HULPE 185: 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.
What changed
HULPE 185
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€312,406
2024 · €126,263+€186,143
Equity
€1.9m
2024 · €1.2m+€715,438
Cash
€390,773
2024 · €350,485+€40,288
Balance sheet total
€17.6m
2024 · €16.5m+€1.1m
Largest movements
Assets
- Tangible fixed assets +€939,785
up €939,785 (+6.5%), from €14.4m to €15.3m
of which Land and buildings: +€940,334
Equity and liabilities
- Contributions +€505,776
up €505,776 (+47.6%), from €1.1m to €1.6m
- Debts after one year +€255,354
up €255,354 (+1.9%), from €13.4m to €13.6m
- Profit (loss) carried forward +€194,042
up €194,042 (+168%), from €115,776 to €309,818
Income statement
- Other operating charges -€252,222
down €252,222 (-14.7%), from €1.7m to €1.5m
- Gross operating margin -€73,307
down €73,307 (-2.4%), from €3.1m to €3.0m
- Financial charges -€54,515
down €54,515 (-8.8%), from €621,812 to €567,297
- Taxes +€44,203
up €44,203 (+104%), from €42,311 to €86,514
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
€126,263
Gross operating margin
-€73,307
Depreciation
-€3,270
Other operating charges
+€252,222
Financial income
+€187
Financial charges
+€54,515
Taxes
-€44,203
Result 2025
€312,406
raises the resultlowers the result
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.
From operations
+€777,329
Investment
-€1.5m
Financing
+€769,499
Cash 2024
€350,485
From operations (derived)
+€777,329
Net result for the year
+€312,406
Depreciation
+€566,755
Receivables within one year
-€154,329
Deferred charges and accrued income
+€48,276
Trade debts
+€13,112
Tax, wage and social debts
+€37,731
Other debts
-€50,000
Accrued charges and deferred income
+€3,378
Investment (derived)
-€1.5m
Investment in fixed assets (net)
-€1.5m
Financing
+€769,499
Debts after one year
+€255,354
Current portion of long-term debt
+€111,113
Contributions, distributions and other
+€403,032
Cash 2025
€390,773
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,533,166 | €17,619,292 | +€1.1m | +6.6% |
| Fixed assets | 21/28 | €15,367,270 | €16,307,056 | +€939,785 | +6.1% |
| Tangible fixed assets | 22/27 | €14,385,822 | €15,325,608 | +€939,785 | +6.5% |
| Land and buildings | 22 | €14,384,467 | €15,324,801 | +€940,334 | +6.5% |
| Furniture and vehicles | 24 | €1,355 | €807 | -€548 | -40.5% |
| Financial fixed assets | 28 | €981,448 | €981,448 | = | 0.0% |
| Current assets | 29/58 | €1,165,896 | €1,312,237 | +€146,341 | +12.6% |
| Amounts receivable within one year | 40/41 | €578,477 | €732,805 | +€154,329 | +26.7% |
| Trade receivables | 40 | €453,537 | €502,424 | +€48,887 | +10.8% |
| Other amounts receivable | 41 | €124,940 | €230,381 | +€105,442 | +84.4% |
| Cash at bank and in hand | 54/58 | €350,485 | €390,773 | +€40,288 | +11.5% |
| Deferred charges and accrued income | 490/1 | €236,935 | €188,659 | -€48,276 | -20.4% |
| Total equity and liabilities | 10/49 | €16,533,166 | €17,619,292 | +€1.1m | +6.6% |
| Equity | 10/15 | €1,185,230 | €1,900,668 | +€715,438 | +60.4% |
| Contributions | 10/11 | €1,061,500 | €1,567,276 | +€505,776 | +47.6% |
| Capital | 10 | €1,061,500 | €1,567,276 | +€505,776 | +47.6% |
| Issued capital | 100 | €1,061,500 | €1,567,276 | +€505,776 | +47.6% |
| Reserves | 13 | €7,953 | €23,574 | +€15,620 | +196% |
| Non-distributable reserves | 130/1 | €7,953 | €23,574 | +€15,620 | +196% |
| Legal reserve | 130 | €7,953 | €23,574 | +€15,620 | +196% |
| Profit (loss) carried forward | 14 | €115,776 | €309,818 | +€194,042 | +168% |
| Amounts payable | 17/49 | €15,347,937 | €15,718,625 | +€370,688 | +2.4% |
| Amounts payable after more than one year | 17 | €13,392,845 | €13,648,199 | +€255,354 | +1.9% |
| Financial debts | 170/4 | €13,392,845 | €13,648,199 | +€255,354 | +1.9% |
| Amounts payable within one year | 42/48 | €1,451,012 | €1,562,968 | +€111,956 | +7.7% |
| Current portion of amounts payable after more than one year | 42 | €1,023,995 | €1,135,108 | +€111,113 | +10.9% |
| Trade debts | 44 | €94,748 | €107,861 | +€13,112 | +13.8% |
| Suppliers | 440/4 | €94,748 | €107,861 | +€13,112 | +13.8% |
| Taxes, remuneration and social security | 45 | €62,268 | €99,999 | +€37,731 | +60.6% |
| Taxes | 450/3 | €62,268 | €99,999 | +€37,731 | +60.6% |
| Other amounts payable | 47/48 | €270,000 | €220,000 | -€50,000 | -18.5% |
| Accrued charges and deferred income | 492/3 | €504,080 | €507,458 | +€3,378 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €563,485 | €566,755 | +€3,270 | +0.6% |
| Other operating charges | 640/8 | €1,714,086 | €1,461,865 | -€252,222 | -14.7% |
| Gross operating margin | 9900 | €3,067,957 | €2,994,650 | -€73,307 | -2.4% |
| Operating profit (loss) | 9901 | €790,386 | €966,030 | +€175,645 | +22.2% |
| Financial income | 75/76B | €0 | €187 | +€187 | |
| Recurring financial income | 75 | €0 | €187 | +€187 | |
| Financial charges | 65/66B | €621,812 | €567,297 | -€54,515 | -8.8% |
| Recurring financial charges | 65 | €621,812 | €567,297 | -€54,515 | -8.8% |
| Profit (loss) for the period before taxes | 9903 | €168,574 | €398,920 | +€230,346 | +137% |
| Income taxes | 67/77 | €42,311 | €86,514 | +€44,203 | +104% |
| Profit (loss) for the period | 9904 | €126,263 | €312,406 | +€186,143 | +147% |
| Profit (loss) for the period to be appropriated | 9905 | €126,263 | €312,406 | +€186,143 | +147% |
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 1 November 2026 via checked.be.