HSEM Consulting: 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.
HSEM Consulting
Largest movements
- Tangible fixed assets +€247,804
up €247,804 (+164%), from €150,893 to €398,697
of which Land and buildings: +€247,753
- Cash -€17,596
no longer reported in 2025 (was €17,596)
mainly Investment in fixed assets (net) (-€252,922) and Trade debts (-€7,903)
- Debts after one year +€147,468
up €147,468 (+244%), from €60,423 to €207,891
- Reserves +€48,000
up €48,000 (+67.6%), from €70,996 to €118,996
- Tax, wage and social debts +€16,097
up €16,097 (+107%), from €15,033 to €31,130
- Short-term financial debts +€11,066
new in 2025: €11,066
- Current portion of long-term debt +€9,085
up €9,085 (+244%), from €3,716 to €12,801
- Gross operating margin +€30,598
up €30,598 (+52.6%), from €58,180 to €88,778
- Staff costs +€10,728
new in 2025: €10,728
- Financial charges +€7,169
up €7,169 (+237%), from €3,027 to €10,196
- Depreciation +€3,525
up €3,525 (+221%), from €1,593 to €5,118
- Other operating charges -€3,167
down €3,167 (-78.4%), from €4,037 to €870
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 | €189,995 | €416,307 | +€226,312 | +119% |
| Fixed assets | 21/28 | €150,893 | €398,697 | +€247,804 | +164% |
| Tangible fixed assets | 22/27 | €150,893 | €398,697 | +€247,804 | +164% |
| Land and buildings | 22 | €145,467 | €393,220 | +€247,753 | +170% |
| Plant, machinery and equipment | 23 | €4,844 | €4,476 | -€369 | -7.6% |
| Furniture and vehicles | 24 | €582 | €1,001 | +€420 | +72.1% |
| Current assets | 29/58 | €39,102 | €17,610 | -€21,492 | -55.0% |
| Amounts receivable within one year | 40/41 | €21,146 | €17,610 | -€3,536 | -16.7% |
| Trade receivables | 40 | €14,373 | €17,610 | +€3,237 | +22.5% |
| Other amounts receivable | 41 | €6,773 | - | -€6,773 | |
| Cash at bank and in hand | 54/58 | €17,596 | - | -€17,596 | |
| Deferred charges and accrued income | 490/1 | €360 | - | -€360 | |
| Total equity and liabilities | 10/49 | €189,995 | €416,307 | +€226,312 | +119% |
| Equity | 10/15 | €100,767 | €149,708 | +€48,942 | +48.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €70,996 | €118,996 | +€48,000 | +67.6% |
| Distributable reserves | 133 | €70,996 | €118,996 | +€48,000 | +67.6% |
| Profit (loss) carried forward | 14 | €11,170 | €12,112 | +€942 | +8.4% |
| Amounts payable | 17/49 | €89,229 | €266,599 | +€177,370 | +199% |
| Amounts payable after more than one year | 17 | €60,423 | €207,891 | +€147,468 | +244% |
| Financial debts | 170/4 | €60,423 | €207,891 | +€147,468 | +244% |
| Amounts payable within one year | 42/48 | €28,806 | €58,708 | +€29,902 | +104% |
| Current portion of amounts payable after more than one year | 42 | €3,716 | €12,801 | +€9,085 | +244% |
| Financial debts | 43 | - | €11,066 | +€11,066 | |
| Credit institutions | 430/8 | - | €11,066 | +€11,066 | |
| Trade debts | 44 | €10,057 | €2,153 | -€7,903 | -78.6% |
| Suppliers | 440/4 | €10,057 | €2,153 | -€7,903 | -78.6% |
| Taxes, remuneration and social security | 45 | €15,033 | €31,130 | +€16,097 | +107% |
| Taxes | 450/3 | €15,033 | €31,130 | +€16,097 | +107% |
| Other amounts payable | 47/48 | - | €1,557 | +€1,557 | |
| Remuneration, social security and pensions | 62 | - | €10,728 | +€10,728 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,593 | €5,118 | +€3,525 | +221% |
| Other operating charges | 640/8 | €4,037 | €870 | -€3,167 | -78.4% |
| Gross operating margin | 9900 | €58,180 | €88,778 | +€30,598 | +52.6% |
| Operating profit (loss) | 9901 | €52,550 | €72,062 | +€19,512 | +37.1% |
| Financial income | 75/76B | - | €9 | +€9 | |
| Recurring financial income | 75 | - | €9 | +€9 | |
| Financial charges | 65/66B | €3,027 | €10,196 | +€7,169 | +237% |
| Recurring financial charges | 65 | €3,027 | €10,196 | +€7,169 | +237% |
| Profit (loss) for the period before taxes | 9903 | €49,523 | €61,875 | +€12,352 | +24.9% |
| Income taxes | 67/77 | €15,287 | €12,933 | -€2,353 | -15.4% |
| Profit (loss) for the period | 9904 | €34,236 | €48,942 | +€14,705 | +43.0% |
| Profit (loss) for the period to be appropriated | 9905 | €34,236 | €48,942 | +€14,705 | +43.0% |
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 15 October 2026 via checked.be.