Hubstef: 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.
Hubstef
Largest movements
- Financial fixed assets +€12.6m
up €12.6m (+8.1%), from €154.7m to €167.3m
- Receivables within one year -€8.8m
down €8.8m (-86.3%), from €10.2m to €1.4m
of which Other amounts receivable: -€8.9m
- Current investments -€3.6m
down €3.6m (-100.0%), from €3.6m to €0
- Reserves +€7.4m
up €7.4m (+5.6%), from €132.6m to €140.0m
of which Distributable reserves: +€7.4m
- Debts after one year -€4.4m
down €4.4m (-16.6%), from €26.4m to €22.0m
- Other debts -€4.1m
down €4.1m (-100.0%), from €4.1m to €0
- Financial income +€911,509
up €911,509 (+7.0%), from €12.9m to €13.9m
- Financial charges -€112,237
down €112,237 (-19.4%), from €577,085 to €464,847
- Gross operating margin +€1,875
up €1,875 (+7.9%), from €23,663 to €25,539
- Other operating charges -€590
down €590 (-34.1%), from €1,733 to €1,143
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 | €170,632,811 | €169,458,464 | -€1.2m | -0.7% |
| Fixed assets | 21/28 | €154,746,518 | €167,327,456 | +€12.6m | +8.1% |
| Financial fixed assets | 28 | €154,746,518 | €167,327,456 | +€12.6m | +8.1% |
| Current assets | 29/58 | €15,886,293 | €2,131,008 | -€13.8m | -86.6% |
| Amounts receivable after more than one year | 29 | €500,000 | €500,000 | = | 0.0% |
| Other amounts receivable | 291 | €500,000 | €500,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €10,155,873 | €1,389,542 | -€8.8m | -86.3% |
| Trade receivables | 40 | €214,748 | €323,405 | +€108,657 | +50.6% |
| Other amounts receivable | 41 | €9,941,124 | €1,066,137 | -€8.9m | -89.3% |
| Current investments | 50/53 | €3,565,000 | €0 | -€3.6m | -100.0% |
| Cash at bank and in hand | 54/58 | €1,636,760 | €241,466 | -€1.4m | -85.2% |
| Deferred charges and accrued income | 490/1 | €28,661 | €0 | -€28,661 | -100.0% |
| Total equity and liabilities | 10/49 | €170,632,811 | €169,458,464 | -€1.2m | -0.7% |
| Equity | 10/15 | €135,558,832 | €142,971,111 | +€7.4m | +5.5% |
| Contributions | 10/11 | €2,974,722 | €2,974,722 | = | 0.0% |
| Capital | 10 | €2,974,722 | €2,974,722 | = | 0.0% |
| Issued capital | 100 | €2,974,722 | €2,974,722 | = | 0.0% |
| Reserves | 13 | €132,584,110 | €139,996,388 | +€7.4m | +5.6% |
| Non-distributable reserves | 130/1 | €297,472 | €297,472 | = | 0.0% |
| Legal reserve | 130 | €297,472 | €297,472 | = | 0.0% |
| Distributable reserves | 133 | €132,286,637 | €139,698,916 | +€7.4m | +5.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €35,073,979 | €26,487,353 | -€8.6m | -24.5% |
| Amounts payable after more than one year | 17 | €26,378,129 | €22,000,146 | -€4.4m | -16.6% |
| Financial debts | 170/4 | €26,378,129 | €22,000,146 | -€4.4m | -16.6% |
| Amounts payable within one year | 42/48 | €8,569,936 | €4,379,047 | -€4.2m | -48.9% |
| Current portion of amounts payable after more than one year | 42 | €4,377,982 | €4,377,982 | +€0 | 0.0% |
| Trade debts | 44 | €71,954 | €1,065 | -€70,889 | -98.5% |
| Suppliers | 440/4 | €71,954 | €1,065 | -€70,889 | -98.5% |
| Other amounts payable | 47/48 | €4,120,000 | €0 | -€4.1m | -100.0% |
| Accrued charges and deferred income | 492/3 | €125,914 | €108,160 | -€17,755 | -14.1% |
| Other operating charges | 640/8 | €1,733 | €1,143 | -€590 | -34.1% |
| Gross operating margin | 9900 | €23,663 | €25,539 | +€1,875 | +7.9% |
| Operating profit (loss) | 9901 | €21,931 | €24,396 | +€2,465 | +11.2% |
| Financial income | 75/76B | €12,941,221 | €13,852,730 | +€911,509 | +7.0% |
| Recurring financial income | 75 | €12,941,221 | €13,852,730 | +€911,509 | +7.0% |
| Financial charges | 65/66B | €577,085 | €464,847 | -€112,237 | -19.4% |
| Recurring financial charges | 65 | €577,085 | €464,847 | -€112,237 | -19.4% |
| Profit (loss) for the period before taxes | 9903 | €12,386,067 | €13,412,279 | +€1.0m | +8.3% |
| Profit (loss) for the period | 9904 | €12,386,067 | €13,412,279 | +€1.0m | +8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €12,386,067 | €13,412,279 | +€1.0m | +8.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.