HSA IMMO: 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.
What changed
HSA IMMO
NACE 68.202, Real estate activities
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€18,786
2024 · €17,561+€1,225
Equity
€535,702
2024 · €534,836+€866
Cash
€132,553
2024 · €130,392+€2,161
Balance sheet total
€986,279
2024 · €1.0m-€14,957
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Debts after one year -€19,259
down €19,259 (-10.6%), from €181,347 to €162,087
of which Financial debts: -€19,959
Income statement
- Gross operating margin +€4,802
up €4,802 (+6.6%), from €73,290 to €78,093
- Depreciation +€2,720
up €2,720 (+8.8%), from €30,872 to €33,591
- Taxes +€1,485
up €1,485 (+10.4%), from €14,215 to €15,699
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.
Result 2024
€17,561
Gross operating margin
+€4,802
Depreciation
-€2,720
Other operating charges
-€264
Financial income
+€131
Financial charges
+€762
Taxes
-€1,485
Result 2025
€18,786
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.
From operations
+€63,519
Investment
-€24,919
Financing
-€36,439
Cash 2024
€130,392
From operations (derived)
+€63,519
Net result for the year
+€18,786
Depreciation
+€33,591
Receivables within one year
+€8,617
Deferred charges and accrued income
-€171
Provisions
-€2,686
Trade debts
+€2,831
Tax, wage and social debts
+€2,644
Other debts
-€94
Accrued charges and deferred income
+€0
Investment (derived)
-€24,919
Investment in fixed assets (net)
-€24,919
Financing
-€36,439
Debts after one year
-€19,259
Current portion of long-term debt
+€741
Contributions, distributions and other
-€17,920
Cash 2025
€132,553
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,001,236 | €986,279 | -€14,957 | -1.5% |
| Fixed assets | 21/28 | €856,722 | €848,050 | -€8,672 | -1.0% |
| Tangible fixed assets | 22/27 | €856,722 | €848,050 | -€8,672 | -1.0% |
| Land and buildings | 22 | €546,172 | €532,158 | -€14,015 | -2.6% |
| Other tangible fixed assets | 26 | €310,550 | €315,892 | +€5,342 | +1.7% |
| Current assets | 29/58 | €144,513 | €138,229 | -€6,285 | -4.3% |
| Amounts receivable within one year | 40/41 | €11,824 | €3,207 | -€8,617 | -72.9% |
| Trade receivables | 40 | €3,066 | €3,207 | +€141 | +4.6% |
| Other amounts receivable | 41 | €8,758 | - | -€8,758 | |
| Cash at bank and in hand | 54/58 | €130,392 | €132,553 | +€2,161 | +1.7% |
| Deferred charges and accrued income | 490/1 | €2,298 | €2,469 | +€171 | +7.4% |
| Total equity and liabilities | 10/49 | €1,001,236 | €986,279 | -€14,957 | -1.5% |
| Equity | 10/15 | €534,836 | €535,702 | +€866 | +0.2% |
| Contributions | 10/11 | €27,268 | €27,268 | = | 0.0% |
| Revaluation surpluses | 12 | €176,420 | €181,762 | +€5,342 | +3.0% |
| Reserves | 13 | €331,148 | €326,672 | -€4,476 | -1.4% |
| Tax-exempt reserves | 132 | €148,372 | €140,314 | -€8,058 | -5.4% |
| Distributable reserves | 133 | €182,776 | €186,357 | +€3,582 | +2.0% |
| Provisions and deferred taxes | 16 | €49,457 | €46,771 | -€2,686 | -5.4% |
| Deferred taxes | 168 | €49,457 | €46,771 | -€2,686 | -5.4% |
| Amounts payable | 17/49 | €416,942 | €403,805 | -€13,137 | -3.2% |
| Amounts payable after more than one year | 17 | €181,347 | €162,087 | -€19,259 | -10.6% |
| Financial debts | 170/4 | €180,767 | €160,807 | -€19,959 | -11.0% |
| Other amounts payable | 178/9 | €580 | €1,280 | +€700 | +120.7% |
| Amounts payable within one year | 42/48 | €233,390 | €239,512 | +€6,122 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €19,218 | €19,959 | +€741 | +3.9% |
| Trade debts | 44 | €29 | €2,860 | +€2,831 | +9749.9% |
| Suppliers | 440/4 | €29 | €2,860 | +€2,831 | +9749.9% |
| Taxes, remuneration and social security | 45 | €13,852 | €16,496 | +€2,644 | +19.1% |
| Taxes | 450/3 | €13,852 | €16,496 | +€2,644 | +19.1% |
| Other amounts payable | 47/48 | €200,290 | €200,196 | -€94 | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,206 | €2,206 | +€0 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,872 | €33,591 | +€2,720 | +8.8% |
| Other operating charges | 640/8 | €6,327 | €6,592 | +€264 | +4.2% |
| Gross operating margin | 9900 | €73,290 | €78,093 | +€4,802 | +6.6% |
| Operating profit (loss) | 9901 | €36,091 | €37,909 | +€1,818 | +5.0% |
| Financial income | 75/76B | €1,208 | €1,339 | +€131 | +10.8% |
| Recurring financial income | 75 | €1,208 | €1,339 | +€131 | +10.8% |
| Financial charges | 65/66B | €8,210 | €7,449 | -€762 | -9.3% |
| Recurring financial charges | 65 | €8,210 | €7,449 | -€762 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €29,090 | €31,800 | +€2,710 | +9.3% |
| Transfer from deferred taxes | 780 | €2,686 | €2,686 | = | 0.0% |
| Income taxes | 67/77 | €14,215 | €15,699 | +€1,485 | +10.4% |
| Profit (loss) for the period | 9904 | €17,561 | €18,786 | +€1,225 | +7.0% |
| Transfer from tax-exempt reserves | 789 | €8,058 | €8,058 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,619 | €26,845 | +€1,225 | +4.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.