HUD: 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.
HUD
Largest movements
- Cash +€38,741
up €38,741 (+221%), from €17,544 to €56,284
mainly Net result for the year (+€34,884) and Depreciation (+€28,514)
- Tangible fixed assets -€17,530
down €17,530 (-2.4%), from €726,347 to €708,817
of which Land and buildings: -€17,469
- Debts after one year -€22,825
down €22,825 (-4.4%), from €517,453 to €494,629
- Other debts +€14,671
up €14,671 (+33.2%), from €44,221 to €58,892
- Trade debts +€11,932
up €11,932 (+447%), from €2,670 to €14,602
- Tax, wage and social debts +€11,279
up €11,279 (+40,528%), from €28 to €11,307
- Reserves +€8,500
up €8,500 (+8.4%), from €100,600 to €109,100
of which Distributable reserves: +€8,400
- Gross operating margin +€44,085
up €44,085 (+84.5%), from €52,152 to €96,237
- Taxes +€13,493
up €13,493 (+265%), from €5,096 to €18,588
- Financial income -€3,410
no longer reported in 2025 (was €3,410)
- Other operating charges +€1,679
up €1,679 (+73.8%), from €2,274 to €3,953
- Depreciation +€1,399
up €1,399 (+5.2%), from €27,115 to €28,514
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
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 | €767,820 | €793,641 | +€25,821 | +3.4% |
| Fixed assets | 21/28 | €726,747 | €709,217 | -€17,530 | -2.4% |
| Tangible fixed assets | 22/27 | €726,347 | €708,817 | -€17,530 | -2.4% |
| Land and buildings | 22 | €711,888 | €694,419 | -€17,469 | -2.5% |
| Plant, machinery and equipment | 23 | €12,945 | €10,933 | -€2,013 | -15.5% |
| Furniture and vehicles | 24 | €1,514 | €3,466 | +€1,952 | +129% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €41,072 | €84,423 | +€43,351 | +106% |
| Amounts receivable within one year | 40/41 | - | €175 | +€175 | |
| Trade receivables | 40 | - | €175 | +€175 | |
| Current investments | 50/53 | €20,239 | €24,239 | +€4,000 | +19.8% |
| Cash at bank and in hand | 54/58 | €17,544 | €56,284 | +€38,741 | +221% |
| Deferred charges and accrued income | 490/1 | €3,290 | €3,725 | +€435 | +13.2% |
| Total equity and liabilities | 10/49 | €767,820 | €793,641 | +€25,821 | +3.4% |
| Equity | 10/15 | €178,845 | €187,729 | +€8,884 | +5.0% |
| Contributions | 10/11 | €61,000 | €61,000 | = | 0.0% |
| Contributions outside capital | 11 | €61,000 | €61,000 | = | 0.0% |
| Other | 1109/19 | €61,000 | €61,000 | = | 0.0% |
| Reserves | 13 | €100,600 | €109,100 | +€8,500 | +8.4% |
| Non-distributable reserves | 130/1 | - | €100 | +€100 | |
| Reserves not available under the articles | 1311 | - | €100 | +€100 | |
| Distributable reserves | 133 | €100,600 | €109,000 | +€8,400 | +8.3% |
| Profit (loss) carried forward | 14 | €17,245 | €17,629 | +€384 | +2.2% |
| Amounts payable | 17/49 | €588,975 | €605,912 | +€16,937 | +2.9% |
| Amounts payable after more than one year | 17 | €517,453 | €494,629 | -€22,825 | -4.4% |
| Financial debts | 170/4 | €517,453 | €494,629 | -€22,825 | -4.4% |
| Amounts payable within one year | 42/48 | €70,722 | €110,003 | +€39,281 | +55.5% |
| Current portion of amounts payable after more than one year | 42 | €22,433 | €22,825 | +€392 | +1.7% |
| Financial debts | 43 | €1,371 | €2,378 | +€1,008 | +73.5% |
| Credit institutions | 430/8 | €1,371 | €2,378 | +€1,008 | +73.5% |
| Trade debts | 44 | €2,670 | €14,602 | +€11,932 | +447% |
| Suppliers | 440/4 | €2,670 | €14,602 | +€11,932 | +447% |
| Taxes, remuneration and social security | 45 | €28 | €11,307 | +€11,279 | +40,528% |
| Taxes | 450/3 | €28 | €11,307 | +€11,279 | +40,528% |
| Other amounts payable | 47/48 | €44,221 | €58,892 | +€14,671 | +33.2% |
| Accrued charges and deferred income | 492/3 | €800 | €1,280 | +€480 | +60.0% |
| Remuneration, social security and pensions | 62 | €691 | €1,920 | +€1,229 | +178% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,115 | €28,514 | +€1,399 | +5.2% |
| Other operating charges | 640/8 | €2,274 | €3,953 | +€1,679 | +73.8% |
| Gross operating margin | 9900 | €52,152 | €96,237 | +€44,085 | +84.5% |
| Operating profit (loss) | 9901 | €22,072 | €61,850 | +€39,778 | +180% |
| Financial income | 75/76B | €3,410 | - | -€3,410 | |
| Recurring financial income | 75 | €3,410 | - | -€3,410 | |
| Financial charges | 65/66B | €8,595 | €8,377 | -€217 | -2.5% |
| Recurring financial charges | 65 | €8,595 | €8,377 | -€217 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | €16,887 | €53,472 | +€36,585 | +217% |
| Income taxes | 67/77 | €5,096 | €18,588 | +€13,493 | +265% |
| Profit (loss) for the period | 9904 | €11,792 | €34,884 | +€23,092 | +196% |
| Profit (loss) for the period to be appropriated | 9905 | €11,792 | €34,884 | +€23,092 | +196% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.