HULPIAU: 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.
HULPIAU
Largest movements
- Tangible fixed assets +€820,497
up €820,497 (+44.3%), from €1.9m to €2.7m
of which Land and buildings: +€710,809
- Current investments -€463,122
down €463,122 (-29.4%), from €1.6m to €1.1m
- Cash -€124,441
down €124,441 (-64.2%), from €193,873 to €69,432
mainly Investment in fixed assets (net) (-€958,024) and Tax, wage and social debts (-€7,294)
- Receivables within one year -€100,071
down €100,071 (-44.6%), from €224,303 to €124,231
of which Trade receivables: -€109,047
- Reserves +€99,133
up €99,133 (+3.0%), from €3.3m to €3.4m
of which Tax-exempt reserves: +€108,335
- Gross operating margin +€188,687
up €188,687 (+218.5%), from €86,347 to €275,034
- Depreciation +€50,845
up €50,845 (+58.7%), from €86,683 to €137,527
- Financial income -€17,881
down €17,881 (-58.4%), from €30,618 to €12,737
of which Financial income: -€11,281
- Taxes -€7,692
down €7,692 (-81.7%), from €9,419 to €1,727
- Other operating charges +€4,171
up €4,171 (+49.1%), from €8,488 to €12,659
From the 2023 result to the 2024 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.
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,852,592 | €3,983,551 | +€130,959 | +3.4% |
| Fixed assets | 21/28 | €1,851,781 | €2,672,278 | +€820,497 | +44.3% |
| Tangible fixed assets | 22/27 | €1,851,781 | €2,672,278 | +€820,497 | +44.3% |
| Land and buildings | 22 | €1,800,378 | €2,511,187 | +€710,809 | +39.5% |
| Plant, machinery and equipment | 23 | €942 | €5,078 | +€4,136 | +439.2% |
| Furniture and vehicles | 24 | €50,461 | €156,013 | +€105,552 | +209.2% |
| Current assets | 29/58 | €2,000,811 | €1,311,273 | -€689,538 | -34.5% |
| Amounts receivable within one year | 40/41 | €224,303 | €124,231 | -€100,071 | -44.6% |
| Trade receivables | 40 | €185,066 | €76,019 | -€109,047 | -58.9% |
| Other amounts receivable | 41 | €39,237 | €48,212 | +€8,976 | +22.9% |
| Current investments | 50/53 | €1,576,000 | €1,112,878 | -€463,122 | -29.4% |
| Cash at bank and in hand | 54/58 | €193,873 | €69,432 | -€124,441 | -64.2% |
| Deferred charges and accrued income | 490/1 | €6,636 | €4,732 | -€1,903 | -28.7% |
| Total equity and liabilities | 10/49 | €3,852,592 | €3,983,551 | +€130,959 | +3.4% |
| Equity | 10/15 | €3,322,845 | €3,421,979 | +€99,133 | +3.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,302,695 | €3,401,828 | +€99,133 | +3.0% |
| Non-distributable reserves | 130/1 | €58,109 | €58,109 | = | 0.0% |
| Reserves not available under the articles | 1311 | €58,109 | €58,109 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,554,605 | €1,662,940 | +€108,335 | +7.0% |
| Distributable reserves | 133 | €1,689,981 | €1,680,779 | -€9,202 | -0.5% |
| Investment grants | 15 | €1,550 | €1,550 | = | 0.0% |
| Provisions and deferred taxes | 16 | €511,952 | €548,063 | +€36,112 | +7.1% |
| Deferred taxes | 168 | €511,952 | €548,063 | +€36,112 | +7.1% |
| Amounts payable | 17/49 | €17,795 | €13,509 | -€4,285 | -24.1% |
| Amounts payable within one year | 42/48 | €17,637 | €13,509 | -€4,128 | -23.4% |
| Trade debts | 44 | €5,528 | €9,194 | +€3,666 | +66.3% |
| Suppliers | 440/4 | €5,528 | €9,194 | +€3,666 | +66.3% |
| Advances received on contracts in progress | 46 | €500 | - | -€500 | |
| Taxes, remuneration and social security | 45 | €11,609 | €4,315 | -€7,294 | -62.8% |
| Taxes | 450/3 | €11,609 | €2,151 | -€9,458 | -81.5% |
| Remuneration and social security | 454/9 | - | €2,164 | +€2,164 | |
| Accrued charges and deferred income | 492/3 | €158 | - | -€158 | |
| Non-recurring operating income | 76A | - | €242,303 | +€242,303 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,683 | €137,527 | +€50,845 | +58.7% |
| Other operating charges | 640/8 | €8,488 | €12,659 | +€4,171 | +49.1% |
| Gross operating margin | 9900 | €86,347 | €275,034 | +€188,687 | +218.5% |
| Operating profit (loss) | 9901 | -€8,824 | €124,848 | +€133,672 | |
| Financial income | 75/76B | €30,618 | €12,737 | -€17,881 | -58.4% |
| Recurring financial income | 75 | €24,018 | €12,737 | -€11,281 | -47.0% |
| Non-recurring financial income | 76B | €6,600 | - | -€6,600 | |
| Financial charges | 65/66B | €479 | €613 | +€135 | +28.1% |
| Recurring financial charges | 65 | €479 | €613 | +€135 | +28.1% |
| Profit (loss) for the period before taxes | 9903 | €21,316 | €136,972 | +€115,656 | +542.6% |
| Transfer from deferred taxes | 780 | €3,955 | €19,242 | +€15,287 | +386.5% |
| Transfer to deferred taxes | 680 | - | €55,353 | +€55,353 | |
| Income taxes | 67/77 | €9,419 | €1,727 | -€7,692 | -81.7% |
| Profit (loss) for the period | 9904 | €15,852 | €99,133 | +€83,281 | +525.4% |
| Transfer from tax-exempt reserves | 789 | €11,865 | €57,724 | +€45,860 | +386.5% |
| Transfer to tax-exempt reserves | 689 | - | €166,060 | +€166,060 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,717 | -€9,202 | -€36,919 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.