HIRO: 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.
What changed
HIRO
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€64,560
2024 · €226,449-€161,889
Equity
€13.2m
2024 · €3.7m+€9.5m
Cash
€267,063
2024 · €546,896-€279,833
Balance sheet total
€14.8m
2024 · €5.8m+€9.0m
Largest movements
Assets
- Tangible fixed assets +€9.3m
up €9.3m (+186%), from €5.0m to €14.4m
of which Land and buildings: +€9.3m
- Cash -€279,833
down €279,833 (-51.2%), from €546,896 to €267,063
mainly Investment in fixed assets (net) (-€9.5m) and Other debts (-€321,293)
Equity and liabilities
- Revaluation surpluses +€9.5m
new in 2025: €9.5m
- Other debts -€321,293
down €321,293 (-89.1%), from €360,418 to €39,125
Income statement
- Gross operating margin -€137,932
down €137,932 (-27.2%), from €507,622 to €369,689
- Taxes +€75,090
up €75,090 (+1,011%), from €7,431 to €82,520
- Staff costs -€40,366
down €40,366, from €33,751 to -€6,615
- Depreciation -€9,390
down €9,390 (-4.4%), from €212,531 to €203,140
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.
Result 2024
€226,449
Gross operating margin
-€137,932
Staff costs
+€40,366
Depreciation
+€9,390
Other operating charges
+€1,540
Financial income
+€1
Financial charges
-€164
Taxes
-€75,090
Result 2025
€64,560
raises the resultlowers the result
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.
From operations
-€105,480
Investment
-€9.5m
Financing
+€9.4m
Cash 2024
€546,896
From operations (derived)
-€105,480
Net result for the year
+€64,560
Depreciation
+€203,140
Stocks and contracts
+€34,023
Smaller working-capital items
+€4,123
Provisions
-€28,899
Tax, wage and social debts
-€61,134
Other debts
-€321,293
Investment (derived)
-€9.5m
Investment in fixed assets (net)
-€9.5m
Financing
+€9.4m
Debts after one year
-€89,476
Current portion of long-term debt
+€838
Contributions, distributions and other
+€9.4m
Cash 2025
€267,063
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,751,101 | €14,768,926 | +€9.0m | +157% |
| Fixed assets | 21/28 | €5,026,455 | €14,355,314 | +€9.3m | +186% |
| Tangible fixed assets | 22/27 | €5,026,455 | €14,355,314 | +€9.3m | +186% |
| Land and buildings | 22 | €4,922,060 | €14,267,008 | +€9.3m | +190% |
| Plant, machinery and equipment | 23 | €1,555 | €1,022 | -€533 | -34.3% |
| Furniture and vehicles | 24 | €12,680 | €11,031 | -€1,649 | -13.0% |
| Other tangible fixed assets | 26 | €90,161 | €76,253 | -€13,907 | -15.4% |
| Current assets | 29/58 | €724,646 | €413,611 | -€311,035 | -42.9% |
| Stocks and contracts in progress | 3 | €34,023 | - | -€34,023 | |
| Stocks | 30/36 | €34,023 | - | -€34,023 | |
| Amounts receivable within one year | 40/41 | €4,719 | €4,252 | -€467 | -9.9% |
| Other amounts receivable | 41 | €4,719 | €4,252 | -€467 | -9.9% |
| Current investments | 50/53 | €131,599 | €131,599 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €546,896 | €267,063 | -€279,833 | -51.2% |
| Deferred charges and accrued income | 490/1 | €7,409 | €10,697 | +€3,288 | +44.4% |
| Total equity and liabilities | 10/49 | €5,751,101 | €14,768,926 | +€9.0m | +157% |
| Equity | 10/15 | €3,661,280 | €13,172,126 | +€9.5m | +260% |
| Contributions | 10/11 | €1,201,829 | €1,201,829 | = | 0.0% |
| Capital | 10 | €1,201,829 | €1,201,829 | = | 0.0% |
| Issued capital | 100 | €1,201,829 | €1,201,829 | = | 0.0% |
| Revaluation surpluses | 12 | - | €9,532,000 | +€9.5m | |
| Reserves | 13 | €2,416,468 | €2,341,960 | -€74,508 | -3.1% |
| Non-distributable reserves | 130/1 | €96,723 | €96,723 | = | 0.0% |
| Legal reserve | 130 | €88,866 | €88,866 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,256 | €6,256 | = | 0.0% |
| Other | 1319 | €1,601 | €1,601 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,409,612 | €1,335,104 | -€74,508 | -5.3% |
| Distributable reserves | 133 | €910,133 | €910,133 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,982 | €96,337 | +€53,354 | +124% |
| Provisions and deferred taxes | 16 | €547,582 | €518,683 | -€28,899 | -5.3% |
| Deferred taxes | 168 | €547,582 | €518,683 | -€28,899 | -5.3% |
| Amounts payable | 17/49 | €1,542,239 | €1,078,117 | -€464,122 | -30.1% |
| Amounts payable after more than one year | 17 | €992,340 | €902,864 | -€89,476 | -9.0% |
| Financial debts | 170/4 | €992,340 | €902,864 | -€89,476 | -9.0% |
| Amounts payable within one year | 42/48 | €549,899 | €175,253 | -€374,646 | -68.1% |
| Current portion of amounts payable after more than one year | 42 | €88,638 | €89,476 | +€838 | +0.9% |
| Trade debts | 44 | €4,825 | €11,769 | +€6,944 | +144% |
| Suppliers | 440/4 | €4,825 | €11,769 | +€6,944 | +144% |
| Taxes, remuneration and social security | 45 | €96,017 | €34,883 | -€61,134 | -63.7% |
| Taxes | 450/3 | €89,401 | €34,883 | -€54,519 | -61.0% |
| Remuneration and social security | 454/9 | €6,615 | - | -€6,615 | |
| Other amounts payable | 47/48 | €360,418 | €39,125 | -€321,293 | -89.1% |
| Remuneration, social security and pensions | 62 | €33,751 | -€6,615 | -€40,366 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €212,531 | €203,140 | -€9,390 | -4.4% |
| Other operating charges | 640/8 | €44,858 | €43,318 | -€1,540 | -3.4% |
| Gross operating margin | 9900 | €507,622 | €369,689 | -€137,932 | -27.2% |
| Operating profit (loss) | 9901 | €216,482 | €129,846 | -€86,636 | -40.0% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €11,502 | €11,666 | +€164 | +1.4% |
| Recurring financial charges | 65 | €11,502 | €11,666 | +€164 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | €204,980 | €118,182 | -€86,799 | -42.3% |
| Transfer from deferred taxes | 780 | €28,899 | €28,899 | = | 0.0% |
| Income taxes | 67/77 | €7,431 | €82,520 | +€75,090 | +1,011% |
| Profit (loss) for the period | 9904 | €226,449 | €64,560 | -€161,889 | -71.5% |
| Transfer from tax-exempt reserves | 789 | €74,508 | €74,508 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €300,957 | €139,069 | -€161,889 | -53.8% |
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 24 October 2026 via checked.be.