Hulene: what changed
Two fiscal 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.
Hulene
Largest movements
- Receivables within one year -€562,086
down €562,086 (-99.7%), from €563,660 to €1,575
- Tangible fixed assets +€237,017
up €237,017 (+10.9%), from €2.2m to €2.4m
of which Land and buildings: +€233,950
- Cash +€36,384
up €36,384 (+59.7%), from €60,926 to €97,310
mainly Receivables within one year (+€562,086) and Depreciation (+€152,656)
- Trade debts -€195,193
down €195,193 (-99.9%), from €195,362 to €169
- Other debts +€47,463
new in 2025: €47,463
- Profit (loss) carried forward -€46,612
down €46,612 (-28.8%), from -€161,825 to -€208,437
- Debts after one year -€42,974
down €42,974 (-3.1%), from €1.4m to €1.4m
of which Financial debts: -€73,022
- Reserves -€34,037
down €34,037 (-4.0%), from €850,775 to €816,738
of which Tax-exempt reserves: -€34,037
- Gross operating margin +€357,727
up €357,727 (+2866.4%), from €12,480 to €370,207
- Turnover +€138,450
up €138,450 (+349.2%), from €39,647 to €178,097
- Depreciation +€99,648
up €99,648 (+188.0%), from €53,008 to €152,656
- Financial charges +€29,468
up €29,468 (+162.4%), from €18,145 to €47,613
- Purchases and services +€27,445
up €27,445 (+89.5%), from €30,667 to €58,112
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 | €2,794,994 | €2,514,251 | -€280,744 | -10.0% |
| Fixed assets | 21/28 | €2,170,245 | €2,407,262 | +€237,017 | +10.9% |
| Tangible fixed assets | 22/27 | €2,170,245 | €2,407,262 | +€237,017 | +10.9% |
| Land and buildings | 22 | €2,134,572 | €2,368,522 | +€233,950 | +11.0% |
| Plant, machinery and equipment | 23 | €35,673 | €35,543 | -€129 | -0.4% |
| Furniture and vehicles | 24 | - | €3,196 | +€3,196 | |
| Current assets | 29/58 | €624,750 | €106,989 | -€517,761 | -82.9% |
| Amounts receivable within one year | 40/41 | €563,660 | €1,575 | -€562,086 | -99.7% |
| Other amounts receivable | 41 | €563,660 | €1,575 | -€562,086 | -99.7% |
| Cash at bank and in hand | 54/58 | €60,926 | €97,310 | +€36,384 | +59.7% |
| Deferred charges and accrued income | 490/1 | €163 | €8,104 | +€7,941 | +4875.5% |
| Total equity and liabilities | 10/49 | €2,794,994 | €2,514,251 | -€280,744 | -10.0% |
| Equity | 10/15 | €888,950 | €808,301 | -€80,649 | -9.1% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €850,775 | €816,738 | -€34,037 | -4.0% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €672,091 | €638,054 | -€34,037 | -5.1% |
| Distributable reserves | 133 | €158,685 | €158,685 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€161,825 | -€208,437 | -€46,612 | -28.8% |
| Provisions and deferred taxes | 16 | €224,030 | €212,685 | -€11,346 | -5.1% |
| Deferred taxes | 168 | €224,030 | €212,685 | -€11,346 | -5.1% |
| Amounts payable | 17/49 | €1,682,014 | €1,493,265 | -€188,749 | -11.2% |
| Amounts payable after more than one year | 17 | €1,405,987 | €1,363,013 | -€42,974 | -3.1% |
| Financial debts | 170/4 | €1,405,987 | €1,332,966 | -€73,022 | -5.2% |
| Other amounts payable | 178/9 | - | €30,048 | +€30,048 | |
| Amounts payable within one year | 42/48 | €276,027 | €128,582 | -€147,445 | -53.4% |
| Current portion of amounts payable after more than one year | 42 | €79,118 | €76,866 | -€2,252 | -2.8% |
| Trade debts | 44 | €195,362 | €169 | -€195,193 | -99.9% |
| Suppliers | 440/4 | €195,362 | €169 | -€195,193 | -99.9% |
| Advances received on contracts in progress | 46 | €1,531 | €0 | -€1,531 | -100.0% |
| Taxes, remuneration and social security | 45 | €16 | €4,083 | +€4,067 | +25152.4% |
| Taxes | 450/3 | €16 | €4,083 | +€4,067 | +25152.4% |
| Other amounts payable | 47/48 | - | €47,463 | +€47,463 | |
| Accrued charges and deferred income | 492/3 | - | €1,670 | +€1,670 | |
| Turnover | 70 | €39,647 | €178,097 | +€138,450 | +349.2% |
| Non-recurring operating income | 76A | €0 | €130,737 | +€130,737 | |
| Goods, raw materials, services and sundry goods | 60/61 | €30,667 | €58,112 | +€27,445 | +89.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,008 | €152,656 | +€99,648 | +188.0% |
| Other operating charges | 640/8 | €10,795 | €8,993 | -€1,802 | -16.7% |
| Non-recurring operating charges | 66A | €0 | €252,966 | +€252,966 | |
| Gross operating margin | 9900 | €12,480 | €370,207 | +€357,727 | +2866.4% |
| Operating profit (loss) | 9901 | -€51,323 | -€44,408 | +€6,915 | +13.5% |
| Financial income | 75/76B | €12,625 | €26 | -€12,599 | -99.8% |
| Recurring financial income | 75 | €12,625 | €26 | -€12,599 | -99.8% |
| Financial charges | 65/66B | €18,145 | €47,613 | +€29,468 | +162.4% |
| Recurring financial charges | 65 | €18,145 | €47,613 | +€29,468 | +162.4% |
| Profit (loss) for the period before taxes | 9903 | -€56,843 | -€91,995 | -€35,152 | -61.8% |
| Transfer from deferred taxes | 780 | €16,288 | €11,346 | -€4,943 | -30.3% |
| Profit (loss) for the period | 9904 | -€40,555 | -€80,649 | -€40,094 | -98.9% |
| Transfer from tax-exempt reserves | 789 | €36,853 | €34,037 | -€2,816 | -7.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,702 | -€46,612 | -€42,910 | -1159.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.