HSN CONSTRUCTION: 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 CONSTRUCTION
Largest movements
- Tangible fixed assets +€100,181
up €100,181 (+434.5%), from €23,054 to €123,235
- Receivables within one year +€71,128
up €71,128 (+56.1%), from €126,756 to €197,884
of which Trade receivables: +€66,552
- Stocks and contracts -€12,500
no longer reported in 2025 (was €12,500)
- Deferred charges and accrued income +€6,739
new in 2025: €6,739
- Other debts +€64,863
up €64,863 (+214.2%), from €30,283 to €95,146
- Debts after one year +€45,930
new in 2025: €45,930
- Trade debts +€25,796
up €25,796 (+235.0%), from €10,978 to €36,774
- Tax, wage and social debts +€20,444
up €20,444 (+220.0%), from €9,292 to €29,736
of which Taxes: +€15,477
- Current portion of long-term debt +€8,748
up €8,748 (+99.1%), from €8,831 to €17,578
- Gross operating margin +€28,309
up €28,309 (+59.0%), from €47,964 to €76,272
- Depreciation +€22,612
up €22,612 (+286.1%), from €7,904 to €30,516
- Financial charges +€4,198
up €4,198 (+6346.6%), from €66 to €4,264
- Staff costs +€3,821
up €3,821 (+12.9%), from €29,599 to €33,420
- Taxes +€3,618
up €3,618 (+587.5%), from €616 to €4,234
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 | €188,289 | €354,813 | +€166,524 | +88.4% |
| Fixed assets | 21/28 | €25,074 | €125,255 | +€100,181 | +399.5% |
| Tangible fixed assets | 22/27 | €23,054 | €123,235 | +€100,181 | +434.5% |
| Furniture and vehicles | 24 | €23,054 | €123,235 | +€100,181 | +434.5% |
| Financial fixed assets | 28 | €2,020 | €2,020 | = | 0.0% |
| Current assets | 29/58 | €163,214 | €229,557 | +€66,343 | +40.6% |
| Stocks and contracts in progress | 3 | €12,500 | - | -€12,500 | |
| Contracts in progress | 37 | €12,500 | - | -€12,500 | |
| Amounts receivable within one year | 40/41 | €126,756 | €197,884 | +€71,128 | +56.1% |
| Trade receivables | 40 | €97,680 | €164,233 | +€66,552 | +68.1% |
| Other amounts receivable | 41 | €29,076 | €33,651 | +€4,575 | +15.7% |
| Cash at bank and in hand | 54/58 | €23,958 | €24,934 | +€976 | +4.1% |
| Deferred charges and accrued income | 490/1 | - | €6,739 | +€6,739 | |
| Total equity and liabilities | 10/49 | €188,289 | €354,813 | +€166,524 | +88.4% |
| Equity | 10/15 | €128,905 | €129,648 | +€743 | +0.6% |
| Contributions | 10/11 | €17,200 | €17,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Other | 1319 | €1,860 | - | -€1,860 | |
| Profit (loss) carried forward | 14 | €109,845 | €110,588 | +€743 | +0.7% |
| Amounts payable | 17/49 | €59,383 | €225,165 | +€165,781 | +279.2% |
| Amounts payable after more than one year | 17 | - | €45,930 | +€45,930 | |
| Financial debts | 170/4 | - | €45,930 | +€45,930 | |
| Amounts payable within one year | 42/48 | €59,383 | €179,234 | +€119,851 | +201.8% |
| Current portion of amounts payable after more than one year | 42 | €8,831 | €17,578 | +€8,748 | +99.1% |
| Trade debts | 44 | €10,978 | €36,774 | +€25,796 | +235.0% |
| Suppliers | 440/4 | €10,978 | €36,774 | +€25,796 | +235.0% |
| Taxes, remuneration and social security | 45 | €9,292 | €29,736 | +€20,444 | +220.0% |
| Taxes | 450/3 | €616 | €16,093 | +€15,477 | +2512.7% |
| Remuneration and social security | 454/9 | €8,676 | €13,643 | +€4,966 | +57.2% |
| Other amounts payable | 47/48 | €30,283 | €95,146 | +€64,863 | +214.2% |
| Non-recurring operating income | 76A | €15,150 | - | -€15,150 | |
| Remuneration, social security and pensions | 62 | €29,599 | €33,420 | +€3,821 | +12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,904 | €30,516 | +€22,612 | +286.1% |
| Other operating charges | 640/8 | €4,905 | €4,830 | -€75 | -1.5% |
| Gross operating margin | 9900 | €47,964 | €76,272 | +€28,309 | +59.0% |
| Operating profit (loss) | 9901 | €5,556 | €7,506 | +€1,950 | +35.1% |
| Financial income | 75/76B | - | €1,735 | +€1,735 | |
| Recurring financial income | 75 | - | €1,735 | +€1,735 | |
| Financial charges | 65/66B | €66 | €4,264 | +€4,198 | +6346.6% |
| Recurring financial charges | 65 | €66 | €4,264 | +€4,198 | +6346.6% |
| Profit (loss) for the period before taxes | 9903 | €5,490 | €4,977 | -€513 | -9.3% |
| Income taxes | 67/77 | €616 | €4,234 | +€3,618 | +587.5% |
| Profit (loss) for the period | 9904 | €4,874 | €743 | -€4,131 | -84.8% |
| Profit (loss) for the period to be appropriated | 9905 | €4,874 | €743 | -€4,131 | -84.8% |
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 8 October 2026 via checked.be.