Hulzebos Cycle World: 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.
Hulzebos Cycle World
Largest movements
- Cash +€78,419
up €78,419 (+97.3%), from €80,612 to €159,032
mainly Net result for the year (+€65,191) and Tax, wage and social debts (+€21,199)
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€62,564
up €62,564 (+203%), from €30,833 to €93,397
- Taxes +€21,199
up €21,199 (+181%), from €11,733 to €32,932
- Financial income +€1,977
up €1,977 (+20.1%), from €9,848 to €11,826
- Financial charges +€1,445
up €1,445 (+40.5%), from €3,571 to €5,016
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 | €3,300,024 | €3,361,280 | +€61,256 | +1.9% |
| Fixed assets | 21/28 | €2,903,163 | €2,907,052 | +€3,889 | +0.1% |
| Tangible fixed assets | 22/27 | €3,163 | €7,052 | +€3,889 | +123% |
| Furniture and vehicles | 24 | €3,163 | €7,052 | +€3,889 | +123% |
| Financial fixed assets | 28 | €2,900,000 | €2,900,000 | = | 0.0% |
| Current assets | 29/58 | €396,861 | €454,228 | +€57,367 | +14.5% |
| Amounts receivable after more than one year | 29 | €298,210 | €283,421 | -€14,788 | -5.0% |
| Other amounts receivable | 291 | €298,210 | €283,421 | -€14,788 | -5.0% |
| Stocks and contracts in progress | 3 | €3,843 | €0 | -€3,843 | -100% |
| Stocks | 30/36 | €3,843 | €0 | -€3,843 | -100% |
| Amounts receivable within one year | 40/41 | €14,196 | €11,775 | -€2,421 | -17.1% |
| Trade receivables | 40 | €13,995 | €11,500 | -€2,495 | -17.8% |
| Other amounts receivable | 41 | €201 | €275 | +€74 | +36.6% |
| Cash at bank and in hand | 54/58 | €80,612 | €159,032 | +€78,419 | +97.3% |
| Total equity and liabilities | 10/49 | €3,300,024 | €3,361,280 | +€61,256 | +1.9% |
| Equity | 10/15 | €3,288,291 | €3,316,347 | +€28,057 | +0.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,080,071 | €1,108,127 | +€28,057 | +2.6% |
| Distributable reserves | 133 | €1,080,071 | €1,108,127 | +€28,057 | +2.6% |
| Profit (loss) carried forward | 14 | €2,189,620 | €2,189,620 | = | 0.0% |
| Amounts payable | 17/49 | €11,733 | €44,932 | +€33,199 | +283% |
| Amounts payable within one year | 42/48 | €11,733 | €44,932 | +€33,199 | +283% |
| Taxes, remuneration and social security | 45 | €11,733 | €32,932 | +€21,199 | +181% |
| Taxes | 450/3 | €11,733 | €32,932 | +€21,199 | +181% |
| Other amounts payable | 47/48 | - | €12,000 | +€12,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,376 | €611 | -€765 | -55.6% |
| Other operating charges | 640/8 | €1,086 | €1,472 | +€387 | +35.6% |
| Gross operating margin | 9900 | €30,833 | €93,397 | +€62,564 | +203% |
| Operating profit (loss) | 9901 | €28,371 | €91,313 | +€62,943 | +222% |
| Financial income | 75/76B | €9,848 | €11,826 | +€1,977 | +20.1% |
| Recurring financial income | 75 | €9,848 | €11,826 | +€1,977 | +20.1% |
| Financial charges | 65/66B | €3,571 | €5,016 | +€1,445 | +40.5% |
| Recurring financial charges | 65 | €3,571 | €5,016 | +€1,445 | +40.5% |
| Profit (loss) for the period before taxes | 9903 | €34,648 | €98,123 | +€63,475 | +183% |
| Income taxes | 67/77 | €11,733 | €32,932 | +€21,199 | +181% |
| Profit (loss) for the period | 9904 | €22,915 | €65,191 | +€42,276 | +184% |
| Profit (loss) for the period to be appropriated | 9905 | €22,915 | €65,191 | +€42,276 | +184% |
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 27 October 2026 via checked.be.