HOEVAR: 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.
HOEVAR
Largest movements
- Stocks and contracts +€56,827
up €56,827 (+22.4%), from €253,848 to €310,675
- Tangible fixed assets -€10,724
down €10,724 (-1.7%), from €623,736 to €613,012
of which Land and buildings: -€7,909
- Short-term financial debts +€182,285
up €182,285 (+491.7%), from €37,075 to €219,360
- Other debts -€81,600
no longer reported in 2025 (was €81,600)
- Debts after one year -€47,810
down €47,810 (-44.5%), from €107,475 to €59,665
- Trade debts -€11,303
down €11,303 (-37.1%), from €30,497 to €19,194
- Gross operating margin -€444,946
down €444,946 (-91.8%), from €484,648 to €39,702
- Financial charges -€13,627
down €13,627 (-57.1%), from €23,857 to €10,229
- Depreciation -€7,229
down €7,229 (-40.3%), from €17,953 to €10,724
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €877,584 | €931,438 | +€53,855 | +6.1% |
| Fixed assets | 21/28 | €623,736 | €613,012 | -€10,724 | -1.7% |
| Tangible fixed assets | 22/27 | €623,736 | €613,012 | -€10,724 | -1.7% |
| Land and buildings | 22 | €618,810 | €610,901 | -€7,909 | -1.3% |
| Plant, machinery and equipment | 23 | €4,925 | €2,111 | -€2,815 | -57.1% |
| Current assets | 29/58 | €253,848 | €318,427 | +€64,579 | +25.4% |
| Stocks and contracts in progress | 3 | €253,848 | €310,675 | +€56,827 | +22.4% |
| Stocks | 30/36 | €253,848 | €310,675 | +€56,827 | +22.4% |
| Amounts receivable within one year | 40/41 | - | €7,752 | +€7,752 | |
| Other amounts receivable | 41 | - | €7,752 | +€7,752 | |
| Total equity and liabilities | 10/49 | €877,584 | €931,438 | +€53,855 | +6.1% |
| Equity | 10/15 | €567,503 | €576,704 | +€9,202 | +1.6% |
| Revaluation surpluses | 12 | €576,800 | €576,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,297 | -€96 | +€9,202 | +99.0% |
| Amounts payable | 17/49 | €310,081 | €354,734 | +€44,653 | +14.4% |
| Amounts payable after more than one year | 17 | €107,475 | €59,665 | -€47,810 | -44.5% |
| Financial debts | 170/4 | €107,475 | €59,665 | -€47,810 | -44.5% |
| Amounts payable within one year | 42/48 | €202,037 | €286,363 | +€84,327 | +41.7% |
| Current portion of amounts payable after more than one year | 42 | €47,810 | €47,810 | = | 0.0% |
| Financial debts | 43 | €37,075 | €219,360 | +€182,285 | +491.7% |
| Credit institutions | 430/8 | €37,075 | €219,360 | +€182,285 | +491.7% |
| Trade debts | 44 | €30,497 | €19,194 | -€11,303 | -37.1% |
| Suppliers | 440/4 | €30,497 | €19,194 | -€11,303 | -37.1% |
| Taxes, remuneration and social security | 45 | €5,055 | - | -€5,055 | |
| Taxes | 450/3 | €5,055 | - | -€5,055 | |
| Other amounts payable | 47/48 | €81,600 | - | -€81,600 | |
| Accrued charges and deferred income | 492/3 | €570 | €8,706 | +€8,136 | +1428.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,953 | €10,724 | -€7,229 | -40.3% |
| Other operating charges | 640/8 | €9,582 | €9,556 | -€26 | -0.3% |
| Gross operating margin | 9900 | €484,648 | €39,702 | -€444,946 | -91.8% |
| Operating profit (loss) | 9901 | €457,114 | €19,422 | -€437,691 | -95.8% |
| Financial income | 75/76B | - | €9 | +€9 | |
| Recurring financial income | 75 | - | €9 | +€9 | |
| Financial charges | 65/66B | €23,857 | €10,229 | -€13,627 | -57.1% |
| Recurring financial charges | 65 | €23,857 | €10,229 | -€13,627 | -57.1% |
| Profit (loss) for the period before taxes | 9903 | €433,257 | €9,202 | -€424,055 | -97.9% |
| Profit (loss) for the period | 9904 | €433,257 | €9,202 | -€424,055 | -97.9% |
| Profit (loss) for the period to be appropriated | 9905 | €433,257 | €9,202 | -€424,055 | -97.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.