HOEWAER: 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.
HOEWAER
Largest movements
- Stocks and contracts +€59,348
up €59,348 (+34.5%), from €172,108 to €231,456
- Tangible fixed assets -€18,149
down €18,149 (-28.7%), from €63,143 to €44,994
of which Furniture and vehicles: -€18,086
- Receivables within one year -€4,390
down €4,390 (-37.9%), from €11,572 to €7,182
- Reserves +€32,845
up €32,845 (+20.8%), from €157,661 to €190,506
of which Distributable reserves: +€32,845
- Trade debts +€30,380
up €30,380 (+77.5%), from €39,193 to €69,573
- Tax, wage and social debts -€23,743
down €23,743 (-47.9%), from €49,568 to €25,825
of which Taxes: -€25,133
- Accrued charges and deferred income -€3,794
down €3,794 (-98.4%), from €3,856 to €62
- Staff costs +€20,276
new in 2025: €20,276
- Gross operating margin +€8,436
up €8,436 (+7.4%), from €114,280 to €122,716
- Taxes -€5,143
down €5,143 (-24.8%), from €20,728 to €15,585
- Financial charges +€2,497
up €2,497 (+45.5%), from €5,488 to €7,985
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 | €338,644 | €372,401 | +€33,757 | +10.0% |
| Fixed assets | 21/28 | €63,143 | €44,994 | -€18,149 | -28.7% |
| Tangible fixed assets | 22/27 | €63,143 | €44,994 | -€18,149 | -28.7% |
| Plant, machinery and equipment | 23 | €3,317 | €3,254 | -€63 | -1.9% |
| Furniture and vehicles | 24 | €59,826 | €41,740 | -€18,086 | -30.2% |
| Current assets | 29/58 | €275,501 | €327,407 | +€51,906 | +18.8% |
| Stocks and contracts in progress | 3 | €172,108 | €231,456 | +€59,348 | +34.5% |
| Stocks | 30/36 | €172,108 | €231,456 | +€59,348 | +34.5% |
| Amounts receivable within one year | 40/41 | €11,572 | €7,182 | -€4,390 | -37.9% |
| Trade receivables | 40 | €11,572 | €7,182 | -€4,390 | -37.9% |
| Cash at bank and in hand | 54/58 | €87,707 | €84,985 | -€2,722 | -3.1% |
| Deferred charges and accrued income | 490/1 | €4,114 | €3,784 | -€330 | -8.0% |
| Total equity and liabilities | 10/49 | €338,644 | €372,401 | +€33,757 | +10.0% |
| Equity | 10/15 | €163,861 | €196,706 | +€32,845 | +20.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €157,661 | €190,506 | +€32,845 | +20.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €155,801 | €188,646 | +€32,845 | +21.1% |
| Provisions and deferred taxes | 16 | €26,084 | €25,184 | -€900 | -3.5% |
| Provisions for liabilities and charges | 160/5 | €26,084 | €25,184 | -€900 | -3.5% |
| Other liabilities and charges | 164/5 | €26,084 | €25,184 | -€900 | -3.5% |
| Amounts payable | 17/49 | €148,699 | €150,511 | +€1,812 | +1.2% |
| Amounts payable within one year | 42/48 | €144,843 | €150,449 | +€5,606 | +3.9% |
| Trade debts | 44 | €39,193 | €69,573 | +€30,380 | +77.5% |
| Suppliers | 440/4 | €39,193 | €69,573 | +€30,380 | +77.5% |
| Advances received on contracts in progress | 46 | €225 | €584 | +€359 | +159.6% |
| Taxes, remuneration and social security | 45 | €49,568 | €25,825 | -€23,743 | -47.9% |
| Taxes | 450/3 | €49,568 | €24,435 | -€25,133 | -50.7% |
| Remuneration and social security | 454/9 | - | €1,390 | +€1,390 | |
| Other amounts payable | 47/48 | €55,857 | €54,467 | -€1,390 | -2.5% |
| Accrued charges and deferred income | 492/3 | €3,856 | €62 | -€3,794 | -98.4% |
| Non-recurring operating income | 76A | €22,959 | €26,085 | +€3,126 | +13.6% |
| Remuneration, social security and pensions | 62 | - | €20,276 | +€20,276 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,174 | €20,021 | +€847 | +4.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €26,085 | €25,184 | -€901 | -3.5% |
| Other operating charges | 640/8 | €1,484 | €1,182 | -€302 | -20.4% |
| Gross operating margin | 9900 | €114,280 | €122,716 | +€8,436 | +7.4% |
| Operating profit (loss) | 9901 | €67,537 | €56,053 | -€11,484 | -17.0% |
| Financial income | 75/76B | €94 | €361 | +€267 | +284.0% |
| Recurring financial income | 75 | €94 | €361 | +€267 | +284.0% |
| Financial charges | 65/66B | €5,488 | €7,985 | +€2,497 | +45.5% |
| Recurring financial charges | 65 | €5,488 | €7,985 | +€2,497 | +45.5% |
| Profit (loss) for the period before taxes | 9903 | €62,143 | €48,429 | -€13,714 | -22.1% |
| Income taxes | 67/77 | €20,728 | €15,585 | -€5,143 | -24.8% |
| Profit (loss) for the period | 9904 | €41,415 | €32,844 | -€8,571 | -20.7% |
| Profit (loss) for the period to be appropriated | 9905 | €41,415 | €32,844 | -€8,571 | -20.7% |
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 5 October 2026 via checked.be.