HULLYNCK: 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.
What changed
HULLYNCK
NACE 68.310, Real estate agency activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€173,121
2024 · -€216,253+€43,132
Equity
€6.9m
2024 · €7.0m-€177,177
Cash
€44,794
2024 · €24,992+€19,802
Balance sheet total
€16.2m
2024 · €17.0m-€812,278
Largest movements
Assets
- Tangible fixed assets -€574,611
down €574,611 (-4.3%), from €13.5m to €12.9m
- Receivables within one year -€385,713
down €385,713 (-58.0%), from €664,611 to €278,898
of which Other amounts receivable: -€382,473
- Financial fixed assets +€248,816
up €248,816 (+13.4%), from €1.9m to €2.1m
Equity and liabilities
- Short-term financial debts -€835,000
down €835,000 (-23.8%), from €3.5m to €2.7m
- Revaluation surpluses -€210,380
down €210,380 (-6.4%), from €3.3m to €3.1m
- Reserves +€208,382
up €208,382 (+7.7%), from €2.7m to €2.9m
of which Distributable reserves: +€206,323
- Other debts +€178,077
up €178,077 (+135.1%), from €131,854 to €309,932
- Profit (loss) carried forward -€175,180
down €175,180 (-6.3%), from -€2.8m to -€2.9m
Income statement
- Gross operating margin -€242,308
down €242,308 (-26.2%), from €924,164 to €681,856
- Depreciation -€80,466
down €80,466 (-12.0%), from €672,463 to €591,997
- Financial charges -€63,094
down €63,094 (-18.7%), from €337,539 to €274,445
- Other operating charges -€38,952
down €38,952 (-33.1%), from €117,629 to €78,677
- Write-downs -€34,188
down €34,188, from €18,500 to -€15,688
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.
Result 2024
-€216,253
Gross operating margin
-€242,308
Depreciation
+€80,466
Write-downs
+€34,188
Other operating charges
+€38,952
Financial income
+€3,572
Financial charges
+€63,094
Taxes
+€12,182
Deferred taxes and other
+€52,986
Result 2025
-€173,121
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.
From operations
+€1.0m
Investment
-€266,201
Financing
-€745,239
Cash 2024
€24,992
From operations (derived)
+€1.0m
Net result for the year
-€173,121
Depreciation
+€591,997
Receivables after one year
+€78,945
Stocks and contracts
+€36,536
Receivables within one year
+€385,713
Deferred charges and accrued income
+€5,091
Smaller working-capital items
-€183
Trade debts
-€10,526
Advances received
-€6,837
Other debts
+€178,077
Accrued charges and deferred income
-€54,450
Investment (derived)
-€266,201
Investment in fixed assets (net)
-€266,201
Financing
-€745,239
Debts after one year
+€98,789
Current portion of long-term debt
-€4,971
Short-term financial debts
-€835,000
Contributions, distributions and other
-€4,057
Cash 2025
€44,794
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,016,957 | €16,204,678 | -€812,278 | -4.8% |
| Fixed assets | 21/28 | €15,325,448 | €14,999,653 | -€325,795 | -2.1% |
| Tangible fixed assets | 22/27 | €13,475,413 | €12,900,802 | -€574,611 | -4.3% |
| Land and buildings | 22 | €10,851,629 | €10,616,526 | -€235,103 | -2.2% |
| Plant, machinery and equipment | 23 | €196,059 | €176,282 | -€19,777 | -10.1% |
| Furniture and vehicles | 24 | €152,153 | €93,299 | -€58,854 | -38.7% |
| Other tangible fixed assets | 26 | €2,275,572 | €2,014,695 | -€260,877 | -11.5% |
| Financial fixed assets | 28 | €1,850,035 | €2,098,851 | +€248,816 | +13.4% |
| Current assets | 29/58 | €1,691,508 | €1,205,025 | -€486,483 | -28.8% |
| Amounts receivable after more than one year | 29 | €865,156 | €786,210 | -€78,945 | -9.1% |
| Other amounts receivable | 291 | €865,156 | €786,210 | -€78,945 | -9.1% |
| Stocks and contracts in progress | 3 | €131,614 | €95,078 | -€36,536 | -27.8% |
| Stocks | 30/36 | €131,614 | €95,078 | -€36,536 | -27.8% |
| Amounts receivable within one year | 40/41 | €664,611 | €278,898 | -€385,713 | -58.0% |
