HULSMANS D: 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.
HULSMANS D
Largest movements
- Cash -€80,761
down €80,761 (-92.2%), from €87,561 to €6,800
mainly Net result for the year (-€75,270) and Contributions, distributions and other (-€64,573)
- Receivables within one year -€41,659
down €41,659 (-44.1%), from €94,414 to €52,754
of which Trade receivables: -€41,524
- Tangible fixed assets -€22,702
down €22,702 (-53.1%), from €42,787 to €20,085
of which Furniture and vehicles: -€21,753
- Profit (loss) carried forward -€75,270
down €75,270 (-27.1%), from -€277,616 to -€352,886
- Reserves -€64,573
down €64,573 (-14.9%), from €432,668 to €368,095
of which Distributable reserves: -€64,573
- Debts after one year -€13,553
no longer reported in 2025 (was €13,553)
- Other debts +€11,292
new in 2025: €11,292
- Tax, wage and social debts -€5,208
down €5,208 (-86.6%), from €6,014 to €806
of which Taxes: -€5,029
- Gross operating margin +€8,939
up €8,939 (+15.4%), from -€58,156 to -€49,217
- Financial charges +€1,314
up €1,314 (+190.2%), from €691 to €2,006
- Financial income -€651
down €651 (-63.2%), from €1,030 to €379
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.
Cash bridge derived
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 | €227,382 | €81,485 | -€145,898 | -64.2% |
| Fixed assets | 21/28 | €42,787 | €20,085 | -€22,702 | -53.1% |
| Tangible fixed assets | 22/27 | €42,787 | €20,085 | -€22,702 | -53.1% |
| Plant, machinery and equipment | 23 | €1,960 | €1,010 | -€950 | -48.5% |
| Furniture and vehicles | 24 | €40,827 | €19,075 | -€21,753 | -53.3% |
| Current assets | 29/58 | €184,595 | €61,400 | -€123,195 | -66.7% |
| Amounts receivable within one year | 40/41 | €94,414 | €52,754 | -€41,659 | -44.1% |
| Trade receivables | 40 | €61,037 | €19,513 | -€41,524 | -68.0% |
| Other amounts receivable | 41 | €33,377 | €33,242 | -€135 | -0.4% |
| Cash at bank and in hand | 54/58 | €87,561 | €6,800 | -€80,761 | -92.2% |
| Deferred charges and accrued income | 490/1 | €2,621 | €1,846 | -€775 | -29.6% |
| Total equity and liabilities | 10/49 | €227,382 | €81,485 | -€145,898 | -64.2% |
| Equity | 10/15 | €175,052 | €35,209 | -€139,843 | -79.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €432,668 | €368,095 | -€64,573 | -14.9% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €430,668 | €366,095 | -€64,573 | -15.0% |
| Profit (loss) carried forward | 14 | -€277,616 | -€352,886 | -€75,270 | -27.1% |
| Amounts payable | 17/49 | €52,330 | €46,275 | -€6,055 | -11.6% |
| Amounts payable after more than one year | 17 | €13,553 | - | -€13,553 | |
| Financial debts | 170/4 | €13,553 | - | -€13,553 | |
| Amounts payable within one year | 42/48 | €38,777 | €46,275 | +€7,498 | +19.3% |
| Current portion of amounts payable after more than one year | 42 | €14,648 | €13,535 | -€1,113 | -7.6% |
| Trade debts | 44 | €18,115 | €20,642 | +€2,527 | +14.0% |
| Suppliers | 440/4 | €18,115 | €20,642 | +€2,527 | +14.0% |
| Taxes, remuneration and social security | 45 | €6,014 | €806 | -€5,208 | -86.6% |
| Taxes | 450/3 | €5,835 | €806 | -€5,029 | -86.2% |
| Remuneration and social security | 454/9 | €179 | - | -€179 | |
| Other amounts payable | 47/48 | - | €11,292 | +€11,292 | |
| Remuneration, social security and pensions | 62 | - | €29 | +€29 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,214 | €22,702 | -€511 | -2.2% |
| Other operating charges | 640/8 | €1,042 | €1,192 | +€149 | +14.3% |
| Gross operating margin | 9900 | -€58,156 | -€49,217 | +€8,939 | +15.4% |
| Operating profit (loss) | 9901 | -€82,412 | -€73,140 | +€9,272 | +11.3% |
| Financial income | 75/76B | €1,030 | €379 | -€651 | -63.2% |
| Recurring financial income | 75 | €1,030 | €379 | -€651 | -63.2% |
| Financial charges | 65/66B | €691 | €2,006 | +€1,314 | +190.2% |
| Recurring financial charges | 65 | €691 | €2,006 | +€1,314 | +190.2% |
| Profit (loss) for the period before taxes | 9903 | -€82,073 | -€74,766 | +€7,307 | +8.9% |
| Income taxes | 67/77 | €303 | €504 | +€200 | +66.0% |
| Profit (loss) for the period | 9904 | -€82,376 | -€75,270 | +€7,106 | +8.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€82,376 | -€75,270 | +€7,106 | +8.6% |
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 12 October 2026 via checked.be.