HOFMAN Koen: 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 Koen
Largest movements
- Tangible fixed assets +€4.2m
up €4.2m (+252%), from €1.7m to €5.8m
of which Land and buildings: +€4.1m
- Financial fixed assets -€860,158
down €860,158 (-46.7%), from €1.8m to €981,053
- Cash +€197,210
up €197,210 (+2,341%), from €8,425 to €205,635
mainly Contributions, distributions and other (+€3.6m) and Depreciation (+€349,150)
- Current investments -€82,730
no longer reported in 2025 (was €82,730)
- Revaluation surpluses +€3.6m
new in 2025: €3.6m
- Debts after one year -€430,470
down €430,470 (-21.2%), from €2.0m to €1.6m
- Reserves +€341,344
up €341,344 (+55.0%), from €621,159 to €962,503
of which Distributable reserves: +€222,275
- Other debts -€113,302
down €113,302 (-50.6%), from €224,031 to €110,729
- Financial income +€340,627
up €340,627 (+36,009%), from €946 to €341,573
of which Non-recurring financial income: +€339,842
- Depreciation +€236,676
up €236,676 (+210%), from €112,474 to €349,150
- Gross operating margin +€151,536
up €151,536 (+35.0%), from €433,381 to €584,917
- Taxes +€101,128
up €101,128 (+819%), from €12,345 to €113,473
- Financial charges -€18,120
down €18,120 (-15.1%), from €120,400 to €102,279
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 | €3,667,173 | €7,090,192 | +€3.4m | +93.3% |
| Fixed assets | 21/28 | €3,496,199 | €6,809,651 | +€3.3m | +94.8% |
| Tangible fixed assets | 22/27 | €1,654,987 | €5,828,598 | +€4.2m | +252% |
| Land and buildings | 22 | €1,620,266 | €5,673,954 | +€4.1m | +250% |
| Plant, machinery and equipment | 23 | €438 | - | -€438 | |
| Furniture and vehicles | 24 | €34,283 | €624 | -€33,659 | -98.2% |
| Leasing and similar rights | 25 | - | €154,019 | +€154,019 | |
| Financial fixed assets | 28 | €1,841,211 | €981,053 | -€860,158 | -46.7% |
| Current assets | 29/58 | €170,974 | €280,541 | +€109,566 | +64.1% |
| Amounts receivable within one year | 40/41 | €79,820 | €54,775 | -€25,044 | -31.4% |
| Trade receivables | 40 | €63,736 | €45,933 | -€17,803 | -27.9% |
| Other amounts receivable | 41 | €16,084 | €8,842 | -€7,241 | -45.0% |
| Current investments | 50/53 | €82,730 | - | -€82,730 | |
| Cash at bank and in hand | 54/58 | €8,425 | €205,635 | +€197,210 | +2,341% |
| Deferred charges and accrued income | 490/1 | - | €20,130 | +€20,130 | |
| Total equity and liabilities | 10/49 | €3,667,173 | €7,090,192 | +€3.4m | +93.3% |
| Equity | 10/15 | €985,386 | €4,930,348 | +€3.9m | +400% |
| Contributions | 10/11 | €262,400 | €262,400 | = | 0.0% |
| Revaluation surpluses | 12 | - | €3,603,619 | +€3.6m | |
| Reserves | 13 | €621,159 | €962,503 | +€341,344 | +55.0% |
| Tax-exempt reserves | 132 | €362,118 | €481,187 | +€119,069 | +32.9% |
| Distributable reserves | 133 | €259,042 | €481,316 | +€222,275 | +85.8% |
| Profit (loss) carried forward | 14 | €101,827 | €101,827 | = | 0.0% |
| Provisions and deferred taxes | 16 | €66,084 | €54,260 | -€11,824 | -17.9% |
| Deferred taxes | 168 | €66,084 | €54,260 | -€11,824 | -17.9% |
| Amounts payable | 17/49 | €2,615,703 | €2,105,583 | -€510,120 | -19.5% |
| Amounts payable after more than one year | 17 | €2,034,030 | €1,603,560 | -€430,470 | -21.2% |
| Financial debts | 170/4 | €2,034,030 | €1,603,560 | -€430,470 | -21.2% |
| Amounts payable within one year | 42/48 | €417,799 | €292,994 | -€124,805 | -29.9% |
| Current portion of amounts payable after more than one year | 42 | €162,238 | €157,305 | -€4,933 | -3.0% |
| Trade debts | 44 | €2,725 | €10,291 | +€7,566 | +278% |
| Suppliers | 440/4 | €2,725 | €10,291 | +€7,566 | +278% |
| Taxes, remuneration and social security | 45 | €28,806 | €14,670 | -€14,135 | -49.1% |
| Taxes | 450/3 | €25,296 | €14,670 | -€10,626 | -42.0% |
| Remuneration and social security | 454/9 | €3,510 | - | -€3,510 | |
| Other amounts payable | 47/48 | €224,031 | €110,729 | -€113,302 | -50.6% |
| Accrued charges and deferred income | 492/3 | €163,874 | €209,029 | +€45,155 | +27.6% |
| Non-recurring operating income | 76A | €7,401 | €196,481 | +€189,080 | +2,555% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,474 | €349,150 | +€236,676 | +210% |
| Other operating charges | 640/8 | €23,798 | €32,067 | +€8,269 | +34.7% |
| Gross operating margin | 9900 | €433,381 | €584,917 | +€151,536 | +35.0% |
| Operating profit (loss) | 9901 | €297,109 | €203,699 | -€93,409 | -31.4% |
| Financial income | 75/76B | €946 | €341,573 | +€340,627 | +36,009% |
| Recurring financial income | 75 | €946 | €1,731 | +€785 | +83.0% |
| Non-recurring financial income | 76B | - | €339,842 | +€339,842 | |
| Financial charges | 65/66B | €120,400 | €102,279 | -€18,120 | -15.1% |
| Recurring financial charges | 65 | €120,400 | €102,279 | -€18,120 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | €177,655 | €442,993 | +€265,338 | +149% |
| Transfer from deferred taxes | 780 | €11,824 | €11,824 | = | 0.0% |
| Income taxes | 67/77 | €12,345 | €113,473 | +€101,128 | +819% |
| Profit (loss) for the period | 9904 | €177,134 | €341,344 | +€164,210 | +92.7% |
| Transfer from tax-exempt reserves | 789 | €35,472 | €35,472 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €63,150 | €210,500 | +€147,350 | +233% |
| Profit (loss) for the period to be appropriated | 9905 | €149,456 | €166,316 | +€16,860 | +11.3% |
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 19 October 2026 via checked.be.