HSF GROUP: 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.
HSF GROUP
Largest movements
- Cash +€31,217
up €31,217 (+160.3%), from €19,472 to €50,689
mainly Net result for the year (+€32,860) and Depreciation (+€14,236)
- Receivables within one year +€20,366
up €20,366 (+172.4%), from €11,811 to €32,176
of which Trade receivables: +€21,311
- Tangible fixed assets -€14,236
down €14,236 (-80.9%), from €17,595 to €3,359
- Profit (loss) carried forward +€32,860
up €32,860 (+1922.4%), from €1,709 to €34,569
- Other debts -€9,725
no longer reported in 2025 (was €9,725)
- Tax, wage and social debts +€9,087
up €9,087 (+79.7%), from €11,398 to €20,485
of which Taxes: +€13,981
- Trade debts +€5,124
up €5,124 (+72.7%), from €7,044 to €12,168
- Gross operating margin +€138,264
up €138,264 (+417.0%), from €33,155 to €171,419
- Staff costs +€94,433
up €94,433 (+452.1%), from €20,890 to €115,322
- Taxes +€4,770
up €4,770 (+112.8%), from €4,230 to €9,000
- Other operating charges -€2,666
no longer reported in 2025 (was €2,666)
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 | €48,957 | €86,302 | +€37,346 | +76.3% |
| Fixed assets | 21/28 | €17,674 | €3,438 | -€14,236 | -80.6% |
| Tangible fixed assets | 22/27 | €17,595 | €3,359 | -€14,236 | -80.9% |
| Furniture and vehicles | 24 | €17,595 | €3,359 | -€14,236 | -80.9% |
| Financial fixed assets | 28 | €79 | €79 | = | 0.0% |
| Current assets | 29/58 | €31,283 | €82,865 | +€51,582 | +164.9% |
| Amounts receivable within one year | 40/41 | €11,811 | €32,176 | +€20,366 | +172.4% |
| Trade receivables | 40 | €10,866 | €32,176 | +€21,311 | +196.1% |
| Other amounts receivable | 41 | €945 | - | -€945 | |
| Cash at bank and in hand | 54/58 | €19,472 | €50,689 | +€31,217 | +160.3% |
| Total equity and liabilities | 10/49 | €48,957 | €86,302 | +€37,346 | +76.3% |
| Equity | 10/15 | €20,789 | €53,649 | +€32,860 | +158.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €480 | €480 | = | 0.0% |
| Non-distributable reserves | 130/1 | €480 | €480 | = | 0.0% |
| Other | 1319 | €480 | €480 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,709 | €34,569 | +€32,860 | +1922.4% |
| Amounts payable | 17/49 | €28,167 | €32,653 | +€4,486 | +15.9% |
| Amounts payable within one year | 42/48 | €28,167 | €32,653 | +€4,486 | +15.9% |
| Trade debts | 44 | €7,044 | €12,168 | +€5,124 | +72.7% |
| Suppliers | 440/4 | €7,044 | €12,168 | +€5,124 | +72.7% |
| Taxes, remuneration and social security | 45 | €11,398 | €20,485 | +€9,087 | +79.7% |
| Taxes | 450/3 | €6,503 | €20,485 | +€13,981 | +215.0% |
| Remuneration and social security | 454/9 | €4,894 | - | -€4,894 | |
| Other amounts payable | 47/48 | €9,725 | - | -€9,725 | |
| Remuneration, social security and pensions | 62 | €20,890 | €115,322 | +€94,433 | +452.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,236 | €14,236 | = | 0.0% |
| Other operating charges | 640/8 | €2,666 | - | -€2,666 | |
| Non-recurring operating charges | 66A | €3,905 | - | -€3,905 | |
| Gross operating margin | 9900 | €33,155 | €171,419 | +€138,264 | +417.0% |
| Operating profit (loss) | 9901 | -€8,542 | €41,860 | +€50,402 | |
| Financial income | 75/76B | €105 | - | -€105 | |
| Recurring financial income | 75 | €105 | - | -€105 | |
| Non-recurring financial income | 76B | €105 | - | -€105 | |
| Financial charges | 65/66B | €171 | - | -€171 | |
| Recurring financial charges | 65 | €171 | - | -€171 | |
| Non-recurring financial charges | 66B | €171 | - | -€171 | |
| Profit (loss) for the period before taxes | 9903 | -€8,609 | €41,860 | +€50,469 | |
| Income taxes | 67/77 | €4,230 | €9,000 | +€4,770 | +112.8% |
| Profit (loss) for the period | 9904 | -€12,838 | €32,860 | +€45,698 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,838 | €32,860 | +€45,698 |
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 11 October 2026 via checked.be.