HKX: 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.
HKX
Largest movements
- Tangible fixed assets +€50,868
up €50,868 (+81.4%), from €62,466 to €113,334
of which Furniture and vehicles: +€53,123
- Cash -€42,186
down €42,186 (-69.2%), from €60,981 to €18,795
mainly Investment in fixed assets (net) (-€70,851) and Receivables within one year (-€11,820)
- Receivables within one year +€11,820
up €11,820 (+80.0%), from €14,780 to €26,600
of which Trade receivables: +€12,066
- Deferred charges and accrued income +€1,689
new in 2025: €1,689
- Reserves +€12,083
up €12,083 (+11.9%), from €101,722 to €113,805
of which Distributable reserves: +€12,083
- Current portion of long-term debt +€7,784
up €7,784 (+107%), from €7,276 to €15,059
- Tax, wage and social debts +€3,981
up €3,981 (+124%), from €3,204 to €7,185
of which Remuneration and social security: +€3,500
- Financial income -€6,080
down €6,080 (-100%), from €6,080 to €0
of which Financial income: -€6,080
- Gross operating margin -€5,004
down €5,004 (-11.3%), from €44,449 to €39,445
- Depreciation +€3,444
up €3,444 (+20.8%), from €16,539 to €19,983
- Taxes -€3,318
down €3,318 (-38.4%), from €8,632 to €5,314
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 | €138,227 | €160,418 | +€22,190 | +16.1% |
| Fixed assets | 21/28 | €62,466 | €113,334 | +€50,868 | +81.4% |
| Tangible fixed assets | 22/27 | €62,466 | €113,334 | +€50,868 | +81.4% |
| Plant, machinery and equipment | 23 | €3,637 | €1,383 | -€2,254 | -62.0% |
| Furniture and vehicles | 24 | €58,828 | €111,951 | +€53,123 | +90.3% |
| Current assets | 29/58 | €75,762 | €47,084 | -€28,678 | -37.9% |
| Amounts receivable within one year | 40/41 | €14,780 | €26,600 | +€11,820 | +80.0% |
| Trade receivables | 40 | €11,640 | €23,706 | +€12,066 | +104% |
| Other amounts receivable | 41 | €3,141 | €2,894 | -€247 | -7.9% |
| Cash at bank and in hand | 54/58 | €60,981 | €18,795 | -€42,186 | -69.2% |
| Deferred charges and accrued income | 490/1 | - | €1,689 | +€1,689 | |
| Total equity and liabilities | 10/49 | €138,227 | €160,418 | +€22,190 | +16.1% |
| Equity | 10/15 | €103,722 | €115,805 | +€12,083 | +11.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €101,722 | €113,805 | +€12,083 | +11.9% |
| Non-distributable reserves | 130/1 | €200 | €200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €200 | €200 | = | 0.0% |
| Distributable reserves | 133 | €101,522 | €113,605 | +€12,083 | +11.9% |
| Amounts payable | 17/49 | €34,505 | €44,612 | +€10,107 | +29.3% |
| Amounts payable after more than one year | 17 | €16,371 | €15,102 | -€1,269 | -7.8% |
| Financial debts | 170/4 | €16,371 | €15,102 | -€1,269 | -7.8% |
| Amounts payable within one year | 42/48 | €14,899 | €27,178 | +€12,279 | +82.4% |
| Current portion of amounts payable after more than one year | 42 | €7,276 | €15,059 | +€7,784 | +107% |
| Trade debts | 44 | €515 | €115 | -€400 | -77.7% |
| Suppliers | 440/4 | €515 | €115 | -€400 | -77.7% |
| Taxes, remuneration and social security | 45 | €3,204 | €7,185 | +€3,981 | +124% |
| Taxes | 450/3 | €3,204 | €3,685 | +€481 | +15.0% |
| Remuneration and social security | 454/9 | - | €3,500 | +€3,500 | |
| Other amounts payable | 47/48 | €3,905 | €4,819 | +€915 | +23.4% |
| Accrued charges and deferred income | 492/3 | €3,235 | €2,333 | -€902 | -27.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,539 | €19,983 | +€3,444 | +20.8% |
| Other operating charges | 640/8 | €1,126 | €717 | -€409 | -36.3% |
| Gross operating margin | 9900 | €44,449 | €39,445 | -€5,004 | -11.3% |
| Operating profit (loss) | 9901 | €26,784 | €18,745 | -€8,039 | -30.0% |
| Financial income | 75/76B | €6,080 | €0 | -€6,080 | -100% |
| Recurring financial income | 75 | €6,080 | €0 | -€6,080 | -100% |
| Non-recurring financial income | 76B | €6,080 | €0 | -€6,080 | -100% |
| Financial charges | 65/66B | €1,503 | €1,347 | -€156 | -10.4% |
| Recurring financial charges | 65 | €1,503 | €1,347 | -€156 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €31,361 | €17,398 | -€13,963 | -44.5% |
| Income taxes | 67/77 | €8,632 | €5,314 | -€3,318 | -38.4% |
| Profit (loss) for the period | 9904 | €22,729 | €12,083 | -€10,646 | -46.8% |
| Profit (loss) for the period to be appropriated | 9905 | €22,729 | €12,083 | -€10,646 | -46.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.