Hulscam: 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.
Hulscam
Largest movements
- Cash +€23,287
up €23,287 (+492%), from €4,734 to €28,021
mainly Net result for the year (+€22,455) and Depreciation (+€19,808)
- Tangible fixed assets -€15,409
down €15,409 (-26.4%), from €58,403 to €42,994
of which Furniture and vehicles: -€15,765
- Receivables within one year +€1,988
up €1,988 (+15.0%), from €13,279 to €15,266
of which Trade receivables: +€1,988
- Debts after one year -€12,372
no longer reported in 2025 (was €12,372)
- Other debts +€10,821
up €10,821 (+138%), from €7,840 to €18,660
- Reserves +€9,524
up €9,524 (+39.6%), from €24,026 to €33,551
- Trade debts -€7,096
down €7,096 (-99.0%), from €7,165 to €69
- Tax, wage and social debts +€6,781
up €6,781 (+277%), from €2,448 to €9,229
- Gross operating margin +€37,529
up €37,529 (+184%), from €20,418 to €57,947
- Taxes +€10,901
up €10,901 (+5,172%), from €211 to €11,112
- Depreciation +€1,860
up €1,860 (+10.4%), from €17,948 to €19,808
- Other operating charges +€772
up €772 (+121%), from €636 to €1,409
- Financial charges -€710
down €710 (-33.2%), from €2,135 to €1,425
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 | €76,415 | €86,281 | +€9,866 | +12.9% |
| Fixed assets | 21/28 | €58,403 | €42,994 | -€15,409 | -26.4% |
| Tangible fixed assets | 22/27 | €58,403 | €42,994 | -€15,409 | -26.4% |
| Land and buildings | 22 | €5,765 | €4,906 | -€859 | -14.9% |
| Plant, machinery and equipment | 23 | €6,311 | €7,527 | +€1,215 | +19.3% |
| Furniture and vehicles | 24 | €46,326 | €30,561 | -€15,765 | -34.0% |
| Current assets | 29/58 | €18,013 | €43,287 | +€25,275 | +140% |
| Amounts receivable within one year | 40/41 | €13,279 | €15,266 | +€1,988 | +15.0% |
| Trade receivables | 40 | €11,490 | €13,477 | +€1,988 | +17.3% |
| Other amounts receivable | 41 | €1,789 | €1,789 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €4,734 | €28,021 | +€23,287 | +492% |
| Total equity and liabilities | 10/49 | €76,415 | €86,281 | +€9,866 | +12.9% |
| Equity | 10/15 | €34,936 | €45,951 | +€11,015 | +31.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €24,026 | €33,551 | +€9,524 | +39.6% |
| Distributable reserves | 133 | €24,026 | €33,551 | +€9,524 | +39.6% |
| Profit (loss) carried forward | 14 | -€1,491 | - | +€1,491 | |
| Amounts payable | 17/49 | €41,480 | €40,331 | -€1,149 | -2.8% |
| Amounts payable after more than one year | 17 | €12,372 | - | -€12,372 | |
| Financial debts | 170/4 | €12,372 | - | -€12,372 | |
| Amounts payable within one year | 42/48 | €29,107 | €40,331 | +€11,223 | +38.6% |
| Current portion of amounts payable after more than one year | 42 | €11,655 | €12,372 | +€718 | +6.2% |
| Trade debts | 44 | €7,165 | €69 | -€7,096 | -99.0% |
| Suppliers | 440/4 | €7,165 | €69 | -€7,096 | -99.0% |
| Taxes, remuneration and social security | 45 | €2,448 | €9,229 | +€6,781 | +277% |
| Taxes | 450/3 | €2,448 | €9,229 | +€6,781 | +277% |
| Other amounts payable | 47/48 | €7,840 | €18,660 | +€10,821 | +138% |
| Non-recurring operating income | 76A | €6,335 | €579 | -€5,757 | -90.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,948 | €19,808 | +€1,860 | +10.4% |
| Other operating charges | 640/8 | €636 | €1,409 | +€772 | +121% |
| Non-recurring operating charges | 66A | - | €1,750 | +€1,750 | |
| Gross operating margin | 9900 | €20,418 | €57,947 | +€37,529 | +184% |
| Operating profit (loss) | 9901 | €1,834 | €34,981 | +€33,147 | +1,807% |
| Financial income | 75/76B | €0 | €11 | +€11 | +14,150% |
| Recurring financial income | 75 | €0 | €11 | +€11 | +14,150% |
| Financial charges | 65/66B | €2,135 | €1,425 | -€710 | -33.2% |
| Recurring financial charges | 65 | €2,135 | €1,425 | -€710 | -33.2% |
| Profit (loss) for the period before taxes | 9903 | -€301 | €33,567 | +€33,868 | |
| Income taxes | 67/77 | €211 | €11,112 | +€10,901 | +5,172% |
| Profit (loss) for the period | 9904 | -€512 | €22,455 | +€22,967 | |
| Profit (loss) for the period to be appropriated | 9905 | -€512 | €22,455 | +€22,967 |
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.