HOUBINVEST: 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.
HOUBINVEST
Largest movements
- Tangible fixed assets +€340,929
up €340,929 (+367.0%), from €92,904 to €433,833
of which Land and buildings: +€262,323
- Cash +€10,151
up €10,151 (+154.2%), from €6,583 to €16,734
mainly Debts after one year (+€289,003) and Current portion of long-term debt (+€39,125)
- Stocks and contracts +€5,880
up €5,880 (+56.0%), from €10,493 to €16,372
- Debts after one year +€289,003
up €289,003 (+622.3%), from €46,438 to €335,441
- Current portion of long-term debt +€39,125
up €39,125 (+289.3%), from €13,524 to €52,650
- Other debts +€30,431
up €30,431 (+55.4%), from €54,916 to €85,348
- Profit (loss) carried forward -€9,317
down €9,317 (-103.2%), from -€9,024 to -€18,341
- Turnover +€188,149
up €188,149 (+47.3%), from €397,734 to €585,883
- Purchases and services +€158,360
up €158,360 (+41.4%), from €382,646 to €541,006
- Gross operating margin +€29,790
up €29,790 (+197.4%), from €15,088 to €44,877
- Depreciation +€17,248
up €17,248 (+212.2%), from €8,126 to €25,375
- Staff costs +€11,578
new in 2025: €11,578
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 | €129,368 | €486,305 | +€356,938 | +275.9% |
| Fixed assets | 21/28 | €98,634 | €439,527 | +€340,893 | +345.6% |
| Intangible fixed assets | 21 | €730 | €484 | -€246 | -33.7% |
| Tangible fixed assets | 22/27 | €92,904 | €433,833 | +€340,929 | +367.0% |
| Land and buildings | 22 | - | €262,323 | +€262,323 | |
| Plant, machinery and equipment | 23 | €255 | €888 | +€633 | +248.2% |
| Furniture and vehicles | 24 | €92,649 | €170,622 | +€77,973 | +84.2% |
| Financial fixed assets | 28 | €5,000 | €5,210 | +€210 | +4.2% |
| Current assets | 29/58 | €30,734 | €46,779 | +€16,045 | +52.2% |
| Stocks and contracts in progress | 3 | €10,493 | €16,372 | +€5,880 | +56.0% |
| Stocks | 30/36 | €10,493 | €16,372 | +€5,880 | +56.0% |
| Amounts receivable within one year | 40/41 | €13,659 | €13,051 | -€608 | -4.5% |
| Trade receivables | 40 | €7,632 | €12,108 | +€4,475 | +58.6% |
| Other amounts receivable | 41 | €6,027 | €943 | -€5,084 | -84.4% |
| Cash at bank and in hand | 54/58 | €6,583 | €16,734 | +€10,151 | +154.2% |
| Deferred charges and accrued income | 490/1 | - | €623 | +€623 | |
| Total equity and liabilities | 10/49 | €129,368 | €486,305 | +€356,938 | +275.9% |
| Equity | 10/15 | €11,436 | €2,119 | -€9,317 | -81.5% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,024 | -€18,341 | -€9,317 | -103.2% |
| Amounts payable | 17/49 | €117,932 | €484,186 | +€366,255 | +310.6% |
| Amounts payable after more than one year | 17 | €46,438 | €335,441 | +€289,003 | +622.3% |
| Financial debts | 170/4 | €46,438 | €335,441 | +€289,003 | +622.3% |
| Amounts payable within one year | 42/48 | €71,494 | €148,745 | +€77,251 | +108.1% |
| Current portion of amounts payable after more than one year | 42 | €13,524 | €52,650 | +€39,125 | +289.3% |
| Trade debts | 44 | €1,968 | €5,715 | +€3,746 | +190.3% |
| Suppliers | 440/4 | €1,968 | €5,715 | +€3,746 | +190.3% |
| Taxes, remuneration and social security | 45 | €1,085 | €5,033 | +€3,948 | +364.0% |
| Taxes | 450/3 | €1,085 | €3,865 | +€2,780 | +256.3% |
| Remuneration and social security | 454/9 | - | €1,168 | +€1,168 | |
| Other amounts payable | 47/48 | €54,916 | €85,348 | +€30,431 | +55.4% |
| Turnover | 70 | €397,734 | €585,883 | +€188,149 | +47.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €382,646 | €541,006 | +€158,360 | +41.4% |
| Remuneration, social security and pensions | 62 | - | €11,578 | +€11,578 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,126 | €25,375 | +€17,248 | +212.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,000 | +€6,000 | |
| Other operating charges | 640/8 | €732 | €2,365 | +€1,632 | +222.9% |
| Non-recurring operating charges | 66A | €116 | €1,800 | +€1,684 | +1451.7% |
| Gross operating margin | 9900 | €15,088 | €44,877 | +€29,790 | +197.4% |
| Operating profit (loss) | 9901 | €6,113 | -€2,240 | -€8,353 | |
| Financial income | 75/76B | €2 | €17 | +€15 | +595.5% |
| Recurring financial income | 75 | €2 | €17 | +€15 | +595.5% |
| Financial charges | 65/66B | €920 | €6,918 | +€5,998 | +651.9% |
| Recurring financial charges | 65 | €920 | €6,918 | +€5,998 | +651.9% |
| Profit (loss) for the period before taxes | 9903 | €5,195 | -€9,141 | -€14,336 | |
| Income taxes | 67/77 | €187 | €176 | -€10 | -5.6% |
| Profit (loss) for the period | 9904 | €5,009 | -€9,317 | -€14,326 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,009 | -€9,317 | -€14,326 |
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 6 October 2026 via checked.be.