H&K: 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.
H&K
Largest movements
- Tangible fixed assets -€24,120
down €24,120 (-11.9%), from €202,466 to €178,346
of which Other tangible fixed assets: -€19,990
- Cash +€12,367
up €12,367 (+14.5%), from €85,266 to €97,633
mainly Net result for the year (+€136,116) and Other debts (+€35,000)
- Receivables within one year +€6,468
up €6,468 (+5.6%), from €116,328 to €122,795
of which Trade receivables: +€12,730
- Other debts +€35,000
up €35,000 (+35.0%), from €100,000 to €135,000
- Debts after one year -€21,928
down €21,928 (-15.6%), from €140,445 to €118,517
- Trade debts -€15,912
down €15,912 (-61.6%), from €25,821 to €9,908
- Tax, wage and social debts -€6,342
down €6,342 (-17.7%), from €35,926 to €29,584
of which Taxes: -€7,232
- Gross operating margin +€24,764
up €24,764 (+10.2%), from €243,283 to €268,047
- Staff costs -€16,118
down €16,118 (-14.7%), from €109,515 to €93,396
- Depreciation +€8,476
up €8,476 (+47.1%), from €17,994 to €26,470
- Other operating charges -€3,385
down €3,385 (-38.1%), from €8,893 to €5,508
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 | €410,744 | €405,765 | -€4,978 | -1.2% |
| Fixed assets | 21/28 | €204,425 | €180,305 | -€24,120 | -11.8% |
| Tangible fixed assets | 22/27 | €202,466 | €178,346 | -€24,120 | -11.9% |
| Furniture and vehicles | 24 | €13,766 | €9,636 | -€4,130 | -30.0% |
| Other tangible fixed assets | 26 | €188,700 | €168,709 | -€19,990 | -10.6% |
| Financial fixed assets | 28 | €1,959 | €1,959 | = | 0.0% |
| Current assets | 29/58 | €206,319 | €225,461 | +€19,142 | +9.3% |
| Amounts receivable within one year | 40/41 | €116,328 | €122,795 | +€6,468 | +5.6% |
| Trade receivables | 40 | €84,308 | €97,038 | +€12,730 | +15.1% |
| Other amounts receivable | 41 | €32,019 | €25,757 | -€6,262 | -19.6% |
| Cash at bank and in hand | 54/58 | €85,266 | €97,633 | +€12,367 | +14.5% |
| Deferred charges and accrued income | 490/1 | €4,726 | €5,033 | +€307 | +6.5% |
| Total equity and liabilities | 10/49 | €410,744 | €405,765 | -€4,978 | -1.2% |
| Equity | 10/15 | €84,114 | €85,230 | +€1,116 | +1.3% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €3,100 | €3,100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,100 | €3,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,100 | €3,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,014 | €51,130 | +€1,116 | +2.2% |
| Amounts payable | 17/49 | €326,630 | €320,536 | -€6,094 | -1.9% |
| Amounts payable after more than one year | 17 | €140,445 | €118,517 | -€21,928 | -15.6% |
| Financial debts | 170/4 | €140,445 | €118,517 | -€21,928 | -15.6% |
| Amounts payable within one year | 42/48 | €182,860 | €196,420 | +€13,560 | +7.4% |
| Current portion of amounts payable after more than one year | 42 | €21,113 | €21,928 | +€815 | +3.9% |
| Trade debts | 44 | €25,821 | €9,908 | -€15,912 | -61.6% |
| Suppliers | 440/4 | €25,821 | €9,908 | -€15,912 | -61.6% |
| Taxes, remuneration and social security | 45 | €35,926 | €29,584 | -€6,342 | -17.7% |
| Taxes | 450/3 | €26,858 | €19,625 | -€7,232 | -26.9% |
| Remuneration and social security | 454/9 | €9,069 | €9,959 | +€890 | +9.8% |
| Other amounts payable | 47/48 | €100,000 | €135,000 | +€35,000 | +35.0% |
| Accrued charges and deferred income | 492/3 | €3,325 | €5,598 | +€2,274 | +68.4% |
| Remuneration, social security and pensions | 62 | €109,515 | €93,396 | -€16,118 | -14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,994 | €26,470 | +€8,476 | +47.1% |
| Other operating charges | 640/8 | €8,893 | €5,508 | -€3,385 | -38.1% |
| Gross operating margin | 9900 | €243,283 | €268,047 | +€24,764 | +10.2% |
| Operating profit (loss) | 9901 | €106,881 | €142,673 | +€35,792 | +33.5% |
| Financial income | 75/76B | €344 | €985 | +€641 | +186% |
| Recurring financial income | 75 | €344 | €985 | +€641 | +186% |
| Financial charges | 65/66B | €4,715 | €5,865 | +€1,149 | +24.4% |
| Recurring financial charges | 65 | €4,715 | €5,865 | +€1,149 | +24.4% |
| Profit (loss) for the period before taxes | 9903 | €102,509 | €137,793 | +€35,284 | +34.4% |
| Income taxes | 67/77 | €1,980 | €1,677 | -€303 | -15.3% |
| Profit (loss) for the period | 9904 | €100,529 | €136,116 | +€35,587 | +35.4% |
| Profit (loss) for the period to be appropriated | 9905 | €100,529 | €136,116 | +€35,587 | +35.4% |
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 17 October 2026 via checked.be.