LUC 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.
LUC HOFMAN
Largest movements
- Tangible fixed assets -€90,015
down €90,015 (-2.5%), from €3.6m to €3.5m
of which Land and buildings: -€90,692
- Other debts +€1.3m
up €1.3m (+567%), from €225,850 to €1.5m
- Debts after one year -€1.2m
down €1.2m (-45.5%), from €2.7m to €1.4m
of which Financial debts: -€1.2m
- Profit (loss) carried forward -€93,917
down €93,917 (-60.2%), from -€155,896 to -€249,813
- Current portion of long-term debt -€67,759
down €67,759 (-57.3%), from €118,200 to €50,441
- Financial charges +€35,014
up €35,014 (+50.4%), from €69,462 to €104,476
- Gross operating margin +€25,539
up €25,539 (+29.0%), from €88,198 to €113,736
- Other operating charges +€8,391
up €8,391 (+278%), from €3,023 to €11,414
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 | €3,637,655 | €3,554,941 | -€82,715 | -2.3% |
| Fixed assets | 21/28 | €3,634,085 | €3,544,070 | -€90,015 | -2.5% |
| Tangible fixed assets | 22/27 | €3,634,085 | €3,544,070 | -€90,015 | -2.5% |
| Land and buildings | 22 | €3,633,148 | €3,542,456 | -€90,692 | -2.5% |
| Plant, machinery and equipment | 23 | - | €1,614 | +€1,614 | |
| Furniture and vehicles | 24 | €937 | €0 | -€937 | -100% |
| Current assets | 29/58 | €3,570 | €10,871 | +€7,300 | +204% |
| Cash at bank and in hand | 54/58 | €3,570 | €8,755 | +€5,184 | +145% |
| Deferred charges and accrued income | 490/1 | - | €2,116 | +€2,116 | |
| Total equity and liabilities | 10/49 | €3,637,655 | €3,554,941 | -€82,715 | -2.3% |
| Equity | 10/15 | €642,704 | €548,787 | -€93,917 | -14.6% |
| Contributions | 10/11 | €798,600 | €798,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€155,896 | -€249,813 | -€93,917 | -60.2% |
| Amounts payable | 17/49 | €2,994,952 | €3,006,154 | +€11,203 | +0.4% |
| Amounts payable after more than one year | 17 | €2,650,888 | €1,443,775 | -€1.2m | -45.5% |
| Financial debts | 170/4 | €2,620,208 | €1,413,095 | -€1.2m | -46.1% |
| Other amounts payable | 178/9 | €30,680 | €30,680 | = | 0.0% |
| Amounts payable within one year | 42/48 | €344,063 | €1,562,380 | +€1.2m | +354% |
| Current portion of amounts payable after more than one year | 42 | €118,200 | €50,441 | -€67,759 | -57.3% |
| Trade debts | 44 | €13 | €5,104 | +€5,091 | +38,250% |
| Suppliers | 440/4 | €13 | €5,104 | +€5,091 | +38,250% |
| Other amounts payable | 47/48 | €225,850 | €1,506,834 | +€1.3m | +567% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,829 | €91,764 | -€65 | -0.1% |
| Other operating charges | 640/8 | €3,023 | €11,414 | +€8,391 | +278% |
| Gross operating margin | 9900 | €88,198 | €113,736 | +€25,539 | +29.0% |
| Operating profit (loss) | 9901 | -€6,655 | €10,558 | +€17,213 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €69,462 | €104,476 | +€35,014 | +50.4% |
| Recurring financial charges | 65 | €69,462 | €104,476 | +€35,014 | +50.4% |
| Profit (loss) for the period before taxes | 9903 | -€76,117 | -€93,917 | -€17,801 | -23.4% |
| Profit (loss) for the period | 9904 | -€76,117 | -€93,917 | -€17,801 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€76,117 | -€93,917 | -€17,801 | -23.4% |
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 24 October 2026 via checked.be.