HL GROUP: 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 GROUP
Largest movements
- Current investments +€138,837
up €138,837 (+83.5%), from €166,232 to €305,069
- Cash -€64,781
down €64,781 (-67.7%), from €95,703 to €30,922
mainly Current investments (-€138,837) and Investment in fixed assets (net) (-€16,993)
- Receivables within one year -€51,301
down €51,301 (-21.6%), from €237,141 to €185,840
of which Other amounts receivable: -€26,984
- Tangible fixed assets +€9,762
up €9,762 (+164%), from €5,968 to €15,730
of which Furniture and vehicles: +€9,991
- Reserves +€36,362
up €36,362 (+47.2%), from €77,052 to €113,414
of which Distributable reserves: +€34,544
- Gross operating margin +€15,846
up €15,846 (+32.1%), from €49,392 to €65,238
- Taxes +€4,617
up €4,617 (+33.9%), from €13,608 to €18,225
- Depreciation -€672
down €672 (-8.5%), from €7,904 to €7,231
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 | €505,273 | €539,505 | +€34,232 | +6.8% |
| Fixed assets | 21/28 | €5,969 | €15,731 | +€9,762 | +164% |
| Tangible fixed assets | 22/27 | €5,968 | €15,730 | +€9,762 | +164% |
| Plant, machinery and equipment | 23 | €478 | €249 | -€229 | -47.9% |
| Furniture and vehicles | 24 | €5,490 | €15,481 | +€9,991 | +182% |
| Financial fixed assets | 28 | €1 | €1 | = | 0.0% |
| Current assets | 29/58 | €499,304 | €523,774 | +€24,470 | +4.9% |
| Amounts receivable within one year | 40/41 | €237,141 | €185,840 | -€51,301 | -21.6% |
| Trade receivables | 40 | €49,316 | €24,999 | -€24,317 | -49.3% |
| Other amounts receivable | 41 | €187,825 | €160,841 | -€26,984 | -14.4% |
| Current investments | 50/53 | €166,232 | €305,069 | +€138,837 | +83.5% |
| Cash at bank and in hand | 54/58 | €95,703 | €30,922 | -€64,781 | -67.7% |
| Deferred charges and accrued income | 490/1 | €227 | €1,942 | +€1,715 | +755% |
| Total equity and liabilities | 10/49 | €505,273 | €539,505 | +€34,232 | +6.8% |
| Equity | 10/15 | €277,052 | €313,414 | +€36,362 | +13.1% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €77,052 | €113,414 | +€36,362 | +47.2% |
| Non-distributable reserves | 130/1 | €5,225 | €7,043 | +€1,818 | +34.8% |
| Legal reserve | 130 | €5,225 | €7,043 | +€1,818 | +34.8% |
| Distributable reserves | 133 | €71,827 | €106,371 | +€34,544 | +48.1% |
| Amounts payable | 17/49 | €228,221 | €226,090 | -€2,130 | -0.9% |
| Amounts payable after more than one year | 17 | €200,000 | €200,000 | = | 0.0% |
| Financial debts | 170/4 | €200,000 | €200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €18,221 | €16,030 | -€2,191 | -12.0% |
| Trade debts | 44 | €3,127 | €1,054 | -€2,073 | -66.3% |
| Suppliers | 440/4 | €3,127 | €1,054 | -€2,073 | -66.3% |
| Taxes, remuneration and social security | 45 | €6,288 | €904 | -€5,384 | -85.6% |
| Taxes | 450/3 | €6,288 | €904 | -€5,384 | -85.6% |
| Other amounts payable | 47/48 | €8,805 | €14,072 | +€5,266 | +59.8% |
| Accrued charges and deferred income | 492/3 | €10,000 | €10,061 | +€61 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,904 | €7,231 | -€672 | -8.5% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €49,392 | €65,238 | +€15,846 | +32.1% |
| Operating profit (loss) | 9901 | €41,101 | €57,606 | +€16,506 | +40.2% |
| Financial income | 75/76B | €7,057 | €7,579 | +€522 | +7.4% |
| Recurring financial income | 75 | €7,057 | €7,579 | +€522 | +7.4% |
| Financial charges | 65/66B | €10,154 | €10,599 | +€445 | +4.4% |
| Recurring financial charges | 65 | €10,154 | €10,599 | +€445 | +4.4% |
| Profit (loss) for the period before taxes | 9903 | €38,004 | €54,587 | +€16,583 | +43.6% |
| Income taxes | 67/77 | €13,608 | €18,225 | +€4,617 | +33.9% |
| Profit (loss) for the period | 9904 | €24,396 | €36,362 | +€11,966 | +49.0% |
| Profit (loss) for the period to be appropriated | 9905 | €24,396 | €36,362 | +€11,966 | +49.0% |
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 13 October 2026 via checked.be.