| Trade receivables | 40 | €14,013 | €10,773 | -€3,240 | -23.1% |
| Other amounts receivable | 41 | €650,598 | €268,125 | -€382,473 | -58.8% |
| Cash at bank and in hand | 54/58 | €24,992 | €44,794 | +€19,802 | +79.2% |
| Deferred charges and accrued income | 490/1 | €5,135 | €44 | -€5,091 | -99.1% |
| Total equity and liabilities | 10/49 | €17,016,957 | €16,204,678 | -€812,278 | -4.8% |
| Equity | 10/15 | €7,043,106 | €6,865,929 | -€177,177 | -2.5% |
| Contributions | 10/11 | €3,780,000 | €3,780,000 | = | 0.0% |
| Revaluation surpluses | 12 | €3,308,624 | €3,098,245 | -€210,380 | -6.4% |
| Reserves | 13 | €2,716,277 | €2,924,659 | +€208,382 | +7.7% |
| Tax-exempt reserves | 132 | €522,475 | €524,534 | +€2,059 | +0.4% |
| Distributable reserves | 133 | €2,193,802 | €2,400,125 | +€206,323 | +9.4% |
| Profit (loss) carried forward | 14 | -€2,761,795 | -€2,936,975 | -€175,180 | -6.3% |
| Provisions and deferred taxes | 16 | €174,158 | €174,845 | +€686 | +0.4% |
| Deferred taxes | 168 | €174,158 | €174,845 | +€686 | +0.4% |
| Amounts payable | 17/49 | €9,799,692 | €9,163,904 | -€635,787 | -6.5% |
| Amounts payable after more than one year | 17 | €5,347,132 | €5,445,921 | +€98,789 | +1.8% |
| Financial debts | 170/4 | €3,059,558 | €3,847,058 | +€787,500 | +25.7% |
| Other amounts payable | 178/9 | €2,287,574 | €1,598,864 | -€688,711 | -30.1% |
| Amounts payable within one year | 42/48 | €4,288,673 | €3,608,546 | -€680,127 | -15.9% |
| Current portion of amounts payable after more than one year | 42 | €578,234 | €573,263 | -€4,971 | -0.9% |
| Financial debts | 43 | €3,505,000 | €2,670,000 | -€835,000 | -23.8% |
| Credit institutions | 430/8 | €3,505,000 | €2,670,000 | -€835,000 | -23.8% |
| Trade debts | 44 | €41,722 | €31,196 | -€10,526 | -25.2% |
| Suppliers | 440/4 | €41,722 | €31,196 | -€10,526 | -25.2% |
| Advances received on contracts in progress | 46 | €6,837 | €0 | -€6,837 | -100.0% |
| Taxes, remuneration and social security | 45 | €25,026 | €24,156 | -€870 | -3.5% |
| Taxes | 450/3 | €25,026 | €24,156 | -€870 | -3.5% |
| Other amounts payable | 47/48 | €131,854 | €309,932 | +€178,077 | +135.1% |
| Accrued charges and deferred income | 492/3 | €163,886 | €109,437 | -€54,450 | -33.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €672,463 | €591,997 | -€80,466 | -12.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €18,500 | -€15,688 | -€34,188 | |
| Other operating charges | 640/8 | €117,629 | €78,677 | -€38,952 | -33.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €924,164 | €681,856 | -€242,308 | -26.2% |
| Operating profit (loss) | 9901 | €115,572 | €26,871 | -€88,702 | -76.8% |
| Financial income | 75/76B | €71,568 | €75,140 | +€3,572 | +5.0% |
| Recurring financial income | 75 | €71,568 | €75,140 | +€3,572 | +5.0% |
| Financial charges | 65/66B | €337,539 | €274,445 | -€63,094 | -18.7% |
| Recurring financial charges | 65 | €337,539 | €274,445 | -€63,094 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | -€150,398 | -€172,434 | -€22,036 | -14.7% |
| Transfer from deferred taxes | 780 | €3,145 | €3,145 | = | 0.0% |
| Transfer to deferred taxes | 680 | €56,818 | €3,831 | -€52,986 | -93.3% |
| Income taxes | 67/77 | €12,182 | €0 | -€12,182 | -100.0% |
| Profit (loss) for the period | 9904 | -€216,253 | -€173,121 | +€43,132 | +19.9% |
| Transfer from tax-exempt reserves | 789 | €9,435 | €9,435 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €170,454 | €11,494 | -€158,959 | -93.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€377,271 | -€175,180 | +€202,091 | +53.6% |
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 1 October 2026 via checked.be.