HOES DISTRIBUTION: 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.
HOES DISTRIBUTION
Largest movements
- Tangible fixed assets -€45,105
down €45,105 (-10.2%), from €442,649 to €397,544
- Trade debts -€22,921
no longer reported in 2025 (was €22,921)
- Debts after one year -€21,178
down €21,178 (-8.3%), from €255,176 to €233,998
- Profit (loss) carried forward -€16,171
down €16,171, from €7,142 to -€9,029
- Other debts +€10,869
up €10,869 (+5.7%), from €190,977 to €201,846
- Tax, wage and social debts +€6,377
up €6,377 (+360.1%), from €1,771 to €8,148
- Depreciation +€45,477
new in 2025: €45,477
- Gross operating margin +€16,807
up €16,807 (+85.8%), from €19,584 to €36,391
- Financial charges -€2,602
down €2,602 (-29.1%), from €8,951 to €6,349
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 | €511,982 | €469,438 | -€42,543 | -8.3% |
| Fixed assets | 21/28 | €444,044 | €398,567 | -€45,477 | -10.2% |
| Intangible fixed assets | 21 | €1,395 | €1,023 | -€372 | -26.7% |
| Tangible fixed assets | 22/27 | €442,649 | €397,544 | -€45,105 | -10.2% |
| Land and buildings | 22 | €320,156 | €306,281 | -€13,875 | -4.3% |
| Plant, machinery and equipment | 23 | €89,637 | €68,621 | -€21,016 | -23.4% |
| Furniture and vehicles | 24 | €32,856 | €22,642 | -€10,214 | -31.1% |
| Current assets | 29/58 | €67,938 | €70,872 | +€2,934 | +4.3% |
| Amounts receivable within one year | 40/41 | €66,346 | €69,540 | +€3,194 | +4.8% |
| Trade receivables | 40 | €65,896 | €69,540 | +€3,644 | +5.5% |
| Other amounts receivable | 41 | €450 | - | -€450 | |
| Cash at bank and in hand | 54/58 | €1,592 | €1,331 | -€261 | -16.4% |
| Total equity and liabilities | 10/49 | €511,982 | €469,438 | -€42,543 | -8.3% |
| Equity | 10/15 | €22,142 | €5,971 | -€16,171 | -73.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Outside capital | 11 | €15,000 | €15,000 | = | 0.0% |
| Other | 1109/19 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,142 | -€9,029 | -€16,171 | |
| Amounts payable | 17/49 | €489,839 | €463,467 | -€26,372 | -5.4% |
| Amounts payable after more than one year | 17 | €255,176 | €233,998 | -€21,178 | -8.3% |
| Financial debts | 170/4 | €255,176 | €233,998 | -€21,178 | -8.3% |
| Amounts payable within one year | 42/48 | €234,663 | €229,469 | -€5,194 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €18,994 | €19,464 | +€470 | +2.5% |
| Financial debts | 43 | - | €11 | +€11 | |
| Credit institutions | 430/8 | - | €11 | +€11 | |
| Trade debts | 44 | €22,921 | - | -€22,921 | |
| Suppliers | 440/4 | €22,921 | - | -€22,921 | |
| Taxes, remuneration and social security | 45 | €1,771 | €8,148 | +€6,377 | +360.1% |
| Taxes | 450/3 | €1,771 | €8,148 | +€6,377 | +360.1% |
| Other amounts payable | 47/48 | €190,977 | €201,846 | +€10,869 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €45,477 | +€45,477 | |
| Other operating charges | 640/8 | €620 | €736 | +€116 | +18.8% |
| Gross operating margin | 9900 | €19,584 | €36,391 | +€16,807 | +85.8% |
| Operating profit (loss) | 9901 | €18,964 | -€9,822 | -€28,786 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €8,951 | €6,349 | -€2,602 | -29.1% |
| Recurring financial charges | 65 | €8,951 | €6,349 | -€2,602 | -29.1% |
| Profit (loss) for the period before taxes | 9903 | €10,013 | -€16,171 | -€26,184 | |
| Profit (loss) for the period | 9904 | €10,013 | -€16,171 | -€26,184 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,013 | -€16,171 | -€26,184 |
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 3 October 2026 via checked.be.