Hilltop group: what changed
Two fiscal 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.
Hilltop group
Largest movements
- Receivables within one year +€561,712
up €561,712 (+55.5%), from €1.0m to €1.6m
of which Other amounts receivable: +€520,677
- Stocks and contracts +€362,881
up €362,881 (+240.8%), from €150,705 to €513,586
- Cash +€22,259
up €22,259 (+85.4%), from €26,072 to €48,332
mainly Trade debts (+€915,063) and Net result for the year (+€44,374)
- Trade debts +€915,063
up €915,063 (+140.1%), from €653,333 to €1.6m
- Reserves +€44,374
up €44,374 (+9.1%), from €485,575 to €529,949
- Financial income +€52,811
up €52,811 (+245.2%), from €21,535 to €74,346
- Taxes +€18,688
up €18,688 (+319.9%), from €5,843 to €24,531
- Gross operating margin +€7,937
up €7,937 (+80.7%), from €9,833 to €17,769
- Financial charges +€6,364
up €6,364 (+92.2%), from €6,905 to €13,269
- Depreciation +€3,334
up €3,334 (+64.8%), from €5,141 to €8,475
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.
Cash bridge derived
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 | €1,205,183 | €2,159,211 | +€954,028 | +79.2% |
| Fixed assets | 21/28 | €14,679 | €19,381 | +€4,702 | +32.0% |
| Tangible fixed assets | 22/27 | €14,679 | €19,381 | +€4,702 | +32.0% |
| Furniture and vehicles | 24 | €14,679 | €19,381 | +€4,702 | +32.0% |
| Current assets | 29/58 | €1,190,504 | €2,139,830 | +€949,326 | +79.7% |
| Stocks and contracts in progress | 3 | €150,705 | €513,586 | +€362,881 | +240.8% |
| Stocks | 30/36 | €150,705 | €513,586 | +€362,881 | +240.8% |
| Amounts receivable within one year | 40/41 | €1,011,587 | €1,573,300 | +€561,712 | +55.5% |
| Trade receivables | 40 | €94,972 | €136,007 | +€41,035 | +43.2% |
| Other amounts receivable | 41 | €916,616 | €1,437,293 | +€520,677 | +56.8% |
| Cash at bank and in hand | 54/58 | €26,072 | €48,332 | +€22,259 | +85.4% |
| Deferred charges and accrued income | 490/1 | €2,140 | €4,613 | +€2,473 | +115.5% |
| Total equity and liabilities | 10/49 | €1,205,183 | €2,159,211 | +€954,028 | +79.2% |
| Equity | 10/15 | €498,147 | €542,520 | +€44,374 | +8.9% |
| Contributions | 10/11 | €12,571 | €12,571 | = | 0.0% |
| Reserves | 13 | €485,575 | €529,949 | +€44,374 | +9.1% |
| Distributable reserves | 133 | €485,575 | €529,949 | +€44,374 | +9.1% |
| Provisions and deferred taxes | 16 | €17,309 | €17,309 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €17,309 | €17,309 | = | 0.0% |
| Pensions and similar obligations | 160 | €17,309 | €17,309 | = | 0.0% |
| Amounts payable | 17/49 | €689,728 | €1,599,382 | +€909,654 | +131.9% |
| Amounts payable within one year | 42/48 | €689,728 | €1,599,382 | +€909,654 | +131.9% |
| Trade debts | 44 | €653,333 | €1,568,396 | +€915,063 | +140.1% |
| Suppliers | 440/4 | €653,333 | €1,568,396 | +€915,063 | +140.1% |
| Taxes, remuneration and social security | 45 | €36,396 | €30,987 | -€5,409 | -14.9% |
| Taxes | 450/3 | €36,396 | €30,987 | -€5,409 | -14.9% |
| Non-recurring operating income | 76A | - | €2,479 | +€2,479 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,141 | €8,475 | +€3,334 | +64.8% |
| Other operating charges | 640/8 | €1,445 | €1,467 | +€22 | +1.5% |
| Non-recurring operating charges | 66A | €2,220 | - | -€2,220 | |
| Gross operating margin | 9900 | €9,833 | €17,769 | +€7,937 | +80.7% |
| Operating profit (loss) | 9901 | €1,026 | €7,827 | +€6,801 | +662.7% |
| Financial income | 75/76B | €21,535 | €74,346 | +€52,811 | +245.2% |
| Recurring financial income | 75 | €21,535 | €74,346 | +€52,811 | +245.2% |
| Financial charges | 65/66B | €6,905 | €13,269 | +€6,364 | +92.2% |
| Recurring financial charges | 65 | €6,905 | €13,269 | +€6,364 | +92.2% |
| Profit (loss) for the period before taxes | 9903 | €15,657 | €68,904 | +€53,248 | +340.1% |
| Income taxes | 67/77 | €5,843 | €24,531 | +€18,688 | +319.9% |
| Profit (loss) for the period | 9904 | €9,814 | €44,374 | +€34,559 | +352.1% |
| Profit (loss) for the period to be appropriated | 9905 | €9,814 | €44,374 | +€34,559 | +352.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.