H.T.S.: 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.T.S.
Largest movements
- Current investments -€34,000
down €34,000 (-34.0%), from €100,000 to €66,000
- Receivables within one year +€23,700
up €23,700 (+35.8%), from €66,236 to €89,936
of which Trade receivables: +€19,809
- Debts after one year -€36,934
down €36,934 (-43.4%), from €85,041 to €48,108
- Reserves +€26,829
up €26,829 (+4.9%), from €543,772 to €570,601
of which Distributable reserves: +€26,829
- Trade debts -€22,978
down €22,978 (-26.9%), from €85,326 to €62,348
- Other debts +€19,764
up €19,764 (+7.4%), from €267,504 to €287,269
- Tax, wage and social debts -€17,087
down €17,087 (-72.9%), from €23,446 to €6,359
- Gross operating margin -€85,538
down €85,538 (-38.7%), from €221,223 to €135,685
- Taxes -€30,858
down €30,858 (-73.1%), from €42,239 to €11,381
- Depreciation +€11,130
up €11,130 (+19.8%), from €56,339 to €67,470
- Financial charges -€2,447
down €2,447 (-9.2%), from €26,610 to €24,163
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 | €1,074,487 | €1,042,847 | -€31,640 | -2.9% |
| Fixed assets | 21/28 | €273,944 | €266,654 | -€7,290 | -2.7% |
| Tangible fixed assets | 22/27 | €273,694 | €266,404 | -€7,290 | -2.7% |
| Land and buildings | 22 | €157,385 | €128,421 | -€28,963 | -18.4% |
| Plant, machinery and equipment | 23 | €94,489 | €103,411 | +€8,922 | +9.4% |
| Furniture and vehicles | 24 | €21,819 | €34,571 | +€12,752 | +58.4% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €800,543 | €776,193 | -€24,350 | -3.0% |
| Stocks and contracts in progress | 3 | €386,609 | €379,503 | -€7,106 | -1.8% |
| Stocks | 30/36 | €386,609 | €379,503 | -€7,106 | -1.8% |
| Amounts receivable within one year | 40/41 | €66,236 | €89,936 | +€23,700 | +35.8% |
| Trade receivables | 40 | €58,374 | €78,184 | +€19,809 | +33.9% |
| Other amounts receivable | 41 | €7,862 | €11,753 | +€3,891 | +49.5% |
| Current investments | 50/53 | €100,000 | €66,000 | -€34,000 | -34.0% |
| Cash at bank and in hand | 54/58 | €235,340 | €225,970 | -€9,371 | -4.0% |
| Deferred charges and accrued income | 490/1 | €12,358 | €14,784 | +€2,426 | +19.6% |
| Total equity and liabilities | 10/49 | €1,074,487 | €1,042,847 | -€31,640 | -2.9% |
| Equity | 10/15 | €571,168 | €597,328 | +€26,160 | +4.6% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €543,772 | €570,601 | +€26,829 | +4.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €18,085 | €18,085 | = | 0.0% |
| Distributable reserves | 133 | €525,687 | €552,517 | +€26,829 | +5.1% |
| Investment grants | 15 | €2,607 | €1,938 | -€669 | -25.7% |
| Provisions and deferred taxes | 16 | €137 | €102 | -€35 | -25.7% |
| Deferred taxes | 168 | €137 | €102 | -€35 | -25.7% |
| Amounts payable | 17/49 | €503,181 | €445,416 | -€57,765 | -11.5% |
| Amounts payable after more than one year | 17 | €85,041 | €48,108 | -€36,934 | -43.4% |
| Financial debts | 170/4 | €85,041 | €48,108 | -€36,934 | -43.4% |
| Amounts payable within one year | 42/48 | €415,577 | €392,910 | -€22,667 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | €39,300 | €36,934 | -€2,366 | -6.0% |
| Trade debts | 44 | €85,326 | €62,348 | -€22,978 | -26.9% |
| Suppliers | 440/4 | €85,326 | €62,348 | -€22,978 | -26.9% |
| Taxes, remuneration and social security | 45 | €23,446 | €6,359 | -€17,087 | -72.9% |
| Taxes | 450/3 | €23,446 | €6,359 | -€17,087 | -72.9% |
| Other amounts payable | 47/48 | €267,504 | €287,269 | +€19,764 | +7.4% |
| Accrued charges and deferred income | 492/3 | €2,563 | €4,399 | +€1,836 | +71.6% |
| Non-recurring operating income | 76A | €7,020 | €0 | -€7,020 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,339 | €67,470 | +€11,130 | +19.8% |
| Other operating charges | 640/8 | €7,140 | €8,182 | +€1,042 | +14.6% |
| Gross operating margin | 9900 | €221,223 | €135,685 | -€85,538 | -38.7% |
| Operating profit (loss) | 9901 | €157,743 | €60,034 | -€97,710 | -61.9% |
| Financial income | 75/76B | €1,610 | €2,304 | +€694 | +43.1% |
| Recurring financial income | 75 | €1,610 | €2,304 | +€694 | +43.1% |
| Financial charges | 65/66B | €26,610 | €24,163 | -€2,447 | -9.2% |
| Recurring financial charges | 65 | €26,610 | €24,163 | -€2,447 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €132,744 | €38,175 | -€94,569 | -71.2% |
| Transfer from deferred taxes | 780 | €504 | €35 | -€469 | -93.0% |
| Income taxes | 67/77 | €42,239 | €11,381 | -€30,858 | -73.1% |
| Profit (loss) for the period | 9904 | €91,009 | €26,829 | -€64,179 | -70.5% |
| Profit (loss) for the period to be appropriated | 9905 | €91,009 | €26,829 | -€64,179 | -70.5% |
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 23 October 2026 via checked.be.