HLW: 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.
HLW
Largest movements
- Tangible fixed assets -€4,651
down €4,651 (-73.1%), from €6,360 to €1,709
- Receivables within one year -€4,147
down €4,147 (-44.4%), from €9,341 to €5,194
of which Other amounts receivable: -€3,897
- Deferred charges and accrued income -€1,280
down €1,280 (-59.5%), from €2,152 to €872
- Cash +€1,117
up €1,117 (+15.0%), from €7,434 to €8,551
mainly Net result for the year (+€4,964) and Depreciation (+€4,923)
- Formation expenses -€271
down €271 (-25.7%), from €1,055 to €784
- Trade debts -€14,952
down €14,952 (-93.2%), from €16,040 to €1,088
- Profit (loss) carried forward +€4,964
up €4,964 (+1864.6%), from €266 to €5,230
- Tax, wage and social debts +€756
up €756 (+39.6%), from €1,910 to €2,666
- Gross operating margin +€26,854
up €26,854, from -€15,953 to €10,901
- Depreciation +€361
up €361 (+7.9%), from €4,561 to €4,923
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €26,342 | €17,109 | -€9,233 | -35.1% |
| Formation expenses | 20 | €1,055 | €784 | -€271 | -25.7% |
| Fixed assets | 21/28 | €6,360 | €1,709 | -€4,651 | -73.1% |
| Tangible fixed assets | 22/27 | €6,360 | €1,709 | -€4,651 | -73.1% |
| Furniture and vehicles | 24 | €6,360 | €1,709 | -€4,651 | -73.1% |
| Current assets | 29/58 | €18,927 | €14,617 | -€4,310 | -22.8% |
| Amounts receivable within one year | 40/41 | €9,341 | €5,194 | -€4,147 | -44.4% |
| Trade receivables | 40 | €553 | €303 | -€250 | -45.2% |
| Other amounts receivable | 41 | €8,789 | €4,891 | -€3,897 | -44.3% |
| Cash at bank and in hand | 54/58 | €7,434 | €8,551 | +€1,117 | +15.0% |
| Deferred charges and accrued income | 490/1 | €2,152 | €872 | -€1,280 | -59.5% |
| Total equity and liabilities | 10/49 | €26,342 | €17,109 | -€9,233 | -35.1% |
| Equity | 10/15 | €8,391 | €13,355 | +€4,964 | +59.2% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | €1,875 | €1,875 | = | 0.0% |
| Distributable reserves | 133 | €1,875 | €1,875 | = | 0.0% |
| Profit (loss) carried forward | 14 | €266 | €5,230 | +€4,964 | +1864.6% |
| Amounts payable | 17/49 | €17,950 | €3,754 | -€14,197 | -79.1% |
| Amounts payable within one year | 42/48 | €17,950 | €3,754 | -€14,197 | -79.1% |
| Trade debts | 44 | €16,040 | €1,088 | -€14,952 | -93.2% |
| Suppliers | 440/4 | €16,040 | €1,088 | -€14,952 | -93.2% |
| Taxes, remuneration and social security | 45 | €1,910 | €2,666 | +€756 | +39.6% |
| Taxes | 450/3 | €1,910 | €2,666 | +€756 | +39.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,561 | €4,923 | +€361 | +7.9% |
| Other operating charges | 640/8 | €440 | €547 | +€106 | +24.2% |
| Gross operating margin | 9900 | -€15,953 | €10,901 | +€26,854 | |
| Operating profit (loss) | 9901 | -€20,954 | €5,432 | +€26,386 | |
| Financial charges | 65/66B | €50 | €48 | -€2 | -3.6% |
| Recurring financial charges | 65 | €50 | €48 | -€2 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | -€21,004 | €5,384 | +€26,388 | |
| Income taxes | 67/77 | €392 | €420 | +€28 | +7.2% |
| Profit (loss) for the period | 9904 | -€21,396 | €4,964 | +€26,360 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,396 | €4,964 | +€26,360 |
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.