HULI: 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.
HULI
Largest movements
- Tangible fixed assets +€44,653
up €44,653 (+968.7%), from €4,610 to €49,262
of which Furniture and vehicles: +€45,376
- Cash -€14,706
down €14,706 (-35.5%), from €41,413 to €26,708
mainly Contributions, distributions and other (-€60,176) and Investment in fixed assets (net) (-€54,793)
- Receivables within one year -€2,668
down €2,668 (-9.2%), from €28,998 to €26,330
of which Other amounts receivable: -€2,245
- Debts after one year +€17,462
new in 2025: €17,462
- Profit (loss) carried forward +€7,331
up €7,331 (+12.2%), from €60,180 to €67,511
- Current portion of long-term debt +€7,271
new in 2025: €7,271
- Tax, wage and social debts -€4,682
down €4,682 (-36.8%), from €12,729 to €8,047
of which Taxes: -€3,032
- Gross operating margin +€18,351
up €18,351 (+20.9%), from €87,943 to €106,293
- Depreciation +€8,676
up €8,676 (+592.5%), from €1,464 to €10,140
- Taxes +€1,435
up €1,435 (+5.6%), from €25,403 to €26,839
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 | €75,562 | €102,834 | +€27,272 | +36.1% |
| Fixed assets | 21/28 | €4,610 | €49,262 | +€44,653 | +968.7% |
| Tangible fixed assets | 22/27 | €4,610 | €49,262 | +€44,653 | +968.7% |
| Plant, machinery and equipment | 23 | €1,675 | €952 | -€723 | -43.1% |
| Furniture and vehicles | 24 | €2,935 | €48,310 | +€45,376 | +1546.2% |
| Current assets | 29/58 | €70,953 | €53,572 | -€17,381 | -24.5% |
| Amounts receivable within one year | 40/41 | €28,998 | €26,330 | -€2,668 | -9.2% |
| Trade receivables | 40 | €26,753 | €26,330 | -€424 | -1.6% |
| Other amounts receivable | 41 | €2,245 | - | -€2,245 | |
| Cash at bank and in hand | 54/58 | €41,413 | €26,708 | -€14,706 | -35.5% |
| Deferred charges and accrued income | 490/1 | €542 | €534 | -€8 | -1.5% |
| Total equity and liabilities | 10/49 | €75,562 | €102,834 | +€27,272 | +36.1% |
| Equity | 10/15 | €62,035 | €69,366 | +€7,331 | +11.8% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €60,180 | €67,511 | +€7,331 | +12.2% |
| Amounts payable | 17/49 | €13,527 | €33,468 | +€19,941 | +147.4% |
| Amounts payable after more than one year | 17 | - | €17,462 | +€17,462 | |
| Financial debts | 170/4 | - | €17,462 | +€17,462 | |
| Amounts payable within one year | 42/48 | €13,527 | €16,006 | +€2,479 | +18.3% |
| Current portion of amounts payable after more than one year | 42 | - | €7,271 | +€7,271 | |
| Trade debts | 44 | €798 | €41 | -€757 | -94.8% |
| Suppliers | 440/4 | €798 | €41 | -€757 | -94.8% |
| Taxes, remuneration and social security | 45 | €12,729 | €8,047 | -€4,682 | -36.8% |
| Taxes | 450/3 | €11,079 | €8,047 | -€3,032 | -27.4% |
| Remuneration and social security | 454/9 | €1,650 | - | -€1,650 | |
| Other amounts payable | 47/48 | - | €646 | +€646 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,464 | €10,140 | +€8,676 | +592.5% |
| Other operating charges | 640/8 | €857 | €877 | +€20 | +2.3% |
| Gross operating margin | 9900 | €87,943 | €106,293 | +€18,351 | +20.9% |
| Operating profit (loss) | 9901 | €85,621 | €95,276 | +€9,655 | +11.3% |
| Financial income | 75/76B | €1 | €0 | -€1 | -95.9% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -95.9% |
| Financial charges | 65/66B | €38 | €931 | +€893 | +2345.4% |
| Recurring financial charges | 65 | €38 | €931 | +€893 | +2345.4% |
| Profit (loss) for the period before taxes | 9903 | €85,584 | €94,345 | +€8,761 | +10.2% |
| Income taxes | 67/77 | €25,403 | €26,839 | +€1,435 | +5.6% |
| Profit (loss) for the period | 9904 | €60,180 | €67,507 | +€7,326 | +12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €60,180 | €67,507 | +€7,326 | +12.2% |
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 6 October 2026 via checked.be.