JOERI HOFMAN: 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.
JOERI HOFMAN
Largest movements
- Receivables within one year +€16,417
up €16,417 (+64.1%), from €25,617 to €42,033
of which Other amounts receivable: +€34,567
- Tangible fixed assets -€12,196
down €12,196 (-1.9%), from €644,696 to €632,499
of which Land and buildings: -€15,756
- Debts after one year -€100,203
down €100,203 (-15.7%), from €637,949 to €537,746
of which Financial debts: -€100,203
- Profit (loss) carried forward +€98,430
up €98,430 (+59,730%), from €165 to €98,594
- Trade debts +€21,996
new in 2025: €21,996
- Gross operating margin -€39,006
down €39,006 (-17.5%), from €223,284 to €184,278
- Taxes -€4,700
down €4,700 (-11.2%), from €42,000 to €37,300
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 | €1,198,145 | €1,209,820 | +€11,675 | +1.0% |
| Fixed assets | 21/28 | €1,152,446 | €1,140,249 | -€12,196 | -1.1% |
| Tangible fixed assets | 22/27 | €644,696 | €632,499 | -€12,196 | -1.9% |
| Land and buildings | 22 | €639,322 | €623,566 | -€15,756 | -2.5% |
| Plant, machinery and equipment | 23 | €5,374 | €8,934 | +€3,560 | +66.2% |
| Financial fixed assets | 28 | €507,750 | €507,750 | = | 0.0% |
| Current assets | 29/58 | €45,699 | €69,571 | +€23,871 | +52.2% |
| Amounts receivable within one year | 40/41 | €25,617 | €42,033 | +€16,417 | +64.1% |
| Trade receivables | 40 | €18,150 | - | -€18,150 | |
| Other amounts receivable | 41 | €7,467 | €42,033 | +€34,567 | +463% |
| Cash at bank and in hand | 54/58 | €18,314 | €24,454 | +€6,140 | +33.5% |
| Deferred charges and accrued income | 490/1 | €1,768 | €3,083 | +€1,315 | +74.3% |
| Total equity and liabilities | 10/49 | €1,198,145 | €1,209,820 | +€11,675 | +1.0% |
| Equity | 10/15 | €362,125 | €460,554 | +€98,430 | +27.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €359,960 | €359,960 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,260 | €25,260 | = | 0.0% |
| Distributable reserves | 133 | €334,700 | €334,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | €165 | €98,594 | +€98,430 | +59,730% |
| Amounts payable | 17/49 | €836,020 | €749,266 | -€86,755 | -10.4% |
| Amounts payable after more than one year | 17 | €637,949 | €537,746 | -€100,203 | -15.7% |
| Financial debts | 170/4 | €636,949 | €536,746 | -€100,203 | -15.7% |
| Other amounts payable | 178/9 | €1,000 | €1,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €193,096 | €206,370 | +€13,274 | +6.9% |
| Current portion of amounts payable after more than one year | 42 | €98,909 | €100,203 | +€1,294 | +1.3% |
| Trade debts | 44 | - | €21,996 | +€21,996 | |
| Suppliers | 440/4 | - | €21,996 | +€21,996 | |
| Taxes, remuneration and social security | 45 | €32,569 | €29,342 | -€3,227 | -9.9% |
| Taxes | 450/3 | €32,569 | €29,342 | -€3,227 | -9.9% |
| Other amounts payable | 47/48 | €61,618 | €54,829 | -€6,789 | -11.0% |
| Accrued charges and deferred income | 492/3 | €4,975 | €5,150 | +€175 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,418 | €16,486 | +€69 | +0.4% |
| Other operating charges | 640/8 | €5,020 | €5,166 | +€146 | +2.9% |
| Gross operating margin | 9900 | €223,284 | €184,278 | -€39,006 | -17.5% |
| Operating profit (loss) | 9901 | €201,847 | €162,626 | -€39,221 | -19.4% |
| Financial income | 75/76B | €416 | €2,461 | +€2,045 | +492% |
| Recurring financial income | 75 | €416 | €2,461 | +€2,045 | +492% |
| Financial charges | 65/66B | €13,241 | €11,358 | -€1,883 | -14.2% |
| Recurring financial charges | 65 | €13,241 | €11,358 | -€1,883 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €189,022 | €153,729 | -€35,293 | -18.7% |
| Income taxes | 67/77 | €42,000 | €37,300 | -€4,700 | -11.2% |
| Profit (loss) for the period | 9904 | €147,022 | €116,430 | -€30,592 | -20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €147,022 | €116,430 | -€30,592 | -20.8% |
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 27 October 2026 via checked.be.