HFSP: what changed
HFSP
Largest movements
- Financial fixed assets -€68,117
down €68,117 (-73.1%), from €93,120 to €25,003
- Receivables within one year -€19,849
down €19,849 (-9.7%), from €203,711 to €183,861
of which Trade receivables: -€19,657
- Tangible fixed assets -€10,249
down €10,249 (-27.8%), from €36,897 to €26,648
of which Leasing and similar rights: -€8,510
- Cash -€7,858
down €7,858 (-61.5%), from €12,775 to €4,917
mainly Net result for the year (-€122,105) and Tax, wage and social debts (-€38,971)
- Profit (loss) carried forward -€122,105
down €122,105 (-55.7%), from €219,263 to €97,157
- Other debts +€79,038
up €79,038 (+181%), from €43,563 to €122,601
- Tax, wage and social debts -€38,971
down €38,971 (-98.7%), from €39,488 to €516
- Trade debts -€17,053
down €17,053 (-99.1%), from €17,201 to €148
- Debts after one year -€6,761
down €6,761 (-32.2%), from €21,000 to €14,239
- Financial charges +€66,381
up €66,381 (+2,783%), from €2,385 to €68,767
of which Non-recurring financial charges: +€66,950
- Financial income -€37,516
no longer reported in 2025 (was €37,516)
- Gross operating margin -€33,763
down €33,763 (-427%), from -€7,912 to -€41,675
- Taxes -€3,772
down €3,772 (-95.8%), from €3,937 to €166
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €348,639 | €242,719 | -€105,920 | -30.4% |
| Fixed assets | 21/28 | €130,017 | €51,651 | -€78,366 | -60.3% |
| Tangible fixed assets | 22/27 | €36,897 | €26,648 | -€10,249 | -27.8% |
| Furniture and vehicles | 24 | €2,788 | €1,049 | -€1,739 | -62.4% |
| Leasing and similar rights | 25 | €34,109 | €25,599 | -€8,510 | -24.9% |
| Financial fixed assets | 28 | €93,120 | €25,003 | -€68,117 | -73.1% |
| Current assets | 29/58 | €218,622 | €191,068 | -€27,553 | -12.6% |
| Amounts receivable within one year | 40/41 | €203,711 | €183,861 | -€19,849 | -9.7% |
| Trade receivables | 40 | €19,657 | - | -€19,657 | |
| Other amounts receivable | 41 | €184,053 | €183,861 | -€192 | -0.1% |
| Cash at bank and in hand | 54/58 | €12,775 | €4,917 | -€7,858 | -61.5% |
| Deferred charges and accrued income | 490/1 | €2,136 | €2,290 | +€154 | +7.2% |
| Total equity and liabilities | 10/49 | €348,639 | €242,719 | -€105,920 | -30.4% |
| Equity | 10/15 | €220,263 | €98,157 | -€122,105 | -55.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €219,263 | €97,157 | -€122,105 | -55.7% |
| Amounts payable | 17/49 | €128,376 | €144,562 | +€16,186 | +12.6% |
| Amounts payable after more than one year | 17 | €21,000 | €14,239 | -€6,761 | -32.2% |
| Financial debts | 170/4 | €21,000 | €14,239 | -€6,761 | -32.2% |
| Amounts payable within one year | 42/48 | €106,784 | €130,026 | +€23,242 | +21.8% |
| Current portion of amounts payable after more than one year | 42 | €6,533 | €6,761 | +€228 | +3.5% |
| Trade debts | 44 | €17,201 | €148 | -€17,053 | -99.1% |
| Suppliers | 440/4 | €17,201 | €148 | -€17,053 | -99.1% |
| Taxes, remuneration and social security | 45 | €39,488 | €516 | -€38,971 | -98.7% |
| Taxes | 450/3 | €39,488 | €516 | -€38,971 | -98.7% |
| Other amounts payable | 47/48 | €43,563 | €122,601 | +€79,038 | +181% |
| Accrued charges and deferred income | 492/3 | €592 | €297 | -€296 | -49.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,989 | €10,249 | +€259 | +2.6% |
| Other operating charges | 640/8 | €1,640 | €1,249 | -€391 | -23.9% |
| Gross operating margin | 9900 | -€7,912 | -€41,675 | -€33,763 | -427% |
| Operating profit (loss) | 9901 | -€19,542 | -€53,173 | -€33,631 | -172% |
| Financial income | 75/76B | €37,516 | - | -€37,516 | |
| Recurring financial income | 75 | €37,516 | - | -€37,516 | |
| Financial charges | 65/66B | €2,385 | €68,767 | +€66,381 | +2,783% |
| Recurring financial charges | 65 | €2,385 | €1,817 | -€568 | -23.8% |
| Non-recurring financial charges | 66B | - | €66,950 | +€66,950 | |
| Profit (loss) for the period before taxes | 9903 | €15,589 | -€121,940 | -€137,529 | |
| Income taxes | 67/77 | €3,937 | €166 | -€3,772 | -95.8% |
| Profit (loss) for the period | 9904 | €11,652 | -€122,105 | -€133,757 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,652 | -€122,105 | -€133,757 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.