HS&P: 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&P
Largest movements
- Cash -€91,488
down €91,488 (-58.8%), from €155,688 to €64,201
mainly Other debts (-€65,000) and Receivables within one year (-€55,706)
- Receivables within one year +€55,706
up €55,706 (+11.2%), from €498,051 to €553,756
of which Trade receivables: +€37,195
- Tangible fixed assets -€26,093
down €26,093 (-27.3%), from €95,486 to €69,393
of which Other tangible fixed assets: -€36,451
- Other debts -€65,000
down €65,000 (-100.0%), from €65,000 to €0
- Tax, wage and social debts -€32,854
down €32,854 (-32.6%), from €100,728 to €67,874
of which Remuneration and social security: -€36,038
- Trade debts +€24,439
up €24,439 (+14.2%), from €172,433 to €196,872
- Debts after one year -€21,257
down €21,257 (-32.4%), from €65,580 to €44,323
- Short-term financial debts +€15,000
up €15,000, from €0 to €15,000
- Gross operating margin -€90,522
down €90,522 (-13.8%), from €654,031 to €563,509
- Other operating charges +€15,748
up €15,748 (+335.6%), from €4,693 to €20,441
- Taxes -€14,710
down €14,710 (-68.0%), from €21,637 to €6,927
- Staff costs +€10,207
up €10,207 (+2.2%), from €457,818 to €468,025
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 | €768,988 | €705,923 | -€63,066 | -8.2% |
| Fixed assets | 21/28 | €95,744 | €69,652 | -€26,093 | -27.3% |
| Tangible fixed assets | 22/27 | €95,486 | €69,393 | -€26,093 | -27.3% |
| Furniture and vehicles | 24 | €21,881 | €32,240 | +€10,358 | +47.3% |
| Other tangible fixed assets | 26 | €73,605 | €37,154 | -€36,451 | -49.5% |
| Financial fixed assets | 28 | €259 | €259 | = | 0.0% |
| Current assets | 29/58 | €673,244 | €636,271 | -€36,973 | -5.5% |
| Amounts receivable within one year | 40/41 | €498,051 | €553,756 | +€55,706 | +11.2% |
| Trade receivables | 40 | €451,663 | €488,859 | +€37,195 | +8.2% |
| Other amounts receivable | 41 | €46,387 | €64,898 | +€18,511 | +39.9% |
| Cash at bank and in hand | 54/58 | €155,688 | €64,201 | -€91,488 | -58.8% |
| Deferred charges and accrued income | 490/1 | €19,505 | €18,314 | -€1,191 | -6.1% |
| Total equity and liabilities | 10/49 | €768,988 | €705,923 | -€63,066 | -8.2% |
| Equity | 10/15 | €221,307 | €231,266 | +€9,959 | +4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €202,707 | €212,666 | +€9,959 | +4.9% |
| Distributable reserves | 133 | €202,707 | €212,666 | +€9,959 | +4.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €547,681 | €474,656 | -€73,025 | -13.3% |
| Amounts payable after more than one year | 17 | €65,580 | €44,323 | -€21,257 | -32.4% |
| Financial debts | 170/4 | €65,580 | €44,323 | -€21,257 | -32.4% |
| Amounts payable within one year | 42/48 | €402,375 | €350,607 | -€51,768 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €64,213 | €70,861 | +€6,647 | +10.4% |
| Financial debts | 43 | €0 | €15,000 | +€15,000 | |
| Credit institutions | 430/8 | €0 | €15,000 | +€15,000 | |
| Trade debts | 44 | €172,433 | €196,872 | +€24,439 | +14.2% |
| Suppliers | 440/4 | €172,433 | €196,872 | +€24,439 | +14.2% |
| Taxes, remuneration and social security | 45 | €100,728 | €67,874 | -€32,854 | -32.6% |
| Taxes | 450/3 | €12,005 | €15,190 | +€3,184 | +26.5% |
| Remuneration and social security | 454/9 | €88,722 | €52,684 | -€36,038 | -40.6% |
| Other amounts payable | 47/48 | €65,000 | €0 | -€65,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | €79,726 | €79,726 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €457,818 | €468,025 | +€10,207 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,272 | €45,385 | +€113 | +0.3% |
| Other operating charges | 640/8 | €4,693 | €20,441 | +€15,748 | +335.6% |
| Gross operating margin | 9900 | €654,031 | €563,509 | -€90,522 | -13.8% |
| Operating profit (loss) | 9901 | €146,248 | €29,658 | -€116,590 | -79.7% |
| Financial income | 75/76B | €7 | €39 | +€32 | +425.9% |
| Recurring financial income | 75 | €7 | €39 | +€32 | +425.9% |
| Financial charges | 65/66B | €10,603 | €12,811 | +€2,208 | +20.8% |
| Recurring financial charges | 65 | €10,603 | €12,811 | +€2,208 | +20.8% |
| Profit (loss) for the period before taxes | 9903 | €135,652 | €16,886 | -€118,766 | -87.6% |
| Income taxes | 67/77 | €21,637 | €6,927 | -€14,710 | -68.0% |
| Profit (loss) for the period | 9904 | €114,016 | €9,959 | -€104,056 | -91.3% |
| Profit (loss) for the period to be appropriated | 9905 | €114,016 | €9,959 | -€104,056 | -91.3% |
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 12 October 2026 via checked.be.