HT MANAGEMENT: 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.
HT MANAGEMENT
Largest movements
- Stocks and contracts +€107,998
up €107,998 (+83.8%), from €128,821 to €236,820
- Tangible fixed assets -€28,099
down €28,099 (-4.8%), from €585,811 to €557,711
of which Land and buildings: -€23,578
- Other debts +€193,163
up €193,163 (+1103.1%), from €17,512 to €210,674
- Debts after one year -€60,650
down €60,650 (-16.0%), from €380,114 to €319,464
of which Trade debts: -€40,988
- Profit (loss) carried forward -€45,338
down €45,338 (-9.6%), from €471,112 to €425,775
- Gross operating margin -€430,715
down €430,715 (-99.0%), from €435,271 to €4,556
- Depreciation +€9,365
up €9,365 (+33.6%), from €27,838 to €37,203
- Financial charges -€4,771
down €4,771 (-29.5%), from €16,146 to €11,375
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 | €950,721 | €1,042,513 | +€91,792 | +9.7% |
| Fixed assets | 21/28 | €585,811 | €557,711 | -€28,099 | -4.8% |
| Tangible fixed assets | 22/27 | €585,811 | €557,711 | -€28,099 | -4.8% |
| Land and buildings | 22 | €504,968 | €481,390 | -€23,578 | -4.7% |
| Furniture and vehicles | 24 | €46,956 | €40,419 | -€6,537 | -13.9% |
| Other tangible fixed assets | 26 | €33,887 | €35,902 | +€2,015 | +5.9% |
| Current assets | 29/58 | €364,910 | €484,802 | +€119,892 | +32.9% |
| Stocks and contracts in progress | 3 | €128,821 | €236,820 | +€107,998 | +83.8% |
| Stocks | 30/36 | €128,821 | €236,820 | +€107,998 | +83.8% |
| Amounts receivable within one year | 40/41 | €10,144 | €19,376 | +€9,233 | +91.0% |
| Other amounts receivable | 41 | €10,144 | €19,376 | +€9,233 | +91.0% |
| Cash at bank and in hand | 54/58 | €225,945 | €228,606 | +€2,661 | +1.2% |
| Total equity and liabilities | 10/49 | €950,721 | €1,042,513 | +€91,792 | +9.7% |
| Equity | 10/15 | €488,112 | €442,775 | -€45,338 | -9.3% |
| Contributions | 10/11 | €17,000 | €17,000 | = | 0.0% |
| Capital | 10 | €17,000 | €17,000 | = | 0.0% |
| Issued capital | 100 | €17,000 | €17,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €471,112 | €425,775 | -€45,338 | -9.6% |
| Amounts payable | 17/49 | €462,609 | €599,738 | +€137,130 | +29.6% |
| Amounts payable after more than one year | 17 | €380,114 | €319,464 | -€60,650 | -16.0% |
| Financial debts | 170/4 | €45,738 | €37,742 | -€7,997 | -17.5% |
| Trade debts | 175 | €299,083 | €258,095 | -€40,988 | -13.7% |
| Advances received on contracts in progress | 176 | €35,293 | €23,628 | -€11,665 | -33.1% |
| Amounts payable within one year | 42/48 | €82,494 | €280,274 | +€197,780 | +239.7% |
| Current portion of amounts payable after more than one year | 42 | €60,550 | €60,650 | +€100 | +0.2% |
| Trade debts | 44 | €881 | €8,950 | +€8,069 | +915.6% |
| Suppliers | 440/4 | €881 | €8,950 | +€8,069 | +915.6% |
| Taxes, remuneration and social security | 45 | €3,552 | - | -€3,552 | |
| Taxes | 450/3 | €3,552 | - | -€3,552 | |
| Other amounts payable | 47/48 | €17,512 | €210,674 | +€193,163 | +1103.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,838 | €37,203 | +€9,365 | +33.6% |
| Other operating charges | 640/8 | €224 | - | -€224 | |
| Gross operating margin | 9900 | €435,271 | €4,556 | -€430,715 | -99.0% |
| Operating profit (loss) | 9901 | €407,209 | -€32,648 | -€439,857 | |
| Financial charges | 65/66B | €16,146 | €11,375 | -€4,771 | -29.5% |
| Recurring financial charges | 65 | €16,146 | €11,375 | -€4,771 | -29.5% |
| Profit (loss) for the period before taxes | 9903 | €391,063 | -€44,023 | -€435,086 | |
| Income taxes | 67/77 | €2,766 | €1,315 | -€1,451 | -52.5% |
| Profit (loss) for the period | 9904 | €388,297 | -€45,338 | -€433,635 | |
| Profit (loss) for the period to be appropriated | 9905 | €388,297 | -€45,338 | -€433,635 |
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.