HOVADI: 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.
HOVADI
Largest movements
- Tangible fixed assets -€37,467
down €37,467 (-4.1%), from €907,954 to €870,487
of which Land and buildings: -€19,869
- Receivables within one year -€37,049
down €37,049 (-46.8%), from €79,093 to €42,044
of which Trade receivables: -€37,071
- Cash +€10,309
up €10,309 (+37.3%), from €27,675 to €37,984
mainly Other debts (+€306,990) and Net result for the year (+€100,576)
- Reserves -€351,988
down €351,988 (-48.2%), from €730,778 to €378,790
- Other debts +€306,990
up €306,990 (+104.8%), from €292,972 to €599,963
- Debts after one year -€23,304
down €23,304 (-39.6%), from €58,837 to €35,534
- Gross operating margin -€20,434
down €20,434 (-11.1%), from €183,749 to €163,314
- Depreciation -€3,163
down €3,163 (-7.4%), from €42,870 to €39,707
- Other operating charges +€3,032
up €3,032 (+97.8%), from €3,101 to €6,132
- Taxes -€1,841
down €1,841 (-15.0%), from €12,275 to €10,434
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 | €1,024,653 | €959,459 | -€65,194 | -6.4% |
| Fixed assets | 21/28 | €907,954 | €870,487 | -€37,467 | -4.1% |
| Tangible fixed assets | 22/27 | €907,954 | €870,487 | -€37,467 | -4.1% |
| Land and buildings | 22 | €860,510 | €840,640 | -€19,869 | -2.3% |
| Plant, machinery and equipment | 23 | €35,615 | €24,352 | -€11,263 | -31.6% |
| Furniture and vehicles | 24 | €11,830 | €5,495 | -€6,335 | -53.6% |
| Current assets | 29/58 | €116,698 | €88,972 | -€27,727 | -23.8% |
| Stocks and contracts in progress | 3 | €500 | €0 | -€500 | -100.0% |
| Stocks | 30/36 | €500 | €0 | -€500 | -100.0% |
| Amounts receivable within one year | 40/41 | €79,093 | €42,044 | -€37,049 | -46.8% |
| Trade receivables | 40 | €79,093 | €42,022 | -€37,071 | -46.9% |
| Other amounts receivable | 41 | €0 | €22 | +€22 | |
| Cash at bank and in hand | 54/58 | €27,675 | €37,984 | +€10,309 | +37.3% |
| Deferred charges and accrued income | 490/1 | €9,430 | €8,943 | -€487 | -5.2% |
| Total equity and liabilities | 10/49 | €1,024,653 | €959,459 | -€65,194 | -6.4% |
| Equity | 10/15 | €607,497 | €255,509 | -€351,988 | -57.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €730,778 | €378,790 | -€351,988 | -48.2% |
| Distributable reserves | 133 | €730,778 | €378,790 | -€351,988 | -48.2% |
| Profit (loss) carried forward | 14 | -€135,681 | -€135,681 | = | 0.0% |
| Amounts payable | 17/49 | €417,156 | €703,950 | +€286,794 | +68.7% |
| Amounts payable after more than one year | 17 | €58,837 | €35,534 | -€23,304 | -39.6% |
| Financial debts | 170/4 | €58,837 | €35,534 | -€23,304 | -39.6% |
| Amounts payable within one year | 42/48 | €358,319 | €668,416 | +€310,097 | +86.5% |
| Current portion of amounts payable after more than one year | 42 | €23,000 | €23,304 | +€304 | +1.3% |
| Financial debts | 43 | €471 | €886 | +€415 | +88.1% |
| Credit institutions | 430/8 | €471 | €886 | +€415 | +88.1% |
| Trade debts | 44 | €1,460 | €3,220 | +€1,759 | +120.5% |
| Suppliers | 440/4 | €1,460 | €3,220 | +€1,759 | +120.5% |
| Taxes, remuneration and social security | 45 | €40,416 | €41,044 | +€629 | +1.6% |
| Taxes | 450/3 | €39,066 | €39,694 | +€629 | +1.6% |
| Remuneration and social security | 454/9 | €1,350 | €1,350 | = | 0.0% |
| Other amounts payable | 47/48 | €292,972 | €599,963 | +€306,990 | +104.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,870 | €39,707 | -€3,163 | -7.4% |
| Other operating charges | 640/8 | €3,101 | €6,132 | +€3,032 | +97.8% |
| Gross operating margin | 9900 | €183,749 | €163,314 | -€20,434 | -11.1% |
| Operating profit (loss) | 9901 | €137,778 | €117,475 | -€20,303 | -14.7% |
| Financial income | 75/76B | €12 | €5 | -€7 | -58.5% |
| Recurring financial income | 75 | €12 | €5 | -€7 | -58.5% |
| Financial charges | 65/66B | €7,318 | €6,469 | -€849 | -11.6% |
| Recurring financial charges | 65 | €7,318 | €6,469 | -€849 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €130,472 | €111,011 | -€19,461 | -14.9% |
| Income taxes | 67/77 | €12,275 | €10,434 | -€1,841 | -15.0% |
| Profit (loss) for the period | 9904 | €118,197 | €100,576 | -€17,621 | -14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €118,197 | €100,576 | -€17,621 | -14.9% |
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 12 October 2026 via checked.be.