HULPE 181: 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.
HULPE 181
Largest movements
- Receivables after one year -€118,493
down €118,493 (-100%), from €118,493 to €0
- Cash +€68,208
up €68,208 (+313%), from €21,792 to €90,000
mainly Net result for the year (+€126,975) and Receivables after one year (+€118,493)
- Receivables within one year +€46,387
up €46,387 (+58.8%), from €78,855 to €125,242
of which Other amounts receivable: +€100,351
- Tangible fixed assets -€29,564
down €29,564 (-3.3%), from €894,908 to €865,344
of which Land and buildings: -€24,793
- Deferred charges and accrued income +€16,529
new in 2025: €16,529
- Debts after one year -€85,667
down €85,667 (-11.8%), from €728,167 to €642,500
- Reserves +€31,575
up €31,575 (+513%), from €6,150 to €37,725
of which Tax-exempt reserves: +€31,575
- Profit (loss) carried forward +€20,400
up €20,400 (+21.1%), from €96,847 to €117,247
- Taxes +€34,535
up €34,535 (+456%), from €7,566 to €42,101
- Gross operating margin +€12,399
up €12,399 (+4.8%), from €260,631 to €273,030
- Depreciation -€9,376
down €9,376 (-24.1%), from €38,940 to €29,564
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 | €1,215,666 | €1,197,116 | -€18,550 | -1.5% |
| Fixed assets | 21/28 | €894,908 | €865,344 | -€29,564 | -3.3% |
| Tangible fixed assets | 22/27 | €894,908 | €865,344 | -€29,564 | -3.3% |
| Land and buildings | 22 | €834,349 | €809,555 | -€24,793 | -3.0% |
| Plant, machinery and equipment | 23 | €60,560 | €55,789 | -€4,771 | -7.9% |
| Current assets | 29/58 | €320,758 | €331,772 | +€11,014 | +3.4% |
| Amounts receivable after more than one year | 29 | €118,493 | €0 | -€118,493 | -100% |
| Trade receivables | 290 | €118,493 | €0 | -€118,493 | -100% |
| Amounts receivable within one year | 40/41 | €78,855 | €125,242 | +€46,387 | +58.8% |
| Trade receivables | 40 | €78,855 | €24,891 | -€53,963 | -68.4% |
| Other amounts receivable | 41 | €0 | €100,351 | +€100,351 | |
| Current investments | 50/53 | €101,619 | €100,000 | -€1,619 | -1.6% |
| Cash at bank and in hand | 54/58 | €21,792 | €90,000 | +€68,208 | +313% |
| Deferred charges and accrued income | 490/1 | - | €16,529 | +€16,529 | |
| Total equity and liabilities | 10/49 | €1,215,666 | €1,197,116 | -€18,550 | -1.5% |
| Equity | 10/15 | €303,949 | €355,924 | +€51,975 | +17.1% |
| Contributions | 10/11 | €200,952 | €200,952 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Contributions outside capital | 11 | €139,452 | €139,452 | = | 0.0% |
| Share premium | 1100/10 | €139,452 | €139,452 | = | 0.0% |
| Reserves | 13 | €6,150 | €37,725 | +€31,575 | +513% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €31,575 | +€31,575 | |
| Profit (loss) carried forward | 14 | €96,847 | €117,247 | +€20,400 | +21.1% |
| Amounts payable | 17/49 | €911,717 | €841,192 | -€70,525 | -7.7% |
| Amounts payable after more than one year | 17 | €728,167 | €642,500 | -€85,667 | -11.8% |
| Financial debts | 170/4 | €728,167 | €642,500 | -€85,667 | -11.8% |
| Amounts payable within one year | 42/48 | €183,550 | €198,692 | +€15,142 | +8.2% |
| Current portion of amounts payable after more than one year | 42 | €85,667 | €85,667 | = | 0.0% |
| Trade debts | 44 | €17,129 | €27,974 | +€10,846 | +63.3% |
| Suppliers | 440/4 | €17,129 | €27,974 | +€10,846 | +63.3% |
| Taxes, remuneration and social security | 45 | €5,755 | €10,051 | +€4,296 | +74.7% |
| Taxes | 450/3 | €5,755 | €10,051 | +€4,296 | +74.7% |
| Other amounts payable | 47/48 | €75,000 | €75,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,940 | €29,564 | -€9,376 | -24.1% |
| Other operating charges | 640/8 | €67,045 | €69,084 | +€2,039 | +3.0% |
| Gross operating margin | 9900 | €260,631 | €273,030 | +€12,399 | +4.8% |
| Operating profit (loss) | 9901 | €154,646 | €174,382 | +€19,736 | +12.8% |
| Financial income | 75/76B | €6,987 | €5,521 | -€1,466 | -21.0% |
| Recurring financial income | 75 | €6,987 | €5,521 | -€1,466 | -21.0% |
| Financial charges | 65/66B | €12,265 | €10,828 | -€1,438 | -11.7% |
| Recurring financial charges | 65 | €12,265 | €10,828 | -€1,438 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €149,367 | €169,075 | +€19,708 | +13.2% |
| Income taxes | 67/77 | €7,566 | €42,101 | +€34,535 | +456% |
| Profit (loss) for the period | 9904 | €141,802 | €126,975 | -€14,827 | -10.5% |
| Transfer to tax-exempt reserves | 689 | - | €31,575 | +€31,575 | |
| Profit (loss) for the period to be appropriated | 9905 | €141,802 | €95,400 | -€46,402 | -32.7% |
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 23 October 2026 via checked.be.