HOTLEU: 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.
HOTLEU
Largest movements
- Receivables within one year +€5,695
up €5,695 (+2150.6%), from €265 to €5,960
of which Other amounts receivable: +€5,709
- Cash +€4,065
up €4,065 (+2.3%), from €174,360 to €178,425
mainly Net result for the year (+€39,650) and Depreciation (+€26,588)
- Reserves +€18,068
up €18,068 (+6.5%), from €276,894 to €294,961
- Trade debts +€6,241
up €6,241 (+171.3%), from €3,642 to €9,883
- Investment grants -€6,211
down €6,211 (-16.8%), from €37,065 to €30,855
- Gross operating margin -€25,702
down €25,702 (-15.7%), from €164,189 to €138,487
- Taxes -€5,046
down €5,046 (-28.2%), from €17,893 to €12,847
- Staff costs +€4,238
up €4,238 (+11.5%), from €36,814 to €41,052
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 | €392,643 | €403,576 | +€10,933 | +2.8% |
| Fixed assets | 21/28 | €207,308 | €207,904 | +€596 | +0.3% |
| Tangible fixed assets | 22/27 | €207,308 | €207,904 | +€596 | +0.3% |
| Land and buildings | 22 | €171,282 | €160,201 | -€11,081 | -6.5% |
| Plant, machinery and equipment | 23 | €33,494 | €46,619 | +€13,125 | +39.2% |
| Furniture and vehicles | 24 | €2,531 | €1,084 | -€1,447 | -57.2% |
| Current assets | 29/58 | €185,335 | €195,672 | +€10,337 | +5.6% |
| Stocks and contracts in progress | 3 | €7,540 | €7,751 | +€211 | +2.8% |
| Stocks | 30/36 | €7,540 | €7,751 | +€211 | +2.8% |
| Amounts receivable within one year | 40/41 | €265 | €5,960 | +€5,695 | +2150.6% |
| Trade receivables | 40 | €14 | - | -€14 | |
| Other amounts receivable | 41 | €251 | €5,960 | +€5,709 | +2277.2% |
| Cash at bank and in hand | 54/58 | €174,360 | €178,425 | +€4,065 | +2.3% |
| Deferred charges and accrued income | 490/1 | €3,170 | €3,536 | +€366 | +11.5% |
| Total equity and liabilities | 10/49 | €392,643 | €403,576 | +€10,933 | +2.8% |
| Equity | 10/15 | €332,559 | €344,416 | +€11,857 | +3.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €276,894 | €294,961 | +€18,068 | +6.5% |
| Distributable reserves | 133 | €276,894 | €294,961 | +€18,068 | +6.5% |
| Investment grants | 15 | €37,065 | €30,855 | -€6,211 | -16.8% |
| Amounts payable | 17/49 | €60,084 | €59,160 | -€924 | -1.5% |
| Amounts payable after more than one year | 17 | €33,402 | €32,055 | -€1,347 | -4.0% |
| Other amounts payable | 178/9 | €33,402 | €32,055 | -€1,347 | -4.0% |
| Amounts payable within one year | 42/48 | €17,296 | €20,273 | +€2,977 | +17.2% |
| Trade debts | 44 | €3,642 | €9,883 | +€6,241 | +171.3% |
| Suppliers | 440/4 | €3,642 | €9,883 | +€6,241 | +171.3% |
| Taxes, remuneration and social security | 45 | €13,654 | €10,390 | -€3,264 | -23.9% |
| Taxes | 450/3 | €9,050 | €4,091 | -€4,959 | -54.8% |
| Remuneration and social security | 454/9 | €4,604 | €6,299 | +€1,695 | +36.8% |
| Accrued charges and deferred income | 492/3 | €9,386 | €6,832 | -€2,554 | -27.2% |
| Remuneration, social security and pensions | 62 | €36,814 | €41,052 | +€4,238 | +11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,679 | €26,588 | -€1,091 | -3.9% |
| Other operating charges | 640/8 | €21,240 | €21,617 | +€377 | +1.8% |
| Non-recurring operating charges | 66A | €1,537 | - | -€1,537 | |
| Gross operating margin | 9900 | €164,189 | €138,487 | -€25,702 | -15.7% |
| Operating profit (loss) | 9901 | €76,919 | €49,229 | -€27,690 | -36.0% |
| Financial income | 75/76B | €8,843 | €8,311 | -€533 | -6.0% |
| Recurring financial income | 75 | €8,843 | €8,311 | -€533 | -6.0% |
| Financial charges | 65/66B | €6,220 | €5,042 | -€1,178 | -18.9% |
| Recurring financial charges | 65 | €6,220 | €5,042 | -€1,178 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | €79,542 | €52,497 | -€27,045 | -34.0% |
| Income taxes | 67/77 | €17,893 | €12,847 | -€5,046 | -28.2% |
| Profit (loss) for the period | 9904 | €61,649 | €39,650 | -€21,999 | -35.7% |
| Profit (loss) for the period to be appropriated | 9905 | €61,649 | €39,650 | -€21,999 | -35.7% |
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 9 October 2026 via checked.be.