H-SES: 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-SES
Largest movements
- Receivables within one year +€30,782
up €30,782 (+95.0%), from €32,401 to €63,183
of which Trade receivables: +€40,385
- Tangible fixed assets -€5,673
down €5,673 (-48.2%), from €11,764 to €6,091
of which Furniture and vehicles: -€3,600
- Cash +€3,176
up €3,176 (+6.9%), from €46,158 to €49,334
mainly Net result for the year (+€25,989) and Other debts (+€15,016)
- Deferred charges and accrued income -€2,625
down €2,625 (-53.8%), from €4,875 to €2,250
- Profit (loss) carried forward +€18,368
up €18,368, from -€18,368 to €0
- Other debts +€15,016
up €15,016 (+5,445%), from €276 to €15,292
- Trade debts +€9,186
up €9,186 (+21.4%), from €42,987 to €52,173
- Reserves -€7,621
down €7,621 (-12.7%), from €60,000 to €52,379
of which Distributable reserves: -€7,621
- Short-term financial debts -€5,000
down €5,000 (-100%), from €5,000 to €0
- Staff costs +€12,572
up €12,572 (+12.3%), from €102,082 to €114,654
- Gross operating margin +€7,839
up €7,839 (+5.6%), from €140,399 to €148,239
- Other operating charges -€2,426
down €2,426 (-51.6%), from €4,703 to €2,277
- Financial income +€1,528
up €1,528 (+355%), from €430 to €1,957
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 | €107,699 | €133,859 | +€26,160 | +24.3% |
| Fixed assets | 21/28 | €23,265 | €17,591 | -€5,673 | -24.4% |
| Tangible fixed assets | 22/27 | €11,764 | €6,091 | -€5,673 | -48.2% |
| Plant, machinery and equipment | 23 | €1,662 | €1,229 | -€433 | -26.1% |
| Furniture and vehicles | 24 | €3,885 | €285 | -€3,600 | -92.7% |
| Leasing and similar rights | 25 | €3,153 | €2,381 | -€772 | -24.5% |
| Other tangible fixed assets | 26 | €3,063 | €2,195 | -€868 | -28.3% |
| Financial fixed assets | 28 | €11,501 | €11,501 | = | 0.0% |
| Current assets | 29/58 | €84,434 | €116,267 | +€31,833 | +37.7% |
| Stocks and contracts in progress | 3 | €1,000 | €1,500 | +€500 | +50.0% |
| Stocks | 30/36 | €1,000 | €1,500 | +€500 | +50.0% |
| Amounts receivable within one year | 40/41 | €32,401 | €63,183 | +€30,782 | +95.0% |
| Trade receivables | 40 | €4,178 | €44,563 | +€40,385 | +967% |
| Other amounts receivable | 41 | €28,223 | €18,620 | -€9,603 | -34.0% |
| Cash at bank and in hand | 54/58 | €46,158 | €49,334 | +€3,176 | +6.9% |
| Deferred charges and accrued income | 490/1 | €4,875 | €2,250 | -€2,625 | -53.8% |
| Total equity and liabilities | 10/49 | €107,699 | €133,859 | +€26,160 | +24.3% |
| Equity | 10/15 | €47,832 | €58,579 | +€10,746 | +22.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €60,000 | €52,379 | -€7,621 | -12.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €60,000 | €52,379 | -€7,621 | -12.7% |
| Profit (loss) carried forward | 14 | -€18,368 | €0 | +€18,368 | |
| Amounts payable | 17/49 | €59,866 | €75,280 | +€15,414 | +25.7% |
| Amounts payable after more than one year | 17 | €1,446 | €120 | -€1,326 | -91.7% |
| Financial debts | 170/4 | €1,446 | €120 | -€1,326 | -91.7% |
| Amounts payable within one year | 42/48 | €58,420 | €75,160 | +€16,740 | +28.7% |
| Current portion of amounts payable after more than one year | 42 | €1,133 | €1,326 | +€193 | +17.0% |
| Financial debts | 43 | €5,000 | €0 | -€5,000 | -100% |
| Credit institutions | 430/8 | €5,000 | €0 | -€5,000 | -100% |
| Trade debts | 44 | €42,987 | €52,173 | +€9,186 | +21.4% |
| Suppliers | 440/4 | €42,987 | €52,173 | +€9,186 | +21.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €9,025 | €6,369 | -€2,655 | -29.4% |
| Taxes | 450/3 | €2,391 | €566 | -€1,825 | -76.3% |
| Remuneration and social security | 454/9 | €6,634 | €5,804 | -€830 | -12.5% |
| Other amounts payable | 47/48 | €276 | €15,292 | +€15,016 | +5,445% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | €3,302 | +€3,302 | |
| Remuneration, social security and pensions | 62 | €102,082 | €114,654 | +€12,572 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,487 | €5,942 | +€456 | +8.3% |
| Other operating charges | 640/8 | €4,703 | €2,277 | -€2,426 | -51.6% |
| Non-recurring operating charges | 66A | €256 | €0 | -€256 | -100% |
| Gross operating margin | 9900 | €140,399 | €148,239 | +€7,839 | +5.6% |
| Operating profit (loss) | 9901 | €27,872 | €25,366 | -€2,506 | -9.0% |
| Financial income | 75/76B | €430 | €1,957 | +€1,528 | +355% |
| Recurring financial income | 75 | €430 | €1,957 | +€1,528 | +355% |
| Financial charges | 65/66B | €684 | €1,334 | +€651 | +95.2% |
| Recurring financial charges | 65 | €684 | €1,334 | +€651 | +95.2% |
| Profit (loss) for the period before taxes | 9903 | €27,618 | €25,989 | -€1,629 | -5.9% |
| Profit (loss) for the period | 9904 | €27,618 | €25,989 | -€1,629 | -5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €27,618 | €25,989 | -€1,629 | -5.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.