HUBALI: 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.
HUBALI
Largest movements
- Cash +€107,357
new in 2025: €107,357
mainly Receivables within one year (+€42,292) and Net result for the year (+€41,888)
- Receivables within one year -€42,292
down €42,292 (-58.2%), from €72,653 to €30,362
of which Trade receivables: -€60,134
- Current investments -€2,905
no longer reported in 2025 (was €2,905)
- Profit (loss) carried forward +€41,888
up €41,888 (+88.7%), from €47,217 to €89,105
- Current portion of long-term debt +€12,000
new in 2025: €12,000
- Tax, wage and social debts +€10,757
up €10,757 (+51.0%), from €21,107 to €31,865
of which Taxes: +€13,681
- Other debts -€3,000
no longer reported in 2025 (was €3,000)
- Gross operating margin -€6,197
down €6,197 (-10.2%), from €60,579 to €54,381
- Taxes -€1,186
down €1,186 (-9.7%), from €12,215 to €11,029
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 | €77,134 | €139,750 | +€62,616 | +81.2% |
| Formation expenses | 20 | €1,576 | €1,198 | -€378 | -24.0% |
| Fixed assets | 21/28 | - | €835 | +€835 | |
| Tangible fixed assets | 22/27 | - | €835 | +€835 | |
| Furniture and vehicles | 24 | - | €835 | +€835 | |
| Current assets | 29/58 | €75,558 | €137,718 | +€62,160 | +82.3% |
| Amounts receivable within one year | 40/41 | €72,653 | €30,362 | -€42,292 | -58.2% |
| Trade receivables | 40 | €71,859 | €11,725 | -€60,134 | -83.7% |
| Other amounts receivable | 41 | €794 | €18,637 | +€17,842 | +2245.9% |
| Current investments | 50/53 | €2,905 | - | -€2,905 | |
| Cash at bank and in hand | 54/58 | - | €107,357 | +€107,357 | |
| Total equity and liabilities | 10/49 | €77,134 | €139,750 | +€62,616 | +81.2% |
| Equity | 10/15 | €52,217 | €94,105 | +€41,888 | +80.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,217 | €89,105 | +€41,888 | +88.7% |
| Amounts payable | 17/49 | €24,917 | €45,645 | +€20,728 | +83.2% |
| Amounts payable within one year | 42/48 | €24,917 | €45,645 | +€20,728 | +83.2% |
| Current portion of amounts payable after more than one year | 42 | - | €12,000 | +€12,000 | |
| Trade debts | 44 | €810 | €1,780 | +€971 | +119.9% |
| Suppliers | 440/4 | €810 | €1,780 | +€971 | +119.9% |
| Taxes, remuneration and social security | 45 | €21,107 | €31,865 | +€10,757 | +51.0% |
| Taxes | 450/3 | €18,184 | €31,865 | +€13,681 | +75.2% |
| Remuneration and social security | 454/9 | €2,924 | - | -€2,924 | |
| Other amounts payable | 47/48 | €3,000 | - | -€3,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €315 | €647 | +€332 | +105.4% |
| Other operating charges | 640/8 | €562 | €400 | -€163 | -28.9% |
| Gross operating margin | 9900 | €60,579 | €54,381 | -€6,197 | -10.2% |
| Operating profit (loss) | 9901 | €59,701 | €53,334 | -€6,367 | -10.7% |
| Financial charges | 65/66B | €269 | €417 | +€148 | +54.9% |
| Recurring financial charges | 65 | €269 | €417 | +€148 | +54.9% |
| Profit (loss) for the period before taxes | 9903 | €59,432 | €52,917 | -€6,515 | -11.0% |
| Income taxes | 67/77 | €12,215 | €11,029 | -€1,186 | -9.7% |
| Profit (loss) for the period | 9904 | €47,217 | €41,888 | -€5,329 | -11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €47,217 | €41,888 | -€5,329 | -11.3% |
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 7 October 2026 via checked.be.