HSI: what changed
Two fiscal 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.
HSI
Largest movements
- Current investments +€3.8m
up €3.8m (+21.0%), from €18.2m to €22.0m
- Profit (loss) carried forward +€3.8m
up €3.8m (+29.8%), from €12.8m to €16.7m
- Financial income -€8.0m
down €8.0m (-66.4%), from €12.0m to €4.0m
- Financial charges +€42,648
up €42,648 (+45437.8%), from €94 to €42,742
- Taxes +€39,590
up €39,590 (+7819.9%), from €506 to €40,096
- Gross operating margin +€27,682
up €27,682 (+19.9%), from -€139,133 to -€111,451
- Depreciation -€6,244
down €6,244 (-52.9%), from €11,806 to €5,562
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,033,189 | €28,894,045 | +€3.9m | +15.4% |
| Fixed assets | 21/28 | €6,571,927 | €6,558,342 | -€13,585 | -0.2% |
| Tangible fixed assets | 22/27 | €34,244 | €20,659 | -€13,585 | -39.7% |
| Furniture and vehicles | 24 | €15,008 | €1,107 | -€13,900 | -92.6% |
| Other tangible fixed assets | 26 | €19,236 | €19,552 | +€315 | +1.6% |
| Financial fixed assets | 28 | €6,537,684 | €6,537,684 | = | 0.0% |
| Current assets | 29/58 | €18,461,261 | €22,335,703 | +€3.9m | +21.0% |
| Amounts receivable within one year | 40/41 | €1,302 | €1,814 | +€512 | +39.4% |
| Trade receivables | 40 | - | €1,179 | +€1,179 | |
| Other amounts receivable | 41 | €1,302 | €635 | -€667 | -51.2% |
| Current investments | 50/53 | €18,158,212 | €21,970,523 | +€3.8m | +21.0% |
| Cash at bank and in hand | 54/58 | €294,981 | €363,366 | +€68,385 | +23.2% |
| Deferred charges and accrued income | 490/1 | €6,766 | - | -€6,766 | |
| Total equity and liabilities | 10/49 | €25,033,189 | €28,894,045 | +€3.9m | +15.4% |
| Equity | 10/15 | €25,020,491 | €28,860,762 | +€3.8m | +15.3% |
| Contributions | 10/11 | €12,169,268 | €12,175,418 | +€6,150 | +0.1% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,849,368 | €16,683,489 | +€3.8m | +29.8% |
| Amounts payable | 17/49 | €12,698 | €33,283 | +€20,586 | +162.1% |
| Amounts payable within one year | 42/48 | €12,698 | €33,283 | +€20,586 | +162.1% |
| Trade debts | 44 | €6,325 | €5,895 | -€430 | -6.8% |
| Suppliers | 440/4 | €6,325 | €5,895 | -€430 | -6.8% |
| Taxes, remuneration and social security | 45 | €2,684 | €15,233 | +€12,548 | +467.4% |
| Taxes | 450/3 | €2,684 | €15,233 | +€12,548 | +467.4% |
| Other amounts payable | 47/48 | €3,688 | €12,155 | +€8,468 | +229.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,806 | €5,562 | -€6,244 | -52.9% |
| Other operating charges | 640/8 | €2,226 | €6,251 | +€4,025 | +180.9% |
| Gross operating margin | 9900 | -€139,133 | -€111,451 | +€27,682 | +19.9% |
| Operating profit (loss) | 9901 | -€153,165 | -€123,264 | +€29,900 | +19.5% |
| Financial income | 75/76B | €12,010,602 | €4,040,223 | -€8.0m | -66.4% |
| Recurring financial income | 75 | €12,010,602 | €4,040,223 | -€8.0m | -66.4% |
| Financial charges | 65/66B | €94 | €42,742 | +€42,648 | +45437.8% |
| Recurring financial charges | 65 | €94 | €42,742 | +€42,648 | +45437.8% |
| Profit (loss) for the period before taxes | 9903 | €11,857,344 | €3,874,217 | -€8.0m | -67.3% |
| Income taxes | 67/77 | €506 | €40,096 | +€39,590 | +7819.9% |
| Profit (loss) for the period | 9904 | €11,856,838 | €3,834,121 | -€8.0m | -67.7% |
| Profit (loss) for the period to be appropriated | 9905 | €11,856,838 | €3,834,121 | -€8.0m | -67.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.