HILIGSMANN FRERES: 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.
HILIGSMANN FRERES
Largest movements
- Tangible fixed assets -€34,756
down €34,756 (-14.6%), from €238,664 to €203,908
of which Leasing and similar rights: -€25,062
- Stocks and contracts -€27,057
down €27,057 (-20.3%), from €133,182 to €106,125
- Cash -€17,512
down €17,512 (-94.3%), from €18,566 to €1,054
mainly Other debts (-€78,273) and Net result for the year (-€74,724)
- Receivables within one year +€10,090
up €10,090 (+28.5%), from €35,452 to €45,542
of which Trade receivables: +€12,249
- Other debts -€78,273
no longer reported in 2025 (was €78,273)
- Profit (loss) carried forward -€74,724
down €74,724, from €19,198 to -€55,526
- Debts after one year +€62,686
up €62,686 (+28.8%), from €217,967 to €280,653
of which Other amounts payable: +€97,337
- Trade debts +€17,319
up €17,319 (+40.2%), from €43,032 to €60,351
- Tax, wage and social debts -€13,243
down €13,243 (-47.2%), from €28,065 to €14,822
of which Remuneration and social security: -€9,857
- Gross operating margin -€10,976
down €10,976 (-5.1%), from €213,171 to €202,195
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 | €438,074 | €366,642 | -€71,432 | -16.3% |
| Fixed assets | 21/28 | €242,035 | €205,282 | -€36,753 | -15.2% |
| Intangible fixed assets | 21 | €3,321 | €1,324 | -€1,997 | -60.1% |
| Tangible fixed assets | 22/27 | €238,664 | €203,908 | -€34,756 | -14.6% |
| Plant, machinery and equipment | 23 | €37,170 | €27,371 | -€9,799 | -26.4% |
| Furniture and vehicles | 24 | €27,394 | €17,558 | -€9,836 | -35.9% |
| Leasing and similar rights | 25 | €135,391 | €110,329 | -€25,062 | -18.5% |
| Other tangible fixed assets | 26 | €38,709 | €48,650 | +€9,941 | +25.7% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €196,039 | €161,360 | -€34,679 | -17.7% |
| Stocks and contracts in progress | 3 | €133,182 | €106,125 | -€27,057 | -20.3% |
| Stocks | 30/36 | €133,182 | €106,125 | -€27,057 | -20.3% |
| Amounts receivable within one year | 40/41 | €35,452 | €45,542 | +€10,090 | +28.5% |
| Trade receivables | 40 | €32,706 | €44,955 | +€12,249 | +37.5% |
| Other amounts receivable | 41 | €2,746 | €587 | -€2,159 | -78.6% |
| Cash at bank and in hand | 54/58 | €18,566 | €1,054 | -€17,512 | -94.3% |
| Deferred charges and accrued income | 490/1 | €8,839 | €8,639 | -€200 | -2.3% |
| Total equity and liabilities | 10/49 | €438,074 | €366,642 | -€71,432 | -16.3% |
| Equity | 10/15 | €33,458 | -€41,266 | -€74,724 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 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 | €19,198 | -€55,526 | -€74,724 | |
| Amounts payable | 17/49 | €404,616 | €407,908 | +€3,292 | +0.8% |
| Amounts payable after more than one year | 17 | €217,967 | €280,653 | +€62,686 | +28.8% |
| Financial debts | 170/4 | €123,170 | €88,519 | -€34,651 | -28.1% |
| Other amounts payable | 178/9 | €94,797 | €192,134 | +€97,337 | +103% |
| Amounts payable within one year | 42/48 | €182,647 | €117,254 | -€65,393 | -35.8% |
| Current portion of amounts payable after more than one year | 42 | €33,277 | €34,651 | +€1,374 | +4.1% |
| Trade debts | 44 | €43,032 | €60,351 | +€17,319 | +40.2% |
| Suppliers | 440/4 | €43,032 | €60,351 | +€17,319 | +40.2% |
| Advances received on contracts in progress | 46 | - | €7,430 | +€7,430 | |
| Taxes, remuneration and social security | 45 | €28,065 | €14,822 | -€13,243 | -47.2% |
| Taxes | 450/3 | €3,632 | €246 | -€3,386 | -93.2% |
| Remuneration and social security | 454/9 | €24,433 | €14,576 | -€9,857 | -40.3% |
| Other amounts payable | 47/48 | €78,273 | - | -€78,273 | |
| Accrued charges and deferred income | 492/3 | €4,002 | €10,001 | +€5,999 | +150% |
| Remuneration, social security and pensions | 62 | €207,975 | €208,245 | +€270 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,007 | €58,158 | +€151 | +0.3% |
| Other operating charges | 640/8 | €4,912 | €4,039 | -€873 | -17.8% |
| Gross operating margin | 9900 | €213,171 | €202,195 | -€10,976 | -5.1% |
| Operating profit (loss) | 9901 | -€57,723 | -€68,247 | -€10,524 | -18.2% |
| Financial charges | 65/66B | €7,403 | €6,337 | -€1,066 | -14.4% |
| Recurring financial charges | 65 | €7,403 | €6,337 | -€1,066 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | -€65,126 | -€74,584 | -€9,458 | -14.5% |
| Income taxes | 67/77 | €105 | €140 | +€35 | +33.3% |
| Profit (loss) for the period | 9904 | -€65,231 | -€74,724 | -€9,493 | -14.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€65,231 | -€74,724 | -€9,493 | -14.6% |
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 31 October 2026 via checked.be.