Frederic Huls: 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.
Frederic Huls
Largest movements
- Tangible fixed assets -€57,973
down €57,973 (-6.4%), from €912,690 to €854,717
of which Other tangible fixed assets: -€47,401
- Cash +€25,749
up €25,749 (+12.0%), from €214,653 to €240,402
mainly Depreciation (+€74,147) and Net result for the year (+€38,393)
- Debts after one year -€57,695
down €57,695 (-15.8%), from €364,679 to €306,984
- Reserves +€38,393
up €38,393 (+11.2%), from €341,443 to €379,836
- Trade debts -€28,147
down €28,147 (-67.5%), from €41,715 to €13,568
- Accrued charges and deferred income +€12,444
up €12,444 (+74.1%), from €16,788 to €29,232
- Gross operating margin -€9,352
down €9,352 (-5.5%), from €170,514 to €161,162
- Financial charges +€7,283
up €7,283 (+36.5%), from €19,971 to €27,254
- Taxes -€4,359
down €4,359 (-19.5%), from €22,370 to €18,011
- Depreciation +€4,132
up €4,132 (+5.9%), from €70,015 to €74,147
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 | €1,191,043 | €1,153,475 | -€37,568 | -3.2% |
| Fixed assets | 21/28 | €912,690 | €854,717 | -€57,973 | -6.4% |
| Tangible fixed assets | 22/27 | €912,690 | €854,717 | -€57,973 | -6.4% |
| Plant, machinery and equipment | 23 | €3,720 | €9,018 | +€5,298 | +142% |
| Furniture and vehicles | 24 | €40,215 | €24,345 | -€15,870 | -39.5% |
| Other tangible fixed assets | 26 | €868,755 | €821,354 | -€47,401 | -5.5% |
| Current assets | 29/58 | €278,353 | €298,758 | +€20,405 | +7.3% |
| Amounts receivable within one year | 40/41 | €61,854 | €53,742 | -€8,112 | -13.1% |
| Trade receivables | 40 | €61,286 | €53,489 | -€7,797 | -12.7% |
| Other amounts receivable | 41 | €568 | €253 | -€315 | -55.5% |
| Cash at bank and in hand | 54/58 | €214,653 | €240,402 | +€25,749 | +12.0% |
| Deferred charges and accrued income | 490/1 | €1,846 | €4,614 | +€2,768 | +150% |
| Total equity and liabilities | 10/49 | €1,191,043 | €1,153,475 | -€37,568 | -3.2% |
| Equity | 10/15 | €342,943 | €381,336 | +€38,393 | +11.2% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €341,443 | €379,836 | +€38,393 | +11.2% |
| Distributable reserves | 133 | €341,443 | €379,836 | +€38,393 | +11.2% |
| Amounts payable | 17/49 | €848,100 | €772,139 | -€75,961 | -9.0% |
| Amounts payable after more than one year | 17 | €364,679 | €306,984 | -€57,695 | -15.8% |
| Financial debts | 170/4 | €364,679 | €306,984 | -€57,695 | -15.8% |
| Amounts payable within one year | 42/48 | €466,633 | €435,923 | -€30,710 | -6.6% |
| Current portion of amounts payable after more than one year | 42 | €57,281 | €57,695 | +€414 | +0.7% |
| Trade debts | 44 | €41,715 | €13,568 | -€28,147 | -67.5% |
| Suppliers | 440/4 | €41,715 | €13,568 | -€28,147 | -67.5% |
| Taxes, remuneration and social security | 45 | €19,916 | €12,043 | -€7,873 | -39.5% |
| Taxes | 450/3 | €19,916 | €12,043 | -€7,873 | -39.5% |
| Other amounts payable | 47/48 | €347,721 | €352,617 | +€4,896 | +1.4% |
| Accrued charges and deferred income | 492/3 | €16,788 | €29,232 | +€12,444 | +74.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,015 | €74,147 | +€4,132 | +5.9% |
| Other operating charges | 640/8 | €3,397 | €3,399 | +€2 | +0.1% |
| Gross operating margin | 9900 | €170,514 | €161,162 | -€9,352 | -5.5% |
| Operating profit (loss) | 9901 | €97,102 | €83,616 | -€13,486 | -13.9% |
| Financial income | 75/76B | - | €42 | +€42 | |
| Recurring financial income | 75 | - | €42 | +€42 | |
| Financial charges | 65/66B | €19,971 | €27,254 | +€7,283 | +36.5% |
| Recurring financial charges | 65 | €19,971 | €27,254 | +€7,283 | +36.5% |
| Profit (loss) for the period before taxes | 9903 | €77,131 | €56,404 | -€20,727 | -26.9% |
| Income taxes | 67/77 | €22,370 | €18,011 | -€4,359 | -19.5% |
| Profit (loss) for the period | 9904 | €54,761 | €38,393 | -€16,368 | -29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €54,761 | €38,393 | -€16,368 | -29.9% |
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 13 October 2026 via checked.be.