HSZ: 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.
HSZ
Largest movements
- Tangible fixed assets +€5,231
up €5,231 (+44.8%), from €11,673 to €16,903
- Stocks and contracts -€2,739
down €2,739 (-8.6%), from €31,800 to €29,061
- Cash +€1,425
up €1,425 (+6.2%), from €22,997 to €24,422
mainly Net result for the year (+€3,957) and Stocks and contracts (+€2,739)
- Reserves +€3,957
up €3,957 (+26.2%), from €15,106 to €19,063
- Trade debts -€2,820
down €2,820 (-72.4%), from €3,898 to €1,078
- Tax, wage and social debts +€2,336
up €2,336 (+17.1%), from €13,674 to €16,009
of which Taxes: +€7,727
- Staff costs -€32,266
down €32,266 (-18.7%), from €172,966 to €140,700
- Gross operating margin -€27,454
down €27,454 (-15.3%), from €179,163 to €151,708
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 | €72,999 | €76,471 | +€3,472 | +4.8% |
| Fixed assets | 21/28 | €17,758 | €22,988 | +€5,231 | +29.5% |
| Tangible fixed assets | 22/27 | €11,673 | €16,903 | +€5,231 | +44.8% |
| Plant, machinery and equipment | 23 | €11,673 | €16,903 | +€5,231 | +44.8% |
| Financial fixed assets | 28 | €6,085 | €6,085 | = | 0.0% |
| Current assets | 29/58 | €55,241 | €53,482 | -€1,759 | -3.2% |
| Stocks and contracts in progress | 3 | €31,800 | €29,061 | -€2,739 | -8.6% |
| Stocks | 30/36 | €31,800 | €29,061 | -€2,739 | -8.6% |
| Amounts receivable within one year | 40/41 | €445 | €0 | -€445 | -100.0% |
| Trade receivables | 40 | €445 | €0 | -€445 | -100.0% |
| Cash at bank and in hand | 54/58 | €22,997 | €24,422 | +€1,425 | +6.2% |
| Total equity and liabilities | 10/49 | €72,999 | €76,471 | +€3,472 | +4.8% |
| Equity | 10/15 | €33,754 | €37,711 | +€3,957 | +11.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €15,106 | €19,063 | +€3,957 | +26.2% |
| Distributable reserves | 133 | €15,106 | €19,063 | +€3,957 | +26.2% |
| Profit (loss) carried forward | 14 | €48 | €48 | = | 0.0% |
| Amounts payable | 17/49 | €39,245 | €38,760 | -€485 | -1.2% |
| Amounts payable within one year | 42/48 | €39,245 | €38,760 | -€485 | -1.2% |
| Trade debts | 44 | €3,898 | €1,078 | -€2,820 | -72.4% |
| Suppliers | 440/4 | €3,898 | €1,078 | -€2,820 | -72.4% |
| Taxes, remuneration and social security | 45 | €13,674 | €16,009 | +€2,336 | +17.1% |
| Taxes | 450/3 | €4,405 | €12,131 | +€7,727 | +175.4% |
| Remuneration and social security | 454/9 | €9,269 | €3,878 | -€5,391 | -58.2% |
| Other amounts payable | 47/48 | €21,673 | €21,673 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €172,966 | €140,700 | -€32,266 | -18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,928 | €2,315 | +€386 | +20.0% |
| Other operating charges | 640/8 | €3,955 | €4,080 | +€124 | +3.1% |
| Gross operating margin | 9900 | €179,163 | €151,708 | -€27,454 | -15.3% |
| Operating profit (loss) | 9901 | €313 | €4,614 | +€4,301 | +1375.9% |
| Financial income | 75/76B | €23 | €1 | -€22 | -96.6% |
| Recurring financial income | 75 | €23 | €1 | -€22 | -96.6% |
| Financial charges | 65/66B | €171 | €262 | +€91 | +53.5% |
| Recurring financial charges | 65 | €171 | €262 | +€91 | +53.5% |
| Profit (loss) for the period before taxes | 9903 | €165 | €4,352 | +€4,187 | +2536.1% |
| Income taxes | 67/77 | - | €396 | +€396 | |
| Profit (loss) for the period | 9904 | €165 | €3,957 | +€3,792 | +2296.4% |
| Profit (loss) for the period to be appropriated | 9905 | €165 | €3,957 | +€3,792 | +2296.4% |
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 12 October 2026 via checked.be.