HONEYBEEZ: 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.
HONEYBEEZ
Largest movements
- Tangible fixed assets +€401,047
up €401,047 (+1,191%), from €33,677 to €434,724
of which Land and buildings: +€415,319
- Cash -€56,553
down €56,553 (-76.4%), from €73,995 to €17,442
mainly Investment in fixed assets (net) (-€442,389) and Tax, wage and social debts (-€11,971)
- Receivables within one year -€34,912
down €34,912 (-67.4%), from €51,820 to €16,907
of which Trade receivables: -€41,607
- Debts after one year +€304,176
up €304,176 (+501%), from €60,726 to €364,902
of which Financial debts: +€302,976
- Reserves +€18,775
up €18,775 (+38.2%), from €49,201 to €67,976
- Tax, wage and social debts -€11,971
down €11,971 (-66.5%), from €18,015 to €6,044
of which Taxes: -€13,074
- Gross operating margin +€50,740
up €50,740 (+137%), from €37,116 to €87,855
- Depreciation +€24,671
up €24,671 (+148%), from €16,671 to €41,342
- Write-downs +€20,800
no longer reported in 2025 (was -€20,800)
- Financial charges +€10,887
up €10,887 (+421%), from €2,585 to €13,472
- Financial income -€9,980
down €9,980 (-99.8%), from €10,000 to €20
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 | €183,622 | €489,033 | +€305,411 | +166% |
| Fixed assets | 21/28 | €33,677 | €434,724 | +€401,047 | +1,191% |
| Tangible fixed assets | 22/27 | €33,677 | €434,724 | +€401,047 | +1,191% |
| Land and buildings | 22 | - | €415,319 | +€415,319 | |
| Plant, machinery and equipment | 23 | €10,373 | €6,700 | -€3,673 | -35.4% |
| Furniture and vehicles | 24 | €23,304 | €12,704 | -€10,600 | -45.5% |
| Current assets | 29/58 | €149,946 | €54,309 | -€95,636 | -63.8% |
| Stocks and contracts in progress | 3 | €23,327 | €19,556 | -€3,771 | -16.2% |
| Stocks | 30/36 | €23,327 | €19,556 | -€3,771 | -16.2% |
| Amounts receivable within one year | 40/41 | €51,820 | €16,907 | -€34,912 | -67.4% |
| Trade receivables | 40 | €50,087 | €8,480 | -€41,607 | -83.1% |
| Other amounts receivable | 41 | €1,733 | €8,428 | +€6,694 | +386% |
| Cash at bank and in hand | 54/58 | €73,995 | €17,442 | -€56,553 | -76.4% |
| Deferred charges and accrued income | 490/1 | €804 | €404 | -€400 | -49.7% |
| Total equity and liabilities | 10/49 | €183,622 | €489,033 | +€305,411 | +166% |
| Equity | 10/15 | €59,201 | €77,976 | +€18,775 | +31.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €49,201 | €67,976 | +€18,775 | +38.2% |
| Distributable reserves | 133 | €49,201 | €67,976 | +€18,775 | +38.2% |
| Amounts payable | 17/49 | €124,422 | €411,057 | +€286,636 | +230% |
| Amounts payable after more than one year | 17 | €60,726 | €364,902 | +€304,176 | +501% |
| Financial debts | 170/4 | €60,726 | €363,702 | +€302,976 | +499% |
| Other amounts payable | 178/9 | - | €1,200 | +€1,200 | |
| Amounts payable within one year | 42/48 | €63,696 | €44,866 | -€18,829 | -29.6% |
| Current portion of amounts payable after more than one year | 42 | €35,390 | €33,137 | -€2,253 | -6.4% |
| Trade debts | 44 | €6,959 | €2,319 | -€4,640 | -66.7% |
| Suppliers | 440/4 | €6,959 | €2,319 | -€4,640 | -66.7% |
| Taxes, remuneration and social security | 45 | €18,015 | €6,044 | -€11,971 | -66.5% |
| Taxes | 450/3 | €13,074 | - | -€13,074 | |
| Remuneration and social security | 454/9 | €4,941 | €6,044 | +€1,103 | +22.3% |
| Other amounts payable | 47/48 | €3,332 | €3,366 | +€34 | +1.0% |
| Accrued charges and deferred income | 492/3 | - | €1,289 | +€1,289 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,671 | €41,342 | +€24,671 | +148% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€20,800 | - | +€20,800 | |
| Other operating charges | 640/8 | €1,011 | €2,564 | +€1,553 | +154% |
| Gross operating margin | 9900 | €37,116 | €87,855 | +€50,740 | +137% |
| Operating profit (loss) | 9901 | €40,234 | €43,950 | +€3,716 | +9.2% |
| Financial income | 75/76B | €10,000 | €20 | -€9,980 | -99.8% |
| Recurring financial income | 75 | €10,000 | €20 | -€9,980 | -99.8% |
| Financial charges | 65/66B | €2,585 | €13,472 | +€10,887 | +421% |
| Recurring financial charges | 65 | €2,585 | €13,472 | +€10,887 | +421% |
| Profit (loss) for the period before taxes | 9903 | €47,649 | €30,497 | -€17,152 | -36.0% |
| Income taxes | 67/77 | €13,074 | €8,391 | -€4,684 | -35.8% |
| Profit (loss) for the period | 9904 | €34,575 | €22,107 | -€12,468 | -36.1% |
| Profit (loss) for the period to be appropriated | 9905 | €34,575 | €22,107 | -€12,468 | -36.1% |
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 27 October 2026 via checked.be.