Hofman: 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.
Hofman
Largest movements
- Stocks and contracts -€751,726
down €751,726 (-26.1%), from €2.9m to €2.1m
- Receivables within one year -€256,422
down €256,422 (-24.4%), from €1.0m to €793,510
of which Trade receivables: -€261,912
- Tangible fixed assets -€114,698
down €114,698 (-45.5%), from €252,010 to €137,312
of which Furniture and vehicles: -€59,222
- Intangible fixed assets -€99,965
down €99,965 (-22.9%), from €437,482 to €337,517
- Cash +€89,928
up €89,928 (+156.6%), from €57,441 to €147,369
mainly Stocks and contracts (+€751,726) and Receivables within one year (+€256,422)
- Profit (loss) carried forward -€1.2m
down €1.2m (-36.7%), from €3.3m to €2.1m
- Short-term financial debts +€150,000
new in 2025: €150,000
- Current portion of long-term debt -€65,926
down €65,926 (-86.9%), from €75,835 to €9,909
- Gross operating margin -€1.3m
down €1.3m, from €944,198 to -€393,273
- Depreciation +€38,584
up €38,584 (+20.3%), from €190,244 to €228,828
- Staff costs -€31,157
down €31,157 (-5.6%), from €554,238 to €523,081
- Taxes -€31,047
down €31,047 (-98.0%), from €31,675 to €628
- Other operating charges -€11,693
down €11,693 (-19.1%), from €61,347 to €49,654
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 | €4,736,696 | €3,556,089 | -€1.2m | -24.9% |
| Fixed assets | 21/28 | €691,166 | €476,503 | -€214,663 | -31.1% |
| Intangible fixed assets | 21 | €437,482 | €337,517 | -€99,965 | -22.9% |
| Tangible fixed assets | 22/27 | €252,010 | €137,312 | -€114,698 | -45.5% |
| Land and buildings | 22 | €1,193 | €755 | -€438 | -36.7% |
| Plant, machinery and equipment | 23 | €48,882 | €14,821 | -€34,061 | -69.7% |
| Furniture and vehicles | 24 | €164,602 | €105,380 | -€59,222 | -36.0% |
| Leasing and similar rights | 25 | €24,006 | €4,974 | -€19,032 | -79.3% |
| Other tangible fixed assets | 26 | €13,327 | €11,382 | -€1,945 | -14.6% |
| Financial fixed assets | 28 | €1,673 | €1,673 | = | 0.0% |
| Current assets | 29/58 | €4,045,531 | €3,079,586 | -€965,944 | -23.9% |
| Stocks and contracts in progress | 3 | €2,880,009 | €2,128,283 | -€751,726 | -26.1% |
| Stocks | 30/36 | €2,880,009 | €2,128,283 | -€751,726 | -26.1% |
| Amounts receivable within one year | 40/41 | €1,049,932 | €793,510 | -€256,422 | -24.4% |
| Trade receivables | 40 | €953,679 | €691,767 | -€261,912 | -27.5% |
| Other amounts receivable | 41 | €96,253 | €101,744 | +€5,490 | +5.7% |
| Cash at bank and in hand | 54/58 | €57,441 | €147,369 | +€89,928 | +156.6% |
| Deferred charges and accrued income | 490/1 | €58,148 | €10,423 | -€47,724 | -82.1% |
| Total equity and liabilities | 10/49 | €4,736,696 | €3,556,089 | -€1.2m | -24.9% |
| Equity | 10/15 | €4,160,060 | €2,954,884 | -€1.2m | -29.0% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €798,783 | €798,783 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €210,500 | - | -€210,500 | |
| Distributable reserves | 133 | €580,783 | €791,283 | +€210,500 | +36.2% |
| Profit (loss) carried forward | 14 | €3,286,276 | €2,081,100 | -€1.2m | -36.7% |
| Amounts payable | 17/49 | €576,637 | €601,205 | +€24,568 | +4.3% |
| Amounts payable after more than one year | 17 | €9,909 | - | -€9,909 | |
| Financial debts | 170/4 | €9,909 | - | -€9,909 | |
| Amounts payable within one year | 42/48 | €566,728 | €601,205 | +€34,478 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €75,835 | €9,909 | -€65,926 | -86.9% |
| Financial debts | 43 | - | €150,000 | +€150,000 | |
| Credit institutions | 430/8 | - | €150,000 | +€150,000 | |
| Trade debts | 44 | €396,167 | €354,723 | -€41,445 | -10.5% |
| Suppliers | 440/4 | €396,167 | €354,723 | -€41,445 | -10.5% |
| Taxes, remuneration and social security | 45 | €94,725 | €86,518 | -€8,208 | -8.7% |
| Taxes | 450/3 | €8,709 | €9,530 | +€820 | +9.4% |
| Remuneration and social security | 454/9 | €86,016 | €76,988 | -€9,028 | -10.5% |
| Other amounts payable | 47/48 | - | €56 | +€56 | |
| Non-recurring operating income | 76A | €108,000 | €10,000 | -€98,000 | -90.7% |
| Remuneration, social security and pensions | 62 | €554,238 | €523,081 | -€31,157 | -5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €190,244 | €228,828 | +€38,584 | +20.3% |
| Other operating charges | 640/8 | €61,347 | €49,654 | -€11,693 | -19.1% |
| Gross operating margin | 9900 | €944,198 | -€393,273 | -€1.3m | |
| Operating profit (loss) | 9901 | €138,368 | -€1,194,836 | -€1.3m | |
| Financial income | 75/76B | €231 | €592 | +€361 | +156.1% |
| Recurring financial income | 75 | €231 | €592 | +€361 | +156.1% |
| Financial charges | 65/66B | €13,719 | €10,304 | -€3,415 | -24.9% |
| Recurring financial charges | 65 | €13,719 | €10,304 | -€3,415 | -24.9% |
| Profit (loss) for the period before taxes | 9903 | €124,881 | -€1,204,548 | -€1.3m | |
| Income taxes | 67/77 | €31,675 | €628 | -€31,047 | -98.0% |
| Profit (loss) for the period | 9904 | €93,205 | -€1,205,176 | -€1.3m | |
| Profit (loss) for the period to be appropriated | 9905 | €93,205 | -€1,205,176 | -€1.3m |
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 12 October 2026 via checked.be.