HSN: 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.
HSN
Largest movements
- Receivables within one year -€54,697
down €54,697 (-44.9%), from €121,694 to €66,997
of which Other amounts receivable: -€33,657
- Tangible fixed assets -€6,636
down €6,636 (-34.0%), from €19,536 to €12,900
- Cash +€4,308
up €4,308 (+4.6%), from €93,526 to €97,834
mainly Receivables within one year (+€54,697) and Current portion of long-term debt (+€7,433)
- Profit (loss) carried forward -€30,729
down €30,729 (-23.7%), from €129,471 to €98,742
- Debts after one year -€17,177
down €17,177 (-70.4%), from €24,397 to €7,220
- Trade debts -€16,552
down €16,552 (-18.1%), from €91,249 to €74,697
- Current portion of long-term debt +€7,433
up €7,433 (+66.7%), from €11,139 to €18,571
- Gross operating margin -€119,526
down €119,526 (-33.9%), from €352,332 to €232,806
- Staff costs -€30,285
down €30,285 (-13.6%), from €223,493 to €193,209
- Taxes +€17,154
up €17,154 (+535.8%), from €3,202 to €20,356
- Other operating charges -€6,924
down €6,924 (-14.8%), from €46,933 to €40,009
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 | €263,756 | €206,731 | -€57,025 | -21.6% |
| Fixed assets | 21/28 | €48,536 | €41,900 | -€6,636 | -13.7% |
| Tangible fixed assets | 22/27 | €19,536 | €12,900 | -€6,636 | -34.0% |
| Furniture and vehicles | 24 | €19,536 | €12,900 | -€6,636 | -34.0% |
| Financial fixed assets | 28 | €29,000 | €29,000 | = | 0.0% |
| Current assets | 29/58 | €215,220 | €164,831 | -€50,389 | -23.4% |
| Amounts receivable within one year | 40/41 | €121,694 | €66,997 | -€54,697 | -44.9% |
| Trade receivables | 40 | €65,078 | €44,037 | -€21,041 | -32.3% |
| Other amounts receivable | 41 | €56,617 | €22,960 | -€33,657 | -59.4% |
| Cash at bank and in hand | 54/58 | €93,526 | €97,834 | +€4,308 | +4.6% |
| Total equity and liabilities | 10/49 | €263,756 | €206,731 | -€57,025 | -21.6% |
| Equity | 10/15 | €136,971 | €106,242 | -€30,729 | -22.4% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Capital | 10 | €7,500 | €7,500 | = | 0.0% |
| Issued capital | 100 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €129,471 | €98,742 | -€30,729 | -23.7% |
| Amounts payable | 17/49 | €126,785 | €100,489 | -€26,296 | -20.7% |
| Amounts payable after more than one year | 17 | €24,397 | €7,220 | -€17,177 | -70.4% |
| Financial debts | 170/4 | €24,397 | €7,220 | -€17,177 | -70.4% |
| Amounts payable within one year | 42/48 | €102,388 | €93,269 | -€9,119 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €11,139 | €18,571 | +€7,433 | +66.7% |
| Trade debts | 44 | €91,249 | €74,697 | -€16,552 | -18.1% |
| Suppliers | 440/4 | €91,249 | €74,697 | -€16,552 | -18.1% |
| Remuneration, social security and pensions | 62 | €223,493 | €193,209 | -€30,285 | -13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,173 | €6,636 | -€537 | -7.5% |
| Other operating charges | 640/8 | €46,933 | €40,009 | -€6,924 | -14.8% |
| Gross operating margin | 9900 | €352,332 | €232,806 | -€119,526 | -33.9% |
| Operating profit (loss) | 9901 | €74,733 | -€7,048 | -€81,780 | |
| Financial income | 75/76B | €67 | €115 | +€47 | +70.1% |
| Recurring financial income | 75 | €67 | €115 | +€47 | +70.1% |
| Financial charges | 65/66B | €2,999 | €3,440 | +€441 | +14.7% |
| Recurring financial charges | 65 | €2,999 | €3,440 | +€441 | +14.7% |
| Profit (loss) for the period before taxes | 9903 | €71,801 | -€10,373 | -€82,175 | |
| Income taxes | 67/77 | €3,202 | €20,356 | +€17,154 | +535.8% |
| Profit (loss) for the period | 9904 | €68,600 | -€30,729 | -€99,329 | |
| Profit (loss) for the period to be appropriated | 9905 | €68,600 | -€30,729 | -€99,329 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.