HULPIA BOUW: 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.
HULPIA BOUW
Largest movements
- Tangible fixed assets -€46,306
down €46,306 (-15.8%), from €293,668 to €247,362
of which Plant, machinery and equipment: -€39,647
- Receivables within one year -€27,290
down €27,290 (-12.5%), from €217,517 to €190,227
of which Trade receivables: -€33,578
- Cash -€9,138
down €9,138 (-53.2%), from €17,173 to €8,035
mainly Debts after one year (-€52,558) and Investment in fixed assets (net) (-€23,541)
- Stocks and contracts +€6,275
up €6,275 (+40.9%), from €15,350 to €21,625
- Debts after one year -€52,558
down €52,558 (-26.5%), from €198,117 to €145,559
- Trade debts -€21,458
down €21,458 (-87.3%), from €24,582 to €3,124
- Depreciation +€24,615
up €24,615 (+54.4%), from €45,231 to €69,846
- Gross operating margin -€22,941
down €22,941 (-19.3%), from €118,744 to €95,802
- Taxes -€7,882
down €7,882 (-56.3%), from €13,988 to €6,107
- Other operating charges +€6,251
up €6,251 (+275%), from €2,269 to €8,520
- Staff costs -€1,190
down €1,190 (-37.8%), from €3,148 to €1,958
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 | €545,263 | €468,804 | -€76,459 | -14.0% |
| Fixed assets | 21/28 | €295,222 | €248,917 | -€46,306 | -15.7% |
| Tangible fixed assets | 22/27 | €293,668 | €247,362 | -€46,306 | -15.8% |
| Land and buildings | 22 | €26,373 | €23,418 | -€2,956 | -11.2% |
| Plant, machinery and equipment | 23 | €250,484 | €210,837 | -€39,647 | -15.8% |
| Furniture and vehicles | 24 | €16,810 | €13,107 | -€3,704 | -22.0% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €1,555 | €1,555 | = | 0.0% |
| Current assets | 29/58 | €250,040 | €219,887 | -€30,153 | -12.1% |
| Stocks and contracts in progress | 3 | €15,350 | €21,625 | +€6,275 | +40.9% |
| Stocks | 30/36 | €15,350 | €21,625 | +€6,275 | +40.9% |
| Amounts receivable within one year | 40/41 | €217,517 | €190,227 | -€27,290 | -12.5% |
| Trade receivables | 40 | €136,809 | €103,232 | -€33,578 | -24.5% |
| Other amounts receivable | 41 | €80,708 | €86,995 | +€6,287 | +7.8% |
| Cash at bank and in hand | 54/58 | €17,173 | €8,035 | -€9,138 | -53.2% |
| Total equity and liabilities | 10/49 | €545,263 | €468,804 | -€76,459 | -14.0% |
| Equity | 10/15 | €258,631 | €259,235 | +€604 | +0.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €232,516 | €232,516 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | - | -€1,859 | |
| Reserves not available under the articles | 1311 | €1,859 | - | -€1,859 | |
| Distributable reserves | 133 | €230,657 | €232,516 | +€1,859 | +0.8% |
| Profit (loss) carried forward | 14 | €7,523 | €8,127 | +€604 | +8.0% |
| Amounts payable | 17/49 | €286,632 | €209,569 | -€77,063 | -26.9% |
| Amounts payable after more than one year | 17 | €198,117 | €145,559 | -€52,558 | -26.5% |
| Financial debts | 170/4 | €198,117 | €145,559 | -€52,558 | -26.5% |
| Amounts payable within one year | 42/48 | €88,515 | €64,009 | -€24,505 | -27.7% |
| Current portion of amounts payable after more than one year | 42 | €50,760 | €50,342 | -€418 | -0.8% |
| Trade debts | 44 | €24,582 | €3,124 | -€21,458 | -87.3% |
| Suppliers | 440/4 | €24,582 | €3,124 | -€21,458 | -87.3% |
| Taxes, remuneration and social security | 45 | €11,577 | €10,031 | -€1,546 | -13.4% |
| Taxes | 450/3 | €11,577 | €10,031 | -€1,546 | -13.4% |
| Other amounts payable | 47/48 | €1,596 | €512 | -€1,083 | -67.9% |
| Remuneration, social security and pensions | 62 | €3,148 | €1,958 | -€1,190 | -37.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,231 | €69,846 | +€24,615 | +54.4% |
| Other operating charges | 640/8 | €2,269 | €8,520 | +€6,251 | +275% |
| Gross operating margin | 9900 | €118,744 | €95,802 | -€22,941 | -19.3% |
| Operating profit (loss) | 9901 | €68,095 | €15,477 | -€52,618 | -77.3% |
| Financial income | 75/76B | €371 | €0 | -€371 | -100.0% |
| Recurring financial income | 75 | €371 | €0 | -€371 | -100.0% |
| Financial charges | 65/66B | €8,538 | €8,767 | +€228 | +2.7% |
| Recurring financial charges | 65 | €8,538 | €8,767 | +€228 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €59,928 | €6,711 | -€53,218 | -88.8% |
| Income taxes | 67/77 | €13,988 | €6,107 | -€7,882 | -56.3% |
| Profit (loss) for the period | 9904 | €45,940 | €604 | -€45,336 | -98.7% |
| Profit (loss) for the period to be appropriated | 9905 | €45,940 | €604 | -€45,336 | -98.7% |
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.