HS MODE: 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.
HS MODE
Largest movements
- Tangible fixed assets -€63,047
down €63,047 (-33.9%), from €185,829 to €122,782
of which Plant, machinery and equipment: -€57,355
- Receivables within one year +€58,585
up €58,585 (+246%), from €23,778 to €82,364
of which Trade receivables: +€56,508
- Cash +€32,371
up €32,371 (+43.3%), from €74,730 to €107,101
mainly Depreciation (+€61,927) and Net result for the year (+€29,570)
- Stocks and contracts +€26,830
up €26,830 (+7.6%), from €353,979 to €380,809
- Profit (loss) carried forward +€29,570
up €29,570 (+9.5%), from €310,407 to €339,976
- Trade debts +€19,335
up €19,335 (+107%), from €18,126 to €37,461
- Debts after one year -€16,612
down €16,612 (-13.8%), from €120,069 to €103,457
- Tax, wage and social debts +€13,775
up €13,775 (+22.2%), from €61,997 to €75,772
of which Taxes: +€7,361
- Current portion of long-term debt +€10,195
up €10,195 (+23.8%), from €42,920 to €53,116
- Gross operating margin +€25,750
up €25,750 (+7.9%), from €325,359 to €351,109
- Depreciation -€9,535
down €9,535 (-13.3%), from €71,462 to €61,927
- Taxes +€8,317
up €8,317 (+96.0%), from €8,663 to €16,980
- Staff costs +€4,589
up €4,589 (+1.7%), from €262,579 to €267,168
- Other operating charges +€4,285
up €4,285 (+81.7%), from €5,242 to €9,528
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.
Derived cash bridge
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 | €642,049 | €698,375 | +€56,326 | +8.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €187,807 | €123,706 | -€64,102 | -34.1% |
| Intangible fixed assets | 21 | €1,978 | €923 | -€1,055 | -53.3% |
| Tangible fixed assets | 22/27 | €185,829 | €122,782 | -€63,047 | -33.9% |
| Plant, machinery and equipment | 23 | €172,774 | €115,419 | -€57,355 | -33.2% |
| Furniture and vehicles | 24 | €13,055 | €7,363 | -€5,692 | -43.6% |
| Current assets | 29/58 | €454,242 | €574,669 | +€120,428 | +26.5% |
| Stocks and contracts in progress | 3 | €353,979 | €380,809 | +€26,830 | +7.6% |
| Stocks | 30/36 | €353,979 | €380,809 | +€26,830 | +7.6% |
| Amounts receivable within one year | 40/41 | €23,778 | €82,364 | +€58,585 | +246% |
| Trade receivables | 40 | €11,890 | €68,399 | +€56,508 | +475% |
| Other amounts receivable | 41 | €11,888 | €13,965 | +€2,077 | +17.5% |
| Cash at bank and in hand | 54/58 | €74,730 | €107,101 | +€32,371 | +43.3% |
| Deferred charges and accrued income | 490/1 | €1,755 | €4,396 | +€2,641 | +151% |
| Total equity and liabilities | 10/49 | €642,049 | €698,375 | +€56,326 | +8.8% |
| Equity | 10/15 | €398,407 | €427,976 | +€29,570 | +7.4% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €8,000 | €8,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,000 | €8,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €310,407 | €339,976 | +€29,570 | +9.5% |
| Amounts payable | 17/49 | €243,642 | €270,399 | +€26,757 | +11.0% |
| Amounts payable after more than one year | 17 | €120,069 | €103,457 | -€16,612 | -13.8% |
| Financial debts | 170/4 | €120,069 | €103,457 | -€16,612 | -13.8% |
| Amounts payable within one year | 42/48 | €123,093 | €166,349 | +€43,255 | +35.1% |
| Current portion of amounts payable after more than one year | 42 | €42,920 | €53,116 | +€10,195 | +23.8% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €18,126 | €37,461 | +€19,335 | +107% |
| Suppliers | 440/4 | €18,126 | €37,461 | +€19,335 | +107% |
| Taxes, remuneration and social security | 45 | €61,997 | €75,772 | +€13,775 | +22.2% |
| Taxes | 450/3 | €22,878 | €30,239 | +€7,361 | +32.2% |
| Remuneration and social security | 454/9 | €39,119 | €45,533 | +€6,414 | +16.4% |
| Other amounts payable | 47/48 | €50 | - | -€50 | |
| Accrued charges and deferred income | 492/3 | €480 | €593 | +€114 | +23.7% |
| Remuneration, social security and pensions | 62 | €262,579 | €267,168 | +€4,589 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,462 | €61,927 | -€9,535 | -13.3% |
| Other operating charges | 640/8 | €5,242 | €9,528 | +€4,285 | +81.7% |
| Gross operating margin | 9900 | €325,359 | €351,109 | +€25,750 | +7.9% |
| Operating profit (loss) | 9901 | -€13,924 | €12,487 | +€26,410 | |
| Financial income | 75/76B | €45,276 | €45,826 | +€550 | +1.2% |
| Recurring financial income | 75 | €45,276 | €45,826 | +€550 | +1.2% |
| Financial charges | 65/66B | €11,181 | €11,763 | +€582 | +5.2% |
| Recurring financial charges | 65 | €11,181 | €11,763 | +€582 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €20,171 | €46,549 | +€26,379 | +131% |
| Income taxes | 67/77 | €8,663 | €16,980 | +€8,317 | +96.0% |
| Profit (loss) for the period | 9904 | €11,508 | €29,570 | +€18,061 | +157% |
| Profit (loss) for the period to be appropriated | 9905 | €11,508 | €29,570 | +€18,061 | +157% |
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 19 October 2026 via checked.be.