HLP Construct: what changed
HLP Construct
Largest movements
- Stocks and contracts -€631,407
down €631,407 (-77.9%), from €810,357 to €178,950
- Cash -€190,607
down €190,607 (-48.4%), from €393,931 to €203,324
mainly Debts after one year (-€905,000) and Net result for the year (-€65,335)
- Receivables within one year -€84,363
down €84,363 (-97.7%), from €86,367 to €2,004
of which Other amounts receivable: -€50,528
- Financial fixed assets -€60,000
no longer reported in 2025 (was €60,000)
- Debts after one year -€905,000
no longer reported in 2025 (was €905,000)
- Profit (loss) carried forward -€65,335
down €65,335 (-27.1%), from -€241,339 to -€306,673
- Tax, wage and social debts +€35,297
up €35,297 (+115%), from €30,815 to €66,112
- Trade debts -€28,170
down €28,170 (-36.2%), from €77,856 to €49,686
- Gross operating margin +€285,411
up €285,411, from -€283,090 to €2,321
- Financial income -€196,745
down €196,745 (-100.0%), from €196,746 to €1
of which Non-recurring financial income: -€192,552
- Financial charges +€57,567
up €57,567 (+939%), from €6,129 to €63,696
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,360,373 | €392,608 | -€967,765 | -71.1% |
| Fixed assets | 21/28 | €69,719 | €8,330 | -€61,389 | -88.1% |
| Tangible fixed assets | 22/27 | €9,719 | €8,330 | -€1,389 | -14.3% |
| Furniture and vehicles | 24 | €9,719 | €8,330 | -€1,389 | -14.3% |
| Financial fixed assets | 28 | €60,000 | - | -€60,000 | |
| Current assets | 29/58 | €1,290,654 | €384,278 | -€906,376 | -70.2% |
| Stocks and contracts in progress | 3 | €810,357 | €178,950 | -€631,407 | -77.9% |
| Stocks | 30/36 | €810,357 | €178,950 | -€631,407 | -77.9% |
| Amounts receivable within one year | 40/41 | €86,367 | €2,004 | -€84,363 | -97.7% |
| Trade receivables | 40 | €35,838 | €2,004 | -€33,835 | -94.4% |
| Other amounts receivable | 41 | €50,528 | - | -€50,528 | |
| Cash at bank and in hand | 54/58 | €393,931 | €203,324 | -€190,607 | -48.4% |
| Total equity and liabilities | 10/49 | €1,360,373 | €392,608 | -€967,765 | -71.1% |
| Equity | 10/15 | €341,061 | €275,727 | -€65,335 | -19.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €563,800 | €563,800 | = | 0.0% |
| Distributable reserves | 133 | €563,800 | €563,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€241,339 | -€306,673 | -€65,335 | -27.1% |
| Amounts payable | 17/49 | €1,019,312 | €116,881 | -€902,431 | -88.5% |
| Amounts payable after more than one year | 17 | €905,000 | - | -€905,000 | |
| Financial debts | 170/4 | €905,000 | - | -€905,000 | |
| Amounts payable within one year | 42/48 | €114,312 | €116,881 | +€2,569 | +2.2% |
| Trade debts | 44 | €77,856 | €49,686 | -€28,170 | -36.2% |
| Suppliers | 440/4 | €77,856 | €49,686 | -€28,170 | -36.2% |
| Taxes, remuneration and social security | 45 | €30,815 | €66,112 | +€35,297 | +115% |
| Taxes | 450/3 | €30,815 | €66,112 | +€35,297 | +115% |
| Other amounts payable | 47/48 | €5,640 | €1,082 | -€4,558 | -80.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,825 | €1,389 | -€436 | -23.9% |
| Other operating charges | 640/8 | €3,431 | €2,261 | -€1,171 | -34.1% |
| Gross operating margin | 9900 | -€283,090 | €2,321 | +€285,411 | |
| Operating profit (loss) | 9901 | -€288,346 | -€1,329 | +€287,017 | +99.5% |
| Financial income | 75/76B | €196,746 | €1 | -€196,745 | -100.0% |
| Recurring financial income | 75 | €4,194 | €1 | -€4,193 | -100.0% |
| Non-recurring financial income | 76B | €192,552 | - | -€192,552 | |
| Financial charges | 65/66B | €6,129 | €63,696 | +€57,567 | +939% |
| Recurring financial charges | 65 | €6,129 | €63,696 | +€57,567 | +939% |
| Profit (loss) for the period before taxes | 9903 | -€97,729 | -€65,024 | +€32,704 | +33.5% |
| Income taxes | 67/77 | €338 | €310 | -€28 | -8.2% |
| Profit (loss) for the period | 9904 | -€98,067 | -€65,335 | +€32,732 | +33.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€98,067 | -€65,335 | +€32,732 | +33.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.