HUBRECHTS: 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.
HUBRECHTS
Largest movements
- Stocks and contracts -€756,126
down €756,126 (-100%), from €756,126 to €0
- Receivables within one year -€166,091
down €166,091 (-36.6%), from €453,195 to €287,104
of which Trade receivables: -€181,578
- Tangible fixed assets -€75,775
down €75,775 (-20.7%), from €365,396 to €289,621
of which Land and buildings: -€59,774
- Reserves -€432,745
down €432,745 (-92.0%), from €470,245 to €37,500
of which Distributable reserves: -€432,745
- Short-term financial debts -€362,132
down €362,132 (-99.8%), from €362,882 to €750
- Trade debts -€318,951
down €318,951 (-82.4%), from €387,003 to €68,052
- Profit (loss) carried forward +€216,780
up €216,780 (+89.8%), from -€241,438 to -€24,658
- Debts after one year -€96,186
down €96,186 (-34.7%), from €277,446 to €181,259
- Write-downs -€106,000
down €106,000, from €0 to -€106,000
- Staff costs +€34,586
up €34,586 (+11.4%), from €304,643 to €339,229
- Gross operating margin -€28,268
down €28,268 (-6.4%), from €444,859 to €416,590
- Other operating charges +€22,282
up €22,282 (+330%), from €6,760 to €29,042
- Financial charges +€19,443
up €19,443 (+32.0%), from €60,797 to €80,240
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,639,411 | €626,812 | -€1.0m | -61.8% |
| Fixed assets | 21/28 | €377,077 | €293,221 | -€83,856 | -22.2% |
| Intangible fixed assets | 21 | €2,337 | €0 | -€2,337 | -100% |
| Tangible fixed assets | 22/27 | €365,396 | €289,621 | -€75,775 | -20.7% |
| Land and buildings | 22 | €343,032 | €283,258 | -€59,774 | -17.4% |
| Plant, machinery and equipment | 23 | €4,690 | €3,232 | -€1,458 | -31.1% |
| Furniture and vehicles | 24 | €17,674 | €3,132 | -€14,543 | -82.3% |
| Financial fixed assets | 28 | €9,344 | €3,600 | -€5,744 | -61.5% |
| Current assets | 29/58 | €1,262,334 | €333,591 | -€928,743 | -73.6% |
| Stocks and contracts in progress | 3 | €756,126 | €0 | -€756,126 | -100% |
| Stocks | 30/36 | €756,126 | €0 | -€756,126 | -100% |
| Amounts receivable within one year | 40/41 | €453,195 | €287,104 | -€166,091 | -36.6% |
| Trade receivables | 40 | €448,079 | €266,501 | -€181,578 | -40.5% |
| Other amounts receivable | 41 | €5,116 | €20,603 | +€15,487 | +303% |
| Cash at bank and in hand | 54/58 | €22,978 | €20,452 | -€2,526 | -11.0% |
| Deferred charges and accrued income | 490/1 | €30,036 | €26,035 | -€4,000 | -13.3% |
| Total equity and liabilities | 10/49 | €1,639,411 | €626,812 | -€1.0m | -61.8% |
| Equity | 10/15 | €352,807 | €136,842 | -€215,965 | -61.2% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €470,245 | €37,500 | -€432,745 | -92.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €432,745 | €0 | -€432,745 | -100% |
| Profit (loss) carried forward | 14 | -€241,438 | -€24,658 | +€216,780 | +89.8% |
| Amounts payable | 17/49 | €1,286,604 | €489,971 | -€796,634 | -61.9% |
| Amounts payable after more than one year | 17 | €277,446 | €181,259 | -€96,186 | -34.7% |
| Financial debts | 170/4 | €277,446 | €181,259 | -€96,186 | -34.7% |
| Amounts payable within one year | 42/48 | €1,009,159 | €308,711 | -€700,447 | -69.4% |
| Current portion of amounts payable after more than one year | 42 | €73,102 | €77,384 | +€4,282 | +5.9% |
| Financial debts | 43 | €362,882 | €750 | -€362,132 | -99.8% |
| Credit institutions | 430/8 | €362,882 | €750 | -€362,132 | -99.8% |
| Trade debts | 44 | €387,003 | €68,052 | -€318,951 | -82.4% |
| Suppliers | 440/4 | €387,003 | €68,052 | -€318,951 | -82.4% |
| Taxes, remuneration and social security | 45 | €33,693 | €16,881 | -€16,812 | -49.9% |
| Taxes | 450/3 | €450 | €2,779 | +€2,329 | +518% |
| Remuneration and social security | 454/9 | €33,243 | €14,101 | -€19,141 | -57.6% |
| Other amounts payable | 47/48 | €152,478 | €145,644 | -€6,834 | -4.5% |
| Non-recurring operating income | 76A | €0 | €228,529 | +€228,529 | |
| Remuneration, social security and pensions | 62 | €304,643 | €339,229 | +€34,586 | +11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,850 | €62,480 | +€9,630 | +18.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€106,000 | -€106,000 | |
| Other operating charges | 640/8 | €6,760 | €29,042 | +€22,282 | +330% |
| Non-recurring operating charges | 66A | - | €232,560 | +€232,560 | |
| Gross operating margin | 9900 | €444,859 | €416,590 | -€28,268 | -6.4% |
| Operating profit (loss) | 9901 | €80,606 | -€140,720 | -€221,326 | |
| Financial income | 75/76B | €3,815 | €5,267 | +€1,452 | +38.1% |
| Recurring financial income | 75 | €3,815 | €5,267 | +€1,452 | +38.1% |
| Financial charges | 65/66B | €60,797 | €80,240 | +€19,443 | +32.0% |
| Recurring financial charges | 65 | €60,797 | €80,240 | +€19,443 | +32.0% |
| Profit (loss) for the period before taxes | 9903 | €23,623 | -€215,693 | -€239,317 | |
| Income taxes | 67/77 | €241 | €272 | +€31 | +12.7% |
| Profit (loss) for the period | 9904 | €23,382 | -€215,965 | -€239,347 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,382 | -€215,965 | -€239,347 |
Source: filed annual accounts (NBB), financial years ended 30 September 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.