HULO: 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.
HULO
Largest movements
- Financial fixed assets -€1.7m
down €1.7m (-100.0%), from €1.7m to €600
- Receivables within one year +€711,717
up €711,717 (+135%), from €525,819 to €1.2m
- Debts after one year +€4.9m
new in 2025: €4.9m
- Other debts -€4.0m
down €4.0m (-95.1%), from €4.2m to €206,048
- Profit (loss) carried forward -€1.9m
down €1.9m (-90.7%), from -€2.0m to -€3.9m
- Financial charges +€1.8m
up €1.8m (+5,003%), from €36,610 to €1.9m
of which Non-recurring financial charges: +€1.8m
- Financial income +€12,987
up €12,987 (+97.3%), from €13,343 to €26,330
- Gross operating margin -€3,684
down €3,684 (-78.7%), from -€4,682 to -€8,367
- Taxes -€270
new in 2025: -€270
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 | €2,205,976 | €1,243,668 | -€962,308 | -43.6% |
| Fixed assets | 21/28 | €1,659,761 | €600 | -€1.7m | -100.0% |
| Financial fixed assets | 28 | €1,659,761 | €600 | -€1.7m | -100.0% |
| Current assets | 29/58 | €546,215 | €1,243,068 | +€696,853 | +128% |
| Amounts receivable within one year | 40/41 | €525,819 | €1,237,536 | +€711,717 | +135% |
| Other amounts receivable | 41 | €525,819 | €1,237,536 | +€711,717 | +135% |
| Cash at bank and in hand | 54/58 | €20,351 | €5,532 | -€14,820 | -72.8% |
| Deferred charges and accrued income | 490/1 | €45 | - | -€45 | |
| Total equity and liabilities | 10/49 | €2,205,976 | €1,243,668 | -€962,308 | -43.6% |
| Equity | 10/15 | -€2,034,301 | -€3,885,299 | -€1.9m | -91.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,040,501 | -€3,891,499 | -€1.9m | -90.7% |
| Amounts payable | 17/49 | €4,240,277 | €5,128,967 | +€888,690 | +21.0% |
| Amounts payable after more than one year | 17 | - | €4,921,757 | +€4.9m | |
| Financial debts | 170/4 | - | €4,921,757 | +€4.9m | |
| Amounts payable within one year | 42/48 | €4,240,277 | €207,209 | -€4.0m | -95.1% |
| Trade debts | 44 | - | €1,162 | +€1,162 | |
| Suppliers | 440/4 | - | €1,162 | +€1,162 | |
| Other amounts payable | 47/48 | €4,240,277 | €206,048 | -€4.0m | -95.1% |
| Other operating charges | 640/8 | €1,086 | €1,118 | +€33 | +3.0% |
| Non-recurring operating charges | 66A | €2,123,185 | - | -€2.1m | |
| Gross operating margin | 9900 | -€4,682 | -€8,367 | -€3,684 | -78.7% |
| Operating profit (loss) | 9901 | -€2,128,953 | -€9,485 | +€2.1m | +99.6% |
| Financial income | 75/76B | €13,343 | €26,330 | +€12,987 | +97.3% |
| Recurring financial income | 75 | €13,343 | €26,330 | +€12,987 | +97.3% |
| Financial charges | 65/66B | €36,610 | €1,868,113 | +€1.8m | +5,003% |
| Recurring financial charges | 65 | €36,610 | €45,618 | +€9,008 | +24.6% |
| Non-recurring financial charges | 66B | - | €1,822,494 | +€1.8m | |
| Profit (loss) for the period before taxes | 9903 | -€2,152,221 | -€1,851,268 | +€300,953 | +14.0% |
| Income taxes | 67/77 | - | -€270 | -€270 | |
| Profit (loss) for the period | 9904 | -€2,152,221 | -€1,850,998 | +€301,223 | +14.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,152,221 | -€1,850,998 | +€301,223 | +14.0% |
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 14 October 2026 via checked.be.