HULALEX: 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.
HULALEX
Largest movements
- Receivables within one year +€28,925
up €28,925 (+62.6%), from €46,232 to €75,158
of which Trade receivables: +€17,969
- Cash -€24,735
down €24,735 (-80.4%), from €30,774 to €6,039
mainly Contributions, distributions and other (-€100,000) and Receivables within one year (-€28,925)
- Other debts +€60,468
up €60,468 (+370%), from €16,357 to €76,825
- Reserves -€47,834
down €47,834 (-35.9%), from €133,092 to €85,258
- Debts after one year -€20,000
down €20,000 (-17.6%), from €113,333 to €93,333
- Trade debts +€10,890
up €10,890 (+893%), from €1,220 to €12,110
- Financial charges -€44,141
down €44,141 (-98.2%), from €44,956 to €815
- Gross operating margin -€40,901
down €40,901 (-34.3%), from €119,071 to €78,170
- Taxes +€1,603
up €1,603 (+8.1%), from €19,699 to €21,302
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 | €288,716 | €292,201 | +€3,485 | +1.2% |
| Fixed assets | 21/28 | €210,013 | €207,716 | -€2,297 | -1.1% |
| Tangible fixed assets | 22/27 | €10,013 | €7,716 | -€2,297 | -22.9% |
| Land and buildings | 22 | - | €3,311 | +€3,311 | |
| Furniture and vehicles | 24 | €10,013 | €4,405 | -€5,608 | -56.0% |
| Financial fixed assets | 28 | €200,000 | €200,000 | = | 0.0% |
| Current assets | 29/58 | €78,703 | €84,485 | +€5,782 | +7.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €46,232 | €75,158 | +€28,925 | +62.6% |
| Trade receivables | 40 | €13,310 | €31,279 | +€17,969 | +135% |
| Other amounts receivable | 41 | €32,922 | €43,879 | +€10,957 | +33.3% |
| Cash at bank and in hand | 54/58 | €30,774 | €6,039 | -€24,735 | -80.4% |
| Deferred charges and accrued income | 490/1 | €1,696 | €3,288 | +€1,592 | +93.8% |
| Total equity and liabilities | 10/49 | €288,716 | €292,201 | +€3,485 | +1.2% |
| Equity | 10/15 | €134,092 | €86,258 | -€47,834 | -35.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €133,092 | €85,258 | -€47,834 | -35.9% |
| Distributable reserves | 133 | €133,092 | €85,258 | -€47,834 | -35.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €154,624 | €205,942 | +€51,319 | +33.2% |
| Amounts payable after more than one year | 17 | €113,333 | €93,333 | -€20,000 | -17.6% |
| Financial debts | 170/4 | €113,333 | €93,333 | -€20,000 | -17.6% |
| Amounts payable within one year | 42/48 | €39,790 | €112,609 | +€72,819 | +183% |
| Current portion of amounts payable after more than one year | 42 | €20,000 | €20,000 | = | 0.0% |
| Trade debts | 44 | €1,220 | €12,110 | +€10,890 | +893% |
| Suppliers | 440/4 | €1,220 | €12,110 | +€10,890 | +893% |
| Taxes, remuneration and social security | 45 | €2,213 | €3,674 | +€1,461 | +66.0% |
| Taxes | 450/3 | €2,213 | €3,674 | +€1,461 | +66.0% |
| Other amounts payable | 47/48 | €16,357 | €76,825 | +€60,468 | +370% |
| Accrued charges and deferred income | 492/3 | €1,500 | €0 | -€1,500 | -100% |
| Non-recurring operating income | 76A | - | €9,065 | +€9,065 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,116 | €3,162 | -€954 | -23.2% |
| Other operating charges | 640/8 | €978 | €725 | -€253 | -25.9% |
| Gross operating margin | 9900 | €119,071 | €78,170 | -€40,901 | -34.3% |
| Operating profit (loss) | 9901 | €113,977 | €74,283 | -€39,694 | -34.8% |
| Financial income | 75/76B | €661 | €0 | -€661 | -100% |
| Recurring financial income | 75 | €661 | €0 | -€661 | -100% |
| Financial charges | 65/66B | €44,956 | €815 | -€44,141 | -98.2% |
| Recurring financial charges | 65 | €44,956 | €815 | -€44,141 | -98.2% |
| Profit (loss) for the period before taxes | 9903 | €69,681 | €73,468 | +€3,786 | +5.4% |
| Income taxes | 67/77 | €19,699 | €21,302 | +€1,603 | +8.1% |
| Profit (loss) for the period | 9904 | €49,982 | €52,166 | +€2,184 | +4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €49,982 | €52,166 | +€2,184 | +4.4% |
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 28 October 2026 via checked.be.