M&A D'HONT: 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.
M&A D'HONT
Largest movements
- Receivables within one year +€422,525
up €422,525 (+246%), from €172,086 to €594,612
of which Other amounts receivable: +€222,502
- Stocks and contracts -€187,934
down €187,934 (-86.4%), from €217,489 to €29,555
- Cash +€39,952
up €39,952 (+208%), from €19,172 to €59,123
mainly Net result for the year (+€296,988) and Stocks and contracts (+€187,934)
- Tangible fixed assets -€11,528
down €11,528 (-57.3%), from €20,104 to €8,576
of which Furniture and vehicles: -€11,170
- Reserves +€209,988
up €209,988 (+45.3%), from €463,741 to €673,729
of which Distributable reserves: +€209,988
- Tax, wage and social debts +€62,154
up €62,154 (+178%), from €34,884 to €97,038
- Current portion of long-term debt -€10,341
down €10,341 (-37.1%), from €27,841 to €17,500
- Financial income +€241,151
up €241,151 (+5,441%), from €4,432 to €245,583
- Gross operating margin -€54,303
down €54,303 (-30.0%), from €180,889 to €126,586
- Taxes +€5,032
up €5,032 (+10.3%), from €48,635 to €53,667
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 | €672,419 | €936,095 | +€263,676 | +39.2% |
| Fixed assets | 21/28 | €29,218 | €17,690 | -€11,528 | -39.5% |
| Tangible fixed assets | 22/27 | €20,104 | €8,576 | -€11,528 | -57.3% |
| Land and buildings | 22 | €620 | €262 | -€358 | -57.8% |
| Furniture and vehicles | 24 | €19,484 | €8,314 | -€11,170 | -57.3% |
| Financial fixed assets | 28 | €9,114 | €9,114 | = | 0.0% |
| Current assets | 29/58 | €643,201 | €918,405 | +€275,204 | +42.8% |
| Amounts receivable after more than one year | 29 | €232,269 | €232,269 | = | 0.0% |
| Trade receivables | 290 | €232,269 | €232,269 | = | 0.0% |
| Stocks and contracts in progress | 3 | €217,489 | €29,555 | -€187,934 | -86.4% |
| Stocks | 30/36 | €217,489 | €29,555 | -€187,934 | -86.4% |
| Amounts receivable within one year | 40/41 | €172,086 | €594,612 | +€422,525 | +246% |
| Trade receivables | 40 | €101,496 | €301,520 | +€200,023 | +197% |
| Other amounts receivable | 41 | €70,590 | €293,092 | +€222,502 | +315% |
| Cash at bank and in hand | 54/58 | €19,172 | €59,123 | +€39,952 | +208% |
| Deferred charges and accrued income | 490/1 | €2,185 | €2,845 | +€660 | +30.2% |
| Total equity and liabilities | 10/49 | €672,419 | €936,095 | +€263,676 | +39.2% |
| Equity | 10/15 | €482,341 | €692,329 | +€209,988 | +43.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €463,741 | €673,729 | +€209,988 | +45.3% |
| 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 | €461,881 | €671,869 | +€209,988 | +45.5% |
| Amounts payable | 17/49 | €190,078 | €243,766 | +€53,689 | +28.2% |
| Amounts payable within one year | 42/48 | €190,078 | €242,376 | +€52,298 | +27.5% |
| Current portion of amounts payable after more than one year | 42 | €27,841 | €17,500 | -€10,341 | -37.1% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €2,352 | €2,838 | +€486 | +20.7% |
| Suppliers | 440/4 | €2,352 | €2,838 | +€486 | +20.7% |
| Taxes, remuneration and social security | 45 | €34,884 | €97,038 | +€62,154 | +178% |
| Taxes | 450/3 | €34,884 | €97,038 | +€62,154 | +178% |
| Accrued charges and deferred income | 492/3 | - | €1,390 | +€1,390 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,633 | €12,714 | +€81 | +0.6% |
| Other operating charges | 640/8 | €313 | €728 | +€414 | +132% |
| Non-recurring operating charges | 66A | €400 | - | -€400 | |
| Gross operating margin | 9900 | €180,889 | €126,586 | -€54,303 | -30.0% |
| Operating profit (loss) | 9901 | €167,543 | €113,144 | -€54,398 | -32.5% |
| Financial income | 75/76B | €4,432 | €245,583 | +€241,151 | +5,441% |
| Recurring financial income | 75 | €4,432 | €245,583 | +€241,151 | +5,441% |
| Financial charges | 65/66B | €8,252 | €8,072 | -€179 | -2.2% |
| Recurring financial charges | 65 | €8,252 | €8,072 | -€179 | -2.2% |
| Profit (loss) for the period before taxes | 9903 | €163,723 | €350,655 | +€186,932 | +114% |
| Income taxes | 67/77 | €48,635 | €53,667 | +€5,032 | +10.3% |
| Profit (loss) for the period | 9904 | €115,088 | €296,988 | +€181,900 | +158% |
| Profit (loss) for the period to be appropriated | 9905 | €115,088 | €296,988 | +€181,900 | +158% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.