HOTEL DEVELOPMENT COMPANY: 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.
What changed
HOTEL DEVELOPMENT COMPANY
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€633,021
2024 · €725,710-€92,689
Equity
€5.0m
2024 · €4.3m+€633,021
Cash
€824,617
2024 · €845,292-€20,675
Balance sheet total
€15.9m
2024 · €15.8m+€95,552
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Debts after one year -€512,708
down €512,708 (-5.8%), from €8.9m to €8.4m
of which Other amounts payable: -€498,042
- Profit (loss) carried forward +€466,846
up €466,846 (+67.5%), from €691,839 to €1.2m
- Reserves +€166,175
up €166,175 (+29.5%), from €564,121 to €730,296
of which Tax-exempt reserves: +€166,175
Income statement
- Gross operating margin -€99,347
down €99,347 (-11.6%), from €854,996 to €755,649
- Financial income -€63,923
down €63,923 (-24.8%), from €257,458 to €193,535
- Taxes -€58,137
down €58,137 (-29.5%), from €197,295 to €139,158
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.
Result 2024
€725,710
Gross operating margin
-€99,347
Depreciation
-€407
Other operating charges
+€149
Financial income
-€63,923
Financial charges
+€6,203
Taxes
+€58,137
Deferred taxes and other
+€6,499
Result 2025
€633,021
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€464,679
Investment
+€27,355
Financing
-€512,708
Cash 2024
€845,292
From operations (derived)
+€464,679
Net result for the year
+€633,021
Depreciation
+€17,614
Receivables after one year
-€154,795
Receivables within one year
-€4,997
Deferred charges and accrued income
-€1,404
Provisions
+€55,392
Trade debts
+€22,736
Tax, wage and social debts
+€19,158
Other debts
-€108,008
Accrued charges and deferred income
-€14,039
Investment (derived)
+€27,355
Investment in fixed assets (net)
+€27,355
Financing
-€512,708
Debts after one year
-€512,708
Cash 2025
€824,617
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,793,292 | €15,888,845 | +€95,552 | +0.6% |
| Fixed assets | 21/28 | €9,549,506 | €9,504,537 | -€44,969 | -0.5% |
| Tangible fixed assets | 22/27 | €9,549,506 | €9,504,537 | -€44,969 | -0.5% |
| Land and buildings | 22 | €8,320,051 | €8,423,312 | +€103,261 | +1.2% |
| Leasing and similar rights | 25 | €365,898 | €428,719 | +€62,821 | +17.2% |
| Other tangible fixed assets | 26 | €863,557 | €652,507 | -€211,050 | -24.4% |
| Current assets | 29/58 | €6,243,787 | €6,384,308 | +€140,521 | +2.3% |
| Amounts receivable after more than one year | 29 | €5,108,549 | €5,263,344 | +€154,795 | +3.0% |
| Other amounts receivable | 291 | €5,108,549 | €5,263,344 | +€154,795 | +3.0% |
| Stocks and contracts in progress | 3 | €140,000 | €140,000 | = | 0.0% |
| Stocks | 30/36 | €140,000 | €140,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €145,442 | €150,439 | +€4,997 | +3.4% |
| Trade receivables | 40 | €45,667 | €127,734 | +€82,067 | +180% |
| Other amounts receivable | 41 | €99,775 | €22,705 | -€77,070 | -77.2% |
| Cash at bank and in hand | 54/58 | €845,292 | €824,617 | -€20,675 | -2.4% |
| Deferred charges and accrued income | 490/1 | €4,504 | €5,908 | +€1,404 | +31.2% |
| Total equity and liabilities | 10/49 | €15,793,292 | €15,888,845 | +€95,552 | +0.6% |
| Equity | 10/15 | €4,330,153 | €4,963,173 | +€633,021 | +14.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Revaluation surpluses | 12 | €3,012,692 | €3,012,692 | = | 0.0% |
| Reserves | 13 | €564,121 | €730,296 | +€166,175 | +29.5% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €557,971 | €724,146 | +€166,175 | +29.8% |
| Profit (loss) carried forward | 14 | €691,839 | €1,158,685 | +€466,846 | +67.5% |
| Provisions and deferred taxes | 16 | €185,990 | €241,382 | +€55,392 | +29.8% |
| Deferred taxes | 168 | €185,990 | €241,382 | +€55,392 | +29.8% |
| Amounts payable | 17/49 | €11,277,149 | €10,684,290 | -€592,860 | -5.3% |
| Amounts payable after more than one year | 17 | €8,889,370 | €8,376,662 | -€512,708 | -5.8% |
| Financial debts | 170/4 | €61,111 | €46,445 | -€14,667 | -24.0% |
| Other amounts payable | 178/9 | €8,828,259 | €8,330,217 | -€498,042 | -5.6% |
| Amounts payable within one year | 42/48 | €169,560 | €103,447 | -€66,113 | -39.0% |
| Current portion of amounts payable after more than one year | 42 | €14,667 | €14,667 | = | 0.0% |
| Trade debts | 44 | €46,656 | €69,392 | +€22,736 | +48.7% |
| Suppliers | 440/4 | €46,656 | €69,392 | +€22,736 | +48.7% |
| Taxes, remuneration and social security | 45 | - | €19,158 | +€19,158 | |
| Taxes | 450/3 | - | €19,158 | +€19,158 | |
| Other amounts payable | 47/48 | €108,238 | €230 | -€108,008 | -99.8% |
| Accrued charges and deferred income | 492/3 | €2,218,220 | €2,204,181 | -€14,039 | -0.6% |
| Non-recurring operating income | 76A | €342,880 | €313,150 | -€29,730 | -8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,207 | €17,614 | +€407 | +2.4% |
| Other operating charges | 640/8 | €10,568 | €10,419 | -€149 | -1.4% |
| Gross operating margin | 9900 | €854,996 | €755,649 | -€99,347 | -11.6% |
| Operating profit (loss) | 9901 | €827,221 | €727,616 | -€99,604 | -12.0% |
| Financial income | 75/76B | €257,458 | €193,535 | -€63,923 | -24.8% |
| Recurring financial income | 75 | €257,458 | €193,535 | -€63,923 | -24.8% |
| Financial charges | 65/66B | €99,784 | €93,581 | -€6,203 | -6.2% |
| Recurring financial charges | 65 | €99,784 | €93,581 | -€6,203 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €984,895 | €827,571 | -€157,325 | -16.0% |
| Transfer from deferred taxes | 780 | - | €56 | +€56 | |
| Transfer to deferred taxes | 680 | €61,891 | €55,448 | -€6,443 | -10.4% |
| Income taxes | 67/77 | €197,295 | €139,158 | -€58,137 | -29.5% |
| Profit (loss) for the period | 9904 | €725,710 | €633,021 | -€92,689 | -12.8% |
| Transfer from tax-exempt reserves | 789 | - | €168 | +€168 | |
| Transfer to tax-exempt reserves | 689 | €185,672 | €166,343 | -€19,328 | -10.4% |
| Profit (loss) for the period to be appropriated | 9905 | €540,038 | €466,846 | -€73,193 | -13.6% |
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 31 October 2026 via checked.be.