Honey Pie: 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.
Honey Pie
Largest movements
- Cash +€291,714
up €291,714 (+969%), from €30,097 to €321,811
mainly Net result for the year (+€338,486) and Investment in fixed assets (net) (+€150,591)
- Tangible fixed assets -€285,502
down €285,502 (-10.0%), from €2.9m to €2.6m
of which Land and buildings: -€294,111
- Current investments -€50,057
down €50,057 (-71.5%), from €70,000 to €19,943
- Reserves +€333,995
up €333,995 (+189%), from €177,100 to €511,095
of which Tax-exempt reserves: +€278,995
- Short-term financial debts -€315,787
down €315,787 (-98.0%), from €322,069 to €6,281
- Debts after one year -€154,427
down €154,427 (-10.1%), from €1.5m to €1.4m
- Provisions +€81,772
new in 2025: €81,772
- Gross operating margin +€376,691
up €376,691 (+120%), from €314,989 to €691,680
- Depreciation -€72,617
down €72,617 (-35.0%), from €207,528 to €134,911
- Taxes +€23,400
up €23,400 (+228%), from €10,248 to €33,648
- Financial charges +€14,930
up €14,930 (+22.5%), from €66,243 to €81,172
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 | €3,109,761 | €3,074,034 | -€35,726 | -1.1% |
| Fixed assets | 21/28 | €2,895,102 | €2,609,600 | -€285,502 | -9.9% |
| Tangible fixed assets | 22/27 | €2,868,352 | €2,582,850 | -€285,502 | -10.0% |
| Land and buildings | 22 | €2,849,329 | €2,555,218 | -€294,111 | -10.3% |
| Furniture and vehicles | 24 | €16,373 | €19,239 | +€2,867 | +17.5% |
| Other tangible fixed assets | 26 | €2,650 | €8,393 | +€5,743 | +217% |
| Financial fixed assets | 28 | €26,750 | €26,750 | = | 0.0% |
| Current assets | 29/58 | €214,659 | €464,434 | +€249,776 | +116% |
| Stocks and contracts in progress | 3 | - | €1,190 | +€1,190 | |
| Stocks | 30/36 | - | €1,190 | +€1,190 | |
| Amounts receivable within one year | 40/41 | €98,075 | €105,963 | +€7,888 | +8.0% |
| Trade receivables | 40 | €36,128 | €35,452 | -€677 | -1.9% |
| Other amounts receivable | 41 | €61,946 | €70,511 | +€8,565 | +13.8% |
| Current investments | 50/53 | €70,000 | €19,943 | -€50,057 | -71.5% |
| Cash at bank and in hand | 54/58 | €30,097 | €321,811 | +€291,714 | +969% |
| Deferred charges and accrued income | 490/1 | €16,487 | €15,528 | -€960 | -5.8% |
| Total equity and liabilities | 10/49 | €3,109,761 | €3,074,034 | -€35,726 | -1.1% |
| Equity | 10/15 | €298,369 | €636,855 | +€338,486 | +113% |
| Contributions | 10/11 | €118,550 | €118,550 | = | 0.0% |
| Reserves | 13 | €177,100 | €511,095 | +€333,995 | +189% |
| Tax-exempt reserves | 132 | €42,100 | €321,095 | +€278,995 | +663% |
| Distributable reserves | 133 | €135,000 | €190,000 | +€55,000 | +40.7% |
| Profit (loss) carried forward | 14 | €2,719 | €7,211 | +€4,492 | +165% |
| Provisions and deferred taxes | 16 | - | €81,772 | +€81,772 | |
| Deferred taxes | 168 | - | €81,772 | +€81,772 | |
| Amounts payable | 17/49 | €2,811,392 | €2,355,408 | -€455,984 | -16.2% |
| Amounts payable after more than one year | 17 | €1,526,149 | €1,371,722 | -€154,427 | -10.1% |
| Financial debts | 170/4 | €1,526,149 | €1,371,722 | -€154,427 | -10.1% |
| Amounts payable within one year | 42/48 | €1,261,168 | €968,421 | -€292,746 | -23.2% |
| Current portion of amounts payable after more than one year | 42 | €149,984 | €154,427 | +€4,443 | +3.0% |
| Financial debts | 43 | €322,069 | €6,281 | -€315,787 | -98.0% |
| Credit institutions | 430/8 | €322,069 | €6,281 | -€315,787 | -98.0% |
| Trade debts | 44 | €44,576 | €27,026 | -€17,550 | -39.4% |
| Suppliers | 440/4 | €44,576 | €27,026 | -€17,550 | -39.4% |
| Taxes, remuneration and social security | 45 | €6,088 | €17,909 | +€11,821 | +194% |
| Taxes | 450/3 | €6,088 | €17,909 | +€11,821 | +194% |
| Other amounts payable | 47/48 | €738,452 | €762,778 | +€24,326 | +3.3% |
| Accrued charges and deferred income | 492/3 | €24,075 | €15,264 | -€8,811 | -36.6% |
| Non-recurring operating income | 76A | - | €345,720 | +€345,720 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €207,528 | €134,911 | -€72,617 | -35.0% |
| Other operating charges | 640/8 | €20,637 | €25,059 | +€4,423 | +21.4% |
| Gross operating margin | 9900 | €314,989 | €691,680 | +€376,691 | +120% |
| Operating profit (loss) | 9901 | €86,825 | €531,709 | +€444,885 | +512% |
| Financial income | 75/76B | €644 | €3,369 | +€2,725 | +423% |
| Recurring financial income | 75 | €644 | €3,369 | +€2,725 | +423% |
| Financial charges | 65/66B | €66,243 | €81,172 | +€14,930 | +22.5% |
| Recurring financial charges | 65 | €66,243 | €81,172 | +€14,930 | +22.5% |
| Profit (loss) for the period before taxes | 9903 | €21,225 | €453,906 | +€432,680 | +2,038% |
| Transfer from deferred taxes | 780 | - | €4,659 | +€4,659 | |
| Transfer to deferred taxes | 680 | - | €86,430 | +€86,430 | |
| Income taxes | 67/77 | €10,248 | €33,648 | +€23,400 | +228% |
| Profit (loss) for the period | 9904 | €10,978 | €338,486 | +€327,509 | +2,983% |
| Transfer from tax-exempt reserves | 789 | - | €13,976 | +€13,976 | |
| Transfer to tax-exempt reserves | 689 | €42,100 | €292,970 | +€250,870 | +596% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,122 | €59,492 | +€90,614 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.