HSK: 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.
HSK
Largest movements
- Receivables within one year -€4,137
down €4,137 (-13.6%), from €30,433 to €26,296
of which Trade receivables: -€4,786
- Tangible fixed assets -€2,429
down €2,429 (-17.1%), from €14,229 to €11,800
of which Plant, machinery and equipment: -€1,868
- Cash -€1,019
down €1,019 (-48.7%), from €2,093 to €1,075
mainly Net result for the year (-€9,287)
- Profit (loss) carried forward -€9,287
down €9,287 (-71.6%), from €12,979 to €3,692
- Trade debts +€962
up €962 (+81.8%), from €1,176 to €2,137
- Gross operating margin -€11,468
down €11,468, from €4,863 to -€6,605
- Other operating charges -€253
no longer reported in 2025 (was €253)
- Financial charges +€136
up €136 (+115.9%), from €117 to €254
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 | €56,421 | €48,397 | -€8,024 | -14.2% |
| Fixed assets | 21/28 | €14,229 | €11,800 | -€2,429 | -17.1% |
| Tangible fixed assets | 22/27 | €14,229 | €11,800 | -€2,429 | -17.1% |
| Plant, machinery and equipment | 23 | €12,986 | €11,119 | -€1,868 | -14.4% |
| Furniture and vehicles | 24 | €1,242 | €681 | -€561 | -45.2% |
| Current assets | 29/58 | €42,192 | €36,597 | -€5,595 | -13.3% |
| Stocks and contracts in progress | 3 | €9,666 | €9,226 | -€440 | -4.6% |
| Stocks | 30/36 | €9,666 | €9,226 | -€440 | -4.6% |
| Amounts receivable within one year | 40/41 | €30,433 | €26,296 | -€4,137 | -13.6% |
| Trade receivables | 40 | €5,254 | €468 | -€4,786 | -91.1% |
| Other amounts receivable | 41 | €25,179 | €25,828 | +€649 | +2.6% |
| Cash at bank and in hand | 54/58 | €2,093 | €1,075 | -€1,019 | -48.7% |
| Total equity and liabilities | 10/49 | €56,421 | €48,397 | -€8,024 | -14.2% |
| Equity | 10/15 | €55,245 | €45,958 | -€9,287 | -16.8% |
| Contributions | 10/11 | €38,424 | €38,424 | = | 0.0% |
| Reserves | 13 | €3,842 | €3,842 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,842 | €3,842 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,842 | €3,842 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,979 | €3,692 | -€9,287 | -71.6% |
| Amounts payable | 17/49 | €1,176 | €2,439 | +€1,263 | +107.4% |
| Amounts payable within one year | 42/48 | €1,176 | €2,439 | +€1,263 | +107.4% |
| Trade debts | 44 | €1,176 | €2,137 | +€962 | +81.8% |
| Suppliers | 440/4 | €1,176 | €2,137 | +€962 | +81.8% |
| Taxes, remuneration and social security | 45 | - | €301 | +€301 | |
| Taxes | 450/3 | - | €301 | +€301 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,429 | €2,429 | = | 0.0% |
| Other operating charges | 640/8 | €253 | - | -€253 | |
| Gross operating margin | 9900 | €4,863 | -€6,605 | -€11,468 | |
| Operating profit (loss) | 9901 | €2,182 | -€9,033 | -€11,215 | |
| Financial charges | 65/66B | €117 | €254 | +€136 | +115.9% |
| Recurring financial charges | 65 | €117 | €254 | +€136 | +115.9% |
| Profit (loss) for the period before taxes | 9903 | €2,064 | -€9,287 | -€11,351 | |
| Profit (loss) for the period | 9904 | €2,064 | -€9,287 | -€11,351 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,064 | -€9,287 | -€11,351 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.