HNF: 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.
HNF
Largest movements
- Receivables within one year +€115,729
up €115,729 (+5831.6%), from €1,985 to €117,714
of which Trade receivables: +€115,856
- Cash +€4,770
up €4,770 (+44.1%), from €10,815 to €15,585
mainly Advances received (+€119,427) and Net result for the year (+€5,633)
- Tangible fixed assets -€2,221
down €2,221 (-28.5%), from €7,798 to €5,577
- Advances received +€119,427
new in 2025: €119,427
- Other debts -€7,636
down €7,636 (-98.0%), from €7,795 to €159
- Profit (loss) carried forward +€5,633
up €5,633, from -€3,945 to €1,688
- Tax, wage and social debts +€1,554
up €1,554 (+207.7%), from €748 to €2,302
- Staff costs -€25,542
down €25,542 (-74.4%), from €34,323 to €8,781
- Gross operating margin -€8,543
down €8,543 (-31.4%), from €27,221 to €18,678
- Depreciation +€1,135
up €1,135 (+104.5%), from €1,086 to €2,221
- Other operating charges +€831
up €831 (+85.1%), from €976 to €1,807
- Taxes -€460
no longer reported in 2025 (was €460)
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 | €21,173 | €140,076 | +€118,903 | +561.6% |
| Fixed assets | 21/28 | €7,798 | €6,777 | -€1,021 | -13.1% |
| Tangible fixed assets | 22/27 | €7,798 | €5,577 | -€2,221 | -28.5% |
| Furniture and vehicles | 24 | €7,798 | €5,577 | -€2,221 | -28.5% |
| Financial fixed assets | 28 | - | €1,200 | +€1,200 | |
| Current assets | 29/58 | €13,375 | €133,299 | +€119,924 | +896.7% |
| Amounts receivable within one year | 40/41 | €1,985 | €117,714 | +€115,729 | +5831.6% |
| Trade receivables | 40 | - | €115,856 | +€115,856 | |
| Other amounts receivable | 41 | €1,985 | €1,858 | -€127 | -6.4% |
| Cash at bank and in hand | 54/58 | €10,815 | €15,585 | +€4,770 | +44.1% |
| Deferred charges and accrued income | 490/1 | €575 | - | -€575 | |
| Total equity and liabilities | 10/49 | €21,173 | €140,076 | +€118,903 | +561.6% |
| Equity | 10/15 | €12,555 | €18,188 | +€5,633 | +44.9% |
| Contributions | 10/11 | €16,500 | €16,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,945 | €1,688 | +€5,633 | |
| Amounts payable | 17/49 | €8,618 | €121,888 | +€113,270 | +1314.3% |
| Amounts payable within one year | 42/48 | €8,618 | €121,888 | +€113,270 | +1314.3% |
| Trade debts | 44 | €75 | - | -€75 | |
| Suppliers | 440/4 | €75 | - | -€75 | |
| Advances received on contracts in progress | 46 | - | €119,427 | +€119,427 | |
| Taxes, remuneration and social security | 45 | €748 | €2,302 | +€1,554 | +207.7% |
| Remuneration and social security | 454/9 | €748 | €2,302 | +€1,554 | +207.7% |
| Other amounts payable | 47/48 | €7,795 | €159 | -€7,636 | -98.0% |
| Remuneration, social security and pensions | 62 | €34,323 | €8,781 | -€25,542 | -74.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,086 | €2,221 | +€1,135 | +104.5% |
| Other operating charges | 640/8 | €976 | €1,807 | +€831 | +85.1% |
| Non-recurring operating charges | 66A | €4,971 | - | -€4,971 | |
| Gross operating margin | 9900 | €27,221 | €18,678 | -€8,543 | -31.4% |
| Operating profit (loss) | 9901 | -€14,134 | €5,869 | +€20,003 | |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €244 | €237 | -€7 | -2.7% |
| Recurring financial charges | 65 | €244 | €237 | -€7 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | -€14,378 | €5,633 | +€20,011 | |
| Income taxes | 67/77 | €460 | - | -€460 | |
| Profit (loss) for the period | 9904 | -€14,838 | €5,633 | +€20,471 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,838 | €5,633 | +€20,471 |
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 2 October 2026 via checked.be.