HL solution: 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 solution
Largest movements
- Cash +€18,450
up €18,450 (+21.3%), from €86,751 to €105,201
mainly Net result for the year (+€24,915) and Other debts (+€11,376)
- Tangible fixed assets -€7,965
down €7,965 (-24.0%), from €33,180 to €25,215
of which Furniture and vehicles: -€4,221
- Stocks and contracts -€3,806
down €3,806 (-48.6%), from €7,836 to €4,030
- Receivables within one year +€3,501
up €3,501 (+14.1%), from €24,747 to €28,248
of which Other amounts receivable: +€11,213
- Deferred charges and accrued income -€2,020
no longer reported in 2025 (was €2,020)
- Other debts +€11,376
up €11,376 (+168%), from €6,760 to €18,136
- Current portion of long-term debt -€7,994
down €7,994 (-83.7%), from €9,549 to €1,555
- Reserves +€5,824
up €5,824 (+5.3%), from €110,043 to €115,867
- Gross operating margin +€7,737
up €7,737 (+19.9%), from €38,867 to €46,604
- Depreciation -€2,401
down €2,401 (-19.6%), from €12,272 to €9,871
- Taxes -€1,817
down €1,817 (-14.8%), from €12,238 to €10,421
- Other operating charges +€720
up €720 (+91.2%), from €790 to €1,510
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 | €154,534 | €162,694 | +€8,160 | +5.3% |
| Fixed assets | 21/28 | €33,180 | €25,215 | -€7,965 | -24.0% |
| Tangible fixed assets | 22/27 | €33,180 | €25,215 | -€7,965 | -24.0% |
| Plant, machinery and equipment | 23 | €3,974 | €2,710 | -€1,264 | -31.8% |
| Furniture and vehicles | 24 | €9,281 | €5,060 | -€4,221 | -45.5% |
| Other tangible fixed assets | 26 | €19,925 | €17,444 | -€2,481 | -12.5% |
| Current assets | 29/58 | €121,354 | €137,479 | +€16,125 | +13.3% |
| Stocks and contracts in progress | 3 | €7,836 | €4,030 | -€3,806 | -48.6% |
| Stocks | 30/36 | €7,836 | €4,030 | -€3,806 | -48.6% |
| Amounts receivable within one year | 40/41 | €24,747 | €28,248 | +€3,501 | +14.1% |
| Trade receivables | 40 | €24,358 | €16,646 | -€7,712 | -31.7% |
| Other amounts receivable | 41 | €389 | €11,602 | +€11,213 | +2,882% |
| Cash at bank and in hand | 54/58 | €86,751 | €105,201 | +€18,450 | +21.3% |
| Deferred charges and accrued income | 490/1 | €2,020 | - | -€2,020 | |
| Total equity and liabilities | 10/49 | €154,534 | €162,694 | +€8,160 | +5.3% |
| Equity | 10/15 | €129,260 | €135,084 | +€5,824 | +4.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €110,043 | €115,867 | +€5,824 | +5.3% |
| Distributable reserves | 133 | €110,043 | €115,867 | +€5,824 | +5.3% |
| Profit (loss) carried forward | 14 | €13,017 | €13,017 | = | 0.0% |
| Amounts payable | 17/49 | €25,273 | €27,609 | +€2,336 | +9.2% |
| Amounts payable after more than one year | 17 | €1,555 | - | -€1,555 | |
| Financial debts | 170/4 | €1,555 | - | -€1,555 | |
| Amounts payable within one year | 42/48 | €23,718 | €27,609 | +€3,891 | +16.4% |
| Current portion of amounts payable after more than one year | 42 | €9,549 | €1,555 | -€7,994 | -83.7% |
| Trade debts | 44 | €2,491 | €1,499 | -€991 | -39.8% |
| Suppliers | 440/4 | €399 | €1,499 | +€1,100 | +275% |
| Bills of exchange payable | 441 | €2,091 | - | -€2,091 | |
| Taxes, remuneration and social security | 45 | €4,918 | €6,418 | +€1,500 | +30.5% |
| Taxes | 450/3 | €4,918 | €6,418 | +€1,500 | +30.5% |
| Other amounts payable | 47/48 | €6,760 | €18,136 | +€11,376 | +168% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,272 | €9,871 | -€2,401 | -19.6% |
| Other operating charges | 640/8 | €790 | €1,510 | +€720 | +91.2% |
| Gross operating margin | 9900 | €38,867 | €46,604 | +€7,737 | +19.9% |
| Operating profit (loss) | 9901 | €25,806 | €35,224 | +€9,417 | +36.5% |
| Financial income | 75/76B | €206 | €314 | +€108 | +52.4% |
| Recurring financial income | 75 | €206 | €314 | +€108 | +52.4% |
| Financial charges | 65/66B | €363 | €202 | -€162 | -44.5% |
| Recurring financial charges | 65 | €363 | €202 | -€162 | -44.5% |
| Profit (loss) for the period before taxes | 9903 | €25,649 | €35,336 | +€9,687 | +37.8% |
| Income taxes | 67/77 | €12,238 | €10,421 | -€1,817 | -14.8% |
| Profit (loss) for the period | 9904 | €13,411 | €24,915 | +€11,504 | +85.8% |
| Profit (loss) for the period to be appropriated | 9905 | €13,411 | €24,915 | +€11,504 | +85.8% |
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.