De Hulsten: 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.
What changed
De Hulsten
NACE 82.990, Other business support services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€4,379
2024 · -€297-€4,082
Equity
€477,114
2024 · €481,493-€4,379
Cash
€3,642
2024 · €4,934-€1,291
Balance sheet total
€2.3m
2024 · €2.1m+€143,446
Largest movements
Assets
- Receivables within one year +€142,612
up €142,612 (+16.5%), from €863,322 to €1.0m
of which Other amounts receivable: +€134,453
Equity and liabilities
- Other debts +€152,916
up €152,916 (+15.4%), from €993,228 to €1.1m
- Debts after one year -€24,885
down €24,885 (-4.0%), from €623,244 to €598,359
of which Financial debts: -€24,885
Income statement
- Gross operating margin +€15,147
up €15,147 (+24.5%), from €61,817 to €76,964
- Depreciation +€15,015
up €15,015 (+28.6%), from €52,519 to €67,534
- Taxes +€3,712
up €3,712 (+670%), from €554 to €4,266
- Other operating charges +€1,256
up €1,256 (+28.9%), from €4,348 to €5,604
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.
Result 2024
-€297
Gross operating margin
+€15,147
Depreciation
-€15,015
Other operating charges
-€1,256
Financial income
+€64
Financial charges
+€691
Taxes
-€3,712
Result 2025
-€4,379
raises the resultlowers the result
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.
From operations
+€91,143
Investment
-€69,790
Financing
-€22,645
Cash 2024
€4,934
From operations (derived)
+€91,143
Net result for the year
-€4,379
Depreciation
+€67,534
Receivables within one year
-€142,612
Deferred charges and accrued income
+€130
Trade debts
+€6,300
Tax, wage and social debts
+€10,490
Other debts
+€152,916
Accrued charges and deferred income
+€763
Investment (derived)
-€69,790
Investment in fixed assets (net)
-€69,790
Financing
-€22,645
Debts after one year
-€24,885
Current portion of long-term debt
+€2,607
Short-term financial debts
-€367
Cash 2025
€3,642
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,131,688 | €2,275,134 | +€143,446 | +6.7% |
| Fixed assets | 21/28 | €1,259,171 | €1,261,426 | +€2,255 | +0.2% |
| Tangible fixed assets | 22/27 | €1,159,171 | €1,161,426 | +€2,255 | +0.2% |
| Land and buildings | 22 | €1,140,993 | €1,143,305 | +€2,312 | +0.2% |
| Plant, machinery and equipment | 23 | €5,010 | €3,483 | -€1,527 | -30.5% |
| Furniture and vehicles | 24 | €13,168 | €14,638 | +€1,470 | +11.2% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €100,000 | €100,000 | = | 0.0% |
| Current assets | 29/58 | €872,517 | €1,013,708 | +€141,191 | +16.2% |
| Amounts receivable within one year | 40/41 | €863,322 | €1,005,934 | +€142,612 | +16.5% |
| Trade receivables | 40 | €27,775 | €35,934 | +€8,159 | +29.4% |
| Other amounts receivable | 41 | €835,547 | €970,000 | +€134,453 | +16.1% |
| Cash at bank and in hand | 54/58 | €4,934 | €3,642 | -€1,291 | -26.2% |
| Deferred charges and accrued income | 490/1 | €4,262 | €4,132 | -€130 | -3.0% |
| Total equity and liabilities | 10/49 | €2,131,688 | €2,275,134 | +€143,446 | +6.7% |
| Equity | 10/15 | €481,493 | €477,114 | -€4,379 | -0.9% |
| Contributions | 10/11 | €412,000 | €412,000 | = | 0.0% |
| Reserves | 13 | €105,929 | €105,929 | = | 0.0% |
| Distributable reserves | 133 | €105,929 | €105,929 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,436 | -€40,815 | -€4,379 | -12.0% |
| Amounts payable | 17/49 | €1,650,195 | €1,798,019 | +€147,825 | +9.0% |
| Amounts payable after more than one year | 17 | €623,244 | €598,359 | -€24,885 | -4.0% |
| Financial debts | 170/4 | €148,244 | €123,359 | -€24,885 | -16.8% |
| Other amounts payable | 178/9 | €475,000 | €475,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,026,951 | €1,198,897 | +€171,947 | +16.7% |
| Current portion of amounts payable after more than one year | 42 | €24,520 | €27,128 | +€2,607 | +10.6% |
| Financial debts | 43 | €1,700 | €1,333 | -€367 | -21.6% |
| Credit institutions | 430/8 | €1,700 | €1,333 | -€367 | -21.6% |
| Trade debts | 44 | €6,849 | €13,149 | +€6,300 | +92.0% |
| Suppliers | 440/4 | €6,849 | €13,149 | +€6,300 | +92.0% |
| Taxes, remuneration and social security | 45 | €654 | €11,144 | +€10,490 | +1,605% |
| Taxes | 450/3 | €654 | €11,144 | +€10,490 | +1,605% |
| Other amounts payable | 47/48 | €993,228 | €1,146,144 | +€152,916 | +15.4% |
| Accrued charges and deferred income | 492/3 | - | €763 | +€763 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,519 | €67,534 | +€15,015 | +28.6% |
| Other operating charges | 640/8 | €4,348 | €5,604 | +€1,256 | +28.9% |
| Gross operating margin | 9900 | €61,817 | €76,964 | +€15,147 | +24.5% |
| Operating profit (loss) | 9901 | €4,950 | €3,826 | -€1,124 | -22.7% |
| Financial income | 75/76B | €0 | €64 | +€64 | +211,967% |
| Recurring financial income | 75 | €0 | €64 | +€64 | +211,967% |
| Financial charges | 65/66B | €4,693 | €4,002 | -€691 | -14.7% |
| Recurring financial charges | 65 | €4,693 | €4,002 | -€691 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €257 | -€113 | -€370 | |
| Income taxes | 67/77 | €554 | €4,266 | +€3,712 | +670% |
| Profit (loss) for the period | 9904 | -€297 | -€4,379 | -€4,082 | -1,375% |
| Profit (loss) for the period to be appropriated | 9905 | -€297 | -€4,379 | -€4,082 | -1,375% |
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 17 October 2026 via checked.be.