HOUBEN: 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.
HOUBEN
Largest movements
- Cash +€359,922
up €359,922 (+38.1%), from €945,108 to €1.3m
mainly Current investments (+€200,000) and Net result for the year (+€168,809)
- Current investments -€200,000
down €200,000 (-100.0%), from €200,000 to €0
- Tangible fixed assets -€81,124
down €81,124 (-10.9%), from €745,869 to €664,745
of which Furniture and vehicles: -€42,848
- Stocks and contracts -€32,795
down €32,795 (-5.2%), from €634,975 to €602,181
- Reserves +€168,809
up €168,809 (+11.3%), from €1.5m to €1.7m
of which Distributable reserves: +€171,288
- Debts after one year -€72,674
down €72,674 (-17.1%), from €424,998 to €352,324
- Trade debts -€55,786
down €55,786 (-14.4%), from €387,484 to €331,698
- Financial charges +€79,925
up €79,925 (+165.1%), from €48,401 to €128,326
of which Financial charges: +€80,375
- Gross operating margin -€42,178
down €42,178 (-5.9%), from €719,839 to €677,661
- Taxes -€37,525
down €37,525 (-33.3%), from €112,798 to €75,274
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 | €2,647,501 | €2,667,213 | +€19,711 | +0.7% |
| Fixed assets | 21/28 | €745,907 | €664,745 | -€81,163 | -10.9% |
| Tangible fixed assets | 22/27 | €745,869 | €664,745 | -€81,124 | -10.9% |
| Land and buildings | 22 | €548,643 | €532,415 | -€16,227 | -3.0% |
| Plant, machinery and equipment | 23 | €73,593 | €51,544 | -€22,049 | -30.0% |
| Furniture and vehicles | 24 | €123,633 | €80,785 | -€42,848 | -34.7% |
| Financial fixed assets | 28 | €38 | €0 | -€38 | -100.0% |
| Current assets | 29/58 | €1,901,594 | €2,002,468 | +€100,874 | +5.3% |
| Stocks and contracts in progress | 3 | €634,975 | €602,181 | -€32,795 | -5.2% |
| Stocks | 30/36 | €634,975 | €602,181 | -€32,795 | -5.2% |
| Amounts receivable within one year | 40/41 | €115,779 | €89,924 | -€25,856 | -22.3% |
| Trade receivables | 40 | €515 | €35,366 | +€34,851 | +6770.2% |
| Other amounts receivable | 41 | €115,265 | €54,558 | -€60,707 | -52.7% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €945,108 | €1,305,030 | +€359,922 | +38.1% |
| Deferred charges and accrued income | 490/1 | €5,732 | €5,334 | -€398 | -6.9% |
| Total equity and liabilities | 10/49 | €2,647,501 | €2,667,213 | +€19,711 | +0.7% |
| Equity | 10/15 | €1,601,909 | €1,770,719 | +€168,809 | +10.5% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €1,489,633 | €1,658,443 | +€168,809 | +11.3% |
| Non-distributable reserves | 130/1 | €2,479 | €0 | -€2,479 | -100.0% |
| Reserves not available under the articles | 1311 | €2,479 | €0 | -€2,479 | -100.0% |
| Distributable reserves | 133 | €1,487,154 | €1,658,443 | +€171,288 | +11.5% |
| Profit (loss) carried forward | 14 | €87,487 | €87,487 | = | 0.0% |
| Amounts payable | 17/49 | €1,045,592 | €896,494 | -€149,098 | -14.3% |
| Amounts payable after more than one year | 17 | €424,998 | €352,324 | -€72,674 | -17.1% |
| Financial debts | 170/4 | €424,998 | €352,324 | -€72,674 | -17.1% |
| Amounts payable within one year | 42/48 | €620,594 | €544,170 | -€76,424 | -12.3% |
| Current portion of amounts payable after more than one year | 42 | €70,652 | €72,674 | +€2,022 | +2.9% |
| Trade debts | 44 | €387,484 | €331,698 | -€55,786 | -14.4% |
| Suppliers | 440/4 | €387,484 | €331,698 | -€55,786 | -14.4% |
| Advances received on contracts in progress | 46 | €55,392 | €31,809 | -€23,583 | -42.6% |
| Taxes, remuneration and social security | 45 | €97,870 | €94,126 | -€3,744 | -3.8% |
| Taxes | 450/3 | €68,316 | €64,849 | -€3,467 | -5.1% |
| Remuneration and social security | 454/9 | €29,554 | €29,278 | -€277 | -0.9% |
| Other amounts payable | 47/48 | €9,195 | €13,862 | +€4,667 | +50.8% |
| Remuneration, social security and pensions | 62 | €222,557 | €224,192 | +€1,635 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,953 | €87,021 | +€2,068 | +2.4% |
| Other operating charges | 640/8 | €11,912 | €9,643 | -€2,269 | -19.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €719,839 | €677,661 | -€42,178 | -5.9% |
| Operating profit (loss) | 9901 | €400,417 | €356,805 | -€43,612 | -10.9% |
| Financial income | 75/76B | €9,106 | €15,605 | +€6,498 | +71.4% |
| Recurring financial income | 75 | €9,106 | €15,605 | +€6,498 | +71.4% |
| Financial charges | 65/66B | €48,401 | €128,326 | +€79,925 | +165.1% |
| Recurring financial charges | 65 | €47,951 | €128,326 | +€80,375 | +167.6% |
| Non-recurring financial charges | 66B | €450 | €0 | -€450 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €361,122 | €244,083 | -€117,039 | -32.4% |
| Income taxes | 67/77 | €112,798 | €75,274 | -€37,525 | -33.3% |
| Profit (loss) for the period | 9904 | €248,323 | €168,809 | -€79,514 | -32.0% |
| Profit (loss) for the period to be appropriated | 9905 | €248,323 | €168,809 | -€79,514 | -32.0% |
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 29 September 2026 via checked.be.