HONORÉ: what changed
Two fiscal 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.
HONORÉ
Largest movements
- Receivables within one year -€65,458
down €65,458 (-12.5%), from €522,800 to €457,342
of which Other amounts receivable: -€54,510
- Stocks and contracts +€14,210
up €14,210 (+37.9%), from €37,486 to €51,696
- Tangible fixed assets -€6,594
down €6,594 (-12.9%), from €51,106 to €44,512
of which Furniture and vehicles: -€6,073
- Reserves +€36,146
up €36,146 (+24.6%), from €146,998 to €183,144
of which Distributable reserves: +€36,146
- Other debts -€35,719
down €35,719 (-27.6%), from €129,374 to €93,654
- Tax, wage and social debts -€30,602
down €30,602 (-36.2%), from €84,643 to €54,041
of which Remuneration and social security: -€18,643
- Debts after one year -€25,752
down €25,752 (-82.7%), from €31,126 to €5,374
- Current portion of long-term debt -€17,010
down €17,010 (-31.4%), from €54,224 to €37,213
- Depreciation -€13,960
down €13,960 (-45.3%), from €30,799 to €16,839
- Gross operating margin +€7,807
up €7,807 (+1.8%), from €424,502 to €432,309
- Staff costs +€6,394
up €6,394 (+1.8%), from €357,585 to €363,979
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 | €634,126 | €573,985 | -€60,141 | -9.5% |
| Fixed assets | 21/28 | €53,024 | €46,430 | -€6,594 | -12.4% |
| Tangible fixed assets | 22/27 | €51,106 | €44,512 | -€6,594 | -12.9% |
| Plant, machinery and equipment | 23 | €11,266 | €12,595 | +€1,329 | +11.8% |
| Furniture and vehicles | 24 | €30,128 | €24,055 | -€6,073 | -20.2% |
| Other tangible fixed assets | 26 | €9,712 | €7,862 | -€1,850 | -19.0% |
| Financial fixed assets | 28 | €1,918 | €1,918 | = | 0.0% |
| Current assets | 29/58 | €581,102 | €527,555 | -€53,547 | -9.2% |
| Stocks and contracts in progress | 3 | €37,486 | €51,696 | +€14,210 | +37.9% |
| Stocks | 30/36 | €37,486 | €51,696 | +€14,210 | +37.9% |
| Amounts receivable within one year | 40/41 | €522,800 | €457,342 | -€65,458 | -12.5% |
| Trade receivables | 40 | €418,127 | €407,179 | -€10,948 | -2.6% |
| Other amounts receivable | 41 | €104,673 | €50,163 | -€54,510 | -52.1% |
| Cash at bank and in hand | 54/58 | €16,551 | €13,735 | -€2,815 | -17.0% |
| Deferred charges and accrued income | 490/1 | €4,265 | €4,782 | +€517 | +12.1% |
| Total equity and liabilities | 10/49 | €634,126 | €573,985 | -€60,141 | -9.5% |
| Equity | 10/15 | €156,998 | €193,144 | +€36,146 | +23.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €146,998 | €183,144 | +€36,146 | +24.6% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €109,498 | €145,644 | +€36,146 | +33.0% |
| Amounts payable | 17/49 | €477,128 | €380,842 | -€96,286 | -20.2% |
| Amounts payable after more than one year | 17 | €31,126 | €5,374 | -€25,752 | -82.7% |
| Financial debts | 170/4 | €31,126 | €5,374 | -€25,752 | -82.7% |
| Amounts payable within one year | 42/48 | €446,002 | €375,468 | -€70,534 | -15.8% |
| Current portion of amounts payable after more than one year | 42 | €54,224 | €37,213 | -€17,010 | -31.4% |
| Financial debts | 43 | €15 | €0 | -€15 | -100.0% |
| Credit institutions | 430/8 | €15 | €0 | -€15 | -100.0% |
| Trade debts | 44 | €177,746 | €190,559 | +€12,813 | +7.2% |
| Suppliers | 440/4 | €177,746 | €190,559 | +€12,813 | +7.2% |
| Taxes, remuneration and social security | 45 | €84,643 | €54,041 | -€30,602 | -36.2% |
| Taxes | 450/3 | €48,449 | €36,489 | -€11,959 | -24.7% |
| Remuneration and social security | 454/9 | €36,194 | €17,552 | -€18,643 | -51.5% |
| Other amounts payable | 47/48 | €129,374 | €93,654 | -€35,719 | -27.6% |
| Non-recurring operating income | 76A | €3,497 | €0 | -€3,497 | -100.0% |
| Remuneration, social security and pensions | 62 | €357,585 | €363,979 | +€6,394 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,799 | €16,839 | -€13,960 | -45.3% |
| Other operating charges | 640/8 | €2,353 | €5,221 | +€2,868 | +121.9% |
| Non-recurring operating charges | 66A | - | €2,583 | +€2,583 | |
| Gross operating margin | 9900 | €424,502 | €432,309 | +€7,807 | +1.8% |
| Operating profit (loss) | 9901 | €33,766 | €43,689 | +€9,923 | +29.4% |
| Financial income | 75/76B | €2,653 | €3,213 | +€560 | +21.1% |
| Recurring financial income | 75 | €2,653 | €3,213 | +€560 | +21.1% |
| Financial charges | 65/66B | €8,137 | €9,883 | +€1,745 | +21.4% |
| Recurring financial charges | 65 | €8,137 | €9,883 | +€1,745 | +21.4% |
| Profit (loss) for the period before taxes | 9903 | €28,282 | €37,019 | +€8,738 | +30.9% |
| Income taxes | 67/77 | - | €874 | +€874 | |
| Profit (loss) for the period | 9904 | €28,282 | €36,146 | +€7,864 | +27.8% |
| Profit (loss) for the period to be appropriated | 9905 | €28,282 | €36,146 | +€7,864 | +27.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.