HUL-CORE: 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.
HUL-CORE
Largest movements
- Receivables within one year +€14,956
up €14,956 (+12.6%), from €118,508 to €133,464
of which Other amounts receivable: +€27,863
- Tangible fixed assets -€12,226
down €12,226 (-6.3%), from €195,578 to €183,352
of which Furniture and vehicles: -€8,096
- Deferred charges and accrued income +€10,337
up €10,337 (+306%), from €3,377 to €13,714
- Stocks and contracts -€8,874
down €8,874 (-12.0%), from €74,085 to €65,212
- Debts after one year -€21,842
down €21,842 (-36.5%), from €59,897 to €38,055
- Other debts +€15,432
up €15,432 (+306%), from €5,050 to €20,482
- Reserves +€11,690
up €11,690 (+5.6%), from €208,822 to €220,513
- Trade debts -€11,143
down €11,143 (-66.2%), from €16,829 to €5,685
- Tax, wage and social debts +€9,203
up €9,203 (+56.3%), from €16,349 to €25,552
of which Taxes: +€4,760
- Staff costs +€31,844
up €31,844 (+56.2%), from €56,686 to €88,530
- Taxes -€12,423
down €12,423 (-74.4%), from €16,698 to €4,275
- Depreciation +€5,264
up €5,264 (+22.9%), from €23,008 to €28,272
- Financial income +€2,548
up €2,548 (+226%), from €1,126 to €3,675
- Gross operating margin -€1,587
down €1,587 (-1.0%), from €153,050 to €151,463
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 | €404,588 | €410,024 | +€5,436 | +1.3% |
| Fixed assets | 21/28 | €196,078 | €183,852 | -€12,226 | -6.2% |
| Tangible fixed assets | 22/27 | €195,578 | €183,352 | -€12,226 | -6.3% |
| Plant, machinery and equipment | 23 | €35,054 | €36,586 | +€1,532 | +4.4% |
| Furniture and vehicles | 24 | €22,544 | €14,448 | -€8,096 | -35.9% |
| Other tangible fixed assets | 26 | €137,980 | €132,318 | -€5,662 | -4.1% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €208,509 | €226,172 | +€17,663 | +8.5% |
| Stocks and contracts in progress | 3 | €74,085 | €65,212 | -€8,874 | -12.0% |
| Stocks | 30/36 | €74,085 | €65,212 | -€8,874 | -12.0% |
| Amounts receivable within one year | 40/41 | €118,508 | €133,464 | +€14,956 | +12.6% |
| Trade receivables | 40 | €25,280 | €12,372 | -€12,907 | -51.1% |
| Other amounts receivable | 41 | €93,229 | €121,092 | +€27,863 | +29.9% |
| Cash at bank and in hand | 54/58 | €12,539 | €13,783 | +€1,244 | +9.9% |
| Deferred charges and accrued income | 490/1 | €3,377 | €13,714 | +€10,337 | +306% |
| Total equity and liabilities | 10/49 | €404,588 | €410,024 | +€5,436 | +1.3% |
| Equity | 10/15 | €221,222 | €232,913 | +€11,690 | +5.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €208,822 | €220,513 | +€11,690 | +5.6% |
| Distributable reserves | 133 | €208,822 | €220,513 | +€11,690 | +5.6% |
| Amounts payable | 17/49 | €183,365 | €177,111 | -€6,254 | -3.4% |
| Amounts payable after more than one year | 17 | €59,897 | €38,055 | -€21,842 | -36.5% |
| Financial debts | 170/4 | €59,897 | €38,055 | -€21,842 | -36.5% |
| Amounts payable within one year | 42/48 | €122,641 | €134,455 | +€11,814 | +9.6% |
| Current portion of amounts payable after more than one year | 42 | €41,892 | €41,842 | -€49 | -0.1% |
| Financial debts | 43 | €42,522 | €40,894 | -€1,628 | -3.8% |
| Credit institutions | 430/8 | €42,522 | €40,894 | -€1,628 | -3.8% |
| Trade debts | 44 | €16,829 | €5,685 | -€11,143 | -66.2% |
| Suppliers | 440/4 | €16,829 | €5,685 | -€11,143 | -66.2% |
| Taxes, remuneration and social security | 45 | €16,349 | €25,552 | +€9,203 | +56.3% |
| Taxes | 450/3 | €7,667 | €12,428 | +€4,760 | +62.1% |
| Remuneration and social security | 454/9 | €8,682 | €13,124 | +€4,443 | +51.2% |
| Other amounts payable | 47/48 | €5,050 | €20,482 | +€15,432 | +306% |
| Accrued charges and deferred income | 492/3 | €827 | €4,601 | +€3,774 | +456% |
| Remuneration, social security and pensions | 62 | €56,686 | €88,530 | +€31,844 | +56.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,008 | €28,272 | +€5,264 | +22.9% |
| Other operating charges | 640/8 | €14,558 | €13,568 | -€990 | -6.8% |
| Gross operating margin | 9900 | €153,050 | €151,463 | -€1,587 | -1.0% |
| Operating profit (loss) | 9901 | €58,797 | €21,092 | -€37,705 | -64.1% |
| Financial income | 75/76B | €1,126 | €3,675 | +€2,548 | +226% |
| Recurring financial income | 75 | €1,126 | €3,675 | +€2,548 | +226% |
| Financial charges | 65/66B | €9,557 | €8,802 | -€755 | -7.9% |
| Recurring financial charges | 65 | €9,557 | €8,802 | -€755 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | €50,367 | €15,965 | -€34,402 | -68.3% |
| Income taxes | 67/77 | €16,698 | €4,275 | -€12,423 | -74.4% |
| Profit (loss) for the period | 9904 | €33,669 | €11,690 | -€21,979 | -65.3% |
| Profit (loss) for the period to be appropriated | 9905 | €33,669 | €11,690 | -€21,979 | -65.3% |
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 30 October 2026 via checked.be.