HS²: 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.
HS²
Largest movements
- Cash +€370,882
up €370,882 (+79.6%), from €466,039 to €836,921
mainly Net result for the year (+€373,158) and Depreciation (+€231,811)
- Tangible fixed assets -€167,614
down €167,614 (-8.9%), from €1.9m to €1.7m
of which Land and buildings: -€97,711
- Receivables within one year +€142,732
up €142,732 (+217.9%), from €65,489 to €208,221
- Reserves +€373,158
up €373,158 (+24.7%), from €1.5m to €1.9m
- Gross operating margin -€80,015
down €80,015 (-8.2%), from €974,444 to €894,429
- Taxes +€58,658
up €58,658 (+25.8%), from €227,787 to €286,445
- Depreciation +€49,877
up €49,877 (+27.4%), from €181,934 to €231,811
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 | €2,422,930 | €2,768,930 | +€346,000 | +14.3% |
| Fixed assets | 21/28 | €1,891,402 | €1,723,788 | -€167,614 | -8.9% |
| Tangible fixed assets | 22/27 | €1,891,402 | €1,723,788 | -€167,614 | -8.9% |
| Land and buildings | 22 | €1,703,086 | €1,605,375 | -€97,711 | -5.7% |
| Plant, machinery and equipment | 23 | €188,316 | €118,413 | -€69,903 | -37.1% |
| Current assets | 29/58 | €531,528 | €1,045,142 | +€513,614 | +96.6% |
| Amounts receivable within one year | 40/41 | €65,489 | €208,221 | +€142,732 | +217.9% |
| Trade receivables | 40 | €65,489 | €208,221 | +€142,732 | +217.9% |
| Cash at bank and in hand | 54/58 | €466,039 | €836,921 | +€370,882 | +79.6% |
| Total equity and liabilities | 10/49 | €2,422,930 | €2,768,930 | +€346,000 | +14.3% |
| Equity | 10/15 | €2,259,899 | €2,633,057 | +€373,158 | +16.5% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €1,509,206 | €1,882,364 | +€373,158 | +24.7% |
| Distributable reserves | 133 | €1,509,206 | €1,882,364 | +€373,158 | +24.7% |
| Profit (loss) carried forward | 14 | €730,233 | €730,233 | = | 0.0% |
| Provisions and deferred taxes | 16 | €60,000 | €60,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €60,000 | €60,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €60,000 | €60,000 | = | 0.0% |
| Amounts payable | 17/49 | €103,031 | €75,873 | -€27,158 | -26.4% |
| Amounts payable within one year | 42/48 | €103,031 | €75,873 | -€27,158 | -26.4% |
| Trade debts | 44 | €11,052 | €5,768 | -€5,284 | -47.8% |
| Suppliers | 440/4 | €11,052 | €5,768 | -€5,284 | -47.8% |
| Taxes, remuneration and social security | 45 | €91,979 | €70,105 | -€21,874 | -23.8% |
| Taxes | 450/3 | €90,104 | €68,230 | -€21,874 | -24.3% |
| Remuneration and social security | 454/9 | €1,875 | €1,875 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €181,934 | €231,811 | +€49,877 | +27.4% |
| Other operating charges | 640/8 | €1,604 | €1,650 | +€46 | +2.9% |
| Gross operating margin | 9900 | €974,444 | €894,429 | -€80,015 | -8.2% |
| Operating profit (loss) | 9901 | €790,906 | €660,968 | -€129,938 | -16.4% |
| Financial income | 75/76B | €200 | €307 | +€107 | +53.5% |
| Recurring financial income | 75 | €200 | €307 | +€107 | +53.5% |
| Financial charges | 65/66B | €885 | €1,672 | +€787 | +88.9% |
| Recurring financial charges | 65 | €885 | €1,672 | +€787 | +88.9% |
| Profit (loss) for the period before taxes | 9903 | €790,221 | €659,603 | -€130,618 | -16.5% |
| Income taxes | 67/77 | €227,787 | €286,445 | +€58,658 | +25.8% |
| Profit (loss) for the period | 9904 | €562,434 | €373,158 | -€189,276 | -33.7% |
| Profit (loss) for the period to be appropriated | 9905 | €562,434 | €373,158 | -€189,276 | -33.7% |
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 8 October 2026 via checked.be.