DRIES-HULSMANS: 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.
DRIES-HULSMANS
Largest movements
- Receivables within one year +€121,876
up €121,876 (+19.4%), from €627,745 to €749,621
of which Trade receivables: +€108,529
- Cash +€77,713
up €77,713 (+2,337%), from €3,325 to €81,038
mainly Net result for the year (+€342,643) and Depreciation (+€71,971)
- Tangible fixed assets -€40,965
down €40,965 (-3.7%), from €1.1m to €1.1m
of which Land and buildings: -€44,060
- Reserves +€230,853
up €230,853 (+47.8%), from €482,692 to €713,545
of which Distributable reserves: +€230,853
- Debts after one year -€38,558
down €38,558 (-7.4%), from €524,035 to €485,476
of which Financial debts: -€86,390
- Trade debts -€21,981
down €21,981 (-5.3%), from €411,397 to €389,415
- Gross operating margin +€106,423
up €106,423 (+14.3%), from €743,255 to €849,678
- Staff costs +€55,206
up €55,206 (+25.6%), from €215,318 to €270,525
- Taxes +€10,381
up €10,381 (+9.2%), from €112,666 to €123,046
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 | €1,761,551 | €1,915,676 | +€154,125 | +8.7% |
| Fixed assets | 21/28 | €1,097,389 | €1,056,424 | -€40,965 | -3.7% |
| Tangible fixed assets | 22/27 | €1,097,389 | €1,056,424 | -€40,965 | -3.7% |
| Land and buildings | 22 | €1,076,483 | €1,032,423 | -€44,060 | -4.1% |
| Plant, machinery and equipment | 23 | €15,050 | €12,424 | -€2,626 | -17.4% |
| Furniture and vehicles | 24 | €5,856 | €11,577 | +€5,721 | +97.7% |
| Current assets | 29/58 | €664,162 | €859,252 | +€195,090 | +29.4% |
| Stocks and contracts in progress | 3 | €32,761 | €28,593 | -€4,168 | -12.7% |
| Stocks | 30/36 | €32,761 | €28,593 | -€4,168 | -12.7% |
| Amounts receivable within one year | 40/41 | €627,745 | €749,621 | +€121,876 | +19.4% |
| Trade receivables | 40 | €159,438 | €267,967 | +€108,529 | +68.1% |
| Other amounts receivable | 41 | €468,307 | €481,655 | +€13,347 | +2.9% |
| Cash at bank and in hand | 54/58 | €3,325 | €81,038 | +€77,713 | +2,337% |
| Deferred charges and accrued income | 490/1 | €330 | - | -€330 | |
| Total equity and liabilities | 10/49 | €1,761,551 | €1,915,676 | +€154,125 | +8.7% |
| Equity | 10/15 | €544,665 | €775,518 | +€230,853 | +42.4% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €482,692 | €713,545 | +€230,853 | +47.8% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €476,495 | €707,348 | +€230,853 | +48.4% |
| Amounts payable | 17/49 | €1,216,885 | €1,140,157 | -€76,728 | -6.3% |
| Amounts payable after more than one year | 17 | €524,035 | €485,476 | -€38,558 | -7.4% |
| Financial debts | 170/4 | €524,035 | €437,645 | -€86,390 | -16.5% |
| Other amounts payable | 178/9 | - | €47,832 | +€47,832 | |
| Amounts payable within one year | 42/48 | €692,851 | €654,681 | -€38,170 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | €164,794 | €159,050 | -€5,744 | -3.5% |
| Trade debts | 44 | €411,397 | €389,415 | -€21,981 | -5.3% |
| Suppliers | 440/4 | €411,397 | €389,415 | -€21,981 | -5.3% |
| Taxes, remuneration and social security | 45 | €107,455 | €97,010 | -€10,445 | -9.7% |
| Taxes | 450/3 | €64,231 | €49,692 | -€14,539 | -22.6% |
| Remuneration and social security | 454/9 | €43,224 | €47,318 | +€4,094 | +9.5% |
| Other amounts payable | 47/48 | €9,205 | €9,205 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €215,318 | €270,525 | +€55,206 | +25.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,353 | €71,971 | +€1,617 | +2.3% |
| Other operating charges | 640/8 | €8,062 | €9,361 | +€1,299 | +16.1% |
| Gross operating margin | 9900 | €743,255 | €849,678 | +€106,423 | +14.3% |
| Operating profit (loss) | 9901 | €449,521 | €497,821 | +€48,300 | +10.7% |
| Financial income | 75/76B | €479 | €209 | -€270 | -56.3% |
| Recurring financial income | 75 | €479 | €209 | -€270 | -56.3% |
| Financial charges | 65/66B | €36,876 | €32,342 | -€4,535 | -12.3% |
| Recurring financial charges | 65 | €36,876 | €32,342 | -€4,535 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €413,124 | €465,689 | +€52,566 | +12.7% |
| Income taxes | 67/77 | €112,666 | €123,046 | +€10,381 | +9.2% |
| Profit (loss) for the period | 9904 | €300,458 | €342,643 | +€42,185 | +14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €300,458 | €342,643 | +€42,185 | +14.0% |
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 21 October 2026 via checked.be.