HSJ: 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.
HSJ
Largest movements
- Tangible fixed assets -€42,686
down €42,686 (-3.5%), from €1.2m to €1.2m
- Debts after one year -€60,401
down €60,401 (-5.2%), from €1.2m to €1.1m
- Accrued charges and deferred income +€20,127
up €20,127 (+80.1%), from €25,127 to €45,255
- Gross operating margin -€47,923
down €47,923 (-29.5%), from €162,693 to €114,770
- Financial charges -€30,304
down €30,304 (-37.7%), from €80,336 to €50,032
- Depreciation -€18,695
down €18,695 (-30.5%), from €61,381 to €42,686
- Other operating charges -€9,440
down €9,440 (-36.2%), from €26,084 to €16,644
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 | €1,255,000 | €1,223,110 | -€31,891 | -2.5% |
| Fixed assets | 21/28 | €1,236,254 | €1,193,568 | -€42,686 | -3.5% |
| Tangible fixed assets | 22/27 | €1,236,254 | €1,193,568 | -€42,686 | -3.5% |
| Land and buildings | 22 | €1,236,254 | €1,193,568 | -€42,686 | -3.5% |
| Current assets | 29/58 | €18,746 | €29,541 | +€10,795 | +57.6% |
| Cash at bank and in hand | 54/58 | €18,746 | €24,118 | +€5,371 | +28.7% |
| Deferred charges and accrued income | 490/1 | - | €5,424 | +€5,424 | |
| Total equity and liabilities | 10/49 | €1,255,000 | €1,223,110 | -€31,891 | -2.5% |
| Equity | 10/15 | €892 | €6,300 | +€5,408 | +606.1% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | - | €300 | +€300 | |
| Distributable reserves | 133 | - | €300 | +€300 | |
| Profit (loss) carried forward | 14 | -€5,108 | €0 | +€5,108 | |
| Amounts payable | 17/49 | €1,254,108 | €1,216,809 | -€37,299 | -3.0% |
| Amounts payable after more than one year | 17 | €1,151,205 | €1,090,805 | -€60,401 | -5.2% |
| Financial debts | 170/4 | €1,151,205 | €1,090,805 | -€60,401 | -5.2% |
| Amounts payable within one year | 42/48 | €77,775 | €80,750 | +€2,975 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €62,775 | €65,326 | +€2,551 | +4.1% |
| Trade debts | 44 | - | €424 | +€424 | |
| Suppliers | 440/4 | - | €424 | +€424 | |
| Other amounts payable | 47/48 | €15,000 | €15,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €25,127 | €45,255 | +€20,127 | +80.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,381 | €42,686 | -€18,695 | -30.5% |
| Other operating charges | 640/8 | €26,084 | €16,644 | -€9,440 | -36.2% |
| Gross operating margin | 9900 | €162,693 | €114,770 | -€47,923 | -29.5% |
| Operating profit (loss) | 9901 | €75,228 | €55,440 | -€19,788 | -26.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €80,336 | €50,032 | -€30,304 | -37.7% |
| Recurring financial charges | 65 | €80,336 | €50,032 | -€30,304 | -37.7% |
| Profit (loss) for the period before taxes | 9903 | -€5,108 | €5,408 | +€10,516 | |
| Profit (loss) for the period | 9904 | -€5,108 | €5,408 | +€10,516 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,108 | €5,408 | +€10,516 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.