HL MANAGEMENT: 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.
What changed
HL MANAGEMENT
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€482,952
2024 · €250,065+€232,887
Equity
€966,179
2024 · €508,276+€457,903
Cash
€13,582
2024 · €10,561+€3,021
Balance sheet total
€6.5m
2024 · €4.4m+€2.2m
Largest movements
Assets
- Receivables within one year +€1.5m
up €1.5m (+317.4%), from €466,110 to €1.9m
of which Other amounts receivable: +€1.5m
- Receivables after one year +€966,549
up €966,549, from €0 to €966,549
- Tangible fixed assets -€338,896
down €338,896 (-10.5%), from €3.2m to €2.9m
of which Other tangible fixed assets: -€206,922
- Financial fixed assets +€86,162
up €86,162 (+13.6%), from €632,122 to €718,284
Equity and liabilities
- Debts after one year +€1.5m
up €1.5m (+72.1%), from €2.1m to €3.6m
of which Other amounts payable: +€1.9m
- Profit (loss) carried forward +€510,457
up €510,457 (+161.8%), from €315,516 to €825,973
- Other debts +€219,434
up €219,434 (+102.9%), from €213,285 to €432,719
- Trade debts -€78,297
down €78,297 (-35.1%), from €222,934 to €144,637
Income statement
- Financial income +€465,662
up €465,662 (+7374.3%), from €6,315 to €471,977
of which Financial income: +€465,662
- Gross operating margin -€251,671
down €251,671 (-26.7%), from €942,418 to €690,747
- Turnover +€41,269
up €41,269 (+6.2%), from €665,536 to €706,804
- Depreciation -€39,466
down €39,466 (-9.4%), from €418,048 to €378,582
- Financial charges +€10,758
up €10,758 (+6.0%), from €179,259 to €190,018
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.
Result 2024
€250,065
Gross operating margin
-€251,671
Depreciation
+€39,466
Other operating charges
+€9,954
Other operating items
-€16,423
Financial income
+€465,662
Financial charges
-€10,758
Taxes
-€816
Deferred taxes and other
-€2,527
Result 2025
€482,952
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.
From operations
-€1.4m
Investment
-€125,848
Financing
+€1.5m
Cash 2024
€10,561
From operations (derived)
-€1.4m
Net result for the year
+€482,952
Depreciation
+€378,582
Receivables after one year
-€966,549
Receivables within one year
-€1.5m
Deferred charges and accrued income
+€14,430
Provisions
+€21,669
Trade debts
-€78,297
Tax, wage and social debts
-€4,201
Advances received
+€252
Other debts
+€219,434
Accrued charges and deferred income
+€37,898
Investment (derived)
-€125,848
Investment in fixed assets (net)
-€125,848
Financing
+€1.5m
Debts after one year
+€1.5m
Current portion of long-term debt
+€7,020
Short-term financial debts
+€19,234
Contributions, distributions and other
-€25,048
Cash 2025
€13,582
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,367,227 | €6,549,210 | +€2.2m | +50.0% |
| Fixed assets | 21/28 | €3,873,710 | €3,620,976 | -€252,734 | -6.5% |
| Tangible fixed assets | 22/27 | €3,241,588 | €2,902,692 | -€338,896 | -10.5% |
| Land and buildings | 22 | €49,170 | €23,550 | -€25,620 | -52.1% |
| Plant, machinery and equipment | 23 | €482,819 | €392,441 | -€90,378 | -18.7% |
| Furniture and vehicles | 24 | €57,239 | €41,264 | -€15,976 | -27.9% |
| Other tangible fixed assets | 26 | €2,652,359 | €2,445,437 | -€206,922 | -7.8% |
| Financial fixed assets | 28 | €632,122 | €718,284 | +€86,162 | +13.6% |
| Current assets | 29/58 | €493,518 | €2,928,234 | +€2.4m | +493.3% |
| Amounts receivable after more than one year | 29 | €0 | €966,549 | +€966,549 | |
| Other amounts receivable | 291 | €0 | €966,549 | +€966,549 | |
| Amounts receivable within one year | 40/41 | €466,110 | €1,945,686 | +€1.5m | +317.4% |
