HOFCAP: 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.
HOFCAP
Largest movements
- Tangible fixed assets +€47,520
up €47,520 (+494%), from €9,623 to €57,144
of which Furniture and vehicles: +€48,522
- Other debts +€98,829
up €98,829 (+24.7%), from €400,435 to €499,265
- Debts after one year -€62,000
down €62,000 (-26.7%), from €232,500 to €170,500
- Tax, wage and social debts +€16,074
up €16,074 (+78.3%), from €20,519 to €36,593
- Gross operating margin +€90,752
up €90,752 (+47.3%), from €191,703 to €282,455
- Taxes +€19,751
up €19,751 (+42.0%), from €47,002 to €66,753
- Financial charges +€6,753
up €6,753 (+121%), from €5,576 to €12,329
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 | €744,656 | €793,628 | +€48,972 | +6.6% |
| Fixed assets | 21/28 | €609,623 | €657,144 | +€47,520 | +7.8% |
| Tangible fixed assets | 22/27 | €9,623 | €57,144 | +€47,520 | +494% |
| Furniture and vehicles | 24 | €2,027 | €50,549 | +€48,522 | +2,394% |
| Other tangible fixed assets | 26 | €7,596 | €6,594 | -€1,002 | -13.2% |
| Financial fixed assets | 28 | €600,000 | €600,000 | = | 0.0% |
| Current assets | 29/58 | €135,033 | €136,485 | +€1,452 | +1.1% |
| Amounts receivable within one year | 40/41 | €13,491 | €18,160 | +€4,669 | +34.6% |
| Trade receivables | 40 | €13,491 | €18,160 | +€4,669 | +34.6% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €120,426 | €116,335 | -€4,091 | -3.4% |
| Deferred charges and accrued income | 490/1 | €1,116 | €1,990 | +€873 | +78.2% |
| Total equity and liabilities | 10/49 | €744,656 | €793,628 | +€48,972 | +6.6% |
| Equity | 10/15 | €26,100 | €21,574 | -€4,526 | -17.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €7,500 | €2,974 | -€4,526 | -60.3% |
| Distributable reserves | 133 | €7,500 | €2,974 | -€4,526 | -60.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €718,556 | €772,054 | +€53,498 | +7.4% |
| Amounts payable after more than one year | 17 | €232,500 | €170,500 | -€62,000 | -26.7% |
| Financial debts | 170/4 | €232,500 | €170,500 | -€62,000 | -26.7% |
| Amounts payable within one year | 42/48 | €484,088 | €599,706 | +€115,618 | +23.9% |
| Current portion of amounts payable after more than one year | 42 | €62,000 | €62,000 | = | 0.0% |
| Trade debts | 44 | €1,133 | €1,849 | +€716 | +63.2% |
| Suppliers | 440/4 | €1,133 | €1,849 | +€716 | +63.2% |
| Taxes, remuneration and social security | 45 | €20,519 | €36,593 | +€16,074 | +78.3% |
| Taxes | 450/3 | €20,519 | €36,593 | +€16,074 | +78.3% |
| Other amounts payable | 47/48 | €400,435 | €499,265 | +€98,829 | +24.7% |
| Accrued charges and deferred income | 492/3 | €1,968 | €1,848 | -€120 | -6.1% |
| Non-recurring operating income | 76A | - | €6,770 | +€6,770 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,190 | €3,707 | +€517 | +16.2% |
| Other operating charges | 640/8 | €1,139 | €1,208 | +€68 | +6.0% |
| Gross operating margin | 9900 | €191,703 | €282,455 | +€90,752 | +47.3% |
| Operating profit (loss) | 9901 | €187,374 | €277,540 | +€90,166 | +48.1% |
| Financial income | 75/76B | - | €88 | +€88 | |
| Recurring financial income | 75 | - | €88 | +€88 | |
| Financial charges | 65/66B | €5,576 | €12,329 | +€6,753 | +121% |
| Recurring financial charges | 65 | €5,576 | €12,329 | +€6,753 | +121% |
| Profit (loss) for the period before taxes | 9903 | €181,798 | €265,299 | +€83,501 | +45.9% |
| Income taxes | 67/77 | €47,002 | €66,753 | +€19,751 | +42.0% |
| Profit (loss) for the period | 9904 | €134,796 | €198,547 | +€63,751 | +47.3% |
| Profit (loss) for the period to be appropriated | 9905 | €134,796 | €198,547 | +€63,751 | +47.3% |
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 18 October 2026 via checked.be.