HOORENS: 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.
HOORENS
Largest movements
- Stocks and contracts +€40,834
up €40,834 (+4.8%), from €851,877 to €892,711
- Receivables within one year -€12,880
down €12,880 (-8.3%), from €155,824 to €142,943
of which Trade receivables: -€12,880
- Cash +€12,144
up €12,144 (+69.1%), from €17,578 to €29,722
mainly Short-term financial debts (+€75,000) and Trade debts (+€35,466)
- Short-term financial debts +€75,000
up €75,000 (+150%), from €50,000 to €125,000
- Debts after one year -€50,879
down €50,879 (-18.6%), from €273,551 to €222,672
- Trade debts +€35,466
up €35,466 (+56.1%), from €63,227 to €98,693
- Current portion of long-term debt -€18,159
down €18,159 (-26.3%), from €69,038 to €50,879
- Reserves -€17,877
down €17,877 (-4.8%), from €375,711 to €357,834
of which Distributable reserves: -€17,877
- Gross operating margin -€81,263
down €81,263 (-23.0%), from €353,340 to €272,077
- Other operating charges -€41,670
down €41,670 (-84.7%), from €49,192 to €7,522
- Write-downs +€39,349
up €39,349, from -€39,349 to €0
- Staff costs -€38,579
down €38,579 (-15.6%), from €247,307 to €208,727
- Financial charges -€16,980
down €16,980 (-23.8%), from €71,377 to €54,397
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 | €1,156,037 | €1,193,360 | +€37,322 | +3.2% |
| Fixed assets | 21/28 | €97,637 | €87,634 | -€10,003 | -10.2% |
| Intangible fixed assets | 21 | €17,957 | €18,704 | +€747 | +4.2% |
| Tangible fixed assets | 22/27 | €77,440 | €66,690 | -€10,750 | -13.9% |
| Land and buildings | 22 | €16,150 | €14,020 | -€2,129 | -13.2% |
| Plant, machinery and equipment | 23 | €3,286 | €1,263 | -€2,023 | -61.6% |
| Furniture and vehicles | 24 | €17,744 | €18,769 | +€1,025 | +5.8% |
| Other tangible fixed assets | 26 | €40,260 | €32,638 | -€7,622 | -18.9% |
| Financial fixed assets | 28 | €2,240 | €2,240 | = | 0.0% |
| Current assets | 29/58 | €1,058,400 | €1,105,725 | +€47,325 | +4.5% |
| Stocks and contracts in progress | 3 | €851,877 | €892,711 | +€40,834 | +4.8% |
| Stocks | 30/36 | €851,877 | €892,711 | +€40,834 | +4.8% |
| Amounts receivable within one year | 40/41 | €155,824 | €142,943 | -€12,880 | -8.3% |
| Trade receivables | 40 | €155,824 | €142,943 | -€12,880 | -8.3% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €1,452 | €1,010 | -€442 | -30.5% |
| Cash at bank and in hand | 54/58 | €17,578 | €29,722 | +€12,144 | +69.1% |
| Deferred charges and accrued income | 490/1 | €31,669 | €39,339 | +€7,670 | +24.2% |
| Total equity and liabilities | 10/49 | €1,156,037 | €1,193,360 | +€37,322 | +3.2% |
| Equity | 10/15 | €437,711 | €419,834 | -€17,877 | -4.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €375,711 | €357,834 | -€17,877 | -4.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €332,011 | €314,134 | -€17,877 | -5.4% |
| Amounts payable | 17/49 | €718,326 | €773,526 | +€55,200 | +7.7% |
| Amounts payable after more than one year | 17 | €273,551 | €222,672 | -€50,879 | -18.6% |
| Financial debts | 170/4 | €273,551 | €222,672 | -€50,879 | -18.6% |
| Amounts payable within one year | 42/48 | €444,775 | €550,854 | +€106,079 | +23.9% |
| Current portion of amounts payable after more than one year | 42 | €69,038 | €50,879 | -€18,159 | -26.3% |
| Financial debts | 43 | €50,000 | €125,000 | +€75,000 | +150% |
| Credit institutions | 430/8 | €50,000 | €125,000 | +€75,000 | +150% |
| Trade debts | 44 | €63,227 | €98,693 | +€35,466 | +56.1% |
| Suppliers | 440/4 | €63,227 | €98,693 | +€35,466 | +56.1% |
| Taxes, remuneration and social security | 45 | €32,244 | €28,446 | -€3,798 | -11.8% |
| Taxes | 450/3 | €13,699 | €14,247 | +€548 | +4.0% |
| Remuneration and social security | 454/9 | €18,544 | €14,199 | -€4,346 | -23.4% |
| Other amounts payable | 47/48 | €230,266 | €247,835 | +€17,569 | +7.6% |
| Non-recurring operating income | 76A | - | €621 | +€621 | |
| Remuneration, social security and pensions | 62 | €247,307 | €208,727 | -€38,579 | -15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,850 | €24,692 | -€2,158 | -8.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€39,349 | €0 | +€39,349 | |
| Other operating charges | 640/8 | €49,192 | €7,522 | -€41,670 | -84.7% |
| Gross operating margin | 9900 | €353,340 | €272,077 | -€81,263 | -23.0% |
| Operating profit (loss) | 9901 | €69,340 | €31,135 | -€38,205 | -55.1% |
| Financial income | 75/76B | €3,450 | €6,372 | +€2,922 | +84.7% |
| Recurring financial income | 75 | €3,450 | €6,340 | +€2,890 | +83.8% |
| Non-recurring financial income | 76B | - | €32 | +€32 | |
| Financial charges | 65/66B | €71,377 | €54,397 | -€16,980 | -23.8% |
| Recurring financial charges | 65 | €71,377 | €54,397 | -€16,980 | -23.8% |
| Profit (loss) for the period before taxes | 9903 | €1,413 | -€16,890 | -€18,303 | |
| Income taxes | 67/77 | €821 | €988 | +€167 | +20.3% |
| Profit (loss) for the period | 9904 | €592 | -€17,877 | -€18,470 | |
| Profit (loss) for the period to be appropriated | 9905 | €592 | -€17,877 | -€18,470 |
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 17 October 2026 via checked.be.