DE HULSTEN: what changed
Two fiscal 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.
DE HULSTEN
Largest movements
- Current investments +€551,906
up €551,906 (+57.9%), from €952,650 to €1.5m
- Receivables within one year +€210,716
up €210,716 (+1020.8%), from €20,643 to €231,359
of which Other amounts receivable: +€211,565
- Tangible fixed assets -€79,269
down €79,269 (-100.0%), from €79,269 to €0
of which Land and buildings: -€75,782
- Cash +€52,854
up €52,854 (+665.9%), from €7,937 to €60,791
mainly Net result for the year (+€753,508) and Investment in fixed assets (net) (+€79,269)
- Reserves +€753,508
up €753,508 (+126.4%), from €596,316 to €1.3m
of which Distributable reserves: +€768,461
- Gross operating margin +€831,117
up €831,117 (+334.0%), from €248,866 to €1.1m
- Taxes +€234,232
up €234,232 (+186.7%), from €125,460 to €359,691
- Financial income +€23,053
up €23,053 (+198.0%), from €11,642 to €34,695
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.
Cash bridge derived
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 | €1,060,566 | €1,798,305 | +€737,739 | +69.6% |
| Fixed assets | 21/28 | €79,269 | €0 | -€79,269 | -100.0% |
| Tangible fixed assets | 22/27 | €79,269 | €0 | -€79,269 | -100.0% |
| Land and buildings | 22 | €75,782 | €0 | -€75,782 | -100.0% |
| Plant, machinery and equipment | 23 | €828 | €0 | -€828 | -100.0% |
| Furniture and vehicles | 24 | €2,658 | €0 | -€2,658 | -100.0% |
| Current assets | 29/58 | €981,296 | €1,798,305 | +€817,008 | +83.3% |
| Amounts receivable within one year | 40/41 | €20,643 | €231,359 | +€210,716 | +1020.8% |
| Trade receivables | 40 | €849 | €0 | -€849 | -100.0% |
| Other amounts receivable | 41 | €19,794 | €231,359 | +€211,565 | +1068.8% |
| Current investments | 50/53 | €952,650 | €1,504,555 | +€551,906 | +57.9% |
| Cash at bank and in hand | 54/58 | €7,937 | €60,791 | +€52,854 | +665.9% |
| Deferred charges and accrued income | 490/1 | €68 | €1,599 | +€1,532 | +2269.1% |
| Total equity and liabilities | 10/49 | €1,060,566 | €1,798,305 | +€737,739 | +69.6% |
| Equity | 10/15 | €1,043,219 | €1,796,727 | +€753,508 | +72.2% |
| Contributions | 10/11 | €480,913 | €480,913 | = | 0.0% |
| Capital | 10 | €480,913 | €480,913 | = | 0.0% |
| Issued capital | 100 | €480,913 | €480,913 | = | 0.0% |
| Reserves | 13 | €596,316 | €1,349,824 | +€753,508 | +126.4% |
| Non-distributable reserves | 130/1 | €48,091 | €48,091 | = | 0.0% |
| Legal reserve | 130 | €48,091 | €48,091 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,952 | €0 | -€14,952 | -100.0% |
| Distributable reserves | 133 | €533,272 | €1,301,733 | +€768,461 | +144.1% |
| Profit (loss) carried forward | 14 | -€34,010 | -€34,010 | = | 0.0% |
| Provisions and deferred taxes | 16 | €4,984 | €0 | -€4,984 | -100.0% |
| Deferred taxes | 168 | €4,984 | €0 | -€4,984 | -100.0% |
| Amounts payable | 17/49 | €12,362 | €1,577 | -€10,785 | -87.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €12,362 | €1,425 | -€10,937 | -88.5% |
| Trade debts | 44 | €12,362 | €1,425 | -€10,937 | -88.5% |
| Suppliers | 440/4 | €12,362 | €1,425 | -€10,937 | -88.5% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | €152 | +€152 | |
| Non-recurring operating income | 76A | €281,085 | €1,130,731 | +€849,646 | +302.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,196 | €0 | -€7,196 | -100.0% |
| Other operating charges | 640/8 | €4,090 | €3,579 | -€511 | -12.5% |
| Gross operating margin | 9900 | €248,866 | €1,079,983 | +€831,117 | +334.0% |
| Operating profit (loss) | 9901 | €237,581 | €1,076,404 | +€838,823 | +353.1% |
| Financial income | 75/76B | €11,642 | €34,695 | +€23,053 | +198.0% |
| Recurring financial income | 75 | €11,642 | €34,695 | +€23,053 | +198.0% |
| Financial charges | 65/66B | €40 | €2,884 | +€2,844 | +7094.6% |
| Recurring financial charges | 65 | €40 | €2,884 | +€2,844 | +7094.6% |
| Profit (loss) for the period before taxes | 9903 | €249,183 | €1,108,216 | +€859,033 | +344.7% |
| Transfer from deferred taxes | 780 | €51,978 | €4,984 | -€46,994 | -90.4% |
| Income taxes | 67/77 | €125,460 | €359,691 | +€234,232 | +186.7% |
| Profit (loss) for the period | 9904 | €175,701 | €753,508 | +€577,808 | +328.9% |
| Transfer from tax-exempt reserves | 789 | €155,934 | €14,952 | -€140,981 | -90.4% |
| Profit (loss) for the period to be appropriated | 9905 | €331,634 | €768,461 | +€436,826 | +131.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.