Hi.Ro.: 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.
Hi.Ro.
Largest movements
- Receivables within one year +€16,728
up €16,728 (+2,028%), from €825 to €17,552
of which Trade receivables: +€17,545
- Cash -€10,062
down €10,062 (-24.5%), from €41,048 to €30,986
mainly Contributions, distributions and other (-€130,000) and Debts after one year (-€32,188)
- Other debts +€106,632
up €106,632 (+997%), from €10,694 to €117,326
- Reserves -€94,858
down €94,858 (-73.2%), from €129,658 to €34,801
- Debts after one year -€32,188
down €32,188 (-16.0%), from €201,113 to €168,925
- Tax, wage and social debts +€23,823
up €23,823 (+161%), from €14,761 to €38,583
- Financial charges -€7,209
down €7,209 (-65.5%), from €11,005 to €3,796
- Gross operating margin +€3,397
up €3,397 (+6.4%), from €53,400 to €56,796
- Taxes +€3,106
up €3,106 (+27.8%), from €11,165 to €14,271
- Depreciation +€892
up €892 (+44.7%), from €1,997 to €2,889
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 | €410,233 | €414,854 | +€4,622 | +1.1% |
| Fixed assets | 21/28 | €367,078 | €364,188 | -€2,889 | -0.8% |
| Tangible fixed assets | 22/27 | €17,078 | €14,188 | -€2,889 | -16.9% |
| Land and buildings | 22 | €3,065 | €3,065 | = | 0.0% |
| Plant, machinery and equipment | 23 | €831 | €467 | -€364 | -43.8% |
| Other tangible fixed assets | 26 | €13,181 | €10,656 | -€2,525 | -19.2% |
| Financial fixed assets | 28 | €350,000 | €350,000 | = | 0.0% |
| Current assets | 29/58 | €43,155 | €50,666 | +€7,511 | +17.4% |
| Amounts receivable within one year | 40/41 | €825 | €17,552 | +€16,728 | +2,028% |
| Trade receivables | 40 | - | €17,545 | +€17,545 | |
| Other amounts receivable | 41 | €825 | €7 | -€817 | -99.1% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €41,048 | €30,986 | -€10,062 | -24.5% |
| Deferred charges and accrued income | 490/1 | €1,282 | €2,128 | +€846 | +66.0% |
| Total equity and liabilities | 10/49 | €410,233 | €414,854 | +€4,622 | +1.1% |
| Equity | 10/15 | €149,658 | €54,801 | -€94,858 | -63.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €129,658 | €34,801 | -€94,858 | -73.2% |
| Distributable reserves | 133 | €129,658 | €34,801 | -€94,858 | -73.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €260,574 | €360,054 | +€99,479 | +38.2% |
| Amounts payable after more than one year | 17 | €201,113 | €168,925 | -€32,188 | -16.0% |
| Financial debts | 170/4 | €201,113 | €168,925 | -€32,188 | -16.0% |
| Amounts payable within one year | 42/48 | €59,461 | €191,129 | +€131,668 | +221% |
| Current portion of amounts payable after more than one year | 42 | €31,870 | €32,188 | +€319 | +1.0% |
| Trade debts | 44 | €2,137 | €3,031 | +€894 | +41.8% |
| Suppliers | 440/4 | €2,137 | €3,031 | +€894 | +41.8% |
| Taxes, remuneration and social security | 45 | €14,761 | €38,583 | +€23,823 | +161% |
| Taxes | 450/3 | €14,761 | €38,583 | +€23,823 | +161% |
| Other amounts payable | 47/48 | €10,694 | €117,326 | +€106,632 | +997% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,997 | €2,889 | +€892 | +44.7% |
| Other operating charges | 640/8 | €1,067 | €809 | -€258 | -24.2% |
| Gross operating margin | 9900 | €53,400 | €56,796 | +€3,397 | +6.4% |
| Operating profit (loss) | 9901 | €50,336 | €53,098 | +€2,762 | +5.5% |
| Financial income | 75/76B | €45 | €112 | +€67 | +148% |
| Recurring financial income | 75 | €45 | €112 | +€67 | +148% |
| Financial charges | 65/66B | €11,005 | €3,796 | -€7,209 | -65.5% |
| Recurring financial charges | 65 | €11,005 | €3,796 | -€7,209 | -65.5% |
| Profit (loss) for the period before taxes | 9903 | €39,376 | €49,414 | +€10,038 | +25.5% |
| Income taxes | 67/77 | €11,165 | €14,271 | +€3,106 | +27.8% |
| Profit (loss) for the period | 9904 | €28,211 | €35,142 | +€6,931 | +24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €28,211 | €35,142 | +€6,931 | +24.6% |
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 18 October 2026 via checked.be.