Hay S.T.: 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.
Hay S.T.
Largest movements
- Deferred charges and accrued income +€6,515
up €6,515 (+124%), from €5,270 to €11,784
- Tangible fixed assets -€5,817
down €5,817 (-21.4%), from €27,167 to €21,349
of which Furniture and vehicles: -€9,545
- Receivables within one year +€5,508
up €5,508 (+22.6%), from €24,368 to €29,875
of which Other amounts receivable: +€7,285
- Stocks and contracts +€3,569
up €3,569 (+17.2%), from €20,791 to €24,360
- Cash +€1,649
up €1,649 (+3.3%), from €49,341 to €50,990
mainly Net result for the year (+€52,985) and Depreciation (+€14,017)
- Profit (loss) carried forward +€8,030
up €8,030 (+17.9%), from €44,955 to €52,985
- Trade debts +€3,998
up €3,998 (+9.7%), from €41,086 to €45,084
- Other debts -€2,515
down €2,515 (-100%), from €2,515 to €0
- Staff costs -€27,597
down €27,597 (-11.8%), from €234,653 to €207,056
- Gross operating margin -€14,300
down €14,300 (-4.7%), from €302,471 to €288,171
- Depreciation +€3,483
up €3,483 (+33.1%), from €10,534 to €14,017
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 | €133,686 | €144,359 | +€10,673 | +8.0% |
| Fixed assets | 21/28 | €33,917 | €27,349 | -€6,567 | -19.4% |
| Intangible fixed assets | 21 | €6,750 | €6,000 | -€750 | -11.1% |
| Tangible fixed assets | 22/27 | €27,167 | €21,349 | -€5,817 | -21.4% |
| Plant, machinery and equipment | 23 | €0 | €5,599 | +€5,599 | +2,946,811% |
| Furniture and vehicles | 24 | €18,431 | €8,886 | -€9,545 | -51.8% |
| Other tangible fixed assets | 26 | €8,736 | €6,864 | -€1,871 | -21.4% |
| Current assets | 29/58 | €99,770 | €117,010 | +€17,240 | +17.3% |
| Stocks and contracts in progress | 3 | €20,791 | €24,360 | +€3,569 | +17.2% |
| Stocks | 30/36 | €20,791 | €24,360 | +€3,569 | +17.2% |
| Amounts receivable within one year | 40/41 | €24,368 | €29,875 | +€5,508 | +22.6% |
| Trade receivables | 40 | €13,436 | €11,659 | -€1,777 | -13.2% |
| Other amounts receivable | 41 | €10,932 | €18,217 | +€7,285 | +66.6% |
| Cash at bank and in hand | 54/58 | €49,341 | €50,990 | +€1,649 | +3.3% |
| Deferred charges and accrued income | 490/1 | €5,270 | €11,784 | +€6,515 | +124% |
| Total equity and liabilities | 10/49 | €133,686 | €144,359 | +€10,673 | +8.0% |
| Equity | 10/15 | €53,015 | €61,045 | +€8,030 | +15.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,955 | €52,985 | +€8,030 | +17.9% |
| Amounts payable | 17/49 | €80,671 | €83,314 | +€2,643 | +3.3% |
| Amounts payable within one year | 42/48 | €80,671 | €83,314 | +€2,643 | +3.3% |
| Trade debts | 44 | €41,086 | €45,084 | +€3,998 | +9.7% |
| Suppliers | 440/4 | €41,086 | €45,084 | +€3,998 | +9.7% |
| Advances received on contracts in progress | 46 | €189 | €519 | +€330 | +175% |
| Taxes, remuneration and social security | 45 | €36,882 | €37,711 | +€830 | +2.2% |
| Taxes | 450/3 | €3,320 | €3,304 | -€16 | -0.5% |
| Remuneration and social security | 454/9 | €33,562 | €34,408 | +€846 | +2.5% |
| Other amounts payable | 47/48 | €2,515 | €0 | -€2,515 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €234,653 | €207,056 | -€27,597 | -11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,534 | €14,017 | +€3,483 | +33.1% |
| Other operating charges | 640/8 | €7,211 | €7,196 | -€15 | -0.2% |
| Gross operating margin | 9900 | €302,471 | €288,171 | -€14,300 | -4.7% |
| Operating profit (loss) | 9901 | €50,073 | €59,903 | +€9,829 | +19.6% |
| Financial charges | 65/66B | €1,799 | €3,614 | +€1,815 | +101% |
| Recurring financial charges | 65 | €1,799 | €3,614 | +€1,815 | +101% |
| Profit (loss) for the period before taxes | 9903 | €48,274 | €56,288 | +€8,014 | +16.6% |
| Income taxes | 67/77 | €3,320 | €3,304 | -€16 | -0.5% |
| Profit (loss) for the period | 9904 | €44,955 | €52,985 | +€8,030 | +17.9% |
| Profit (loss) for the period to be appropriated | 9905 | €44,955 | €52,985 | +€8,030 | +17.9% |
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 22 October 2026 via checked.be.