HSAN: 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.
HSAN
Largest movements
- Financial fixed assets +€78,880
new in 2025: €78,880
- Receivables within one year +€39,644
up €39,644 (+174.9%), from €22,663 to €62,307
of which Trade receivables: +€39,862
- Cash -€12,873
down €12,873 (-42.6%), from €30,206 to €17,333
mainly Investment in fixed assets (net) (-€81,335) and Receivables within one year (-€39,644)
- Tangible fixed assets +€2,413
new in 2025: €2,413
- Other debts +€55,382
new in 2025: €55,382
- Profit (loss) carried forward +€48,634
new in 2025: €48,634
- Accrued charges and deferred income +€4,143
up €4,143 (+72.0%), from €5,756 to €9,899
- Tax, wage and social debts -€1,665
down €1,665 (-10.6%), from €15,719 to €14,054
of which Taxes: -€1,665
- Gross operating margin +€27,406
up €27,406 (+69.1%), from €39,645 to €67,051
- Taxes +€6,335
up €6,335 (+56.2%), from €11,279 to €17,614
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 | €52,969 | €161,036 | +€108,067 | +204.0% |
| Fixed assets | 21/28 | - | €81,293 | +€81,293 | |
| Tangible fixed assets | 22/27 | - | €2,413 | +€2,413 | |
| Plant, machinery and equipment | 23 | - | €2,413 | +€2,413 | |
| Financial fixed assets | 28 | - | €78,880 | +€78,880 | |
| Current assets | 29/58 | €52,969 | €79,743 | +€26,774 | +50.5% |
| Amounts receivable within one year | 40/41 | €22,663 | €62,307 | +€39,644 | +174.9% |
| Trade receivables | 40 | €22,445 | €62,307 | +€39,862 | +177.6% |
| Other amounts receivable | 41 | €218 | - | -€218 | |
| Cash at bank and in hand | 54/58 | €30,206 | €17,333 | -€12,873 | -42.6% |
| Deferred charges and accrued income | 490/1 | €99 | €102 | +€3 | +3.2% |
| Total equity and liabilities | 10/49 | €52,969 | €161,036 | +€108,067 | +204.0% |
| Equity | 10/15 | €31,191 | €79,826 | +€48,634 | +155.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €28,191 | €28,191 | = | 0.0% |
| Distributable reserves | 133 | €28,191 | €28,191 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €48,634 | +€48,634 | |
| Amounts payable | 17/49 | €21,777 | €81,210 | +€59,433 | +272.9% |
| Amounts payable within one year | 42/48 | €16,021 | €71,311 | +€55,290 | +345.1% |
| Trade debts | 44 | €303 | €1,875 | +€1,573 | +519.9% |
| Suppliers | 440/4 | €303 | €1,875 | +€1,573 | +519.9% |
| Taxes, remuneration and social security | 45 | €15,719 | €14,054 | -€1,665 | -10.6% |
| Taxes | 450/3 | €12,319 | €10,654 | -€1,665 | -13.5% |
| Remuneration and social security | 454/9 | €3,400 | €3,400 | = | 0.0% |
| Other amounts payable | 47/48 | - | €55,382 | +€55,382 | |
| Accrued charges and deferred income | 492/3 | €5,756 | €9,899 | +€4,143 | +72.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €42 | +€42 | |
| Other operating charges | 640/8 | €14 | €225 | +€212 | +1569.1% |
| Gross operating margin | 9900 | €39,645 | €67,051 | +€27,406 | +69.1% |
| Operating profit (loss) | 9901 | €39,632 | €66,784 | +€27,153 | +68.5% |
| Financial charges | 65/66B | €162 | €536 | +€374 | +231.0% |
| Recurring financial charges | 65 | €162 | €536 | +€374 | +231.0% |
| Profit (loss) for the period before taxes | 9903 | €39,470 | €66,248 | +€26,778 | +67.8% |
| Income taxes | 67/77 | €11,279 | €17,614 | +€6,335 | +56.2% |
| Profit (loss) for the period | 9904 | €28,191 | €48,634 | +€20,443 | +72.5% |
| Profit (loss) for the period to be appropriated | 9905 | €28,191 | €48,634 | +€20,443 | +72.5% |
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.