HL ADVIES: 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 ADVIES
Largest movements
- Current investments +€121,535
up €121,535 (+46.4%), from €261,982 to €383,517
- Receivables within one year +€58,651
up €58,651 (+13.2%), from €445,898 to €504,549
of which Trade receivables: +€111,000
- Cash +€29,845
up €29,845 (+108%), from €27,554 to €57,399
mainly Net result for the year (+€386,340) and Other debts (+€222,621)
- Financial fixed assets +€25,000
up €25,000 (+41.6%), from €60,150 to €85,150
- Other debts +€222,621
up €222,621 (+949%), from €23,459 to €246,080
- Tax, wage and social debts +€49,599
up €49,599 (+142%), from €34,861 to €84,460
- Debts after one year -€24,594
down €24,594 (-6.4%), from €384,881 to €360,287
- Reserves -€22,650
down €22,650 (-2.7%), from €851,072 to €828,422
of which Distributable reserves: -€22,650
- Gross operating margin +€175,111
up €175,111 (+43.2%), from €405,514 to €580,625
- Taxes +€56,908
up €56,908 (+47.3%), from €120,352 to €177,260
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 | €1,338,071 | €1,563,548 | +€225,476 | +16.9% |
| Fixed assets | 21/28 | €589,369 | €604,653 | +€15,284 | +2.6% |
| Tangible fixed assets | 22/27 | €529,219 | €519,503 | -€9,716 | -1.8% |
| Land and buildings | 22 | €514,479 | €503,560 | -€10,919 | -2.1% |
| Plant, machinery and equipment | 23 | €3,771 | €3,323 | -€448 | -11.9% |
| Furniture and vehicles | 24 | €10,968 | €5,620 | -€5,349 | -48.8% |
| Other tangible fixed assets | 26 | - | €7,000 | +€7,000 | |
| Financial fixed assets | 28 | €60,150 | €85,150 | +€25,000 | +41.6% |
| Current assets | 29/58 | €748,703 | €958,895 | +€210,192 | +28.1% |
| Stocks and contracts in progress | 3 | €12,659 | €12,659 | = | 0.0% |
| Stocks | 30/36 | €12,659 | €12,659 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €445,898 | €504,549 | +€58,651 | +13.2% |
| Trade receivables | 40 | €261,000 | €372,000 | +€111,000 | +42.5% |
| Other amounts receivable | 41 | €184,898 | €132,549 | -€52,349 | -28.3% |
| Current investments | 50/53 | €261,982 | €383,517 | +€121,535 | +46.4% |
| Cash at bank and in hand | 54/58 | €27,554 | €57,399 | +€29,845 | +108% |
| Deferred charges and accrued income | 490/1 | €609 | €771 | +€161 | +26.4% |
| Total equity and liabilities | 10/49 | €1,338,071 | €1,563,548 | +€225,476 | +16.9% |
| Equity | 10/15 | €869,933 | €847,324 | -€22,610 | -2.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €851,072 | €828,422 | -€22,650 | -2.7% |
| Tax-exempt reserves | 132 | €212 | €212 | = | 0.0% |
| Distributable reserves | 133 | €850,860 | €828,210 | -€22,650 | -2.7% |
| Profit (loss) carried forward | 14 | €261 | €302 | +€40 | +15.5% |
| Amounts payable | 17/49 | €468,138 | €716,224 | +€248,086 | +53.0% |
| Amounts payable after more than one year | 17 | €384,881 | €360,287 | -€24,594 | -6.4% |
| Financial debts | 170/4 | €384,881 | €360,287 | -€24,594 | -6.4% |
| Amounts payable within one year | 42/48 | €83,257 | €355,937 | +€272,680 | +328% |
| Current portion of amounts payable after more than one year | 42 | €24,255 | €24,594 | +€339 | +1.4% |
| Financial debts | 43 | €349 | €77 | -€272 | -77.9% |
| Credit institutions | 430/8 | €349 | €77 | -€272 | -77.9% |
| Trade debts | 44 | €333 | €726 | +€393 | +118% |
| Suppliers | 440/4 | €333 | €726 | +€393 | +118% |
| Taxes, remuneration and social security | 45 | €34,861 | €84,460 | +€49,599 | +142% |
| Taxes | 450/3 | €34,861 | €84,460 | +€49,599 | +142% |
| Other amounts payable | 47/48 | €23,459 | €246,080 | +€222,621 | +949% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,420 | €16,716 | -€705 | -4.0% |
| Other operating charges | 640/8 | €2,776 | €3,040 | +€264 | +9.5% |
| Gross operating margin | 9900 | €405,514 | €580,625 | +€175,111 | +43.2% |
| Operating profit (loss) | 9901 | €385,318 | €560,870 | +€175,552 | +45.6% |
| Financial income | 75/76B | €8,355 | €12,107 | +€3,753 | +44.9% |
| Recurring financial income | 75 | €8,355 | €12,107 | +€3,753 | +44.9% |
| Financial charges | 65/66B | €6,048 | €9,377 | +€3,328 | +55.0% |
| Recurring financial charges | 65 | €6,048 | €9,377 | +€3,328 | +55.0% |
| Profit (loss) for the period before taxes | 9903 | €387,624 | €563,601 | +€175,976 | +45.4% |
| Income taxes | 67/77 | €120,352 | €177,260 | +€56,908 | +47.3% |
| Profit (loss) for the period | 9904 | €267,272 | €386,340 | +€119,068 | +44.5% |
| Profit (loss) for the period to be appropriated | 9905 | €267,272 | €386,340 | +€119,068 | +44.5% |
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 21 October 2026 via checked.be.