HLF: 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
HLF
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€189,113
2024 · €493,574-€304,461
Equity
€24.3m
2024 · €24.1m+€189,113
Cash
€524,658
2024 · €244,605+€280,053
Balance sheet total
€30.6m
2024 · €100.0m-€69.4m
Largest movements
Assets
- Receivables within one year -€69.3m
down €69.3m (-74.5%), from €92.9m to €23.7m
of which Other amounts receivable: -€69.3m
Equity and liabilities
- Other debts -€69.5m
down €69.5m (-100.0%), from €69.5m to €6,939
Income statement
- Financial income -€523,143
down €523,143 (-36.4%), from €1.4m to €914,910
- Financial charges -€129,950
down €129,950 (-69.4%), from €187,370 to €57,420
of which Financial charges: -€130,950
- Gross operating margin +€105,973
up €105,973 (+68.6%), from -€154,454 to -€48,481
- Depreciation +€12,901
up €12,901 (+4.9%), from €262,955 to €275,856
- Staff costs +€3,502
up €3,502 (+1.1%), from €323,183 to €326,685
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
€493,574
Gross operating margin
+€105,973
Staff costs
-€3,502
Depreciation
-€12,901
Other operating charges
-€839
Financial income
-€523,143
Financial charges
+€129,950
Taxes
+€1
Result 2025
€189,113
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
+€374,500
Investment
-€44,443
Financing
-€50,004
Cash 2024
€244,605
From operations (derived)
+€374,500
Net result for the year
+€189,113
Depreciation
+€275,856
Receivables after one year
+€181,010
Receivables within one year
+€69.3m
Smaller working-capital items
-€44,527
Other debts
-€69.5m
Investment (derived)
-€44,443
Investment in fixed assets (net)
-€44,443
Financing
-€50,004
Short-term financial debts
-€50,004
Cash 2025
€524,658
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €100,011,762 | €30,606,835 | -€69.4m | -69.4% |
| Fixed assets | 21/28 | €6,426,015 | €6,194,602 | -€231,413 | -3.6% |
| Tangible fixed assets | 22/27 | €4,074,068 | €3,856,430 | -€217,638 | -5.3% |
| Land and buildings | 22 | €4,040,265 | €3,833,241 | -€207,024 | -5.1% |
| Furniture and vehicles | 24 | €27,310 | €19,416 | -€7,894 | -28.9% |
| Other tangible fixed assets | 26 | €6,493 | €3,773 | -€2,720 | -41.9% |
| Financial fixed assets | 28 | €2,351,947 | €2,338,172 | -€13,775 | -0.6% |
| Current assets | 29/58 | €93,585,747 | €24,412,233 | -€69.2m | -73.9% |
| Amounts receivable after more than one year | 29 | €181,010 | - | -€181,010 | |
| Other amounts receivable | 291 | €181,010 | - | -€181,010 | |
| Stocks and contracts in progress | 3 | €14,217 | €14,217 | = | 0.0% |
| Stocks | 30/36 | €14,217 | €14,217 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €92,944,946 | €23,677,523 | -€69.3m | -74.5% |
| Trade receivables | 40 | €6,749 | €15,474 | +€8,725 | +129.3% |
| Other amounts receivable | 41 | €92,938,197 | €23,662,049 | -€69.3m | -74.5% |
| Cash at bank and in hand | 54/58 | €244,605 | €524,658 | +€280,053 | +114.5% |
| Deferred charges and accrued income | 490/1 | €200,969 | €195,835 | -€5,134 | -2.6% |
| Total equity and liabilities | 10/49 | €100,011,762 | €30,606,835 | -€69.4m | -69.4% |
| Equity | 10/15 | €24,116,453 | €24,305,566 | +€189,113 | +0.8% |
