 | €462,288 | €581,797 | +€119,509 | +25.9% |
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 7 October 2026 via checked.be.