HOYOS MANAGEMENT: 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.
HOYOS MANAGEMENT
Largest movements
- Tangible fixed assets -€27,832
down €27,832 (-13.8%), from €202,412 to €174,580
of which Land and buildings: -€27,421
- Cash +€26,271
up €26,271 (+172%), from €15,256 to €41,527
mainly Net result for the year (+€34,089) and Trade debts (+€22,829)
- Receivables within one year -€8,838
down €8,838 (-68.4%), from €12,927 to €4,089
- Debts after one year -€62,900
down €62,900 (-17.5%), from €360,006 to €297,106
- Trade debts +€22,829
up €22,829 (+505%), from €4,517 to €27,346
- Reserves +€11,490
up €11,490 (+4.7%), from €244,186 to €255,676
of which Distributable reserves: +€11,490
- Other debts +€9,999
up €9,999 (+6.7%), from €148,274 to €158,273
- Gross operating margin +€31,028
up €31,028 (+68.3%), from €45,418 to €76,447
- Taxes +€14,369
up €14,369 (+693%), from €2,074 to €16,443
- Depreciation -€7,665
down €7,665 (-50.2%), from €15,280 to €7,615
- Financial charges +€3,328
up €3,328 (+27.2%), from €12,242 to €15,570
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 | €830,695 | €820,296 | -€10,399 | -1.3% |
| Fixed assets | 21/28 | €802,512 | €774,680 | -€27,832 | -3.5% |
| Tangible fixed assets | 22/27 | €202,412 | €174,580 | -€27,832 | -13.8% |
| Land and buildings | 22 | €200,834 | €173,414 | -€27,421 | -13.7% |
| Plant, machinery and equipment | 23 | €1,506 | €1,166 | -€340 | -22.6% |
| Furniture and vehicles | 24 | €71 | €0 | -€71 | -100% |
| Financial fixed assets | 28 | €600,100 | €600,100 | = | 0.0% |
| Current assets | 29/58 | €28,183 | €45,616 | +€17,433 | +61.9% |
| Amounts receivable within one year | 40/41 | €12,927 | €4,089 | -€8,838 | -68.4% |
| Other amounts receivable | 41 | €12,927 | €4,089 | -€8,838 | -68.4% |
| Cash at bank and in hand | 54/58 | €15,256 | €41,527 | +€26,271 | +172% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €830,695 | €820,296 | -€10,399 | -1.3% |
| Equity | 10/15 | €250,386 | €261,876 | +€11,490 | +4.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €244,186 | €255,676 | +€11,490 | +4.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €242,326 | €253,816 | +€11,490 | +4.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €580,309 | €558,420 | -€21,888 | -3.8% |
| Amounts payable after more than one year | 17 | €360,006 | €297,106 | -€62,900 | -17.5% |
| Financial debts | 170/4 | €360,006 | €297,106 | -€62,900 | -17.5% |
| Amounts payable within one year | 42/48 | €220,303 | €261,315 | +€41,012 | +18.6% |
| Current portion of amounts payable after more than one year | 42 | €60,652 | €62,900 | +€2,248 | +3.7% |
| Trade debts | 44 | €4,517 | €27,346 | +€22,829 | +505% |
| Suppliers | 440/4 | €4,517 | €27,346 | +€22,829 | +505% |
| Taxes, remuneration and social security | 45 | €6,860 | €12,796 | +€5,936 | +86.5% |
| Taxes | 450/3 | €4,020 | €12,796 | +€8,776 | +218% |
| Remuneration and social security | 454/9 | €2,840 | €0 | -€2,840 | -100% |
| Other amounts payable | 47/48 | €148,274 | €158,273 | +€9,999 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,280 | €7,615 | -€7,665 | -50.2% |
| Other operating charges | 640/8 | €2,934 | €2,804 | -€129 | -4.4% |
| Gross operating margin | 9900 | €45,418 | €76,447 | +€31,028 | +68.3% |
| Operating profit (loss) | 9901 | €27,205 | €66,028 | +€38,823 | +143% |
| Financial income | 75/76B | €15 | €73 | +€59 | +404% |
| Recurring financial income | 75 | €15 | €73 | +€59 | +404% |
| Financial charges | 65/66B | €12,242 | €15,570 | +€3,328 | +27.2% |
| Recurring financial charges | 65 | €12,242 | €15,570 | +€3,328 | +27.2% |
| Profit (loss) for the period before taxes | 9903 | €14,977 | €50,531 | +€35,554 | +237% |
| Income taxes | 67/77 | €2,074 | €16,443 | +€14,369 | +693% |
| Profit (loss) for the period | 9904 | €12,903 | €34,089 | +€21,185 | +164% |
| Profit (loss) for the period to be appropriated | 9905 | €12,903 | €34,089 | +€21,185 | +164% |
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 25 October 2026 via checked.be.