HSFD: 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.
HSFD
Largest movements
- Current investments +€66,414
up €66,414 (+19.7%), from €337,038 to €403,452
- Cash +€31,051
up €31,051 (+22.2%), from €140,168 to €171,219
mainly Net result for the year (+€85,955) and Receivables within one year (+€10,740)
- Receivables within one year -€10,740
down €10,740 (-21.6%), from €49,615 to €38,875
of which Trade receivables: -€8,782
- Reserves +€85,955
up €85,955 (+16.7%), from €514,845 to €600,800
- Gross operating margin +€65,976
up €65,976 (+127%), from €51,754 to €117,731
- Taxes +€16,792
up €16,792 (+88.8%), from €18,905 to €35,697
- Financial charges +€15,444
up €15,444, from -€12,225 to €3,219
- Depreciation -€9,391
down €9,391 (-82.6%), from €11,375 to €1,984
- Financial income -€8,191
down €8,191 (-45.2%), from €18,116 to €9,925
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 | €534,132 | €626,693 | +€92,560 | +17.3% |
| Fixed assets | 21/28 | €6,082 | €11,744 | +€5,662 | +93.1% |
| Tangible fixed assets | 22/27 | €6,052 | €11,744 | +€5,692 | +94.0% |
| Furniture and vehicles | 24 | €44 | €2,432 | +€2,388 | +5,425% |
| Other tangible fixed assets | 26 | €6,008 | €9,312 | +€3,303 | +55.0% |
| Financial fixed assets | 28 | €30 | - | -€30 | |
| Current assets | 29/58 | €528,050 | €614,949 | +€86,899 | +16.5% |
| Amounts receivable within one year | 40/41 | €49,615 | €38,875 | -€10,740 | -21.6% |
| Trade receivables | 40 | €46,352 | €37,570 | -€8,782 | -18.9% |
| Other amounts receivable | 41 | €3,263 | €1,304 | -€1,959 | -60.0% |
| Current investments | 50/53 | €337,038 | €403,452 | +€66,414 | +19.7% |
| Cash at bank and in hand | 54/58 | €140,168 | €171,219 | +€31,051 | +22.2% |
| Deferred charges and accrued income | 490/1 | €1,229 | €1,403 | +€174 | +14.2% |
| Total equity and liabilities | 10/49 | €534,132 | €626,693 | +€92,560 | +17.3% |
| Equity | 10/15 | €527,245 | €613,200 | +€85,955 | +16.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €514,845 | €600,800 | +€85,955 | +16.7% |
| Distributable reserves | 133 | €514,845 | €600,800 | +€85,955 | +16.7% |
| Amounts payable | 17/49 | €6,887 | €13,493 | +€6,606 | +95.9% |
| Amounts payable within one year | 42/48 | €6,595 | €13,445 | +€6,850 | +104% |
| Trade debts | 44 | €1,561 | €1,963 | +€401 | +25.7% |
| Suppliers | 440/4 | €1,561 | €1,963 | +€401 | +25.7% |
| Taxes, remuneration and social security | 45 | €4,952 | €9,973 | +€5,021 | +101% |
| Taxes | 450/3 | €4,952 | €9,973 | +€5,021 | +101% |
| Other amounts payable | 47/48 | €81 | €1,509 | +€1,428 | +1,766% |
| Accrued charges and deferred income | 492/3 | €292 | €48 | -€244 | -83.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,375 | €1,984 | -€9,391 | -82.6% |
| Other operating charges | 640/8 | €680 | €801 | +€121 | +17.8% |
| Gross operating margin | 9900 | €51,754 | €117,731 | +€65,976 | +127% |
| Operating profit (loss) | 9901 | €39,699 | €114,945 | +€75,246 | +190% |
| Financial income | 75/76B | €18,116 | €9,925 | -€8,191 | -45.2% |
| Recurring financial income | 75 | €18,116 | €9,925 | -€8,191 | -45.2% |
| Financial charges | 65/66B | -€12,225 | €3,219 | +€15,444 | |
| Recurring financial charges | 65 | -€12,225 | €3,219 | +€15,444 | |
| Profit (loss) for the period before taxes | 9903 | €70,040 | €121,651 | +€51,611 | +73.7% |
| Income taxes | 67/77 | €18,905 | €35,697 | +€16,792 | +88.8% |
| Profit (loss) for the period | 9904 | €51,136 | €85,955 | +€34,819 | +68.1% |
| Profit (loss) for the period to be appropriated | 9905 | €51,136 | €85,955 | +€34,819 | +68.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.