HOSE: 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.
HOSE
Largest movements
- Receivables within one year -€149,622
down €149,622 (-24.2%), from €617,423 to €467,801
of which Trade receivables: -€150,393
- Tangible fixed assets -€24,015
down €24,015 (-81.6%), from €29,426 to €5,411
of which Furniture and vehicles: -€23,698
- Trade debts -€103,389
down €103,389 (-31.2%), from €330,976 to €227,587
- Profit (loss) carried forward -€39,772
down €39,772, from €21,786 to -€17,986
- Tax, wage and social debts -€31,140
down €31,140 (-53.6%), from €58,052 to €26,911
of which Remuneration and social security: -€20,081
- Other debts +€14,061
up €14,061 (+7.5%), from €188,483 to €202,544
- Debts after one year -€13,908
down €13,908 (-100.0%), from €13,908 to €0
- Gross operating margin -€153,672
down €153,672 (-86.4%), from €177,821 to €24,149
- Staff costs -€111,159
down €111,159 (-85.6%), from €129,858 to €18,699
- Financial charges +€13,184
up €13,184 (+188.8%), from €6,982 to €20,166
- Taxes -€2,679
no longer reported in 2025 (was €2,679)
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 | €653,330 | €475,865 | -€177,465 | -27.2% |
| Fixed assets | 21/28 | €32,894 | €5,411 | -€27,483 | -83.5% |
| Tangible fixed assets | 22/27 | €29,426 | €5,411 | -€24,015 | -81.6% |
| Plant, machinery and equipment | 23 | €448 | €130 | -€317 | -70.9% |
| Furniture and vehicles | 24 | €28,979 | €5,281 | -€23,698 | -81.8% |
| Financial fixed assets | 28 | €3,468 | €0 | -€3,468 | -100.0% |
| Current assets | 29/58 | €620,436 | €470,454 | -€149,982 | -24.2% |
| Amounts receivable within one year | 40/41 | €617,423 | €467,801 | -€149,622 | -24.2% |
| Trade receivables | 40 | €617,402 | €467,010 | -€150,393 | -24.4% |
| Other amounts receivable | 41 | €21 | €792 | +€771 | +3655.1% |
| Cash at bank and in hand | 54/58 | €0 | €0 | = | |
| Deferred charges and accrued income | 490/1 | €3,012 | €2,652 | -€360 | -12.0% |
| Total equity and liabilities | 10/49 | €653,330 | €475,865 | -€177,465 | -27.2% |
| Equity | 10/15 | €36,300 | -€3,472 | -€39,772 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €8,313 | €8,313 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,453 | €6,453 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,786 | -€17,986 | -€39,772 | |
| Amounts payable | 17/49 | €617,030 | €479,337 | -€137,693 | -22.3% |
| Amounts payable after more than one year | 17 | €13,908 | €0 | -€13,908 | -100.0% |
| Financial debts | 170/4 | €13,908 | €0 | -€13,908 | -100.0% |
| Amounts payable within one year | 42/48 | €600,011 | €471,705 | -€128,306 | -21.4% |
| Current portion of amounts payable after more than one year | 42 | €22,500 | €14,663 | -€7,837 | -34.8% |
| Trade debts | 44 | €330,976 | €227,587 | -€103,389 | -31.2% |
| Suppliers | 440/4 | €330,976 | €227,587 | -€103,389 | -31.2% |
| Taxes, remuneration and social security | 45 | €58,052 | €26,911 | -€31,140 | -53.6% |
| Taxes | 450/3 | €35,907 | €24,848 | -€11,059 | -30.8% |
| Remuneration and social security | 454/9 | €22,144 | €2,063 | -€20,081 | -90.7% |
| Other amounts payable | 47/48 | €188,483 | €202,544 | +€14,061 | +7.5% |
| Accrued charges and deferred income | 492/3 | €3,111 | €7,632 | +€4,521 | +145.3% |
| Remuneration, social security and pensions | 62 | €129,858 | €18,699 | -€111,159 | -85.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,139 | €24,015 | -€124 | -0.5% |
| Other operating charges | 640/8 | €681 | €1,041 | +€360 | +52.9% |
| Gross operating margin | 9900 | €177,821 | €24,149 | -€153,672 | -86.4% |
| Operating profit (loss) | 9901 | €23,144 | -€19,606 | -€42,750 | |
| Financial charges | 65/66B | €6,982 | €20,166 | +€13,184 | +188.8% |
| Recurring financial charges | 65 | €6,982 | €20,166 | +€13,184 | +188.8% |
| Profit (loss) for the period before taxes | 9903 | €16,162 | -€39,772 | -€55,934 | |
| Income taxes | 67/77 | €2,679 | - | -€2,679 | |
| Profit (loss) for the period | 9904 | €13,482 | -€39,772 | -€53,254 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,482 | -€39,772 | -€53,254 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.