HOUBAGRI: 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.
What changed
HOUBAGRI
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€111,116
2024 · €97,340+€13,776
Equity
€531,673
2024 · €420,558+€111,116
Cash
€227,705
2024 · €169,641+€58,064
Balance sheet total
€1.1m
2024 · €1.0m+€92,169
Largest movements
Assets
- Stocks and contracts +€87,587
up €87,587 (+22.0%), from €397,444 to €485,031
- Cash +€58,064
up €58,064 (+34.2%), from €169,641 to €227,705
mainly Advances received (+€140,815) and Net result for the year (+€111,116)
- Receivables within one year -€51,325
down €51,325 (-15.8%), from €324,442 to €273,117
of which Trade receivables: -€44,628
Equity and liabilities
- Trade debts -€167,577
down €167,577 (-45.1%), from €371,844 to €204,268
- Advances received +€140,815
up €140,815 (+97.1%), from €144,947 to €285,762
- Reserves +€111,000
up €111,000 (+27.7%), from €400,860 to €511,860
Income statement
- Turnover +€413,539
up €413,539 (+25.9%), from €1.6m to €2.0m
- Purchases and services +€375,107
up €375,107 (+26.7%), from €1.4m to €1.8m
- Gross operating margin +€41,049
up €41,049 (+19.1%), from €215,053 to €256,102
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
€97,340
Gross operating margin
+€41,049
Staff costs
+€1,410
Depreciation
-€7,396
Write-downs
-€16,579
Other operating charges
+€560
Financial income
-€829
Financial charges
-€233
Taxes
-€4,205
Result 2025
€111,116
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.
From operations
+€82,269
Investment
-€29,484
Financing
+€5,279
Cash 2024
€169,641
From operations (derived)
+€82,269
Net result for the year
+€111,116
Depreciation
+€30,193
Stocks and contracts
-€87,587
Receivables within one year
+€51,325
Deferred charges and accrued income
+€1,448
Trade debts
-€167,577
Tax, wage and social debts
+€3,237
Advances received
+€140,815
Other debts
-€701
Investment (derived)
-€29,484
Investment in fixed assets (net)
-€29,331
Current investments
-€153
Financing
+€5,279
Debts after one year
-€1,717
Current portion of long-term debt
+€6,996
Cash 2025
€227,705
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,006,443 | €1,098,612 | +€92,169 | +9.2% |
| Fixed assets | 21/28 | €78,713 | €77,851 | -€862 | -1.1% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €77,664 | €76,801 | -€862 | -1.1% |
| Land and buildings | 22 | €2,728 | €2,202 | -€527 | -19.3% |
| Plant, machinery and equipment | 23 | €11,749 | €8,067 | -€3,682 | -31.3% |
| Furniture and vehicles | 24 | €63,186 | €66,532 | +€3,346 | +5.3% |
| Financial fixed assets | 28 | €1,050 | €1,050 | = | 0.0% |
| Current assets | 29/58 | €927,730 | €1,020,761 | +€93,031 | +10.0% |
| Stocks and contracts in progress | 3 | €397,444 | €485,031 | +€87,587 | +22.0% |
| Stocks | 30/36 | €397,444 | €485,031 | +€87,587 | +22.0% |
| Amounts receivable within one year | 40/41 | €324,442 | €273,117 | -€51,325 | -15.8% |
| Trade receivables | 40 | €301,398 | €256,769 | -€44,628 | -14.8% |
| Other amounts receivable | 41 | €23,044 | €16,347 | -€6,697 | -29.1% |
| Current investments | 50/53 | €27,162 | €27,315 | +€153 | +0.6% |
| Cash at bank and in hand | 54/58 | €169,641 | €227,705 | +€58,064 | +34.2% |
| Deferred charges and accrued income | 490/1 | €9,041 | €7,593 | -€1,448 | -16.0% |
| Total equity and liabilities | 10/49 | €1,006,443 | €1,098,612 | +€92,169 | +9.2% |
| Equity | 10/15 | €420,558 | €531,673 | +€111,116 | +26.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €400,860 | €511,860 | +€111,000 | +27.7% |
| Distributable reserves | 133 | €400,860 | €511,860 | +€111,000 | +27.7% |
| Profit (loss) carried forward | 14 | €1,098 | €1,213 | +€116 | +10.5% |
| Amounts payable | 17/49 | €585,885 | €566,939 | -€18,947 | -3.2% |
| Amounts payable after more than one year | 17 | €23,677 | €21,959 | -€1,717 | -7.3% |
| Financial debts | 170/4 | €23,677 | €21,959 | -€1,717 | -7.3% |
| Amounts payable within one year | 42/48 | €562,209 | €544,979 | -€17,229 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €9,891 | €16,888 | +€6,996 | +70.7% |
| Trade debts | 44 | €371,844 | €204,268 | -€167,577 | -45.1% |
| Suppliers | 440/4 | €371,844 | €204,268 | -€167,577 | -45.1% |
| Advances received on contracts in progress | 46 | €144,947 | €285,762 | +€140,815 | +97.1% |
| Taxes, remuneration and social security | 45 | €34,825 | €38,062 | +€3,237 | +9.3% |
| Taxes | 450/3 | €29,486 | €32,320 | +€2,834 | +9.6% |
| Remuneration and social security | 454/9 | €5,339 | €5,742 | +€403 | +7.6% |
| Other amounts payable | 47/48 | €701 | €0 | -€701 | -100.0% |
| Turnover | 70 | €1,596,889 | €2,010,428 | +€413,539 | +25.9% |
| Non-recurring operating income | 76A | - | €13,500 | +€13,500 | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,403,611 | €1,778,719 | +€375,107 | +26.7% |
| Remuneration, social security and pensions | 62 | €38,615 | €37,205 | -€1,410 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,798 | €30,193 | +€7,396 | +32.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,100 | €17,679 | +€16,579 | +1507.6% |
| Other operating charges | 640/8 | €6,196 | €5,636 | -€560 | -9.0% |
| Gross operating margin | 9900 | €215,053 | €256,102 | +€41,049 | +19.1% |
| Operating profit (loss) | 9901 | €146,345 | €165,389 | +€19,043 | +13.0% |
| Financial income | 75/76B | €1,568 | €738 | -€829 | -52.9% |
| Recurring financial income | 75 | €1,568 | €738 | -€829 | -52.9% |
| Financial charges | 65/66B | €1,908 | €2,141 | +€233 | +12.2% |
| Recurring financial charges | 65 | €1,908 | €2,141 | +€233 | +12.2% |
| Profit (loss) for the period before taxes | 9903 | €146,005 | €163,986 | +€17,981 | +12.3% |
| Income taxes | 67/77 | €48,665 | €52,871 | +€4,205 | +8.6% |
| Profit (loss) for the period | 9904 | €97,340 | €111,116 | +€13,776 | +14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €97,340 | €111,116 | +€13,776 | +14.2% |
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 8 October 2026 via checked.be.