DE HULSTER: 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 HULSTER
Largest movements
- Receivables after one year -€492,014
no longer reported in 2025 (was €492,014)
- Receivables within one year +€171,821
up €171,821 (+12.7%), from €1.4m to €1.5m
of which Trade receivables: +€147,971
- Cash +€152,021
up €152,021 (+35.6%), from €426,773 to €578,794
mainly Receivables after one year (+€492,014) and Net result for the year (+€208,270)
- Tangible fixed assets +€108,268
up €108,268 (+52.6%), from €205,697 to €313,965
of which Land and buildings: +€92,512
- Provisions -€410,215
no longer reported in 2025 (was €410,215)
- Profit (loss) carried forward +€208,271
up €208,271 (+18.1%), from €1.2m to €1.4m
- Debts within one year +€173,237
up €173,237 (+16.7%), from €1.0m to €1.2m
of which Trade debts: +€133,456
- Gross operating margin +€541,776
up €541,776 (+16.7%), from €3.2m to €3.8m
- Financial charges +€491,704
up €491,704 (+48348.4%), from €1,017 to €492,721
- Staff costs +€112,674
up €112,674 (+3.9%), from €2.9m to €3.0m
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 | €3,438,934 | €3,406,286 | -€32,648 | -0.9% |
| Fixed assets | 21/28 | €229,283 | €337,363 | +€108,080 | +47.1% |
| Intangible fixed assets | 21 | €403 | €81 | -€322 | -80.0% |
| Tangible fixed assets | 22/27 | €205,697 | €313,965 | +€108,268 | +52.6% |
| Land and buildings | 22 | €124,189 | €216,701 | +€92,512 | +74.5% |
| Furniture and vehicles | 24 | €62,144 | €97,263 | +€35,119 | +56.5% |
| Assets under construction and advance payments | 27 | €19,364 | - | -€19,364 | |
| Financial fixed assets | 28 | €23,183 | €23,318 | +€135 | +0.6% |
| Current assets | 29/58 | €3,209,651 | €3,068,923 | -€140,728 | -4.4% |
| Amounts receivable after more than one year | 29 | €492,014 | - | -€492,014 | |
| Other amounts receivable | 291 | €492,014 | - | -€492,014 | |
| Stocks and contracts in progress | 3 | €455 | €1,321 | +€866 | +190.4% |
| Stocks | 30/36 | €455 | €1,321 | +€866 | +190.4% |
| Amounts receivable within one year | 40/41 | €1,352,408 | €1,524,229 | +€171,821 | +12.7% |
| Trade receivables | 40 | €1,021,299 | €1,169,270 | +€147,971 | +14.5% |
| Other amounts receivable | 41 | €331,109 | €354,959 | +€23,850 | +7.2% |
| Current investments | 50/53 | €900,108 | €928,367 | +€28,259 | +3.1% |
| Cash at bank and in hand | 54/58 | €426,773 | €578,794 | +€152,021 | +35.6% |
| Deferred charges and accrued income | 490/1 | €37,893 | €36,211 | -€1,682 | -4.4% |
| Total equity and liabilities | 10/49 | €3,438,934 | €3,406,286 | -€32,648 | -0.9% |
| Equity | 10/15 | €1,962,726 | €2,156,363 | +€193,637 | +9.9% |
| Contributions | 10/11 | €343,454 | €343,454 | -€0 | 0.0% |
| Capital | 10 | €343,454 | €343,454 | -€0 | 0.0% |
| Reserves | 13 | €317,781 | €317,781 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | €1,153,018 | €1,361,289 | +€208,271 | +18.1% |
| Investment grants | 15 | €148,473 | €133,839 | -€14,634 | -9.9% |
| Provisions and deferred taxes | 16 | €410,215 | - | -€410,215 | |
| Provisions for liabilities and charges | 160/5 | €410,215 | - | -€410,215 | |
| Other liabilities and charges | 164/5 | €410,215 | - | -€410,215 | |
| Amounts payable | 17/49 | €1,065,993 | €1,249,924 | +€183,931 | +17.3% |
| Amounts payable within one year | 42/48 | €1,039,882 | €1,213,119 | +€173,237 | +16.7% |
| Trade debts | 44 | €298,261 | €431,717 | +€133,456 | +44.7% |
| Suppliers | 440/4 | €298,261 | €431,717 | +€133,456 | +44.7% |
| Advances received on contracts in progress | 46 | €6,866 | €5,500 | -€1,366 | -19.9% |
| Taxes, remuneration and social security | 45 | €680,755 | €703,727 | +€22,972 | +3.4% |
| Taxes | 450/3 | €71,814 | €80,616 | +€8,802 | +12.3% |
| Remuneration and social security | 454/9 | €608,941 | €623,111 | +€14,170 | +2.3% |
| Accrued charges and deferred income | 492/3 | €26,111 | €36,804 | +€10,693 | +41.0% |
| Non-recurring operating income | 76A | €95,464 | €445,517 | +€350,053 | +366.7% |
| Remuneration, social security and pensions | 62 | €2,903,780 | €3,016,454 | +€112,674 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,212 | €47,737 | +€11,525 | +31.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,421 | -€4,230 | -€7,651 | |
| Other operating charges | 640/8 | €5,094 | €3,042 | -€2,052 | -40.3% |
| Non-recurring operating charges | 66A | €131,165 | €37,303 | -€93,862 | -71.6% |
| Gross operating margin | 9900 | €3,249,458 | €3,791,234 | +€541,776 | +16.7% |
| Operating profit (loss) | 9901 | €31,962 | €690,930 | +€658,968 | +2061.7% |
| Financial income | 75/76B | €26,473 | €10,061 | -€16,412 | -62.0% |
| Recurring financial income | 75 | €26,473 | €10,061 | -€16,412 | -62.0% |
| Financial charges | 65/66B | €1,017 | €492,721 | +€491,704 | +48348.4% |
| Recurring financial charges | 65 | €1,017 | €492,721 | +€491,704 | +48348.4% |
| Profit (loss) for the period before taxes | 9903 | €57,418 | €208,270 | +€150,852 | +262.7% |
| Profit (loss) for the period | 9904 | €57,418 | €208,270 | +€150,852 | +262.7% |
| Profit (loss) for the period to be appropriated | 9905 | €57,418 | €208,270 | +€150,852 | +262.7% |
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 9 October 2026 via checked.be.