HUBERT DAVIDTS: 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.
HUBERT DAVIDTS
Largest movements
- Receivables within one year +€19,390
up €19,390 (+27.6%), from €70,354 to €89,743
of which Trade receivables: +€26,014
- Tangible fixed assets -€18,688
down €18,688 (-7.2%), from €258,556 to €239,868
of which Land and buildings: -€15,047
- Reserves +€34,830
up €34,830 (+12.4%), from €281,825 to €316,655
- Other debts -€27,993
down €27,993 (-99.1%), from €28,255 to €262
- Debts after one year -€10,161
down €10,161 (-25.1%), from €40,402 to €30,242
- Tax, wage and social debts +€10,087
up €10,087 (+64.0%), from €15,764 to €25,851
of which Taxes: +€7,043
- Trade debts -€7,945
down €7,945 (-24.4%), from €32,514 to €24,569
- Gross operating margin +€38,365
up €38,365 (+21.0%), from €182,831 to €221,196
- Staff costs +€32,201
up €32,201 (+29.3%), from €109,945 to €142,145
- Depreciation +€2,594
up €2,594 (+12.5%), from €20,747 to €23,341
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 | €428,062 | €428,122 | +€60 | 0.0% |
| Fixed assets | 21/28 | €261,650 | €243,545 | -€18,105 | -6.9% |
| Tangible fixed assets | 22/27 | €258,556 | €239,868 | -€18,688 | -7.2% |
| Land and buildings | 22 | €225,946 | €210,899 | -€15,047 | -6.7% |
| Plant, machinery and equipment | 23 | €5,415 | €2,860 | -€2,554 | -47.2% |
| Furniture and vehicles | 24 | €27,196 | €26,109 | -€1,087 | -4.0% |
| Financial fixed assets | 28 | €3,093 | €3,677 | +€584 | +18.9% |
| Current assets | 29/58 | €166,412 | €184,577 | +€18,165 | +10.9% |
| Stocks and contracts in progress | 3 | €5,456 | €4,610 | -€847 | -15.5% |
| Stocks | 30/36 | €5,456 | €4,610 | -€847 | -15.5% |
| Amounts receivable within one year | 40/41 | €70,354 | €89,743 | +€19,390 | +27.6% |
| Trade receivables | 40 | €62,922 | €88,937 | +€26,014 | +41.3% |
| Other amounts receivable | 41 | €7,431 | €807 | -€6,625 | -89.1% |
| Current investments | 50/53 | €34,212 | €34,212 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €42,193 | €42,659 | +€465 | +1.1% |
| Deferred charges and accrued income | 490/1 | €14,197 | €13,354 | -€844 | -5.9% |
| Total equity and liabilities | 10/49 | €428,062 | €428,122 | +€60 | 0.0% |
| Equity | 10/15 | €300,417 | €335,247 | +€34,830 | +11.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €281,825 | €316,655 | +€34,830 | +12.4% |
| Distributable reserves | 133 | €281,825 | €316,655 | +€34,830 | +12.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €127,645 | €92,875 | -€34,770 | -27.2% |
| Amounts payable after more than one year | 17 | €40,402 | €30,242 | -€10,161 | -25.1% |
| Financial debts | 170/4 | €40,402 | €30,242 | -€10,161 | -25.1% |
| Amounts payable within one year | 42/48 | €87,095 | €61,538 | -€25,557 | -29.3% |
| Current portion of amounts payable after more than one year | 42 | €10,056 | €10,161 | +€104 | +1.0% |
| Financial debts | 43 | €506 | €695 | +€189 | +37.4% |
| Credit institutions | 430/8 | €506 | €695 | +€189 | +37.4% |
| Trade debts | 44 | €32,514 | €24,569 | -€7,945 | -24.4% |
| Suppliers | 440/4 | €32,514 | €24,569 | -€7,945 | -24.4% |
| Taxes, remuneration and social security | 45 | €15,764 | €25,851 | +€10,087 | +64.0% |
| Taxes | 450/3 | €8,133 | €15,176 | +€7,043 | +86.6% |
| Remuneration and social security | 454/9 | €7,631 | €10,675 | +€3,044 | +39.9% |
| Other amounts payable | 47/48 | €28,255 | €262 | -€27,993 | -99.1% |
| Accrued charges and deferred income | 492/3 | €148 | €1,095 | +€948 | +641% |
| Remuneration, social security and pensions | 62 | €109,945 | €142,145 | +€32,201 | +29.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,747 | €23,341 | +€2,594 | +12.5% |
| Other operating charges | 640/8 | €6,313 | €4,450 | -€1,863 | -29.5% |
| Gross operating margin | 9900 | €182,831 | €221,196 | +€38,365 | +21.0% |
| Operating profit (loss) | 9901 | €45,827 | €51,260 | +€5,434 | +11.9% |
| Financial income | 75/76B | €390 | €316 | -€74 | -18.9% |
| Recurring financial income | 75 | €390 | €316 | -€74 | -18.9% |
| Financial charges | 65/66B | €1,955 | €2,342 | +€387 | +19.8% |
| Recurring financial charges | 65 | €1,955 | €2,342 | +€387 | +19.8% |
| Profit (loss) for the period before taxes | 9903 | €44,263 | €49,235 | +€4,972 | +11.2% |
| Income taxes | 67/77 | €12,413 | €14,404 | +€1,992 | +16.0% |
| Profit (loss) for the period | 9904 | €31,850 | €34,830 | +€2,980 | +9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €31,850 | €34,830 | +€2,980 | +9.4% |
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 14 October 2026 via checked.be.