HOFRA: 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.
HOFRA
Largest movements
- Receivables within one year +€27,961
up €27,961 (+171%), from €16,366 to €44,327
of which Trade receivables: +€32,997
- Current investments +€3,000
up €3,000 (+24.2%), from €12,382 to €15,382
- Reserves +€36,956
up €36,956 (+36.0%), from €102,777 to €139,733
of which Distributable reserves: +€36,956
- Trade debts -€31,890
down €31,890 (-66.8%), from €47,708 to €15,818
- Tax, wage and social debts +€16,018
up €16,018 (+86.1%), from €18,613 to €34,630
of which Taxes: +€14,498
- Debts after one year +€6,432
up €6,432 (+16.3%), from €39,451 to €45,882
- Current portion of long-term debt +€6,064
up €6,064 (+52.8%), from €11,484 to €17,548
- Gross operating margin +€47,136
up €47,136 (+35.9%), from €131,199 to €178,335
- Staff costs +€21,796
up €21,796 (+36.3%), from €60,079 to €81,875
- Depreciation +€14,844
up €14,844 (+63.7%), from €23,285 to €38,128
- Financial charges +€3,421
up €3,421 (+200%), from €1,707 to €5,128
- Taxes +€2,930
up €2,930 (+20.8%), from €14,079 to €17,009
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 | €251,507 | €283,673 | +€32,166 | +12.8% |
| Fixed assets | 21/28 | €118,200 | €118,952 | +€752 | +0.6% |
| Tangible fixed assets | 22/27 | €118,200 | €118,952 | +€752 | +0.6% |
| Plant, machinery and equipment | 23 | €23,327 | €18,157 | -€5,171 | -22.2% |
| Furniture and vehicles | 24 | €35,882 | €26,669 | -€9,213 | -25.7% |
| Leasing and similar rights | 25 | €58,991 | €74,126 | +€15,135 | +25.7% |
| Current assets | 29/58 | €133,307 | €164,721 | +€31,414 | +23.6% |
| Amounts receivable within one year | 40/41 | €16,366 | €44,327 | +€27,961 | +171% |
| Trade receivables | 40 | €11,330 | €44,327 | +€32,997 | +291% |
| Other amounts receivable | 41 | €5,036 | €0 | -€5,036 | -100% |
| Current investments | 50/53 | €12,382 | €15,382 | +€3,000 | +24.2% |
| Cash at bank and in hand | 54/58 | €100,777 | €99,590 | -€1,186 | -1.2% |
| Deferred charges and accrued income | 490/1 | €3,783 | €5,422 | +€1,639 | +43.3% |
| Total equity and liabilities | 10/49 | €251,507 | €283,673 | +€32,166 | +12.8% |
| Equity | 10/15 | €121,377 | €158,333 | +€36,956 | +30.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €102,777 | €139,733 | +€36,956 | +36.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €102,777 | €139,733 | +€36,956 | +36.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €130,130 | €125,340 | -€4,790 | -3.7% |
| Amounts payable after more than one year | 17 | €39,451 | €45,882 | +€6,432 | +16.3% |
| Financial debts | 170/4 | €39,451 | €45,882 | +€6,432 | +16.3% |
| Amounts payable within one year | 42/48 | €90,680 | €79,458 | -€11,222 | -12.4% |
| Current portion of amounts payable after more than one year | 42 | €11,484 | €17,548 | +€6,064 | +52.8% |
| Trade debts | 44 | €47,708 | €15,818 | -€31,890 | -66.8% |
| Suppliers | 440/4 | €47,708 | €15,818 | -€31,890 | -66.8% |
| Taxes, remuneration and social security | 45 | €18,613 | €34,630 | +€16,018 | +86.1% |
| Taxes | 450/3 | €14,079 | €28,576 | +€14,498 | +103% |
| Remuneration and social security | 454/9 | €4,534 | €6,054 | +€1,520 | +33.5% |
| Other amounts payable | 47/48 | €12,875 | €11,461 | -€1,414 | -11.0% |
| Non-recurring operating income | 76A | €5,750 | €0 | -€5,750 | -100% |
| Remuneration, social security and pensions | 62 | €60,079 | €81,875 | +€21,796 | +36.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,285 | €38,128 | +€14,844 | +63.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,278 | €892 | -€386 | -30.2% |
| Gross operating margin | 9900 | €131,199 | €178,335 | +€47,136 | +35.9% |
| Operating profit (loss) | 9901 | €46,557 | €57,440 | +€10,883 | +23.4% |
| Financial income | 75/76B | €132 | €1,654 | +€1,522 | +1,156% |
| Recurring financial income | 75 | €132 | €1,654 | +€1,522 | +1,156% |
| Financial charges | 65/66B | €1,707 | €5,128 | +€3,421 | +200% |
| Recurring financial charges | 65 | €1,707 | €5,128 | +€3,421 | +200% |
| Profit (loss) for the period before taxes | 9903 | €44,981 | €53,965 | +€8,984 | +20.0% |
| Income taxes | 67/77 | €14,079 | €17,009 | +€2,930 | +20.8% |
| Profit (loss) for the period | 9904 | €30,902 | €36,956 | +€6,054 | +19.6% |
| Profit (loss) for the period to be appropriated | 9905 | €30,902 | €36,956 | +€6,054 | +19.6% |
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 29 October 2026 via checked.be.