Hoevezicht: 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.
Hoevezicht
Largest movements
- Receivables within one year +€112,099
up €112,099 (+145%), from €77,196 to €189,295
of which Trade receivables: +€110,057
- Stocks and contracts -€70,011
down €70,011 (-94.7%), from €73,959 to €3,948
- Cash +€63,087
up €63,087 (+66.9%), from €94,291 to €157,378
mainly Net result for the year (+€124,150) and Depreciation (+€70,910)
- Tangible fixed assets -€30,991
down €30,991 (-3.8%), from €807,423 to €776,433
of which Land and buildings: -€46,193
- Reserves +€122,550
up €122,550 (+75.4%), from €162,511 to €285,061
of which Distributable reserves: +€80,450
- Debts after one year -€82,364
down €82,364 (-14.4%), from €573,444 to €491,080
- Trade debts +€20,973
up €20,973 (+32.7%), from €64,067 to €85,039
- Other debts +€19,316
up €19,316 (+84.5%), from €22,850 to €42,166
- Gross operating margin +€54,759
up €54,759 (+25.0%), from €218,682 to €273,441
- Taxes +€16,232
up €16,232 (+47.1%), from €34,465 to €50,696
- Depreciation +€8,620
up €8,620 (+13.8%), from €62,289 to €70,910
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 | €1,062,056 | €1,131,165 | +€69,110 | +6.5% |
| Fixed assets | 21/28 | €807,423 | €776,433 | -€30,991 | -3.8% |
| Tangible fixed assets | 22/27 | €807,423 | €776,433 | -€30,991 | -3.8% |
| Land and buildings | 22 | €666,496 | €620,303 | -€46,193 | -6.9% |
| Plant, machinery and equipment | 23 | €128,967 | €128,990 | +€23 | 0.0% |
| Furniture and vehicles | 24 | €11,960 | €27,140 | +€15,180 | +127% |
| Current assets | 29/58 | €254,633 | €354,733 | +€100,100 | +39.3% |
| Stocks and contracts in progress | 3 | €73,959 | €3,948 | -€70,011 | -94.7% |
| Stocks | 30/36 | €73,959 | €3,948 | -€70,011 | -94.7% |
| Amounts receivable within one year | 40/41 | €77,196 | €189,295 | +€112,099 | +145% |
| Trade receivables | 40 | €65,479 | €175,536 | +€110,057 | +168% |
| Other amounts receivable | 41 | €11,717 | €13,759 | +€2,042 | +17.4% |
| Cash at bank and in hand | 54/58 | €94,291 | €157,378 | +€63,087 | +66.9% |
| Deferred charges and accrued income | 490/1 | €9,186 | €4,112 | -€5,074 | -55.2% |
| Total equity and liabilities | 10/49 | €1,062,056 | €1,131,165 | +€69,110 | +6.5% |
| Equity | 10/15 | €231,111 | €353,661 | +€122,550 | +53.0% |
| Contributions | 10/11 | €68,600 | €68,600 | = | 0.0% |
| Reserves | 13 | €162,511 | €285,061 | +€122,550 | +75.4% |
| Tax-exempt reserves | 132 | €63,150 | €105,250 | +€42,100 | +66.7% |
| Distributable reserves | 133 | €99,361 | €179,811 | +€80,450 | +81.0% |
| Amounts payable | 17/49 | €830,945 | €777,505 | -€53,441 | -6.4% |
| Amounts payable after more than one year | 17 | €573,444 | €491,080 | -€82,364 | -14.4% |
| Financial debts | 170/4 | €573,444 | €491,080 | -€82,364 | -14.4% |
| Amounts payable within one year | 42/48 | €256,030 | €282,430 | +€26,400 | +10.3% |
| Current portion of amounts payable after more than one year | 42 | €83,755 | €82,364 | -€1,391 | -1.7% |
| Trade debts | 44 | €64,067 | €85,039 | +€20,973 | +32.7% |
| Suppliers | 440/4 | €64,067 | €85,039 | +€20,973 | +32.7% |
| Advances received on contracts in progress | 46 | €73,845 | €66,100 | -€7,745 | -10.5% |
| Taxes, remuneration and social security | 45 | €11,513 | €6,761 | -€4,753 | -41.3% |
| Taxes | 450/3 | €11,513 | €6,761 | -€4,753 | -41.3% |
| Other amounts payable | 47/48 | €22,850 | €42,166 | +€19,316 | +84.5% |
| Accrued charges and deferred income | 492/3 | €1,471 | €3,995 | +€2,524 | +172% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,289 | €70,910 | +€8,620 | +13.8% |
| Other operating charges | 640/8 | €7,307 | €8,221 | +€914 | +12.5% |
| Gross operating margin | 9900 | €218,682 | €273,441 | +€54,759 | +25.0% |
| Operating profit (loss) | 9901 | €149,085 | €194,310 | +€45,225 | +30.3% |
| Financial income | 75/76B | €173 | €1,191 | +€1,018 | +588% |
| Recurring financial income | 75 | €173 | €1,191 | +€1,018 | +588% |
| Financial charges | 65/66B | €22,905 | €20,654 | -€2,250 | -9.8% |
| Recurring financial charges | 65 | €22,905 | €20,654 | -€2,250 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €126,354 | €174,847 | +€48,493 | +38.4% |
| Income taxes | 67/77 | €34,465 | €50,696 | +€16,232 | +47.1% |
| Profit (loss) for the period | 9904 | €91,889 | €124,150 | +€32,261 | +35.1% |
| Transfer to tax-exempt reserves | 689 | €63,150 | €42,100 | -€21,050 | -33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €28,739 | €82,050 | +€53,311 | +185% |
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 23 October 2026 via checked.be.