HUL MANAGEMENT: 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 MANAGEMENT
Largest movements
- Current investments -€600,000
no longer reported in 2025 (was €600,000)
- Receivables within one year +€593,116
up €593,116 (+2872.9%), from €20,645 to €613,762
of which Trade receivables: +€459,301
- Cash +€230,738
up €230,738 (+74.2%), from €310,922 to €541,660
mainly Current investments (+€600,000) and Net result for the year (+€347,216)
- Deferred charges and accrued income -€90,430
down €90,430 (-53.5%), from €169,116 to €78,687
- Reserves +€124,716
up €124,716 (+8.8%), from €1.4m to €1.5m
- Gross operating margin +€107,514
up €107,514 (+28.0%), from €384,483 to €491,996
- Financial income -€31,098
down €31,098 (-60.3%), from €51,601 to €20,503
- Taxes +€24,398
up €24,398 (+17.7%), from €137,636 to €162,034
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 | €1,456,998 | €1,588,751 | +€131,753 | +9.0% |
| Fixed assets | 21/28 | €6,315 | €4,643 | -€1,672 | -26.5% |
| Tangible fixed assets | 22/27 | €5,943 | €4,271 | -€1,672 | -28.1% |
| Plant, machinery and equipment | 23 | €1,640 | €464 | -€1,176 | -71.7% |
| Furniture and vehicles | 24 | €4,303 | €3,807 | -€496 | -11.5% |
| Financial fixed assets | 28 | €372 | €372 | = | 0.0% |
| Current assets | 29/58 | €1,450,683 | €1,584,108 | +€133,425 | +9.2% |
| Amounts receivable after more than one year | 29 | €350,000 | €350,000 | = | 0.0% |
| Other amounts receivable | 291 | €350,000 | €350,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €20,645 | €613,762 | +€593,116 | +2872.9% |
| Trade receivables | 40 | - | €459,301 | +€459,301 | |
| Other amounts receivable | 41 | €20,645 | €154,460 | +€133,815 | +648.2% |
| Current investments | 50/53 | €600,000 | - | -€600,000 | |
| Cash at bank and in hand | 54/58 | €310,922 | €541,660 | +€230,738 | +74.2% |
| Deferred charges and accrued income | 490/1 | €169,116 | €78,687 | -€90,430 | -53.5% |
| Total equity and liabilities | 10/49 | €1,456,998 | €1,588,751 | +€131,753 | +9.0% |
| Equity | 10/15 | €1,441,023 | €1,565,739 | +€124,716 | +8.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,422,423 | €1,547,139 | +€124,716 | +8.8% |
| Distributable reserves | 133 | €1,422,423 | €1,547,139 | +€124,716 | +8.8% |
| Amounts payable | 17/49 | €15,975 | €23,012 | +€7,037 | +44.1% |
| Amounts payable within one year | 42/48 | €14,475 | €20,620 | +€6,145 | +42.5% |
| Trade debts | 44 | - | €2,208 | +€2,208 | |
| Suppliers | 440/4 | - | €2,208 | +€2,208 | |
| Taxes, remuneration and social security | 45 | €14,277 | €18,213 | +€3,937 | +27.6% |
| Taxes | 450/3 | €14,277 | €18,213 | +€3,937 | +27.6% |
| Other amounts payable | 47/48 | €198 | €198 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,500 | €2,392 | +€892 | +59.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,672 | €1,672 | = | 0.0% |
| Other operating charges | 640/8 | €1,086 | €1,118 | +€33 | +3.0% |
| Gross operating margin | 9900 | €384,483 | €491,996 | +€107,514 | +28.0% |
| Operating profit (loss) | 9901 | €381,726 | €489,206 | +€107,481 | +28.2% |
| Financial income | 75/76B | €51,601 | €20,503 | -€31,098 | -60.3% |
| Recurring financial income | 75 | €51,601 | €20,503 | -€31,098 | -60.3% |
| Financial charges | 65/66B | €756 | €458 | -€298 | -39.4% |
| Recurring financial charges | 65 | €756 | €458 | -€298 | -39.4% |
| Profit (loss) for the period before taxes | 9903 | €432,571 | €509,251 | +€76,680 | +17.7% |
| Income taxes | 67/77 | €137,636 | €162,034 | +€24,398 | +17.7% |
| Profit (loss) for the period | 9904 | €294,934 | €347,216 | +€52,282 | +17.7% |
| Profit (loss) for the period to be appropriated | 9905 | €294,934 | €347,216 | +€52,282 | +17.7% |
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 11 October 2026 via checked.be.