HUBLET: 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.
HUBLET
Largest movements
- Tangible fixed assets -€188,099
down €188,099 (-11.8%), from €1.6m to €1.4m
of which Plant, machinery and equipment: -€166,864
- Receivables within one year -€168,317
down €168,317 (-11.4%), from €1.5m to €1.3m
of which Trade receivables: -€170,851
- Cash +€100,581
up €100,581 (+51.9%), from €193,782 to €294,362
mainly Net result for the year (+€320,731) and Depreciation (+€273,977)
- Stocks and contracts -€81,745
down €81,745 (-3.0%), from €2.8m to €2.7m
- Short-term financial debts -€449,914
down €449,914 (-37.5%), from €1.2m to €750,460
- Debts after one year -€160,638
down €160,638 (-38.2%), from €421,001 to €260,362
- Trade debts +€137,113
up €137,113 (+57.8%), from €237,177 to €374,290
- Other debts +€63,709
up €63,709 (+13.8%), from €461,787 to €525,496
- Gross operating margin +€303,196
up €303,196 (+37.7%), from €804,367 to €1.1m
- Taxes +€90,966
up €90,966 (+863.9%), from €10,530 to €101,496
- Write-downs -€17,218
down €17,218 (-1629.1%), from -€1,057 to -€18,275
- Financial charges -€16,961
down €16,961 (-19.1%), from €89,036 to €72,075
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 | €6,100,043 | €5,766,121 | -€333,922 | -5.5% |
| Fixed assets | 21/28 | €1,647,010 | €1,458,911 | -€188,099 | -11.4% |
| Tangible fixed assets | 22/27 | €1,596,620 | €1,408,521 | -€188,099 | -11.8% |
| Land and buildings | 22 | €660,016 | €613,943 | -€46,073 | -7.0% |
| Plant, machinery and equipment | 23 | €864,234 | €697,370 | -€166,864 | -19.3% |
| Furniture and vehicles | 24 | €72,371 | €97,208 | +€24,837 | +34.3% |
| Financial fixed assets | 28 | €50,390 | €50,390 | = | 0.0% |
| Current assets | 29/58 | €4,453,033 | €4,307,211 | -€145,823 | -3.3% |
| Stocks and contracts in progress | 3 | €2,766,292 | €2,684,547 | -€81,745 | -3.0% |
| Stocks | 30/36 | €2,766,292 | €2,684,547 | -€81,745 | -3.0% |
| Amounts receivable within one year | 40/41 | €1,480,134 | €1,311,817 | -€168,317 | -11.4% |
| Trade receivables | 40 | €1,322,351 | €1,151,501 | -€170,851 | -12.9% |
| Other amounts receivable | 41 | €157,782 | €160,316 | +€2,534 | +1.6% |
| Cash at bank and in hand | 54/58 | €193,782 | €294,362 | +€100,581 | +51.9% |
| Deferred charges and accrued income | 490/1 | €12,826 | €16,485 | +€3,659 | +28.5% |
| Total equity and liabilities | 10/49 | €6,100,043 | €5,766,121 | -€333,922 | -5.5% |
| Equity | 10/15 | €3,517,004 | €3,531,080 | +€14,076 | +0.4% |
| Contributions | 10/11 | €186,000 | €186,000 | = | 0.0% |
| Capital | 10 | €186,000 | €186,000 | = | 0.0% |
| Issued capital | 100 | €186,000 | €186,000 | = | 0.0% |
| Reserves | 13 | €3,101,009 | €3,142,965 | +€41,956 | +1.4% |
| Non-distributable reserves | 130/1 | €18,600 | €18,600 | = | 0.0% |
| Legal reserve | 130 | €18,600 | €18,600 | = | 0.0% |
| Tax-exempt reserves | 132 | €24,576 | €24,576 | = | 0.0% |
| Distributable reserves | 133 | €3,057,834 | €3,099,790 | +€41,956 | +1.4% |
| Investment grants | 15 | €229,994 | €202,114 | -€27,880 | -12.1% |
| Amounts payable | 17/49 | €2,583,039 | €2,235,042 | -€347,998 | -13.5% |
| Amounts payable after more than one year | 17 | €421,001 | €260,362 | -€160,638 | -38.2% |
| Financial debts | 170/4 | €421,001 | €260,362 | -€160,638 | -38.2% |
| Amounts payable within one year | 42/48 | €2,157,312 | €1,972,963 | -€184,349 | -8.5% |
| Current portion of amounts payable after more than one year | 42 | €208,229 | €229,420 | +€21,192 | +10.2% |
| Financial debts | 43 | €1,200,374 | €750,460 | -€449,914 | -37.5% |
| Credit institutions | 430/8 | €1,200,374 | €750,460 | -€449,914 | -37.5% |
| Trade debts | 44 | €237,177 | €374,290 | +€137,113 | +57.8% |
| Suppliers | 440/4 | €237,177 | €374,290 | +€137,113 | +57.8% |
| Advances received on contracts in progress | 46 | €8,964 | €1,656 | -€7,308 | -81.5% |
| Taxes, remuneration and social security | 45 | €40,782 | €91,640 | +€50,858 | +124.7% |
| Taxes | 450/3 | €14,019 | €58,207 | +€44,188 | +315.2% |
| Remuneration and social security | 454/9 | €26,763 | €33,433 | +€6,670 | +24.9% |
| Other amounts payable | 47/48 | €461,787 | €525,496 | +€63,709 | +13.8% |
| Accrued charges and deferred income | 492/3 | €4,726 | €1,717 | -€3,010 | -63.7% |
| Remuneration, social security and pensions | 62 | €377,405 | €381,533 | +€4,127 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €272,265 | €273,977 | +€1,713 | +0.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,057 | -€18,275 | -€17,218 | -1629.1% |
| Other operating charges | 640/8 | €24,937 | €25,648 | +€711 | +2.9% |
| Gross operating margin | 9900 | €804,367 | €1,107,564 | +€303,196 | +37.7% |
| Operating profit (loss) | 9901 | €130,818 | €444,681 | +€313,863 | +239.9% |
| Financial income | 75/76B | €44,369 | €49,620 | +€5,252 | +11.8% |
| Recurring financial income | 75 | €44,369 | €49,620 | +€5,252 | +11.8% |
| Financial charges | 65/66B | €89,036 | €72,075 | -€16,961 | -19.1% |
| Recurring financial charges | 65 | €89,036 | €72,075 | -€16,961 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | €86,150 | €422,227 | +€336,077 | +390.1% |
| Income taxes | 67/77 | €10,530 | €101,496 | +€90,966 | +863.9% |
| Profit (loss) for the period | 9904 | €75,620 | €320,731 | +€245,111 | +324.1% |
| Profit (loss) for the period to be appropriated | 9905 | €75,620 | €320,731 | +€245,111 | +324.1% |
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.