HNL: 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.
HNL
Largest movements
- Current investments +€300,000
new in 2025: €300,000
- Cash -€126,749
down €126,749 (-39.9%), from €317,702 to €190,954
mainly Current investments (-€300,000)
- Receivables after one year -€111,786
down €111,786 (-100%), from €111,786 to €0
- Reserves +€53,436
up €53,436 (+14.0%), from €382,295 to €435,731
- Gross operating margin -€45,334
down €45,334 (-28.8%), from €157,287 to €111,954
- Taxes -€13,811
down €13,811 (-43.7%), from €31,623 to €17,812
- Financial income -€9,875
down €9,875 (-68.1%), from €14,505 to €4,630
of which Financial income: -€9,875
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 | €1,033,681 | €1,090,954 | +€57,273 | +5.5% |
| Fixed assets | 21/28 | €600,000 | €600,000 | = | 0.0% |
| Financial fixed assets | 28 | €600,000 | €600,000 | = | 0.0% |
| Current assets | 29/58 | €433,681 | €490,954 | +€57,273 | +13.2% |
| Amounts receivable after more than one year | 29 | €111,786 | €0 | -€111,786 | -100% |
| Other amounts receivable | 291 | €111,786 | €0 | -€111,786 | -100% |
| Amounts receivable within one year | 40/41 | €4,193 | €0 | -€4,193 | -100% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €4,193 | €0 | -€4,193 | -100% |
| Current investments | 50/53 | - | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €317,702 | €190,954 | -€126,749 | -39.9% |
| Total equity and liabilities | 10/49 | €1,033,681 | €1,090,954 | +€57,273 | +5.5% |
| Equity | 10/15 | €402,295 | €455,731 | +€53,436 | +13.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €382,295 | €435,731 | +€53,436 | +14.0% |
| Distributable reserves | 133 | €382,295 | €435,731 | +€53,436 | +14.0% |
| Amounts payable | 17/49 | €631,386 | €635,222 | +€3,837 | +0.6% |
| Amounts payable after more than one year | 17 | €600,000 | €600,000 | = | 0.0% |
| Other amounts payable | 178/9 | €600,000 | €600,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €30,886 | €34,709 | +€3,823 | +12.4% |
| Trade debts | 44 | €294 | €635 | +€342 | +116% |
| Suppliers | 440/4 | €294 | €635 | +€342 | +116% |
| Taxes, remuneration and social security | 45 | €17,943 | €19,973 | +€2,031 | +11.3% |
| Taxes | 450/3 | €17,943 | €19,973 | +€2,031 | +11.3% |
| Other amounts payable | 47/48 | €12,650 | €14,100 | +€1,450 | +11.5% |
| Accrued charges and deferred income | 492/3 | €499 | €513 | +€14 | +2.8% |
| Other operating charges | 640/8 | €118 | €137 | +€19 | +16.1% |
| Gross operating margin | 9900 | €157,287 | €111,954 | -€45,334 | -28.8% |
| Operating profit (loss) | 9901 | €157,169 | €111,817 | -€45,353 | -28.9% |
| Financial income | 75/76B | €14,505 | €4,630 | -€9,875 | -68.1% |
| Recurring financial income | 75 | €14,505 | €4,630 | -€9,875 | -68.1% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €45,182 | €45,198 | +€17 | 0.0% |
| Recurring financial charges | 65 | €45,182 | €45,198 | +€17 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €126,493 | €71,248 | -€55,244 | -43.7% |
| Income taxes | 67/77 | €31,623 | €17,812 | -€13,811 | -43.7% |
| Profit (loss) for the period | 9904 | €94,870 | €53,436 | -€41,433 | -43.7% |
| Profit (loss) for the period to be appropriated | 9905 | €94,870 | €53,436 | -€41,433 | -43.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.