Houthoff: 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.
Houthoff
Largest movements
- Stocks and contracts -€79,171
no longer reported in 2025 (was €79,171)
- Tangible fixed assets -€57,730
down €57,730 (-2.7%), from €2.1m to €2.1m
of which Land and buildings: -€74,565
- Receivables within one year +€32,228
up €32,228 (+256%), from €12,592 to €44,820
of which Trade receivables: +€32,353
- Cash -€28,834
down €28,834 (-54.8%), from €52,610 to €23,775
mainly Net result for the year (-€84,259) and Contributions, distributions and other (-€71,429)
- Reserves -€155,687
down €155,687 (-10.5%), from €1.5m to €1.3m
of which Distributable reserves: -€80,687
- Taxes -€20,432
down €20,432 (-99.1%), from €20,613 to €181
- Other operating charges -€16,537
down €16,537 (-89.9%), from €18,399 to €1,862
- Write-downs +€15,012
no longer reported in 2025 (was -€15,012)
- Gross operating margin +€13,710
up €13,710 (+46.1%), from €29,769 to €43,479
- Depreciation +€4,297
up €4,297 (+5.2%), from €82,573 to €86,870
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 | €2,295,125 | €2,161,175 | -€133,950 | -5.8% |
| Fixed assets | 21/28 | €2,134,388 | €2,076,658 | -€57,730 | -2.7% |
| Tangible fixed assets | 22/27 | €2,134,388 | €2,076,658 | -€57,730 | -2.7% |
| Land and buildings | 22 | €2,103,523 | €2,028,958 | -€74,565 | -3.5% |
| Furniture and vehicles | 24 | €30,864 | €47,700 | +€16,835 | +54.5% |
| Current assets | 29/58 | €160,738 | €84,517 | -€76,220 | -47.4% |
| Stocks and contracts in progress | 3 | €79,171 | - | -€79,171 | |
| Stocks | 30/36 | €79,171 | - | -€79,171 | |
| Amounts receivable within one year | 40/41 | €12,592 | €44,820 | +€32,228 | +256% |
| Trade receivables | 40 | €12,225 | €44,578 | +€32,353 | +265% |
| Other amounts receivable | 41 | €367 | €242 | -€125 | -34.1% |
| Current investments | 50/53 | €9,678 | €9,678 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €52,610 | €23,775 | -€28,834 | -54.8% |
| Deferred charges and accrued income | 490/1 | €6,688 | €6,244 | -€444 | -6.6% |
| Total equity and liabilities | 10/49 | €2,295,125 | €2,161,175 | -€133,950 | -5.8% |
| Equity | 10/15 | €1,494,988 | €1,339,300 | -€155,687 | -10.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,476,438 | €1,320,750 | -€155,687 | -10.5% |
| Non-distributable reserves | 130/1 | €75,000 | - | -€75,000 | |
| Reserves not available under the articles | 1311 | €75,000 | - | -€75,000 | |
| Tax-exempt reserves | 132 | €41,665 | €41,665 | = | 0.0% |
| Distributable reserves | 133 | €1,359,773 | €1,279,086 | -€80,687 | -5.9% |
| Provisions and deferred taxes | 16 | €746,149 | €746,653 | +€504 | +0.1% |
| Provisions for liabilities and charges | 160/5 | €746,149 | €746,653 | +€504 | +0.1% |
| Pensions and similar obligations | 160 | €215,537 | €215,537 | = | 0.0% |
| Environmental obligations | 163 | - | €531,116 | +€531,116 | |
| Other liabilities and charges | 164/5 | €530,612 | - | -€530,612 | |
| Amounts payable | 17/49 | €53,989 | €75,221 | +€21,233 | +39.3% |
| Amounts payable within one year | 42/48 | €53,989 | €71,999 | +€18,010 | +33.4% |
| Trade debts | 44 | €9,318 | €1,391 | -€7,927 | -85.1% |
| Suppliers | 440/4 | €9,318 | €1,391 | -€7,927 | -85.1% |
| Taxes, remuneration and social security | 45 | €90 | €7,291 | +€7,201 | +8,018% |
| Taxes | 450/3 | €90 | €7,291 | +€7,201 | +8,018% |
| Other amounts payable | 47/48 | €44,580 | €63,317 | +€18,737 | +42.0% |
| Accrued charges and deferred income | 492/3 | - | €3,223 | +€3,223 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,573 | €86,870 | +€4,297 | +5.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€15,012 | - | +€15,012 | |
| Other operating charges | 640/8 | €18,399 | €1,862 | -€16,537 | -89.9% |
| Non-recurring operating charges | 66A | €697 | €796 | +€99 | +14.2% |
| Gross operating margin | 9900 | €29,769 | €43,479 | +€13,710 | +46.1% |
| Operating profit (loss) | 9901 | -€56,888 | -€46,048 | +€10,839 | +19.1% |
| Financial income | 75/76B | €2,502 | €875 | -€1,626 | -65.0% |
| Recurring financial income | 75 | €2,502 | €875 | -€1,626 | -65.0% |
| Financial charges | 65/66B | €41,868 | €38,904 | -€2,963 | -7.1% |
| Recurring financial charges | 65 | €41,868 | €38,904 | -€2,963 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | -€96,254 | -€84,078 | +€12,176 | +12.6% |
| Income taxes | 67/77 | €20,613 | €181 | -€20,432 | -99.1% |
| Profit (loss) for the period | 9904 | -€116,867 | -€84,259 | +€32,609 | +27.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€116,867 | -€84,259 | +€32,609 | +27.9% |
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 27 October 2026 via checked.be.