HOUBEN EDITIONS: 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.
HOUBEN EDITIONS
Largest movements
- Receivables within one year -€55,605
down €55,605 (-48.8%), from €113,997 to €58,392
of which Trade receivables: -€47,912
- Cash +€50,599
up €50,599 (+661%), from €7,653 to €58,252
mainly Receivables within one year (+€55,605) and Net result for the year (+€34,187)
- Tangible fixed assets +€15,926
up €15,926 (+67.8%), from €23,484 to €39,410
of which Plant, machinery and equipment: +€8,771
- Deferred charges and accrued income -€2,682
down €2,682 (-26.1%), from €10,289 to €7,606
- Trade debts -€55,831
down €55,831 (-81.7%), from €68,363 to €12,532
- Reserves +€34,187
up €34,187 (+25.0%), from €136,699 to €170,886
- Tax, wage and social debts +€17,916
up €17,916 (+357%), from €5,023 to €22,939
- Other debts +€6,222
up €6,222 (+44.8%), from €13,903 to €20,126
- Accrued charges and deferred income +€4,925
up €4,925 (+4,658%), from €106 to €5,031
- Gross operating margin -€18,072
down €18,072 (-21.9%), from €82,706 to €64,633
- Taxes -€4,801
down €4,801 (-19.2%), from €24,959 to €20,158
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.
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 | €226,594 | €234,832 | +€8,238 | +3.6% |
| Fixed assets | 21/28 | €23,484 | €39,410 | +€15,926 | +67.8% |
| Tangible fixed assets | 22/27 | €23,484 | €39,410 | +€15,926 | +67.8% |
| Plant, machinery and equipment | 23 | €7,205 | €15,977 | +€8,771 | +122% |
| Furniture and vehicles | 24 | €13,348 | €19,502 | +€6,154 | +46.1% |
| Other tangible fixed assets | 26 | €2,931 | €3,931 | +€1,001 | +34.2% |
| Current assets | 29/58 | €203,110 | €195,422 | -€7,688 | -3.8% |
| Amounts receivable within one year | 40/41 | €113,997 | €58,392 | -€55,605 | -48.8% |
| Trade receivables | 40 | €98,976 | €51,064 | -€47,912 | -48.4% |
| Other amounts receivable | 41 | €15,021 | €7,328 | -€7,693 | -51.2% |
| Current investments | 50/53 | €71,171 | €71,171 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €7,653 | €58,252 | +€50,599 | +661% |
| Deferred charges and accrued income | 490/1 | €10,289 | €7,606 | -€2,682 | -26.1% |
| Total equity and liabilities | 10/49 | €226,594 | €234,832 | +€8,238 | +3.6% |
| Equity | 10/15 | €139,199 | €173,386 | +€34,187 | +24.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €136,699 | €170,886 | +€34,187 | +25.0% |
| Distributable reserves | 133 | €136,699 | €170,886 | +€34,187 | +25.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €87,395 | €61,447 | -€25,949 | -29.7% |
| Amounts payable within one year | 42/48 | €87,290 | €56,416 | -€30,874 | -35.4% |
| Financial debts | 43 | - | €819 | +€819 | |
| Credit institutions | 430/8 | - | €819 | +€819 | |
| Trade debts | 44 | €68,363 | €12,532 | -€55,831 | -81.7% |
| Suppliers | 440/4 | €68,363 | €12,532 | -€55,831 | -81.7% |
| Taxes, remuneration and social security | 45 | €5,023 | €22,939 | +€17,916 | +357% |
| Taxes | 450/3 | €5,023 | €22,939 | +€17,916 | +357% |
| Other amounts payable | 47/48 | €13,903 | €20,126 | +€6,222 | +44.8% |
| Accrued charges and deferred income | 492/3 | €106 | €5,031 | +€4,925 | +4,658% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,575 | €9,300 | +€725 | +8.5% |
| Other operating charges | 640/8 | €1,069 | €794 | -€275 | -25.7% |
| Gross operating margin | 9900 | €82,706 | €64,633 | -€18,072 | -21.9% |
| Operating profit (loss) | 9901 | €73,062 | €54,540 | -€18,523 | -25.4% |
| Financial income | 75/76B | €42 | €27 | -€15 | -35.0% |
| Recurring financial income | 75 | €42 | €27 | -€15 | -35.0% |
| Financial charges | 65/66B | €412 | €221 | -€191 | -46.3% |
| Recurring financial charges | 65 | €412 | €221 | -€191 | -46.3% |
| Profit (loss) for the period before taxes | 9903 | €72,691 | €54,345 | -€18,346 | -25.2% |
| Income taxes | 67/77 | €24,959 | €20,158 | -€4,801 | -19.2% |
| Profit (loss) for the period | 9904 | €47,732 | €34,187 | -€13,545 | -28.4% |
| Profit (loss) for the period to be appropriated | 9905 | €47,732 | €34,187 | -€13,545 | -28.4% |
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 14 October 2026 via checked.be.