HOUARD: 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.
HOUARD
Largest movements
- Cash +€301,982
up €301,982 (+13376.1%), from €2,258 to €304,239
mainly Debts after one year (+€441,597) and Receivables within one year (+€111,642)
- Tangible fixed assets -€147,310
down €147,310 (-15.3%), from €965,662 to €818,353
- Receivables within one year -€111,642
down €111,642 (-61.1%), from €182,578 to €70,937
of which Trade receivables: -€68,487
- Debts after one year +€441,597
up €441,597 (+214.9%), from €205,465 to €647,062
- Other debts -€253,337
down €253,337 (-43.3%), from €585,726 to €332,389
- Trade debts -€138,443
down €138,443 (-93.1%), from €148,760 to €10,317
- Gross operating margin +€278,912
up €278,912 (+637.8%), from €43,733 to €322,645
- Depreciation +€7,970
up €7,970 (+25.7%), from €31,064 to €39,034
- Financial charges +€6,140
up €6,140 (+69.6%), from €8,819 to €14,959
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 | €1,157,388 | €1,193,528 | +€36,140 | +3.1% |
| Fixed assets | 21/28 | €965,662 | €818,353 | -€147,310 | -15.3% |
| Tangible fixed assets | 22/27 | €965,662 | €818,353 | -€147,310 | -15.3% |
| Land and buildings | 22 | €965,662 | €818,353 | -€147,310 | -15.3% |
| Current assets | 29/58 | €191,726 | €375,176 | +€183,450 | +95.7% |
| Amounts receivable within one year | 40/41 | €182,578 | €70,937 | -€111,642 | -61.1% |
| Trade receivables | 40 | €96,037 | €27,550 | -€68,487 | -71.3% |
| Other amounts receivable | 41 | €86,541 | €43,387 | -€43,154 | -49.9% |
| Cash at bank and in hand | 54/58 | €2,258 | €304,239 | +€301,982 | +13376.1% |
| Deferred charges and accrued income | 490/1 | €6,890 | - | -€6,890 | |
| Total equity and liabilities | 10/49 | €1,157,388 | €1,193,528 | +€36,140 | +3.1% |
| Equity | 10/15 | €147,461 | €149,992 | +€2,530 | +1.7% |
| Contributions | 10/11 | €9,200 | €9,200 | = | 0.0% |
| Reserves | 13 | €89,552 | €85,077 | -€4,476 | -5.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €87,692 | €83,217 | -€4,476 | -5.1% |
| Profit (loss) carried forward | 14 | €48,709 | €55,715 | +€7,006 | +14.4% |
| Provisions and deferred taxes | 16 | €29,231 | €27,739 | -€1,492 | -5.1% |
| Deferred taxes | 168 | €29,231 | €27,739 | -€1,492 | -5.1% |
| Amounts payable | 17/49 | €980,696 | €1,015,798 | +€35,102 | +3.6% |
| Amounts payable after more than one year | 17 | €205,465 | €647,062 | +€441,597 | +214.9% |
| Financial debts | 170/4 | €205,465 | €647,062 | +€441,597 | +214.9% |
| Amounts payable within one year | 42/48 | €766,190 | €368,652 | -€397,538 | -51.9% |
| Current portion of amounts payable after more than one year | 42 | €31,704 | €25,189 | -€6,515 | -20.5% |
| Trade debts | 44 | €148,760 | €10,317 | -€138,443 | -93.1% |
| Suppliers | 440/4 | €148,760 | €10,317 | -€138,443 | -93.1% |
| Taxes, remuneration and social security | 45 | - | €758 | +€758 | |
| Taxes | 450/3 | - | €758 | +€758 | |
| Other amounts payable | 47/48 | €585,726 | €332,389 | -€253,337 | -43.3% |
| Accrued charges and deferred income | 492/3 | €9,042 | €84 | -€8,958 | -99.1% |
| Non-recurring operating income | 76A | - | €282,000 | +€282,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,064 | €39,034 | +€7,970 | +25.7% |
| Other operating charges | 640/8 | €7,420 | €7,678 | +€258 | +3.5% |
| Non-recurring operating charges | 66A | - | €259,935 | +€259,935 | |
| Gross operating margin | 9900 | €43,733 | €322,645 | +€278,912 | +637.8% |
| Operating profit (loss) | 9901 | €5,248 | €15,998 | +€10,749 | +204.8% |
| Financial income | 75/76B | €65 | - | -€65 | |
| Recurring financial income | 75 | €65 | - | -€65 | |
| Financial charges | 65/66B | €8,819 | €14,959 | +€6,140 | +69.6% |
| Recurring financial charges | 65 | €8,819 | €14,959 | +€6,140 | +69.6% |
| Profit (loss) for the period before taxes | 9903 | -€3,505 | €1,039 | +€4,544 | |
| Transfer from deferred taxes | 780 | €548 | €300 | -€248 | -45.3% |
| Profit (loss) for the period | 9904 | -€2,957 | €1,339 | +€4,296 | |
| Transfer from tax-exempt reserves | 789 | €1,645 | €5,667 | +€4,022 | +244.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,312 | €7,006 | +€8,318 |
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 4 October 2026 via checked.be.