HOVENO: 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.
What changed
HOVENO
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€324,266
2024 · €240,022+€84,244
Equity
€16.7m
2024 · €13.4m+€3.3m
Cash
€106,820
2024 · €54,393+€52,427
Balance sheet total
€21.2m
2024 · €18.6m+€2.6m
Largest movements
Assets
- Tangible fixed assets +€2.6m
up €2.6m (+25.5%), from €10.1m to €12.6m
of which Land and buildings: +€2.7m
Equity and liabilities
- Revaluation surpluses +€2.9m
new in 2025: €2.9m
- Debts after one year -€609,472
down €609,472 (-13.9%), from €4.4m to €3.8m
- Reserves +€324,266
up €324,266 (+2.5%), from €13.2m to €13.5m
of which Distributable reserves: +€324,266
Income statement
- Gross operating margin +€165,263
up €165,263 (+21.7%), from €762,183 to €927,446
- Taxes +€39,804
up €39,804 (+48.0%), from €82,883 to €122,687
- Depreciation +€36,976
up €36,976 (+9.8%), from €378,377 to €415,353
- Financial income +€17,174
up €17,174 (+8.1%), from €211,661 to €228,834
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.
Result 2024
€240,022
Gross operating margin
+€165,263
Staff costs
-€4,540
Depreciation
-€36,976
Other operating charges
+€4,899
Other operating items
-€28,238
Financial income
+€17,174
Financial charges
+€6,466
Taxes
-€39,804
Result 2025
€324,266
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.
From operations
+€702,607
Investment
-€3.0m
Financing
+€2.3m
Cash 2024
€54,393
From operations (derived)
+€702,607
Net result for the year
+€324,266
Depreciation
+€415,353
Receivables within one year
-€14,027
Trade debts
-€39,414
Tax, wage and social debts
+€14,455
Accrued charges and deferred income
+€1,975
Investment (derived)
-€3.0m
Investment in fixed assets (net)
-€3.0m
Financing
+€2.3m
Debts after one year
-€609,472
Current portion of long-term debt
+€5,965
Contributions, distributions and other
+€2.9m
Cash 2025
€106,820
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,574,601 | €21,201,215 | +€2.6m | +14.1% |
| Fixed assets | 21/28 | €10,077,843 | €12,638,002 | +€2.6m | +25.4% |
| Tangible fixed assets | 22/27 | €10,068,663 | €12,638,002 | +€2.6m | +25.5% |
| Land and buildings | 22 | €9,424,829 | €12,076,087 | +€2.7m | +28.1% |
| Plant, machinery and equipment | 23 | €111,010 | €78,876 | -€32,134 | -28.9% |
| Furniture and vehicles | 24 | €61,854 | €47,663 | -€14,191 | -22.9% |
| Other tangible fixed assets | 26 | €470,970 | €435,376 | -€35,593 | -7.6% |
| Financial fixed assets | 28 | €9,180 | €0 | -€9,180 | -100.0% |
| Current assets | 29/58 | €8,496,758 | €8,563,213 | +€66,455 | +0.8% |
| Amounts receivable within one year | 40/41 | €8,442,365 | €8,456,393 | +€14,027 | +0.2% |
| Trade receivables | 40 | €58,547 | €895 | -€57,652 | -98.5% |
| Other amounts receivable | 41 | €8,383,819 | €8,455,498 | +€71,679 | +0.9% |
| Cash at bank and in hand | 54/58 | €54,393 | €106,820 | +€52,427 | +96.4% |
| Total equity and liabilities | 10/49 | €18,574,601 | €21,201,215 | +€2.6m | +14.1% |
| Equity | 10/15 | €13,420,792 | €16,673,897 | +€3.3m | +24.2% |
| Contributions | 10/11 | €248,000 | €248,000 | = | 0.0% |
| Capital | 10 | €248,000 | €248,000 | = | 0.0% |
| Issued capital | 100 | €248,000 | €248,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €2,928,840 | +€2.9m | |
| Reserves | 13 | €13,172,792 | €13,497,057 | +€324,266 | +2.5% |
| Non-distributable reserves | 130/1 | €24,800 | €24,800 | = | 0.0% |
| Legal reserve | 130 | €24,800 | €24,800 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €13,129,242 | €13,453,507 | +€324,266 | +2.5% |
| Amounts payable | 17/49 | €5,153,809 | €4,527,317 | -€626,491 | -12.2% |
| Amounts payable after more than one year | 17 | €4,384,180 | €3,774,707 | -€609,472 | -13.9% |
| Financial debts | 170/4 | €4,384,180 | €3,774,707 | -€609,472 | -13.9% |
| Amounts payable within one year | 42/48 | €715,852 | €696,859 | -€18,993 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €603,507 | €609,472 | +€5,965 | +1.0% |
| Trade debts | 44 | €52,590 | €13,176 | -€39,414 | -74.9% |
| Suppliers | 440/4 | €52,590 | €13,176 | -€39,414 | -74.9% |
| Taxes, remuneration and social security | 45 | €59,755 | €74,211 | +€14,455 | +24.2% |
| Taxes | 450/3 | €33,693 | €47,014 | +€13,322 | +39.5% |
| Remuneration and social security | 454/9 | €26,063 | €27,196 | +€1,134 | +4.3% |
| Accrued charges and deferred income | 492/3 | €53,777 | €55,751 | +€1,975 | +3.7% |
| Non-recurring operating income | 76A | €0 | €28,754 | +€28,754 | |
| Remuneration, social security and pensions | 62 | €147,132 | €151,671 | +€4,540 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €378,377 | €415,353 | +€36,976 | +9.8% |
| Other operating charges | 640/8 | €60,444 | €55,546 | -€4,899 | -8.1% |
| Non-recurring operating charges | 66A | - | €28,238 | +€28,238 | |
| Gross operating margin | 9900 | €762,183 | €927,446 | +€165,263 | +21.7% |
| Operating profit (loss) | 9901 | €176,230 | €276,638 | +€100,408 | +57.0% |
| Financial income | 75/76B | €211,661 | €228,834 | +€17,174 | +8.1% |
| Recurring financial income | 75 | €211,661 | €228,834 | +€17,174 | +8.1% |
| Financial charges | 65/66B | €64,986 | €58,519 | -€6,466 | -10.0% |
| Recurring financial charges | 65 | €64,986 | €58,519 | -€6,466 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €322,905 | €446,953 | +€124,048 | +38.4% |
| Income taxes | 67/77 | €82,883 | €122,687 | +€39,804 | +48.0% |
| Profit (loss) for the period | 9904 | €240,022 | €324,266 | +€84,244 | +35.1% |
| Profit (loss) for the period to be appropriated | 9905 | €240,022 | €324,266 | +€84,244 | +35.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.