HOVEMA: 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.
HOVEMA
Largest movements
- Current investments +€100,919
new in 2025: €100,919
- Tangible fixed assets -€82,457
down €82,457 (-5.9%), from €1.4m to €1.3m
of which Land and buildings: -€55,272
- Cash +€73,155
up €73,155 (+71.0%), from €103,066 to €176,221
mainly Net result for the year (+€214,934) and Depreciation (+€82,457)
- Other debts +€72,806
up €72,806 (+10.6%), from €688,930 to €761,736
- Reserves +€26,306
up €26,306 (+2.0%), from €1.3m to €1.3m
of which Distributable reserves: +€30,550
- Gross operating margin -€33,193
down €33,193 (-18.0%), from €184,230 to €151,036
- Depreciation +€27,073
up €27,073 (+48.9%), from €55,384 to €82,457
- Taxes -€21,146
down €21,146 (-39.5%), from €53,491 to €32,346
- Financial income -€12,930
down €12,930 (-5.6%), from €229,781 to €216,850
- Financial charges +€3,978
up €3,978 (+14.8%), from €26,824 to €30,803
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 | €2,114,439 | €2,209,657 | +€95,218 | +4.5% |
| Fixed assets | 21/28 | €1,800,969 | €1,718,512 | -€82,457 | -4.6% |
| Tangible fixed assets | 22/27 | €1,393,308 | €1,310,851 | -€82,457 | -5.9% |
| Land and buildings | 22 | €1,275,146 | €1,219,875 | -€55,272 | -4.3% |
| Furniture and vehicles | 24 | €118,162 | €90,976 | -€27,185 | -23.0% |
| Financial fixed assets | 28 | €407,661 | €407,661 | = | 0.0% |
| Current assets | 29/58 | €313,470 | €491,145 | +€177,675 | +56.7% |
| Amounts receivable within one year | 40/41 | €200,000 | €204,648 | +€4,648 | +2.3% |
| Other amounts receivable | 41 | €200,000 | €204,648 | +€4,648 | +2.3% |
| Current investments | 50/53 | - | €100,919 | +€100,919 | |
| Cash at bank and in hand | 54/58 | €103,066 | €176,221 | +€73,155 | +71.0% |
| Deferred charges and accrued income | 490/1 | €10,404 | €9,356 | -€1,047 | -10.1% |
| Total equity and liabilities | 10/49 | €2,114,439 | €2,209,657 | +€95,218 | +4.5% |
| Equity | 10/15 | €1,362,661 | €1,388,967 | +€26,306 | +1.9% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €1,288,293 | €1,314,599 | +€26,306 | +2.0% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Tax-exempt reserves | 132 | €110,904 | €106,660 | -€4,244 | -3.8% |
| Distributable reserves | 133 | €1,169,953 | €1,200,502 | +€30,550 | +2.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €36,968 | €34,783 | -€2,185 | -5.9% |
| Deferred taxes | 168 | €36,968 | €34,783 | -€2,185 | -5.9% |
| Amounts payable | 17/49 | €714,810 | €785,907 | +€71,097 | +9.9% |
| Amounts payable within one year | 42/48 | €714,810 | €785,907 | +€71,097 | +9.9% |
| Trade debts | 44 | €4,475 | €1,844 | -€2,631 | -58.8% |
| Suppliers | 440/4 | €4,475 | €1,844 | -€2,631 | -58.8% |
| Taxes, remuneration and social security | 45 | €21,404 | €22,327 | +€923 | +4.3% |
| Taxes | 450/3 | €21,404 | €22,327 | +€923 | +4.3% |
| Other amounts payable | 47/48 | €688,930 | €761,736 | +€72,806 | +10.6% |
| Non-recurring operating income | 76A | €25,500 | €0 | -€25,500 | -100% |
| Remuneration, social security and pensions | 62 | - | €500 | +€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,384 | €82,457 | +€27,073 | +48.9% |
| Other operating charges | 640/8 | €12,601 | €9,032 | -€3,569 | -28.3% |
| Gross operating margin | 9900 | €184,230 | €151,036 | -€33,193 | -18.0% |
| Operating profit (loss) | 9901 | €116,245 | €59,048 | -€57,197 | -49.2% |
| Financial income | 75/76B | €229,781 | €216,850 | -€12,930 | -5.6% |
| Recurring financial income | 75 | €229,781 | €216,850 | -€12,930 | -5.6% |
| Financial charges | 65/66B | €26,824 | €30,803 | +€3,978 | +14.8% |
| Recurring financial charges | 65 | €26,824 | €30,803 | +€3,978 | +14.8% |
| Profit (loss) for the period before taxes | 9903 | €319,201 | €245,095 | -€74,106 | -23.2% |
| Transfer from deferred taxes | 780 | €1,607 | €2,185 | +€578 | +36.0% |
| Income taxes | 67/77 | €53,491 | €32,346 | -€21,146 | -39.5% |
| Profit (loss) for the period | 9904 | €267,317 | €214,934 | -€52,383 | -19.6% |
| Transfer from tax-exempt reserves | 789 | €4,822 | €4,244 | -€578 | -12.0% |
| Profit (loss) for the period to be appropriated | 9905 | €272,139 | €219,178 | -€52,961 | -19.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.