HL&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&HL
Largest movements
- Receivables within one year +€17,755
up €17,755 (+203%), from €8,758 to €26,513
of which Trade receivables: +€18,556
- Tangible fixed assets -€13,869
down €13,869 (-3.2%), from €437,942 to €424,073
- Other debts +€64,299
new in 2025: €64,299
- Reserves -€43,327
no longer reported in 2025 (was €43,327)
- Debts after one year -€31,913
down €31,913 (-9.2%), from €345,067 to €313,154
- Trade debts +€14,732
up €14,732 (+365%), from €4,031 to €18,763
- Gross operating margin -€10,858
down €10,858 (-17.6%), from €61,837 to €50,979
- Taxes -€1,897
down €1,897 (-19.9%), from €9,532 to €7,634
- Other operating charges -€1,774
down €1,774 (-27.8%), from €6,374 to €4,600
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 | €500,418 | €506,263 | +€5,845 | +1.2% |
| Fixed assets | 21/28 | €437,942 | €428,189 | -€9,753 | -2.2% |
| Tangible fixed assets | 22/27 | €437,942 | €424,073 | -€13,869 | -3.2% |
| Land and buildings | 22 | €437,942 | €424,073 | -€13,869 | -3.2% |
| Financial fixed assets | 28 | - | €4,116 | +€4,116 | |
| Current assets | 29/58 | €62,476 | €78,074 | +€15,598 | +25.0% |
| Amounts receivable within one year | 40/41 | €8,758 | €26,513 | +€17,755 | +203% |
| Trade receivables | 40 | €6,382 | €24,938 | +€18,556 | +291% |
| Other amounts receivable | 41 | €2,376 | €1,575 | -€801 | -33.7% |
| Cash at bank and in hand | 54/58 | €53,718 | €51,561 | -€2,157 | -4.0% |
| Total equity and liabilities | 10/49 | €500,418 | €506,263 | +€5,845 | +1.2% |
| Equity | 10/15 | €113,827 | €70,500 | -€43,327 | -38.1% |
| Contributions | 10/11 | €70,500 | €70,500 | = | 0.0% |
| Reserves | 13 | €43,327 | - | -€43,327 | |
| Distributable reserves | 133 | €43,327 | - | -€43,327 | |
| Amounts payable | 17/49 | €386,591 | €435,763 | +€49,172 | +12.7% |
| Amounts payable after more than one year | 17 | €345,067 | €313,154 | -€31,913 | -9.2% |
| Financial debts | 170/4 | €345,067 | €313,154 | -€31,913 | -9.2% |
| Amounts payable within one year | 42/48 | €41,524 | €122,609 | +€81,085 | +195% |
| Current portion of amounts payable after more than one year | 42 | €31,608 | €31,913 | +€306 | +1.0% |
| Trade debts | 44 | €4,031 | €18,763 | +€14,732 | +365% |
| Suppliers | 440/4 | €4,031 | €18,763 | +€14,732 | +365% |
| Taxes, remuneration and social security | 45 | €5,885 | €7,634 | +€1,749 | +29.7% |
| Taxes | 450/3 | €5,885 | €7,634 | +€1,749 | +29.7% |
| Other amounts payable | 47/48 | - | €64,299 | +€64,299 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,869 | €13,869 | = | 0.0% |
| Other operating charges | 640/8 | €6,374 | €4,600 | -€1,774 | -27.8% |
| Gross operating margin | 9900 | €61,837 | €50,979 | -€10,858 | -17.6% |
| Operating profit (loss) | 9901 | €41,594 | €32,510 | -€9,084 | -21.8% |
| Financial charges | 65/66B | €4,047 | €3,904 | -€143 | -3.5% |
| Recurring financial charges | 65 | €4,047 | €3,904 | -€143 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €37,547 | €28,606 | -€8,941 | -23.8% |
| Income taxes | 67/77 | €9,532 | €7,634 | -€1,897 | -19.9% |
| Profit (loss) for the period | 9904 | €28,016 | €20,972 | -€7,044 | -25.1% |
| Profit (loss) for the period to be appropriated | 9905 | €28,016 | €20,972 | -€7,044 | -25.1% |
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 15 October 2026 via checked.be.