| Trade receivables | 40 | €26,457 | €7,702 | -€18,755 | -70.9% |
| Other amounts receivable | 41 | €439,653 | €1,937,984 | +€1.5m | +340.8% |
| Cash at bank and in hand | 54/58 | €10,561 | €13,582 | +€3,021 | +28.6% |
| Deferred charges and accrued income | 490/1 | €16,846 | €2,416 | -€14,430 | -85.7% |
| Total equity and liabilities | 10/49 | €4,367,227 | €6,549,210 | +€2.2m | +50.0% |
| Equity | 10/15 | €508,276 | €966,179 | +€457,903 | +90.1% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €173,760 | €121,206 | -€52,554 | -30.2% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €171,860 | €119,306 | -€52,554 | -30.6% |
| Profit (loss) carried forward | 14 | €315,516 | €825,973 | +€510,457 | +161.8% |
| Provisions and deferred taxes | 16 | €26,080 | €47,750 | +€21,669 | +83.1% |
| Deferred taxes | 168 | €26,080 | €47,750 | +€21,669 | +83.1% |
| Amounts payable | 17/49 | €3,832,871 | €5,535,281 | +€1.7m | +44.4% |
| Amounts payable after more than one year | 17 | €2,083,218 | €3,584,287 | +€1.5m | +72.1% |
| Financial debts | 170/4 | €2,076,820 | €1,678,772 | -€398,048 | -19.2% |
| Other amounts payable | 178/9 | €6,398 | €1,905,515 | +€1.9m | +29683.0% |
| Amounts payable within one year | 42/48 | €1,717,918 | €1,881,360 | +€163,442 | +9.5% |
| Current portion of amounts payable after more than one year | 42 | €407,773 | €414,792 | +€7,020 | +1.7% |
| Financial debts | 43 | €472,197 | €491,431 | +€19,234 | +4.1% |
| Credit institutions | 430/8 | €472,197 | €491,431 | +€19,234 | +4.1% |
| Trade debts | 44 | €222,934 | €144,637 | -€78,297 | -35.1% |
| Suppliers | 440/4 | €222,934 | €144,637 | -€78,297 | -35.1% |
| Advances received on contracts in progress | 46 | €285,450 | €285,702 | +€252 | +0.1% |
| Taxes, remuneration and social security | 45 | €116,280 | €112,079 | -€4,201 | -3.6% |
| Taxes | 450/3 | €116,280 | €112,079 | -€4,201 | -3.6% |
| Other amounts payable | 47/48 | €213,285 | €432,719 | +€219,434 | +102.9% |
| Accrued charges and deferred income | 492/3 | €31,735 | €69,634 | +€37,898 | +119.4% |
| Turnover | 70 | €665,536 | €706,804 | +€41,269 | +6.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €281,784 | €282,843 | +€1,059 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €418,048 | €378,582 | -€39,466 | -9.4% |
| Other operating charges | 640/8 | €58,130 | €48,177 | -€9,954 | -17.1% |
| Non-recurring operating charges | 66A | €979 | €17,402 | +€16,423 | +1677.4% |
| Gross operating margin | 9900 | €942,418 | €690,747 | -€251,671 | -26.7% |
| Operating profit (loss) | 9901 | €465,261 | €246,586 | -€218,674 | -47.0% |
| Financial income | 75/76B | €6,315 | €471,977 | +€465,662 | +7374.3% |
| Recurring financial income | 75 | €6,315 | €471,977 | +€465,662 | +7374.3% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €179,259 | €190,018 | +€10,758 | +6.0% |
| Recurring financial charges | 65 | €179,259 | €190,018 | +€10,758 | +6.0% |
| Profit (loss) for the period before taxes | 9903 | €292,316 | €528,546 | +€236,229 | +80.8% |
| Transfer from deferred taxes | 780 | €5,906 | €3,379 | -€2,527 | -42.8% |
| Income taxes | 67/77 | €48,157 | €48,973 | +€816 | +1.7% |
| Profit (loss) for the period | 9904 | €250,065 | €482,952 | +€232,887 | +93.1% |
| Transfer from tax-exempt reserves | 789 | €11,469 | €27,505 | +€16,036 | +139.8% |
| Profit (loss) for the period to be appropriated | 9905 | €261,534 | €510,457 | +€248,923 | +95.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.