HOFINAP: 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.
HOFINAP
Largest movements
- Cash +€52,569
up €52,569 (+318.8%), from €16,489 to €69,059
mainly Receivables within one year (+€45,000) and Net result for the year (+€15,252)
- Receivables within one year -€45,000
no longer reported in 2025 (was €45,000)
- Tangible fixed assets -€6,667
down €6,667 (-2.5%), from €266,105 to €259,438
- Debts after one year -€16,031
down €16,031 (-5.4%), from €298,664 to €282,633
- Reserves +€9,628
up €9,628 (+3967.2%), from €243 to €9,870
of which Distributable reserves: +€9,628
- Profit (loss) carried forward +€5,625
no longer reported in 2025 (was -€5,625)
- Depreciation -€26,208
down €26,208 (-79.7%), from €32,875 to €6,667
- Taxes +€963
new in 2025: €963
- Gross operating margin +€757
up €757 (+2.7%), from €28,278 to €29,035
- Purchases and services -€757
down €757 (-44.0%), from €1,722 to €965
- Financial charges -€325
down €325 (-7.2%), from €4,532 to €4,208
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 | €327,594 | €328,497 | +€903 | +0.3% |
| Fixed assets | 21/28 | €266,105 | €259,438 | -€6,667 | -2.5% |
| Tangible fixed assets | 22/27 | €266,105 | €259,438 | -€6,667 | -2.5% |
| Land and buildings | 22 | €266,105 | €259,438 | -€6,667 | -2.5% |
| Current assets | 29/58 | €61,489 | €69,059 | +€7,569 | +12.3% |
| Amounts receivable within one year | 40/41 | €45,000 | - | -€45,000 | |
| Other amounts receivable | 41 | €45,000 | - | -€45,000 | |
| Cash at bank and in hand | 54/58 | €16,489 | €69,059 | +€52,569 | +318.8% |
| Total equity and liabilities | 10/49 | €327,594 | €328,497 | +€903 | +0.3% |
| Equity | 10/15 | €13,218 | €28,470 | +€15,252 | +115.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €243 | €9,870 | +€9,628 | +3967.2% |
| Non-distributable reserves | 130/1 | €243 | €243 | = | 0.0% |
| Reserves not available under the articles | 1311 | €243 | €243 | = | 0.0% |
| Distributable reserves | 133 | - | €9,628 | +€9,628 | |
| Profit (loss) carried forward | 14 | -€5,625 | - | +€5,625 | |
| Amounts payable | 17/49 | €314,376 | €300,027 | -€14,350 | -4.6% |
| Amounts payable after more than one year | 17 | €298,664 | €282,633 | -€16,031 | -5.4% |
| Financial debts | 170/4 | €298,664 | €282,633 | -€16,031 | -5.4% |
| Amounts payable within one year | 42/48 | €15,712 | €17,393 | +€1,681 | +10.7% |
| Current portion of amounts payable after more than one year | 42 | €15,712 | €16,031 | +€319 | +2.0% |
| Taxes, remuneration and social security | 45 | - | €963 | +€963 | |
| Taxes | 450/3 | - | €963 | +€963 | |
| Other amounts payable | 47/48 | - | €400 | +€400 | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,722 | €965 | -€757 | -44.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,875 | €6,667 | -€26,208 | -79.7% |
| Other operating charges | 640/8 | €1,841 | €1,945 | +€105 | +5.7% |
| Non-recurring operating charges | 66A | €3,955 | - | -€3,955 | |
| Gross operating margin | 9900 | €28,278 | €29,035 | +€757 | +2.7% |
| Operating profit (loss) | 9901 | -€10,392 | €20,423 | +€30,815 | |
| Financial charges | 65/66B | €4,532 | €4,208 | -€325 | -7.2% |
| Recurring financial charges | 65 | €4,532 | €4,208 | -€325 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | -€14,925 | €16,215 | +€31,140 | |
| Income taxes | 67/77 | - | €963 | +€963 | |
| Profit (loss) for the period | 9904 | -€14,925 | €15,252 | +€30,177 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,925 | €15,252 | +€30,177 |
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 8 October 2026 via checked.be.