G. HULPIAU: 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.
G. HULPIAU
Largest movements
- Cash -€76,993
down €76,993 (-41.8%), from €184,271 to €107,278
mainly Other debts (-€92,085) and Current portion of long-term debt (-€25,787)
- Tangible fixed assets -€38,054
down €38,054 (-21.8%), from €174,594 to €136,540
of which Land and buildings: -€33,367
- Stocks and contracts +€16,330
up €16,330 (+5.3%), from €308,295 to €324,625
- Other debts -€92,085
down €92,085 (-97.8%), from €94,128 to €2,044
- Reserves +€37,072
up €37,072 (+8.0%), from €463,810 to €500,882
- Current portion of long-term debt -€25,787
down €25,787 (-51.9%), from €49,677 to €23,890
- Debts after one year -€23,890
down €23,890 (-57.7%), from €41,390 to €17,500
- Financial charges -€5,676
down €5,676 (-42.8%), from €13,258 to €7,582
- Depreciation -€4,831
down €4,831 (-11.3%), from €42,885 to €38,054
- Taxes +€2,299
up €2,299 (+17.9%), from €12,872 to €15,170
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 | €672,300 | €570,823 | -€101,477 | -15.1% |
| Fixed assets | 21/28 | €174,594 | €136,540 | -€38,054 | -21.8% |
| Tangible fixed assets | 22/27 | €174,594 | €136,540 | -€38,054 | -21.8% |
| Land and buildings | 22 | €169,517 | €136,150 | -€33,367 | -19.7% |
| Plant, machinery and equipment | 23 | €836 | €390 | -€445 | -53.3% |
| Furniture and vehicles | 24 | €4,242 | €0 | -€4,242 | -100% |
| Current assets | 29/58 | €497,706 | €434,283 | -€63,423 | -12.7% |
| Stocks and contracts in progress | 3 | €308,295 | €324,625 | +€16,330 | +5.3% |
| Stocks | 30/36 | €308,295 | €324,625 | +€16,330 | +5.3% |
| Amounts receivable within one year | 40/41 | €5,139 | €2,380 | -€2,760 | -53.7% |
| Other amounts receivable | 41 | €5,139 | €2,380 | -€2,760 | -53.7% |
| Cash at bank and in hand | 54/58 | €184,271 | €107,278 | -€76,993 | -41.8% |
| Total equity and liabilities | 10/49 | €672,300 | €570,823 | -€101,477 | -15.1% |
| Equity | 10/15 | €482,410 | €519,482 | +€37,072 | +7.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €463,810 | €500,882 | +€37,072 | +8.0% |
| Distributable reserves | 133 | €463,810 | €500,882 | +€37,072 | +8.0% |
| Amounts payable | 17/49 | €189,890 | €51,341 | -€138,549 | -73.0% |
| Amounts payable after more than one year | 17 | €41,390 | €17,500 | -€23,890 | -57.7% |
| Financial debts | 170/4 | €41,390 | €17,500 | -€23,890 | -57.7% |
| Amounts payable within one year | 42/48 | €148,500 | €29,574 | -€118,926 | -80.1% |
| Current portion of amounts payable after more than one year | 42 | €49,677 | €23,890 | -€25,787 | -51.9% |
| Trade debts | 44 | €1,051 | €213 | -€838 | -79.7% |
| Suppliers | 440/4 | €1,051 | €213 | -€838 | -79.7% |
| Taxes, remuneration and social security | 45 | €3,644 | €3,427 | -€217 | -5.9% |
| Taxes | 450/3 | €3,644 | €3,427 | -€217 | -5.9% |
| Other amounts payable | 47/48 | €94,128 | €2,044 | -€92,085 | -97.8% |
| Accrued charges and deferred income | 492/3 | - | €4,267 | +€4,267 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,885 | €38,054 | -€4,831 | -11.3% |
| Other operating charges | 640/8 | €11,148 | €11,494 | +€346 | +3.1% |
| Gross operating margin | 9900 | €108,513 | €108,430 | -€83 | -0.1% |
| Operating profit (loss) | 9901 | €54,480 | €58,882 | +€4,402 | +8.1% |
| Financial income | 75/76B | €1,278 | €942 | -€335 | -26.2% |
| Recurring financial income | 75 | €1,278 | €942 | -€335 | -26.2% |
| Financial charges | 65/66B | €13,258 | €7,582 | -€5,676 | -42.8% |
| Recurring financial charges | 65 | €13,258 | €7,582 | -€5,676 | -42.8% |
| Profit (loss) for the period before taxes | 9903 | €42,499 | €52,242 | +€9,743 | +22.9% |
| Income taxes | 67/77 | €12,872 | €15,170 | +€2,299 | +17.9% |
| Profit (loss) for the period | 9904 | €29,628 | €37,072 | +€7,444 | +25.1% |
| Profit (loss) for the period to be appropriated | 9905 | €29,628 | €37,072 | +€7,444 | +25.1% |
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 26 October 2026 via checked.be.