V. Hoffmann: 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.
V. Hoffmann
Largest movements
- Tangible fixed assets +€71,433
new in 2025: €71,433
- Cash +€46,505
up €46,505 (+25.2%), from €184,329 to €230,835
mainly Net result for the year (+€172,018) and Tax, wage and social debts (+€8,456)
- Current investments +€40,601
up €40,601 (+415%), from €9,782 to €50,383
- Deferred charges and accrued income +€18,399
up €18,399 (+64.5%), from €28,509 to €46,909
- Reserves +€172,018
up €172,018 (+27.4%), from €628,898 to €800,916
- Financial income +€177,996
up €177,996 (+672%), from €26,473 to €204,469
- Taxes +€15,829
up €15,829 (+890%), from €1,779 to €17,608
- Gross operating margin -€5,793
down €5,793 (-107%), from -€5,422 to -€11,215
- Depreciation +€2,972
new in 2025: €2,972
- Other operating charges -€466
down €466 (-38.1%), from €1,221 to €755
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 | €664,129 | €846,892 | +€182,762 | +27.5% |
| Fixed assets | 21/28 | €1 | €71,434 | +€71,433 | +7,143,291% |
| Tangible fixed assets | 22/27 | - | €71,433 | +€71,433 | |
| Land and buildings | 22 | - | €71,433 | +€71,433 | |
| Financial fixed assets | 28 | €1 | €1 | = | 0.0% |
| Current assets | 29/58 | €664,128 | €775,458 | +€111,329 | +16.8% |
| Amounts receivable within one year | 40/41 | €441,507 | €447,331 | +€5,824 | +1.3% |
| Trade receivables | 40 | €6,200 | €0 | -€6,200 | -100% |
| Other amounts receivable | 41 | €435,307 | €447,331 | +€12,024 | +2.8% |
| Current investments | 50/53 | €9,782 | €50,383 | +€40,601 | +415% |
| Cash at bank and in hand | 54/58 | €184,329 | €230,835 | +€46,505 | +25.2% |
| Deferred charges and accrued income | 490/1 | €28,509 | €46,909 | +€18,399 | +64.5% |
| Total equity and liabilities | 10/49 | €664,129 | €846,892 | +€182,762 | +27.5% |
| Equity | 10/15 | €647,448 | €819,466 | +€172,018 | +26.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €628,898 | €800,916 | +€172,018 | +27.4% |
| Distributable reserves | 133 | €628,898 | €800,916 | +€172,018 | +27.4% |
| Amounts payable | 17/49 | €16,681 | €27,426 | +€10,744 | +64.4% |
| Amounts payable within one year | 42/48 | €13,931 | €24,676 | +€10,744 | +77.1% |
| Trade debts | 44 | - | €2,289 | +€2,289 | |
| Suppliers | 440/4 | - | €2,289 | +€2,289 | |
| Taxes, remuneration and social security | 45 | €10,931 | €19,387 | +€8,456 | +77.4% |
| Taxes | 450/3 | €10,931 | €19,387 | +€8,456 | +77.4% |
| Other amounts payable | 47/48 | €3,000 | €3,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,750 | €2,750 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,972 | +€2,972 | |
| Other operating charges | 640/8 | €1,221 | €755 | -€466 | -38.1% |
| Gross operating margin | 9900 | -€5,422 | -€11,215 | -€5,793 | -107% |
| Operating profit (loss) | 9901 | -€6,643 | -€14,943 | -€8,300 | -125% |
| Financial income | 75/76B | €26,473 | €204,469 | +€177,996 | +672% |
| Recurring financial income | 75 | €26,473 | €204,469 | +€177,996 | +672% |
| Financial charges | 65/66B | €261 | -€100 | -€361 | |
| Recurring financial charges | 65 | €261 | -€100 | -€361 | |
| Profit (loss) for the period before taxes | 9903 | €19,568 | €189,626 | +€170,058 | +869% |
| Income taxes | 67/77 | €1,779 | €17,608 | +€15,829 | +890% |
| Profit (loss) for the period | 9904 | €17,789 | €172,018 | +€154,228 | +867% |
| Profit (loss) for the period to be appropriated | 9905 | €17,789 | €172,018 | +€154,228 | +867% |
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.