HUMULUS: 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.
What changed
HUMULUS
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€768,445
2024 · €1.2m-€463,129
Equity
€6.0m
2024 · €6.3m-€276,272
Cash
€346,729
2024 · €354,647-€7,918
Balance sheet total
€11.3m
2024 · €10.6m+€767,075
Largest movements
Assets
- Current investments +€871,352
up €871,352 (+14.9%), from €5.8m to €6.7m
Equity and liabilities
- Other debts +€1.2m
up €1.2m (+72.2%), from €1.6m to €2.7m
- Reserves -€276,272
down €276,272 (-5.0%), from €5.5m to €5.2m
of which Distributable reserves: -€276,272
Income statement
- Gross operating margin -€571,657
down €571,657 (-66.4%), from €861,217 to €289,560
- Financial charges +€206,983
up €206,983 (+264%), from €78,522 to €285,506
of which Financial charges: +€172,818
- Taxes -€175,674
down €175,674 (-65.2%), from €269,437 to €93,764
- Financial income +€135,217
up €135,217 (+16.9%), from €799,895 to €935,112
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.
Result 2024
€1.2m
Gross operating margin
-€571,657
Depreciation
+€4,750
Other operating charges
-€129
Financial income
+€135,217
Financial charges
-€206,983
Taxes
+€175,674
Result 2025
€768,445
raises the resultlowers the result
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.
From operations
+€2.0m
Investment
-€874,049
Financing
-€1.1m
Cash 2024
€354,647
From operations (derived)
+€2.0m
Net result for the year
+€768,445
Depreciation
+€73,646
Receivables within one year
+€25,410
Trade debts
-€9,758
Tax, wage and social debts
-€46,954
Other debts
+€1.2m
Accrued charges and deferred income
+€21,241
Investment (derived)
-€874,049
Investment in fixed assets (net)
-€2,697
Current investments
-€871,352
Financing
-€1.1m
Debts after one year
-€73,633
Current portion of long-term debt
+€782
Contributions, distributions and other
-€1.0m
Cash 2025
€346,729
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,576,981 | €11,344,055 | +€767,075 | +7.3% |
| Fixed assets | 21/28 | €4,242,335 | €4,171,387 | -€70,949 | -1.7% |
| Tangible fixed assets | 22/27 | €1,842,335 | €1,771,387 | -€70,949 | -3.9% |
| Land and buildings | 22 | €1,820,946 | €1,764,244 | -€56,702 | -3.1% |
| Furniture and vehicles | 24 | €21,389 | €7,143 | -€14,246 | -66.6% |
| Financial fixed assets | 28 | €2,400,000 | €2,400,000 | = | 0.0% |
| Current assets | 29/58 | €6,334,645 | €7,172,669 | +€838,023 | +13.2% |
| Amounts receivable within one year | 40/41 | €134,310 | €108,900 | -€25,410 | -18.9% |
| Trade receivables | 40 | €134,310 | €108,900 | -€25,410 | -18.9% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €5,845,688 | €6,717,040 | +€871,352 | +14.9% |
| Cash at bank and in hand | 54/58 | €354,647 | €346,729 | -€7,918 | -2.2% |
| Total equity and liabilities | 10/49 | €10,576,981 | €11,344,055 | +€767,075 | +7.3% |
| Equity | 10/15 | €6,295,484 | €6,019,212 | -€276,272 | -4.4% |
| Contributions | 10/11 | €801,000 | €801,000 | = | 0.0% |
| Reserves | 13 | €5,494,484 | €5,218,212 | -€276,272 | -5.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €5,494,484 | €5,218,212 | -€276,272 | -5.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €4,281,497 | €5,324,844 | +€1.0m | +24.4% |
| Amounts payable after more than one year | 17 | €2,221,901 | €2,148,267 | -€73,633 | -3.3% |
| Financial debts | 170/4 | €2,221,901 | €2,148,267 | -€73,633 | -3.3% |
| Amounts payable within one year | 42/48 | €1,810,310 | €2,906,049 | +€1.1m | +60.5% |
| Current portion of amounts payable after more than one year | 42 | €72,851 | €73,633 | +€782 | +1.1% |
| Trade debts | 44 | €19,355 | €9,597 | -€9,758 | -50.4% |
| Suppliers | 440/4 | €19,355 | €9,597 | -€9,758 | -50.4% |
| Taxes, remuneration and social security | 45 | €123,516 | €76,563 | -€46,954 | -38.0% |
| Taxes | 450/3 | €123,516 | €76,563 | -€46,954 | -38.0% |
| Other amounts payable | 47/48 | €1,594,587 | €2,746,257 | +€1.2m | +72.2% |
| Accrued charges and deferred income | 492/3 | €249,286 | €270,527 | +€21,241 | +8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,396 | €73,646 | -€4,750 | -6.1% |
| Other operating charges | 640/8 | €3,183 | €3,312 | +€129 | +4.1% |
| Gross operating margin | 9900 | €861,217 | €289,560 | -€571,657 | -66.4% |
| Operating profit (loss) | 9901 | €779,639 | €212,602 | -€567,037 | -72.7% |
| Financial income | 75/76B | €799,895 | €935,112 | +€135,217 | +16.9% |
| Recurring financial income | 75 | €799,895 | €935,112 | +€135,217 | +16.9% |
| Financial charges | 65/66B | €78,522 | €285,506 | +€206,983 | +264% |
| Recurring financial charges | 65 | €78,522 | €251,340 | +€172,818 | +220% |
| Non-recurring financial charges | 66B | €0 | €34,165 | +€34,165 | |
| Profit (loss) for the period before taxes | 9903 | €1,501,011 | €862,208 | -€638,803 | -42.6% |
| Income taxes | 67/77 | €269,437 | €93,764 | -€175,674 | -65.2% |
| Profit (loss) for the period | 9904 | €1,231,574 | €768,445 | -€463,129 | -37.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,231,574 | €768,445 | -€463,129 | -37.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.