HL CONSTRUCT: 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.
HL CONSTRUCT
Largest movements
- Receivables within one year +€34,377
up €34,377 (+61.7%), from €55,716 to €90,093
of which Trade receivables: +€34,226
- Tangible fixed assets -€6,558
down €6,558 (-26.2%), from €25,010 to €18,452
- Cash +€4,826
up €4,826 (+29.6%), from €16,287 to €21,113
mainly Tax, wage and social debts (+€26,464) and Net result for the year (+€14,502)
- Tax, wage and social debts +€26,464
up €26,464 (+2940.4%), from €900 to €27,364
of which Remuneration and social security: +€20,000
- Reserves +€14,000
up €14,000 (+752.7%), from €1,860 to €15,860
- Debts after one year -€4,648
down €4,648 (-25.4%), from €18,331 to €13,683
- Trade debts -€2,976
down €2,976 (-22.3%), from €13,346 to €10,370
- Gross operating margin +€15,601
up €15,601 (+103.4%), from €15,087 to €30,688
- Taxes +€5,994
up €5,994 (+437.2%), from €1,371 to €7,365
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 | €98,522 | €131,265 | +€32,743 | +33.2% |
| Fixed assets | 21/28 | €25,010 | €18,452 | -€6,558 | -26.2% |
| Tangible fixed assets | 22/27 | €25,010 | €18,452 | -€6,558 | -26.2% |
| Leasing and similar rights | 25 | €25,010 | €18,452 | -€6,558 | -26.2% |
| Current assets | 29/58 | €73,512 | €112,813 | +€39,301 | +53.5% |
| Amounts receivable within one year | 40/41 | €55,716 | €90,093 | +€34,377 | +61.7% |
| Trade receivables | 40 | €55,716 | €89,942 | +€34,226 | +61.4% |
| Other amounts receivable | 41 | - | €151 | +€151 | |
| Cash at bank and in hand | 54/58 | €16,287 | €21,113 | +€4,826 | +29.6% |
| Deferred charges and accrued income | 490/1 | €1,509 | €1,607 | +€98 | +6.5% |
| Total equity and liabilities | 10/49 | €98,522 | €131,265 | +€32,743 | +33.2% |
| Equity | 10/15 | €49,745 | €64,247 | +€14,502 | +29.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €15,860 | +€14,000 | +752.7% |
| Distributable reserves | 133 | €1,860 | €15,860 | +€14,000 | +752.7% |
| Profit (loss) carried forward | 14 | €41,685 | €42,187 | +€502 | +1.2% |
| Amounts payable | 17/49 | €48,777 | €67,018 | +€18,241 | +37.4% |
| Amounts payable after more than one year | 17 | €18,331 | €13,683 | -€4,648 | -25.4% |
| Financial debts | 170/4 | €18,331 | €13,683 | -€4,648 | -25.4% |
| Amounts payable within one year | 42/48 | €28,046 | €52,135 | +€24,089 | +85.9% |
| Current portion of amounts payable after more than one year | 42 | €4,319 | €4,648 | +€329 | +7.6% |
| Trade debts | 44 | €13,346 | €10,370 | -€2,976 | -22.3% |
| Suppliers | 440/4 | €13,346 | €10,370 | -€2,976 | -22.3% |
| Taxes, remuneration and social security | 45 | €900 | €27,364 | +€26,464 | +2940.4% |
| Taxes | 450/3 | €900 | €7,364 | +€6,464 | +718.2% |
| Remuneration and social security | 454/9 | - | €20,000 | +€20,000 | |
| Other amounts payable | 47/48 | €9,481 | €9,753 | +€272 | +2.9% |
| Accrued charges and deferred income | 492/3 | €2,400 | €1,200 | -€1,200 | -50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,558 | €6,558 | = | 0.0% |
| Other operating charges | 640/8 | €536 | €780 | +€244 | +45.5% |
| Gross operating margin | 9900 | €15,087 | €30,688 | +€15,601 | +103.4% |
| Operating profit (loss) | 9901 | €7,993 | €23,350 | +€15,357 | +192.1% |
| Financial income | 75/76B | - | €216 | +€216 | |
| Recurring financial income | 75 | - | €216 | +€216 | |
| Financial charges | 65/66B | €1,583 | €1,699 | +€116 | +7.3% |
| Recurring financial charges | 65 | €1,583 | €1,699 | +€116 | +7.3% |
| Profit (loss) for the period before taxes | 9903 | €6,410 | €21,867 | +€15,457 | +241.1% |
| Income taxes | 67/77 | €1,371 | €7,365 | +€5,994 | +437.2% |
| Profit (loss) for the period | 9904 | €5,039 | €14,502 | +€9,463 | +187.8% |
| Profit (loss) for the period to be appropriated | 9905 | €5,039 | €14,502 | +€9,463 | +187.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.