Hula: 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.
Hula
Largest movements
- Receivables within one year +€213,734
up €213,734 (+121%), from €176,848 to €390,582
of which Trade receivables: +€118,397
- Cash -€159,660
down €159,660 (-80.0%), from €199,659 to €39,999
mainly Receivables within one year (-€213,734) and Investment in fixed assets (net) (-€66,752)
- Tangible fixed assets +€29,731
up €29,731 (+20.8%), from €142,851 to €172,582
of which Furniture and vehicles: +€51,551
- Trade debts +€78,786
up €78,786 (+132%), from €59,585 to €138,371
- Debts after one year +€21,092
up €21,092 (+14.1%), from €150,000 to €171,092
- Reserves -€12,064
down €12,064 (-13.2%), from €91,563 to €79,499
- Current portion of long-term debt +€7,159
new in 2026: €7,159
- Staff costs +€75,238
up €75,238 (+18.1%), from €414,861 to €490,099
- Gross operating margin +€55,979
up €55,979 (+12.1%), from €462,219 to €518,198
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €566,069 | €655,856 | +€89,787 | +15.9% |
| Fixed assets | 21/28 | €142,851 | €172,582 | +€29,731 | +20.8% |
| Tangible fixed assets | 22/27 | €142,851 | €172,582 | +€29,731 | +20.8% |
| Plant, machinery and equipment | 23 | €75,795 | €58,775 | -€17,020 | -22.5% |
| Furniture and vehicles | 24 | €9,816 | €61,367 | +€51,551 | +525% |
| Other tangible fixed assets | 26 | €57,240 | €52,440 | -€4,800 | -8.4% |
| Current assets | 29/58 | €423,218 | €483,274 | +€60,056 | +14.2% |
| Stocks and contracts in progress | 3 | €33,723 | €37,141 | +€3,418 | +10.1% |
| Stocks | 30/36 | €33,723 | €37,141 | +€3,418 | +10.1% |
| Amounts receivable within one year | 40/41 | €176,848 | €390,582 | +€213,734 | +121% |
| Trade receivables | 40 | €18,262 | €136,659 | +€118,397 | +648% |
| Other amounts receivable | 41 | €158,586 | €253,923 | +€95,338 | +60.1% |
| Cash at bank and in hand | 54/58 | €199,659 | €39,999 | -€159,660 | -80.0% |
| Deferred charges and accrued income | 490/1 | €12,988 | €15,552 | +€2,564 | +19.7% |
| Total equity and liabilities | 10/49 | €566,069 | €655,856 | +€89,787 | +15.9% |
| Equity | 10/15 | €171,563 | €159,499 | -€12,064 | -7.0% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €91,563 | €79,499 | -€12,064 | -13.2% |
| Distributable reserves | 133 | €91,563 | €79,499 | -€12,064 | -13.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €394,507 | €496,358 | +€101,851 | +25.8% |
| Amounts payable after more than one year | 17 | €150,000 | €171,092 | +€21,092 | +14.1% |
| Financial debts | 170/4 | €150,000 | €171,092 | +€21,092 | +14.1% |
| Amounts payable within one year | 42/48 | €239,444 | €325,147 | +€85,703 | +35.8% |
| Current portion of amounts payable after more than one year | 42 | - | €7,159 | +€7,159 | |
| Trade debts | 44 | €59,585 | €138,371 | +€78,786 | +132% |
| Suppliers | 440/4 | €59,585 | €138,371 | +€78,786 | +132% |
| Taxes, remuneration and social security | 45 | €81,388 | €84,147 | +€2,759 | +3.4% |
| Taxes | 450/3 | €14,643 | €12,558 | -€2,085 | -14.2% |
| Remuneration and social security | 454/9 | €66,745 | €71,589 | +€4,845 | +7.3% |
| Other amounts payable | 47/48 | €98,471 | €95,470 | -€3,001 | -3.0% |
| Accrued charges and deferred income | 492/3 | €5,063 | €119 | -€4,944 | -97.7% |
| Non-recurring operating income | 76A | - | €7,429 | +€7,429 | |
| Remuneration, social security and pensions | 62 | €414,861 | €490,099 | +€75,238 | +18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,795 | €37,022 | +€4,227 | +12.9% |
| Other operating charges | 640/8 | €3,210 | €2,542 | -€668 | -20.8% |
| Non-recurring operating charges | 66A | - | €1,215 | +€1,215 | |
| Gross operating margin | 9900 | €462,219 | €518,198 | +€55,979 | +12.1% |
| Operating profit (loss) | 9901 | €11,353 | -€12,680 | -€24,033 | |
| Financial income | 75/76B | €5,187 | €6,186 | +€999 | +19.3% |
| Recurring financial income | 75 | €5,187 | €6,186 | +€999 | +19.3% |
| Financial charges | 65/66B | €9,745 | €5,280 | -€4,465 | -45.8% |
| Recurring financial charges | 65 | €9,745 | €5,280 | -€4,465 | -45.8% |
| Profit (loss) for the period before taxes | 9903 | €6,795 | -€11,774 | -€18,570 | |
| Income taxes | 67/77 | €339 | €290 | -€49 | -14.6% |
| Profit (loss) for the period | 9904 | €6,456 | -€12,064 | -€18,520 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,456 | -€12,064 | -€18,520 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.