HS BUSINESS: what changed
HS BUSINESS
Largest movements
- Receivables within one year +€13,465
up €13,465 (+28.5%), from €47,207 to €60,673
of which Trade receivables: +€7,258
- Cash -€10,350
down €10,350 (-87.5%), from €11,832 to €1,482
mainly Current portion of long-term debt (-€15,784) and Receivables within one year (-€13,465)
- Stocks and contracts -€706
no longer reported in 2025 (was €706)
- Current portion of long-term debt -€15,784
no longer reported in 2025 (was €15,784)
- Tax, wage and social debts +€9,206
up €9,206 (+39.7%), from €23,195 to €32,401
of which Remuneration and social security: +€6,500
- Other debts +€7,134
up €7,134 (+1,116%), from €639 to €7,774
- Profit (loss) carried forward +€1,343
up €1,343 (+74.4%), from €1,806 to €3,149
- Trade debts +€1,228
up €1,228 (+6.7%), from €18,233 to €19,461
- Gross operating margin +€6,652
up €6,652, from -€1,936 to €4,716
- Financial charges +€1,490
up €1,490 (+129%), from €1,151 to €2,642
- Depreciation +€732
new in 2025: €732
- Other operating charges -€149
no longer reported in 2025 (was €149)
- Financial income -€64
down €64 (-99.0%), from €65 to €1
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €66,022 | €69,181 | +€3,159 | +4.8% |
| Fixed assets | 21/28 | €5,838 | €7,026 | +€1,188 | +20.4% |
| Tangible fixed assets | 22/27 | €5,438 | €6,026 | +€588 | +10.8% |
| Plant, machinery and equipment | 23 | €2,981 | €2,807 | -€174 | -5.8% |
| Furniture and vehicles | 24 | €2,457 | €3,219 | +€762 | +31.0% |
| Financial fixed assets | 28 | €400 | €1,000 | +€600 | +150% |
| Current assets | 29/58 | €60,184 | €62,155 | +€1,970 | +3.3% |
| Stocks and contracts in progress | 3 | €706 | - | -€706 | |
| Stocks | 30/36 | €706 | - | -€706 | |
| Amounts receivable within one year | 40/41 | €47,207 | €60,673 | +€13,465 | +28.5% |
| Trade receivables | 40 | €46,671 | €53,928 | +€7,258 | +15.6% |
| Other amounts receivable | 41 | €537 | €6,744 | +€6,207 | +1,156% |
| Cash at bank and in hand | 54/58 | €11,832 | €1,482 | -€10,350 | -87.5% |
| Deferred charges and accrued income | 490/1 | €439 | - | -€439 | |
| Total equity and liabilities | 10/49 | €66,022 | €69,181 | +€3,159 | +4.8% |
| Equity | 10/15 | €8,006 | €9,349 | +€1,343 | +16.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,806 | €3,149 | +€1,343 | +74.4% |
| Amounts payable | 17/49 | €58,016 | €59,832 | +€1,816 | +3.1% |
| Amounts payable within one year | 42/48 | €58,016 | €59,832 | +€1,816 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €15,784 | - | -€15,784 | |
| Financial debts | 43 | €165 | €197 | +€31 | +19.1% |
| Credit institutions | 430/8 | €165 | €197 | +€31 | +19.1% |
| Trade debts | 44 | €18,233 | €19,461 | +€1,228 | +6.7% |
| Suppliers | 440/4 | €18,233 | €19,461 | +€1,228 | +6.7% |
| Taxes, remuneration and social security | 45 | €23,195 | €32,401 | +€9,206 | +39.7% |
| Taxes | 450/3 | €4,485 | €7,191 | +€2,706 | +60.3% |
| Remuneration and social security | 454/9 | €18,710 | €25,210 | +€6,500 | +34.7% |
| Other amounts payable | 47/48 | €639 | €7,774 | +€7,134 | +1,116% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €732 | +€732 | |
| Other operating charges | 640/8 | €149 | - | -€149 | |
| Gross operating margin | 9900 | -€1,936 | €4,716 | +€6,652 | |
| Operating profit (loss) | 9901 | -€2,085 | €3,984 | +€6,069 | |
| Financial income | 75/76B | €65 | €1 | -€64 | -99.0% |
| Recurring financial income | 75 | €65 | €1 | -€64 | -99.0% |
| Financial charges | 65/66B | €1,151 | €2,642 | +€1,490 | +129% |
| Recurring financial charges | 65 | €1,151 | €2,642 | +€1,490 | +129% |
| Profit (loss) for the period before taxes | 9903 | -€3,171 | €1,343 | +€4,514 | |
| Income taxes | 67/77 | €19 | - | -€19 | |
| Profit (loss) for the period | 9904 | -€3,191 | €1,343 | +€4,533 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,191 | €1,343 | +€4,533 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.