HSE Vision: 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.
HSE Vision
Largest movements
- Cash +€89,102
up €89,102 (+1032.8%), from €8,627 to €97,729
mainly Net result for the year (+€71,346) and Tax, wage and social debts (+€22,482)
- Receivables within one year +€1,901
up €1,901 (+14.3%), from €13,286 to €15,187
- Tangible fixed assets +€1,334
new in 2025: €1,334
- Deferred charges and accrued income +€1,298
up €1,298 (+60.3%), from €2,153 to €3,451
- Reserves +€71,346
up €71,346 (+2248.6%), from €3,173 to €74,519
- Tax, wage and social debts +€22,482
up €22,482 (+1716.8%), from €1,310 to €23,792
- Gross operating margin +€86,308
up €86,308 (+2068.5%), from €4,172 to €90,481
- Taxes +€17,845
up €17,845 (+2158.7%), from €827 to €18,672
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 | €24,066 | €117,701 | +€93,635 | +389.1% |
| Fixed assets | 21/28 | - | €1,334 | +€1,334 | |
| Tangible fixed assets | 22/27 | - | €1,334 | +€1,334 | |
| Furniture and vehicles | 24 | - | €1,334 | +€1,334 | |
| Current assets | 29/58 | €24,066 | €116,367 | +€92,301 | +383.5% |
| Amounts receivable within one year | 40/41 | €13,286 | €15,187 | +€1,901 | +14.3% |
| Trade receivables | 40 | €13,286 | €15,187 | +€1,901 | +14.3% |
| Cash at bank and in hand | 54/58 | €8,627 | €97,729 | +€89,102 | +1032.8% |
| Deferred charges and accrued income | 490/1 | €2,153 | €3,451 | +€1,298 | +60.3% |
| Total equity and liabilities | 10/49 | €24,066 | €117,701 | +€93,635 | +389.1% |
| Equity | 10/15 | €8,173 | €79,519 | +€71,346 | +873.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €3,173 | €74,519 | +€71,346 | +2248.6% |
| Distributable reserves | 133 | €3,173 | €74,519 | +€71,346 | +2248.6% |
| Amounts payable | 17/49 | €15,893 | €38,183 | +€22,290 | +140.2% |
| Amounts payable within one year | 42/48 | €15,893 | €38,183 | +€22,290 | +140.2% |
| Trade debts | 44 | €1,049 | €826 | -€223 | -21.3% |
| Suppliers | 440/4 | €1,049 | €826 | -€223 | -21.3% |
| Taxes, remuneration and social security | 45 | €1,310 | €23,792 | +€22,482 | +1716.8% |
| Taxes | 450/3 | €1,310 | €23,792 | +€22,482 | +1716.8% |
| Other amounts payable | 47/48 | €13,535 | €13,565 | +€31 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €409 | +€409 | |
| Other operating charges | 640/8 | €50 | €127 | +€77 | +153.7% |
| Gross operating margin | 9900 | €4,172 | €90,481 | +€86,308 | +2068.5% |
| Operating profit (loss) | 9901 | €4,122 | €89,945 | +€85,823 | +2081.8% |
| Financial income | 75/76B | €15 | €158 | +€143 | +950.1% |
| Recurring financial income | 75 | €15 | €158 | +€143 | +950.1% |
| Financial charges | 65/66B | €138 | €86 | -€52 | -38.0% |
| Recurring financial charges | 65 | €138 | €86 | -€52 | -38.0% |
| Profit (loss) for the period before taxes | 9903 | €3,999 | €90,017 | +€86,018 | +2150.7% |
| Income taxes | 67/77 | €827 | €18,672 | +€17,845 | +2158.7% |
| Profit (loss) for the period | 9904 | €3,173 | €71,346 | +€68,173 | +2148.6% |
| Profit (loss) for the period to be appropriated | 9905 | €3,173 | €71,346 | +€68,173 | +2148.6% |
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 9 October 2026 via checked.be.