HS-GROUP: 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.
HS-GROUP
Largest movements
- Receivables within one year +€880,655
up €880,655 (+18.7%), from €4.7m to €5.6m
of which Other amounts receivable: +€916,849
- Financial fixed assets +€440,275
new in 2025: €440,275
- Receivables after one year -€206,992
down €206,992 (-11.0%), from €1.9m to €1.7m
of which Trade receivables: -€206,992
- Reserves +€938,569
up €938,569 (+216.5%), from €433,440 to €1.4m
of which Distributable reserves: +€938,569
- Other debts +€125,000
up €125,000, from €0 to €125,000
- Gross operating margin +€860,437
up €860,437 (+230.3%), from €373,669 to €1.2m
- Write-downs +€200,000
up €200,000, from €0 to €200,000
- Staff costs -€50,730
down €50,730 (-100.0%), from €50,730 to €0
- Taxes +€19,200
up €19,200 (+3980.7%), from €482 to €19,682
- Financial income -€12,679
down €12,679 (-2.8%), from €457,036 to €444,357
of which Financial income: -€8,117
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 | €6,758,692 | €7,810,569 | +€1.1m | +15.6% |
| Fixed assets | 21/28 | - | €440,275 | +€440,275 | |
| Financial fixed assets | 28 | - | €440,275 | +€440,275 | |
| Current assets | 29/58 | €6,758,692 | €7,370,294 | +€611,602 | +9.0% |
| Amounts receivable after more than one year | 29 | €1,873,232 | €1,666,240 | -€206,992 | -11.0% |
| Trade receivables | 290 | €1,829,232 | €1,622,240 | -€206,992 | -11.3% |
| Other amounts receivable | 291 | €44,000 | €44,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €4,720,457 | €5,601,112 | +€880,655 | +18.7% |
| Trade receivables | 40 | €157,300 | €121,106 | -€36,194 | -23.0% |
| Other amounts receivable | 41 | €4,563,157 | €5,480,005 | +€916,849 | +20.1% |
| Cash at bank and in hand | 54/58 | €165,004 | €102,943 | -€62,062 | -37.6% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €6,758,692 | €7,810,569 | +€1.1m | +15.6% |
| Equity | 10/15 | €1,058,014 | €1,996,583 | +€938,569 | +88.7% |
| Contributions | 10/11 | €624,575 | €624,575 | = | 0.0% |
| Capital | 10 | €624,575 | €624,575 | = | 0.0% |
| Issued capital | 100 | €624,575 | €624,575 | = | 0.0% |
| Reserves | 13 | €433,440 | €1,372,008 | +€938,569 | +216.5% |
| Non-distributable reserves | 130/1 | €62,457 | €62,457 | = | 0.0% |
| Legal reserve | 130 | €62,457 | €62,457 | = | 0.0% |
| Distributable reserves | 133 | €370,982 | €1,309,551 | +€938,569 | +253.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €5,700,678 | €5,813,986 | +€113,308 | +2.0% |
| Amounts payable within one year | 42/48 | €5,572,122 | €5,730,575 | +€158,453 | +2.8% |
| Financial debts | 43 | €5,490,000 | €5,490,000 | = | 0.0% |
| Credit institutions | 430/8 | €5,490,000 | €5,490,000 | = | 0.0% |
| Trade debts | 44 | €57,735 | €89,497 | +€31,762 | +55.0% |
| Suppliers | 440/4 | €57,735 | €89,497 | +€31,762 | +55.0% |
| Taxes, remuneration and social security | 45 | €24,388 | €26,078 | +€1,691 | +6.9% |
| Taxes | 450/3 | €24,388 | €26,078 | +€1,691 | +6.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | €125,000 | +€125,000 | |
| Accrued charges and deferred income | 492/3 | €128,556 | €83,411 | -€45,145 | -35.1% |
| Non-recurring operating income | 76A | €7,500 | €0 | -€7,500 | -100.0% |
| Remuneration, social security and pensions | 62 | €50,730 | €0 | -€50,730 | -100.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €200,000 | +€200,000 | |
| Other operating charges | 640/8 | €86 | €1,119 | +€1,033 | +1207.7% |
| Gross operating margin | 9900 | €373,669 | €1,234,106 | +€860,437 | +230.3% |
| Operating profit (loss) | 9901 | €322,854 | €1,032,987 | +€710,134 | +220.0% |
| Financial income | 75/76B | €457,036 | €444,357 | -€12,679 | -2.8% |
| Recurring financial income | 75 | €452,474 | €444,357 | -€8,117 | -1.8% |
| Non-recurring financial income | 76B | €4,562 | €0 | -€4,562 | -100.0% |
| Financial charges | 65/66B | €400,968 | €394,094 | -€6,874 | -1.7% |
| Recurring financial charges | 65 | €400,829 | €394,094 | -€6,735 | -1.7% |
| Non-recurring financial charges | 66B | €139 | €0 | -€139 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €378,922 | €1,083,251 | +€704,329 | +185.9% |
| Income taxes | 67/77 | €482 | €19,682 | +€19,200 | +3980.7% |
| Profit (loss) for the period | 9904 | €378,440 | €1,063,569 | +€685,129 | +181.0% |
| Profit (loss) for the period to be appropriated | 9905 | €378,440 | €1,063,569 | +€685,129 | +181.0% |
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 3 October 2026 via checked.be.