'T HOEFIJZER: 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.
'T HOEFIJZER
Largest movements
- Tangible fixed assets +€86,937
up €86,937 (+24.1%), from €361,154 to €448,092
of which Plant, machinery and equipment: +€99,268
- Deferred charges and accrued income +€7,845
up €7,845 (+338%), from €2,319 to €10,164
- Receivables within one year +€7,464
up €7,464 (+18.3%), from €40,803 to €48,266
of which Other amounts receivable: +€11,245
- Reserves +€41,328
up €41,328 (+41.8%), from €98,897 to €140,226
- Trade debts +€37,279
up €37,279 (+173%), from €21,504 to €58,783
- Other debts +€36,880
up €36,880 (+36.3%), from €101,539 to €138,419
- Debts after one year -€23,592
down €23,592 (-25.9%), from €91,204 to €67,612
- Tax, wage and social debts +€18,091
up €18,091 (+51.0%), from €35,444 to €53,535
of which Remuneration and social security: +€14,542
- Gross operating margin +€39,057
up €39,057 (+18.6%), from €209,611 to €248,668
- Depreciation +€15,710
up €15,710 (+21.0%), from €74,899 to €90,610
- Staff costs -€8,839
down €8,839 (-8.1%), from €108,541 to €99,703
- Other operating charges -€3,479
down €3,479 (-31.0%), from €11,212 to €7,733
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 | €416,923 | €519,648 | +€102,726 | +24.6% |
| Fixed assets | 21/28 | €361,154 | €448,092 | +€86,937 | +24.1% |
| Tangible fixed assets | 22/27 | €361,154 | €448,092 | +€86,937 | +24.1% |
| Land and buildings | 22 | €89,573 | €103,858 | +€14,285 | +15.9% |
| Plant, machinery and equipment | 23 | €148,571 | €247,839 | +€99,268 | +66.8% |
| Furniture and vehicles | 24 | €3,841 | €2,709 | -€1,132 | -29.5% |
| Leasing and similar rights | 25 | €119,170 | €93,686 | -€25,484 | -21.4% |
| Current assets | 29/58 | €55,769 | €71,557 | +€15,788 | +28.3% |
| Stocks and contracts in progress | 3 | €6,915 | €9,368 | +€2,452 | +35.5% |
| Stocks | 30/36 | €6,915 | €9,368 | +€2,452 | +35.5% |
| Amounts receivable within one year | 40/41 | €40,803 | €48,266 | +€7,464 | +18.3% |
| Trade receivables | 40 | €8,800 | €5,019 | -€3,782 | -43.0% |
| Other amounts receivable | 41 | €32,002 | €43,247 | +€11,245 | +35.1% |
| Current investments | 50/53 | €1 | €16 | +€15 | +1,920% |
| Cash at bank and in hand | 54/58 | €5,731 | €3,743 | -€1,988 | -34.7% |
| Deferred charges and accrued income | 490/1 | €2,319 | €10,164 | +€7,845 | +338% |
| Total equity and liabilities | 10/49 | €416,923 | €519,648 | +€102,726 | +24.6% |
| Equity | 10/15 | €117,489 | €158,818 | +€41,328 | +35.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €98,897 | €140,226 | +€41,328 | +41.8% |
| Distributable reserves | 133 | €98,897 | €140,226 | +€41,328 | +41.8% |
| Amounts payable | 17/49 | €299,433 | €360,831 | +€61,397 | +20.5% |
| Amounts payable after more than one year | 17 | €91,204 | €67,612 | -€23,592 | -25.9% |
| Financial debts | 170/4 | €91,204 | €67,612 | -€23,592 | -25.9% |
| Amounts payable within one year | 42/48 | €208,229 | €293,219 | +€84,990 | +40.8% |
| Current portion of amounts payable after more than one year | 42 | €29,520 | €23,592 | -€5,928 | -20.1% |
| Financial debts | 43 | €20,222 | €18,889 | -€1,332 | -6.6% |
| Credit institutions | 430/8 | €20,222 | €18,889 | -€1,332 | -6.6% |
| Trade debts | 44 | €21,504 | €58,783 | +€37,279 | +173% |
| Suppliers | 440/4 | €21,504 | €58,783 | +€37,279 | +173% |
| Taxes, remuneration and social security | 45 | €35,444 | €53,535 | +€18,091 | +51.0% |
| Taxes | 450/3 | €13,290 | €16,840 | +€3,549 | +26.7% |
| Remuneration and social security | 454/9 | €22,154 | €36,695 | +€14,542 | +65.6% |
| Other amounts payable | 47/48 | €101,539 | €138,419 | +€36,880 | +36.3% |
| Non-recurring operating income | 76A | €20,701 | - | -€20,701 | |
| Remuneration, social security and pensions | 62 | €108,541 | €99,703 | -€8,839 | -8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,899 | €90,610 | +€15,710 | +21.0% |
| Other operating charges | 640/8 | €11,212 | €7,733 | -€3,479 | -31.0% |
| Gross operating margin | 9900 | €209,611 | €248,668 | +€39,057 | +18.6% |
| Operating profit (loss) | 9901 | €14,959 | €50,624 | +€35,665 | +238% |
| Financial income | 75/76B | €7 | €23 | +€16 | +218% |
| Recurring financial income | 75 | €7 | €23 | +€16 | +218% |
| Financial charges | 65/66B | €10,182 | €9,233 | -€949 | -9.3% |
| Recurring financial charges | 65 | €10,182 | €9,233 | -€949 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €4,784 | €41,414 | +€36,629 | +766% |
| Income taxes | 67/77 | €85 | €85 | +€0 | +0.3% |
| Profit (loss) for the period | 9904 | €4,699 | €41,328 | +€36,629 | +779% |
| Profit (loss) for the period to be appropriated | 9905 | €4,699 | €41,328 | +€36,629 | +779% |
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 19 October 2026 via checked.be.