HSN: 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.
HSN
Largest movements
- Receivables within one year +€17,571
up €17,571 (+102%), from €17,278 to €34,850
of which Other amounts receivable: +€17,571
- Reserves +€175,206
up €175,206 (+22.0%), from €797,845 to €973,051
- Other debts -€99,991
down €99,991 (-52.3%), from €191,154 to €91,163
- Debts after one year -€69,553
down €69,553 (-66.4%), from €104,680 to €35,127
- Tax, wage and social debts +€21,971
up €21,971 (+358%), from €6,136 to €28,107
of which Taxes: +€21,971
- Short-term financial debts -€21,579
down €21,579 (-8.3%), from €260,000 to €238,421
- Financial income +€90,400
new in 2025: €90,400
- Gross operating margin -€61,971
down €61,971 (-28.0%), from €221,226 to €159,255
- Taxes -€12,923
down €12,923 (-21.8%), from €59,377 to €46,453
- Depreciation +€5,125
up €5,125 (+145%), from €3,538 to €8,663
- Financial charges +€2,860
up €2,860 (+19.4%), from €14,720 to €17,580
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 | €1,440,241 | €1,449,314 | +€9,074 | +0.6% |
| Fixed assets | 21/28 | €1,418,026 | €1,409,364 | -€8,663 | -0.6% |
| Tangible fixed assets | 22/27 | €20,301 | €11,638 | -€8,663 | -42.7% |
| Furniture and vehicles | 24 | €20,301 | €11,638 | -€8,663 | -42.7% |
| Financial fixed assets | 28 | €1,397,726 | €1,397,726 | = | 0.0% |
| Current assets | 29/58 | €22,214 | €39,951 | +€17,737 | +79.8% |
| Amounts receivable within one year | 40/41 | €17,278 | €34,850 | +€17,571 | +102% |
| Trade receivables | 40 | €14,218 | €14,218 | = | 0.0% |
| Other amounts receivable | 41 | €3,061 | €20,632 | +€17,571 | +574% |
| Cash at bank and in hand | 54/58 | €2,849 | €3,498 | +€649 | +22.8% |
| Deferred charges and accrued income | 490/1 | €2,087 | €1,603 | -€484 | -23.2% |
| Total equity and liabilities | 10/49 | €1,440,241 | €1,449,314 | +€9,074 | +0.6% |
| Equity | 10/15 | €804,045 | €979,251 | +€175,206 | +21.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €797,845 | €973,051 | +€175,206 | +22.0% |
| Distributable reserves | 133 | €797,845 | €973,051 | +€175,206 | +22.0% |
| Amounts payable | 17/49 | €636,195 | €470,064 | -€166,132 | -26.1% |
| Amounts payable after more than one year | 17 | €104,680 | €35,127 | -€69,553 | -66.4% |
| Financial debts | 170/4 | €104,680 | €35,127 | -€69,553 | -66.4% |
| Amounts payable within one year | 42/48 | €525,802 | €429,228 | -€96,574 | -18.4% |
| Current portion of amounts payable after more than one year | 42 | €67,229 | €69,553 | +€2,324 | +3.5% |
| Financial debts | 43 | €260,000 | €238,421 | -€21,579 | -8.3% |
| Credit institutions | 430/8 | €260,000 | €238,421 | -€21,579 | -8.3% |
| Trade debts | 44 | €1,283 | €1,984 | +€701 | +54.7% |
| Suppliers | 440/4 | €1,283 | €1,984 | +€701 | +54.7% |
| Taxes, remuneration and social security | 45 | €6,136 | €28,107 | +€21,971 | +358% |
| Taxes | 450/3 | €6,136 | €28,107 | +€21,971 | +358% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €191,154 | €91,163 | -€99,991 | -52.3% |
| Accrued charges and deferred income | 492/3 | €5,713 | €5,708 | -€5 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,538 | €8,663 | +€5,125 | +145% |
| Other operating charges | 640/8 | €1,381 | €1,754 | +€373 | +27.0% |
| Gross operating margin | 9900 | €221,226 | €159,255 | -€61,971 | -28.0% |
| Operating profit (loss) | 9901 | €216,307 | €148,839 | -€67,469 | -31.2% |
| Financial income | 75/76B | - | €90,400 | +€90,400 | |
| Recurring financial income | 75 | - | €90,400 | +€90,400 | |
| Financial charges | 65/66B | €14,720 | €17,580 | +€2,860 | +19.4% |
| Recurring financial charges | 65 | €14,720 | €17,580 | +€2,860 | +19.4% |
| Profit (loss) for the period before taxes | 9903 | €201,588 | €221,659 | +€20,071 | +10.0% |
| Income taxes | 67/77 | €59,377 | €46,453 | -€12,923 | -21.8% |
| Profit (loss) for the period | 9904 | €142,211 | €175,206 | +€32,994 | +23.2% |
| Profit (loss) for the period to be appropriated | 9905 | €142,211 | €175,206 | +€32,994 | +23.2% |
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 17 October 2026 via checked.be.