Hoffer: 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.
What changed
Hoffer
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€412,857
2024 · -€190,508-€222,350
Equity
€5.7m
2024 · €6.1m-€412,857
Cash
€21,498
2024 · €151,197-€129,700
Balance sheet total
€12.7m
2024 · €13.3m-€593,616
Largest movements
Assets
- Stocks and contracts -€899,484
down €899,484 (-54.5%), from €1.7m to €751,636
- Receivables within one year +€503,459
up €503,459 (+26.5%), from €1.9m to €2.4m
of which Other amounts receivable: +€497,577
Equity and liabilities
- Debts after one year -€1.6m
down €1.6m (-31.6%), from €5.2m to €3.5m
- Current portion of long-term debt +€1.6m
up €1.6m (+681.0%), from €230,969 to €1.8m
- Profit (loss) carried forward -€285,242
down €285,242, from €255,455 to -€29,787
- Short-term financial debts -€140,046
down €140,046 (-43.7%), from €320,237 to €180,191
Income statement
- Financial income -€279,367
down €279,367 (-81.1%), from €344,664 to €65,297
- Gross operating margin -€277,394
down €277,394 (-69.0%), from €402,200 to €124,806
- Depreciation -€175,098
down €175,098 (-35.6%), from €491,374 to €316,276
- Financial charges -€169,087
down €169,087 (-49.3%), from €343,106 to €174,019
- Other operating charges +€121,528
up €121,528 (+360.9%), from €33,676 to €155,204
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.
Result 2024
-€190,508
Gross operating margin
-€277,394
Depreciation
+€175,098
Other operating charges
-€121,528
Financial income
-€279,367
Financial charges
+€169,087
Taxes
+€111,754
Result 2025
-€412,857
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.
From operations
+€320,022
Investment
-€246,207
Financing
-€203,515
Cash 2024
€151,197
From operations (derived)
+€320,022
Net result for the year
-€412,857
Depreciation
+€316,276
Stocks and contracts
+€899,484
Receivables within one year
-€503,459
Deferred charges and accrued income
-€2,177
Provisions
-€42,538
Trade debts
+€67,915
Tax, wage and social debts
-€36,087
Other debts
+€11,201
Accrued charges and deferred income
+€22,266
Investment (derived)
-€246,207
Investment in fixed assets (net)
-€246,207
Financing
-€203,515
Debts after one year
-€1.6m
Current portion of long-term debt
+€1.6m
Short-term financial debts
-€140,046
Cash 2025
€21,498
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,264,309 | €12,670,693 | -€593,616 | -4.5% |
| Fixed assets | 21/28 | €9,540,223 | €9,470,155 | -€70,069 | -0.7% |
| Tangible fixed assets | 22/27 | €9,530,223 | €9,458,745 | -€71,479 | -0.8% |
| Land and buildings | 22 | €9,279,484 | €9,225,066 | -€54,418 | -0.6% |
| Furniture and vehicles | 24 | €88,785 | €71,724 | -€17,061 | -19.2% |
| Other tangible fixed assets | 26 | €161,954 | €161,954 | = | 0.0% |
| Financial fixed assets | 28 | €10,000 | €11,410 | +€1,410 | +14.1% |
| Current assets | 29/58 | €3,724,086 | €3,200,538 | -€523,547 | -14.1% |
| Stocks and contracts in progress | 3 | €1,651,119 | €751,636 | -€899,484 | -54.5% |
| Stocks | 30/36 | €1,651,119 | €751,636 | -€899,484 | -54.5% |
| Amounts receivable within one year | 40/41 | €1,900,659 | €2,404,118 | +€503,459 | +26.5% |
| Trade receivables | 40 | €2,400 | €8,282 | +€5,882 | +245.1% |
| Other amounts receivable | 41 | €1,898,259 | €2,395,836 | +€497,577 | +26.2% |
| Current investments | 50/53 | €8,369 | €8,369 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €151,197 | €21,498 | -€129,700 | -85.8% |
| Deferred charges and accrued income | 490/1 | €12,741 | €14,918 | +€2,177 | +17.1% |
| Total equity and liabilities | 10/49 | €13,264,309 | €12,670,693 | -€593,616 | -4.5% |
| Equity | 10/15 | €6,123,127 | €5,710,270 | -€412,857 | -6.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €5,806,172 | €5,678,557 | -€127,615 | -2.2% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,847,356 | €3,719,741 | -€127,615 | -3.3% |
| Distributable reserves | 133 | €1,946,421 | €1,946,421 | = | 0.0% |
| Profit (loss) carried forward | 14 | €255,455 | -€29,787 | -€285,242 | |
| Provisions and deferred taxes | 16 | €1,172,661 | €1,130,122 | -€42,538 | -3.6% |
| Deferred taxes | 168 | €1,172,661 | €1,130,122 | -€42,538 | -3.6% |
| Amounts payable | 17/49 | €5,968,521 | €5,830,301 | -€138,220 | -2.3% |
| Amounts payable after more than one year | 17 | €5,178,032 | €3,541,663 | -€1.6m | -31.6% |
| Financial debts | 170/4 | €5,178,032 | €3,541,663 | -€1.6m | -31.6% |
| Amounts payable within one year | 42/48 | €741,326 | €2,217,210 | +€1.5m | +199.1% |
| Current portion of amounts payable after more than one year | 42 | €230,969 | €1,803,869 | +€1.6m | +681.0% |
| Financial debts | 43 | €320,237 | €180,191 | -€140,046 | -43.7% |
| Credit institutions | 430/8 | €320,237 | €180,191 | -€140,046 | -43.7% |
| Trade debts | 44 | €107,284 | €175,199 | +€67,915 | +63.3% |
| Suppliers | 440/4 | €107,284 | €175,199 | +€67,915 | +63.3% |
| Taxes, remuneration and social security | 45 | €40,287 | €4,200 | -€36,087 | -89.6% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €40,287 | €4,200 | -€36,087 | -89.6% |
| Other amounts payable | 47/48 | €42,549 | €53,750 | +€11,201 | +26.3% |
| Accrued charges and deferred income | 492/3 | €49,162 | €71,428 | +€22,266 | +45.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €491,374 | €316,276 | -€175,098 | -35.6% |
| Other operating charges | 640/8 | €33,676 | €155,204 | +€121,528 | +360.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €402,200 | €124,806 | -€277,394 | -69.0% |
| Operating profit (loss) | 9901 | -€122,850 | -€346,674 | -€223,824 | -182.2% |
| Financial income | 75/76B | €344,664 | €65,297 | -€279,367 | -81.1% |
| Recurring financial income | 75 | €344,664 | €65,297 | -€279,367 | -81.1% |
| Financial charges | 65/66B | €343,106 | €174,019 | -€169,087 | -49.3% |
| Recurring financial charges | 65 | €343,106 | €174,019 | -€169,087 | -49.3% |
| Profit (loss) for the period before taxes | 9903 | -€121,292 | -€455,396 | -€334,104 | -275.5% |
| Transfer from deferred taxes | 780 | €42,538 | €42,538 | = | 0.0% |
| Income taxes | 67/77 | €111,754 | €0 | -€111,754 | -100.0% |
| Profit (loss) for the period | 9904 | -€190,508 | -€412,857 | -€222,350 | -116.7% |
| Transfer from tax-exempt reserves | 789 | €127,615 | €127,615 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€62,893 | -€285,242 | -€222,350 | -353.5% |
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 29 September 2026 via checked.be.