HSEB: 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.
HSEB
Largest movements
- Cash -€108,451
down €108,451 (-47.7%), from €227,299 to €118,848
mainly Trade debts (-€201,468) and Debts after one year (-€67,107)
- Receivables within one year -€50,025
down €50,025 (-75.9%), from €65,879 to €15,854
of which Other amounts receivable: -€29,755
- Tangible fixed assets -€17,752
down €17,752 (-8.7%), from €203,643 to €185,891
of which Plant, machinery and equipment: -€9,862
- Trade debts -€201,468
down €201,468 (-88.9%), from €226,531 to €25,063
- Debts after one year -€67,107
down €67,107 (-29.8%), from €225,000 to €157,893
of which Financial debts: -€70,407
- Reserves +€36,798
up €36,798 (+108%), from €33,967 to €70,765
- Current portion of long-term debt +€35,748
new in 2025: €35,748
- Tax, wage and social debts +€5,844
up €5,844 (+21.7%), from €26,968 to €32,812
of which Taxes: +€7,603
- Gross operating margin +€178,568
up €178,568 (+310%), from €57,569 to €236,137
- Staff costs +€106,690
up €106,690 (+286%), from €37,254 to €143,943
- Depreciation +€25,329
up €25,329 (+339%), from €7,477 to €32,807
- Financial charges +€15,400
up €15,400 (+831%), from €1,853 to €17,253
- Taxes +€3,105
up €3,105 (+376%), from €827 to €3,932
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 | €531,434 | €349,260 | -€182,174 | -34.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €231,235 | €208,483 | -€22,752 | -9.8% |
| Intangible fixed assets | 21 | €24,292 | €19,292 | -€5,000 | -20.6% |
| Tangible fixed assets | 22/27 | €203,643 | €185,891 | -€17,752 | -8.7% |
| Land and buildings | 22 | €153,048 | €146,309 | -€6,740 | -4.4% |
| Plant, machinery and equipment | 23 | €47,252 | €37,390 | -€9,862 | -20.9% |
| Furniture and vehicles | 24 | €3,342 | €2,192 | -€1,150 | -34.4% |
| Financial fixed assets | 28 | €3,300 | €3,300 | = | 0.0% |
| Current assets | 29/58 | €300,198 | €140,776 | -€159,422 | -53.1% |
| Stocks and contracts in progress | 3 | €4,900 | €4,500 | -€400 | -8.2% |
| Stocks | 30/36 | €4,900 | €4,500 | -€400 | -8.2% |
| Amounts receivable within one year | 40/41 | €65,879 | €15,854 | -€50,025 | -75.9% |
| Trade receivables | 40 | €22,954 | €2,684 | -€20,270 | -88.3% |
| Other amounts receivable | 41 | €42,926 | €13,170 | -€29,755 | -69.3% |
| Cash at bank and in hand | 54/58 | €227,299 | €118,848 | -€108,451 | -47.7% |
| Deferred charges and accrued income | 490/1 | €2,120 | €1,574 | -€546 | -25.8% |
| Total equity and liabilities | 10/49 | €531,434 | €349,260 | -€182,174 | -34.3% |
| Equity | 10/15 | €42,967 | €79,765 | +€36,798 | +85.6% |
| Contributions | 10/11 | €9,000 | €9,000 | = | 0.0% |
| Reserves | 13 | €33,967 | €70,765 | +€36,798 | +108% |
| Distributable reserves | 133 | €33,967 | €70,765 | +€36,798 | +108% |
| Amounts payable | 17/49 | €488,467 | €269,494 | -€218,973 | -44.8% |
| Amounts payable after more than one year | 17 | €225,000 | €157,893 | -€67,107 | -29.8% |
| Financial debts | 170/4 | €225,000 | €154,593 | -€70,407 | -31.3% |
| Other amounts payable | 178/9 | - | €3,300 | +€3,300 | |
| Amounts payable within one year | 42/48 | €263,467 | €108,172 | -€155,294 | -58.9% |
| Current portion of amounts payable after more than one year | 42 | - | €35,748 | +€35,748 | |
| Trade debts | 44 | €226,531 | €25,063 | -€201,468 | -88.9% |
| Suppliers | 440/4 | €226,531 | €25,063 | -€201,468 | -88.9% |
| Advances received on contracts in progress | 46 | - | €3,026 | +€3,026 | |
| Taxes, remuneration and social security | 45 | €26,968 | €32,812 | +€5,844 | +21.7% |
| Taxes | 450/3 | €6,562 | €14,165 | +€7,603 | +116% |
| Remuneration and social security | 454/9 | €20,406 | €18,647 | -€1,759 | -8.6% |
| Other amounts payable | 47/48 | €9,968 | €11,523 | +€1,555 | +15.6% |
| Accrued charges and deferred income | 492/3 | - | €3,429 | +€3,429 | |
| Remuneration, social security and pensions | 62 | €37,254 | €143,943 | +€106,690 | +286% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,477 | €32,807 | +€25,329 | +339% |
| Other operating charges | 640/8 | €4,390 | €2,275 | -€2,115 | -48.2% |
| Non-recurring operating charges | 66A | €1,052 | - | -€1,052 | |
| Gross operating margin | 9900 | €57,569 | €236,137 | +€178,568 | +310% |
| Operating profit (loss) | 9901 | €7,396 | €57,113 | +€49,717 | +672% |
| Financial income | 75/76B | €940 | €871 | -€69 | -7.3% |
| Recurring financial income | 75 | €940 | €871 | -€69 | -7.3% |
| Financial charges | 65/66B | €1,853 | €17,253 | +€15,400 | +831% |
| Recurring financial charges | 65 | €1,853 | €17,253 | +€15,400 | +831% |
| Profit (loss) for the period before taxes | 9903 | €6,483 | €40,731 | +€34,248 | +528% |
| Income taxes | 67/77 | €827 | €3,932 | +€3,105 | +376% |
| Profit (loss) for the period | 9904 | €5,656 | €36,798 | +€31,142 | +551% |
| Profit (loss) for the period to be appropriated | 9905 | €5,656 | €36,798 | +€31,142 | +551% |
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 14 October 2026 via checked.be.