HS-INVEST: what changed
HS-INVEST
Largest movements
- Receivables within one year +€15,668
up €15,668 (+49.8%), from €31,492 to €47,160
of which Trade receivables: +€21,978
- Reserves +€22,070
up €22,070 (+32.3%), from €68,432 to €90,502
- Current portion of long-term debt -€12,995
down €12,995 (-58.0%), from €22,413 to €9,418
- Trade debts +€11,857
up €11,857 (+87.3%), from €13,585 to €25,441
- Tax, wage and social debts +€10,908
up €10,908 (+149%), from €7,343 to €18,251
- Short-term financial debts -€7,500
no longer reported in 2025 (was €7,500)
- Gross operating margin +€13,694
up €13,694 (+53.5%), from €25,595 to €39,290
- Taxes +€4,378
up €4,378 (+65.3%), from €6,709 to €11,086
- Financial charges +€1,357
up €1,357 (+37.4%), from €3,624 to €4,981
- Other operating charges -€678
down €678 (-37.0%), from €1,830 to €1,152
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 | €172,358 | €187,677 | +€15,319 | +8.9% |
| Fixed assets | 21/28 | €140,000 | €140,000 | = | 0.0% |
| Financial fixed assets | 28 | €140,000 | €140,000 | = | 0.0% |
| Current assets | 29/58 | €32,358 | €47,677 | +€15,319 | +47.3% |
| Amounts receivable within one year | 40/41 | €31,492 | €47,160 | +€15,668 | +49.8% |
| Trade receivables | 40 | €8,470 | €30,448 | +€21,978 | +259% |
| Other amounts receivable | 41 | €23,022 | €16,713 | -€6,310 | -27.4% |
| Cash at bank and in hand | 54/58 | €866 | €516 | -€349 | -40.3% |
| Total equity and liabilities | 10/49 | €172,358 | €187,677 | +€15,319 | +8.9% |
| Equity | 10/15 | €71,432 | €93,502 | +€22,070 | +30.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Contributions outside capital | 11 | €3,000 | €3,000 | = | 0.0% |
| Share premium | 1100/10 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €68,432 | €90,502 | +€22,070 | +32.3% |
| Distributable reserves | 133 | €68,432 | €90,502 | +€22,070 | +32.3% |
| Amounts payable | 17/49 | €100,926 | €94,175 | -€6,752 | -6.7% |
| Amounts payable after more than one year | 17 | €5,641 | - | -€5,641 | |
| Financial debts | 170/4 | €5,641 | - | -€5,641 | |
| Amounts payable within one year | 42/48 | €94,901 | €93,608 | -€1,292 | -1.4% |
| Current portion of amounts payable after more than one year | 42 | €22,413 | €9,418 | -€12,995 | -58.0% |
| Financial debts | 43 | €7,500 | - | -€7,500 | |
| Credit institutions | 430/8 | €7,500 | - | -€7,500 | |
| Trade debts | 44 | €13,585 | €25,441 | +€11,857 | +87.3% |
| Suppliers | 440/4 | €13,585 | €25,441 | +€11,857 | +87.3% |
| Taxes, remuneration and social security | 45 | €7,343 | €18,251 | +€10,908 | +149% |
| Taxes | 450/3 | €7,343 | €18,251 | +€10,908 | +149% |
| Other amounts payable | 47/48 | €44,060 | €40,498 | -€3,562 | -8.1% |
| Accrued charges and deferred income | 492/3 | €385 | €567 | +€182 | +47.2% |
| Other operating charges | 640/8 | €1,830 | €1,152 | -€678 | -37.0% |
| Gross operating margin | 9900 | €25,595 | €39,290 | +€13,694 | +53.5% |
| Operating profit (loss) | 9901 | €23,766 | €38,138 | +€14,372 | +60.5% |
| Financial charges | 65/66B | €3,624 | €4,981 | +€1,357 | +37.4% |
| Recurring financial charges | 65 | €3,624 | €4,981 | +€1,357 | +37.4% |
| Profit (loss) for the period before taxes | 9903 | €20,142 | €33,157 | +€13,015 | +64.6% |
| Income taxes | 67/77 | €6,709 | €11,086 | +€4,378 | +65.3% |
| Profit (loss) for the period | 9904 | €13,433 | €22,070 | +€8,637 | +64.3% |
| Profit (loss) for the period to be appropriated | 9905 | €13,433 | €22,070 | +€8,637 | +64.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.