HSN INVEST: 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 INVEST
Largest movements
- Cash -€37,210
down €37,210 (-89.8%), from €41,439 to €4,228
mainly Other debts (-€32,900) and Receivables within one year (-€17,623)
- Receivables within one year +€17,623
new in 2025: €17,623
of which Trade receivables: +€17,583
- Stocks and contracts -€8,556
down €8,556 (-21.4%), from €40,000 to €31,444
- Deferred charges and accrued income +€1,006
up €1,006 (+472%), from €213 to €1,219
- Other debts -€32,900
down €32,900 (-86.8%), from €37,900 to €5,000
- Trade debts +€4,873
up €4,873 (+1,686%), from €289 to €5,162
- Advances received +€2,200
new in 2025: €2,200
- Tax, wage and social debts -€1,259
down €1,259 (-37.8%), from €3,332 to €2,073
- Gross operating margin -€18,408
down €18,408 (-88.6%), from €20,775 to €2,368
- Taxes +€1,600
new in 2025: €1,600
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 | €81,652 | €54,515 | -€27,137 | -33.2% |
| Current assets | 29/58 | €81,652 | €54,515 | -€27,137 | -33.2% |
| Stocks and contracts in progress | 3 | €40,000 | €31,444 | -€8,556 | -21.4% |
| Stocks | 30/36 | €40,000 | €31,444 | -€8,556 | -21.4% |
| Amounts receivable within one year | 40/41 | - | €17,623 | +€17,623 | |
| Trade receivables | 40 | - | €17,583 | +€17,583 | |
| Other amounts receivable | 41 | - | €40 | +€40 | |
| Cash at bank and in hand | 54/58 | €41,439 | €4,228 | -€37,210 | -89.8% |
| Deferred charges and accrued income | 490/1 | €213 | €1,219 | +€1,006 | +472% |
| Total equity and liabilities | 10/49 | €81,652 | €54,515 | -€27,137 | -33.2% |
| Equity | 10/15 | €40,130 | €40,080 | -€50 | -0.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,130 | €20,080 | -€50 | -0.2% |
| Amounts payable | 17/49 | €41,521 | €14,435 | -€27,086 | -65.2% |
| Amounts payable within one year | 42/48 | €41,521 | €14,435 | -€27,086 | -65.2% |
| Trade debts | 44 | €289 | €5,162 | +€4,873 | +1,686% |
| Suppliers | 440/4 | €289 | €5,162 | +€4,873 | +1,686% |
| Advances received on contracts in progress | 46 | - | €2,200 | +€2,200 | |
| Taxes, remuneration and social security | 45 | €3,332 | €2,073 | -€1,259 | -37.8% |
| Taxes | 450/3 | €3,332 | €2,073 | -€1,259 | -37.8% |
| Other amounts payable | 47/48 | €37,900 | €5,000 | -€32,900 | -86.8% |
| Other operating charges | 640/8 | €551 | €653 | +€102 | +18.5% |
| Gross operating margin | 9900 | €20,775 | €2,368 | -€18,408 | -88.6% |
| Operating profit (loss) | 9901 | €20,224 | €1,714 | -€18,509 | -91.5% |
| Financial income | 75/76B | €0 | €9 | +€9 | +9,040% |
| Recurring financial income | 75 | €0 | €9 | +€9 | +9,040% |
| Financial charges | 65/66B | €94 | €173 | +€80 | +85.3% |
| Recurring financial charges | 65 | €94 | €173 | +€80 | +85.3% |
| Profit (loss) for the period before taxes | 9903 | €20,130 | €1,550 | -€18,580 | -92.3% |
| Income taxes | 67/77 | - | €1,600 | +€1,600 | |
| Profit (loss) for the period | 9904 | €20,130 | -€50 | -€20,181 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,130 | -€50 | -€20,181 |
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 23 October 2026 via checked.be.