HONVEST: 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.
HONVEST
Largest movements
- Stocks and contracts -€1.6m
no longer reported in 2025 (was €1.6m)
- Tangible fixed assets +€572,909
up €572,909 (+10224.1%), from €5,603 to €578,512
of which Land and buildings: +€575,000
- Receivables within one year -€239,342
down €239,342 (-79.5%), from €301,227 to €61,885
- Other debts -€924,825
down €924,825 (-43.3%), from €2.1m to €1.2m
- Short-term financial debts -€744,505
no longer reported in 2025 (was €744,505)
- Profit (loss) carried forward +€175,751
up €175,751 (+18.2%), from -€966,002 to -€790,251
- Revaluation surpluses +€167,671
new in 2025: €167,671
- Gross operating margin +€130,880
up €130,880 (+58.7%), from €222,901 to €353,781
- Financial charges -€17,748
down €17,748 (-19.8%), from €89,675 to €71,927
- Staff costs +€3,582
up €3,582 (+3.8%), from €93,143 to €96,725
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 | €1,950,825 | €640,458 | -€1.3m | -67.2% |
| Fixed assets | 21/28 | €5,603 | €578,512 | +€572,909 | +10224.1% |
| Tangible fixed assets | 22/27 | €5,603 | €578,512 | +€572,909 | +10224.1% |
| Land and buildings | 22 | - | €575,000 | +€575,000 | |
| Furniture and vehicles | 24 | €5,603 | €3,512 | -€2,091 | -37.3% |
| Current assets | 29/58 | €1,945,222 | €61,946 | -€1.9m | -96.8% |
| Stocks and contracts in progress | 3 | €1,635,182 | - | -€1.6m | |
| Stocks | 30/36 | €1,635,182 | - | -€1.6m | |
| Amounts receivable within one year | 40/41 | €301,227 | €61,885 | -€239,342 | -79.5% |
| Other amounts receivable | 41 | €301,227 | €61,885 | -€239,342 | -79.5% |
| Cash at bank and in hand | 54/58 | €8,812 | €60 | -€8,752 | -99.3% |
| Total equity and liabilities | 10/49 | €1,950,825 | €640,458 | -€1.3m | -67.2% |
| Equity | 10/15 | -€959,802 | -€616,380 | +€343,421 | +35.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | - | €167,671 | +€167,671 | |
| Profit (loss) carried forward | 14 | -€966,002 | -€790,251 | +€175,751 | +18.2% |
| Amounts payable | 17/49 | €2,910,627 | €1,256,839 | -€1.7m | -56.8% |
| Amounts payable within one year | 42/48 | €2,910,627 | €1,256,839 | -€1.7m | -56.8% |
| Financial debts | 43 | €744,505 | - | -€744,505 | |
| Credit institutions | 430/8 | €744,505 | - | -€744,505 | |
| Trade debts | 44 | €14,832 | €26,075 | +€11,243 | +75.8% |
| Suppliers | 440/4 | €14,832 | €26,075 | +€11,243 | +75.8% |
| Taxes, remuneration and social security | 45 | €17,768 | €22,066 | +€4,298 | +24.2% |
| Remuneration and social security | 454/9 | €17,768 | €22,066 | +€4,298 | +24.2% |
| Other amounts payable | 47/48 | €2,133,521 | €1,208,697 | -€924,825 | -43.3% |
| Remuneration, social security and pensions | 62 | €93,143 | €96,725 | +€3,582 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,091 | €2,091 | = | 0.0% |
| Other operating charges | 640/8 | €5,528 | €7,312 | +€1,784 | +32.3% |
| Gross operating margin | 9900 | €222,901 | €353,781 | +€130,880 | +58.7% |
| Operating profit (loss) | 9901 | €122,139 | €247,654 | +€125,515 | +102.8% |
| Financial income | 75/76B | €1,402 | €24 | -€1,378 | -98.3% |
| Recurring financial income | 75 | €1,402 | €24 | -€1,378 | -98.3% |
| Financial charges | 65/66B | €89,675 | €71,927 | -€17,748 | -19.8% |
| Recurring financial charges | 65 | €89,675 | €71,927 | -€17,748 | -19.8% |
| Profit (loss) for the period before taxes | 9903 | €33,866 | €175,751 | +€141,885 | +419.0% |
| Income taxes | 67/77 | €26 | - | -€26 | |
| Profit (loss) for the period | 9904 | €33,840 | €175,751 | +€141,911 | +419.4% |
| Profit (loss) for the period to be appropriated | 9905 | €33,840 | €175,751 | +€141,911 | +419.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.