| Contributions | 10/11 | €6,043,570 | €6,043,570 | = | 0.0% |
| Capital | 10 | €6,043,570 | €6,043,570 | = | 0.0% |
| Issued capital | 100 | €6,043,570 | €6,043,570 | = | 0.0% |
| Reserves | 13 | €641,559 | €628,258 | -€13,301 | -2.1% |
| Non-distributable reserves | 130/1 | €604,613 | €604,613 | = | 0.0% |
| Legal reserve | 130 | €604,357 | €604,357 | = | 0.0% |
| Reserves not available under the articles | 1311 | €256 | €256 | = | 0.0% |
| Tax-exempt reserves | 132 | €36,946 | €23,645 | -€13,301 | -36.0% |
| Profit (loss) carried forward | 14 | €17,431,324 | €17,633,738 | +€202,414 | +1.2% |
| Provisions and deferred taxes | 16 | €4,500,191 | €4,495,670 | -€4,521 | -0.1% |
| Provisions for liabilities and charges | 160/5 | €4,436,410 | €4,436,410 | = | 0.0% |
| Environmental obligations | 163 | €4,436,410 | €4,436,410 | = | 0.0% |
| Deferred taxes | 168 | €63,781 | €59,260 | -€4,521 | -7.1% |
| Amounts payable | 17/49 | €71,395,118 | €1,805,599 | -€69.6m | -97.5% |
| Amounts payable within one year | 42/48 | €70,826,372 | €1,270,208 | -€69.6m | -98.2% |
| Financial debts | 43 | €1,249,968 | €1,199,964 | -€50,004 | -4.0% |
| Credit institutions | 430/8 | €1,249,968 | €1,199,964 | -€50,004 | -4.0% |
| Trade debts | 44 | €34,220 | €23,983 | -€10,237 | -29.9% |
| Suppliers | 440/4 | €34,220 | €23,983 | -€10,237 | -29.9% |
| Taxes, remuneration and social security | 45 | €40,870 | €39,322 | -€1,548 | -3.8% |
| Taxes | 450/3 | €2,445 | €714 | -€1,731 | -70.8% |
| Remuneration and social security | 454/9 | €38,425 | €38,608 | +€183 | +0.5% |
| Other amounts payable | 47/48 | €69,501,314 | €6,939 | -€69.5m | -100.0% |
| Accrued charges and deferred income | 492/3 | €568,746 | €535,391 | -€33,355 | -5.9% |
| Non-recurring operating income | 76A | - | €143 | +€143 | |
| Remuneration, social security and pensions | 62 | €323,183 | €326,685 | +€3,502 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €262,955 | €275,856 | +€12,901 | +4.9% |
| Other operating charges | 640/8 | €20,813 | €21,652 | +€839 | +4.0% |
| Gross operating margin | 9900 | -€154,454 | -€48,481 | +€105,973 | +68.6% |
| Operating profit (loss) | 9901 | -€761,405 | -€672,674 | +€88,731 | +11.7% |
| Financial income | 75/76B | €1,438,053 | €914,910 | -€523,143 | -36.4% |
| Recurring financial income | 75 | €1,438,053 | €914,910 | -€523,143 | -36.4% |
| Financial charges | 65/66B | €187,370 | €57,420 | -€129,950 | -69.4% |
| Recurring financial charges | 65 | €187,370 | €56,420 | -€130,950 | -69.9% |
| Non-recurring financial charges | 66B | - | €1,000 | +€1,000 | |
| Profit (loss) for the period before taxes | 9903 | €489,278 | €184,816 | -€304,462 | -62.2% |
| Transfer from deferred taxes | 780 | €4,521 | €4,521 | = | 0.0% |
| Income taxes | 67/77 | €225 | €224 | -€1 | -0.4% |
| Profit (loss) for the period | 9904 | €493,574 | €189,113 | -€304,461 | -61.7% |
| Transfer from tax-exempt reserves | 789 | €13,301 | €13,301 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €506,875 | €202,414 | -€304,461 | -60.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.