HUGSOF: 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.
What changed
HUGSOF
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3,991
2024 · €249,715-€245,724
Equity
€2.4m
2024 · €2.4m+€3,991
Cash
€278,817
2024 · €639,816-€360,999
Balance sheet total
€3.0m
2024 · €3.0m-€9,406
Largest movements
Assets
- Cash -€360,999
down €360,999 (-56.4%), from €639,816 to €278,817
mainly Investment in fixed assets (net) (-€466,292) and Provisions (-€22,037)
- Tangible fixed assets +€344,419
up €344,419 (+14.3%), from €2.4m to €2.7m
of which Land and buildings: +€323,356
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin -€325,728
down €325,728 (-69.4%), from €469,152 to €143,424
- Depreciation +€44,282
up €44,282 (+57.1%), from €77,590 to €121,873
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.
Result 2024
€249,715
Gross operating margin
-€325,728
Depreciation
-€44,282
Other operating charges
-€1,495
Financial income
+€4,679
Financial charges
-€463
Taxes
-€1,132
Deferred taxes and other
+€122,697
Result 2025
€3,991
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€105,293
Investment
-€466,292
Financing
€0
Cash 2024
€639,816
From operations (derived)
+€105,293
Net result for the year
+€3,991
Depreciation
+€121,873
Receivables within one year
-€2,384
Deferred charges and accrued income
-€4,790
Provisions
-€22,037
Trade debts
+€4,724
Tax, wage and social debts
-€7,774
Advances received
+€15,000
Other debts
-€1,280
Accrued charges and deferred income
-€2,031
Investment (derived)
-€466,292
Investment in fixed assets (net)
-€466,292
Cash 2025
€278,817
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,047,582 | €3,038,175 | -€9,406 | -0.3% |
| Fixed assets | 21/28 | €2,401,510 | €2,745,929 | +€344,419 | +14.3% |
| Tangible fixed assets | 22/27 | €2,401,510 | €2,745,929 | +€344,419 | +14.3% |
| Land and buildings | 22 | €2,400,894 | €2,724,249 | +€323,356 | +13.5% |
| Furniture and vehicles | 24 | €616 | €21,679 | +€21,063 | +3,419% |
| Current assets | 29/58 | €646,072 | €292,246 | -€353,826 | -54.8% |
| Amounts receivable within one year | 40/41 | - | €2,384 | +€2,384 | |
| Trade receivables | 40 | - | €2,384 | +€2,384 | |
| Cash at bank and in hand | 54/58 | €639,816 | €278,817 | -€360,999 | -56.4% |
| Deferred charges and accrued income | 490/1 | €6,257 | €11,046 | +€4,790 | +76.6% |
| Total equity and liabilities | 10/49 | €3,047,582 | €3,038,175 | -€9,406 | -0.3% |
| Equity | 10/15 | €2,427,245 | €2,431,236 | +€3,991 | +0.2% |
| Contributions | 10/11 | €870,153 | €870,153 | = | 0.0% |
| Capital | 10 | €870,153 | €870,153 | = | 0.0% |
| Issued capital | 100 | €870,153 | €870,153 | = | 0.0% |
| Reserves | 13 | €1,557,091 | €1,561,082 | +€3,991 | +0.3% |
| Non-distributable reserves | 130/1 | €30,329 | €32,829 | +€2,500 | +8.2% |
| Legal reserve | 130 | €30,329 | €32,829 | +€2,500 | +8.2% |
| Tax-exempt reserves | 132 | €1,313,276 | €1,267,374 | -€45,902 | -3.5% |
| Distributable reserves | 133 | €213,486 | €260,879 | +€47,393 | +22.2% |
| Provisions and deferred taxes | 16 | €555,278 | €533,241 | -€22,037 | -4.0% |
| Deferred taxes | 168 | €555,278 | €533,241 | -€22,037 | -4.0% |
| Amounts payable | 17/49 | €65,059 | €73,698 | +€8,639 | +13.3% |
| Amounts payable within one year | 42/48 | €55,759 | €66,429 | +€10,670 | +19.1% |
| Trade debts | 44 | - | €4,724 | +€4,724 | |
| Suppliers | 440/4 | - | €4,724 | +€4,724 | |
| Advances received on contracts in progress | 46 | - | €15,000 | +€15,000 | |
| Taxes, remuneration and social security | 45 | €23,069 | €15,294 | -€7,774 | -33.7% |
| Taxes | 450/3 | €23,069 | €15,294 | -€7,774 | -33.7% |
| Other amounts payable | 47/48 | €32,690 | €31,410 | -€1,280 | -3.9% |
| Accrued charges and deferred income | 492/3 | €9,300 | €7,269 | -€2,031 | -21.8% |
| Non-recurring operating income | 76A | €358,858 | €5,654 | -€353,204 | -98.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,590 | €121,873 | +€44,282 | +57.1% |
| Other operating charges | 640/8 | €16,793 | €18,288 | +€1,495 | +8.9% |
| Gross operating margin | 9900 | €469,152 | €143,424 | -€325,728 | -69.4% |
| Operating profit (loss) | 9901 | €374,769 | €3,263 | -€371,505 | -99.1% |
| Financial income | 75/76B | €1,033 | €5,713 | +€4,679 | +453% |
| Recurring financial income | 75 | €1,033 | €5,713 | +€4,679 | +453% |
| Financial charges | 65/66B | €2,050 | €2,513 | +€463 | +22.6% |
| Recurring financial charges | 65 | €2,050 | €2,513 | +€463 | +22.6% |
| Profit (loss) for the period before taxes | 9903 | €373,752 | €6,462 | -€367,289 | -98.3% |
| Transfer from deferred taxes | 780 | €19,090 | €22,037 | +€2,947 | +15.4% |
| Transfer to deferred taxes | 680 | €119,750 | - | -€119,750 | |
| Income taxes | 67/77 | €23,377 | €24,508 | +€1,132 | +4.8% |
| Profit (loss) for the period | 9904 | €249,715 | €3,991 | -€245,724 | -98.4% |
| Transfer from tax-exempt reserves | 789 | €45,034 | €45,902 | +€868 | +1.9% |
| Transfer to tax-exempt reserves | 689 | €233,873 | - | -€233,873 | |
| Profit (loss) for the period to be appropriated | 9905 | €60,876 | €49,893 | -€10,983 | -18.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.