HL: 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.
HL
Largest movements
- Tangible fixed assets -€42,160
down €42,160 (-3.0%), from €1.4m to €1.4m
of which Land and buildings: -€50,692
- Receivables within one year -€20,627
down €20,627 (-99.6%), from €20,715 to €89
- Debts after one year -€37,725
down €37,725 (-3.4%), from €1.1m to €1.1m
- Reserves -€22,909
down €22,909 (-9.9%), from €232,135 to €209,227
- Current portion of long-term debt -€15,595
down €15,595 (-14.1%), from €110,273 to €94,678
- Gross operating margin -€65,414
down €65,414 (-21.8%), from €299,987 to €234,573
- Depreciation -€18,523
down €18,523 (-15.2%), from €122,035 to €103,512
- Taxes -€12,134
down €12,134 (-37.1%), from €32,709 to €20,575
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 | €1,540,124 | €1,479,231 | -€60,894 | -4.0% |
| Fixed assets | 21/28 | €1,401,786 | €1,359,625 | -€42,160 | -3.0% |
| Tangible fixed assets | 22/27 | €1,401,786 | €1,359,625 | -€42,160 | -3.0% |
| Land and buildings | 22 | €1,319,292 | €1,268,600 | -€50,692 | -3.8% |
| Plant, machinery and equipment | 23 | €17,164 | €4,098 | -€13,065 | -76.1% |
| Furniture and vehicles | 24 | €65,330 | €86,927 | +€21,597 | +33.1% |
| Current assets | 29/58 | €138,339 | €119,605 | -€18,733 | -13.5% |
| Amounts receivable within one year | 40/41 | €20,715 | €89 | -€20,627 | -99.6% |
| Other amounts receivable | 41 | €20,715 | €89 | -€20,627 | -99.6% |
| Cash at bank and in hand | 54/58 | €115,117 | €107,826 | -€7,292 | -6.3% |
| Deferred charges and accrued income | 490/1 | €2,506 | €11,691 | +€9,186 | +367% |
| Total equity and liabilities | 10/49 | €1,540,124 | €1,479,231 | -€60,894 | -4.0% |
| Equity | 10/15 | €234,635 | €211,727 | -€22,909 | -9.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €232,135 | €209,227 | -€22,909 | -9.9% |
| Distributable reserves | 133 | €232,135 | €209,227 | -€22,909 | -9.9% |
| Amounts payable | 17/49 | €1,305,489 | €1,267,504 | -€37,985 | -2.9% |
| Amounts payable after more than one year | 17 | €1,114,840 | €1,077,115 | -€37,725 | -3.4% |
| Financial debts | 170/4 | €1,114,840 | €1,077,115 | -€37,725 | -3.4% |
| Amounts payable within one year | 42/48 | €182,567 | €182,303 | -€264 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | €110,273 | €94,678 | -€15,595 | -14.1% |
| Trade debts | 44 | €5,558 | €965 | -€4,592 | -82.6% |
| Suppliers | 440/4 | €5,558 | €965 | -€4,592 | -82.6% |
| Taxes, remuneration and social security | 45 | - | €7,184 | +€7,184 | |
| Taxes | 450/3 | - | €7,184 | +€7,184 | |
| Other amounts payable | 47/48 | €66,737 | €79,476 | +€12,739 | +19.1% |
| Accrued charges and deferred income | 492/3 | €8,081 | €8,086 | +€4 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,035 | €103,512 | -€18,523 | -15.2% |
| Other operating charges | 640/8 | €14,029 | €14,952 | +€922 | +6.6% |
| Non-recurring operating charges | 66A | - | €939 | +€939 | |
| Gross operating margin | 9900 | €299,987 | €234,573 | -€65,414 | -21.8% |
| Operating profit (loss) | 9901 | €163,923 | €115,170 | -€48,752 | -29.7% |
| Financial charges | 65/66B | €42,661 | €42,314 | -€347 | -0.8% |
| Recurring financial charges | 65 | €42,661 | €42,314 | -€347 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €121,261 | €72,856 | -€48,405 | -39.9% |
| Income taxes | 67/77 | €32,709 | €20,575 | -€12,134 | -37.1% |
| Profit (loss) for the period | 9904 | €88,553 | €52,282 | -€36,271 | -41.0% |
| Profit (loss) for the period to be appropriated | 9905 | €88,553 | €52,282 | -€36,271 | -41.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.