HSL PROJECT: 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.
HSL PROJECT
Largest movements
- Receivables within one year +€2,016
up €2,016 (+1,430%), from €141 to €2,157
of which Other amounts receivable: +€1,971
- Cash +€246
up €246 (+9.2%), from €2,671 to €2,918
mainly Net result for the year (+€3,283) and Trade debts (+€1,831)
- Profit (loss) carried forward +€3,283
up €3,283, from -€3,007 to €277
- Other debts -€2,824
down €2,824 (-93.0%), from €3,037 to €213
- Trade debts +€1,831
up €1,831 (+243%), from €754 to €2,585
- Gross operating margin +€2,885
up €2,885 (+592%), from €487 to €3,372
- Financial income +€72
new in 2025: €72
- Financial charges -€42
down €42 (-20.8%), from €203 to €161
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 | €2,812 | €5,075 | +€2,262 | +80.4% |
| Current assets | 29/58 | €2,812 | €5,075 | +€2,262 | +80.4% |
| Amounts receivable within one year | 40/41 | €141 | €2,157 | +€2,016 | +1,430% |
| Trade receivables | 40 | - | €45 | +€45 | |
| Other amounts receivable | 41 | €141 | €2,112 | +€1,971 | +1,398% |
| Cash at bank and in hand | 54/58 | €2,671 | €2,918 | +€246 | +9.2% |
| Total equity and liabilities | 10/49 | €2,812 | €5,075 | +€2,262 | +80.4% |
| Equity | 10/15 | -€1,007 | €2,277 | +€3,283 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,007 | €277 | +€3,283 | |
| Amounts payable | 17/49 | €3,819 | €2,798 | -€1,021 | -26.7% |
| Amounts payable within one year | 42/48 | €3,819 | €2,798 | -€1,021 | -26.7% |
| Trade debts | 44 | €754 | €2,585 | +€1,831 | +243% |
| Suppliers | 440/4 | €754 | €2,585 | +€1,831 | +243% |
| Taxes, remuneration and social security | 45 | €27 | - | -€27 | |
| Taxes | 450/3 | €27 | - | -€27 | |
| Other amounts payable | 47/48 | €3,037 | €213 | -€2,824 | -93.0% |
| Gross operating margin | 9900 | €487 | €3,372 | +€2,885 | +592% |
| Operating profit (loss) | 9901 | €487 | €3,372 | +€2,885 | +592% |
| Financial income | 75/76B | - | €72 | +€72 | |
| Recurring financial income | 75 | - | €72 | +€72 | |
| Financial charges | 65/66B | €203 | €161 | -€42 | -20.8% |
| Recurring financial charges | 65 | €203 | €161 | -€42 | -20.8% |
| Profit (loss) for the period before taxes | 9903 | €284 | €3,283 | +€2,999 | +1,057% |
| Profit (loss) for the period | 9904 | €284 | €3,283 | +€2,999 | +1,057% |
| Profit (loss) for the period to be appropriated | 9905 | €284 | €3,283 | +€2,999 | +1,057% |
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 18 October 2026 via checked.be.