HUSAR: what changed
Two fiscal 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.
HUSAR
Largest movements
- Receivables within one year +€58,908
up €58,908 (+222.3%), from €26,496 to €85,404
of which Trade receivables: +€58,499
- Current investments +€2,349
new in 2025: €2,349
- Deferred charges and accrued income -€1,326
no longer reported in 2025 (was €1,326)
- Tangible fixed assets +€1,190
up €1,190 (+4.5%), from €26,545 to €27,734
of which Plant, machinery and equipment: +€1,190
- Reserves +€41,917
new in 2025: €41,917
- Other debts +€19,527
up €19,527 (+97.8%), from €19,968 to €39,495
- Tax, wage and social debts +€12,685
up €12,685 (+132.6%), from €9,565 to €22,250
of which Taxes: +€17,747
- Trade debts -€8,644
no longer reported in 2025 (was €8,644)
- Current portion of long-term debt -€5,176
no longer reported in 2025 (was €5,176)
- Staff costs -€42,285
no longer reported in 2025 (was €42,285)
- Gross operating margin +€19,537
up €19,537 (+47.9%), from €40,751 to €60,288
- Taxes +€15,837
new in 2025: €15,837
- Depreciation -€5,812
down €5,812 (-92.9%), from €6,260 to €448
- Financial charges -€3,782
down €3,782 (-79.3%), from €4,767 to €985
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 | €55,188 | €115,497 | +€60,310 | +109.3% |
| Fixed assets | 21/28 | €26,545 | €27,734 | +€1,190 | +4.5% |
| Tangible fixed assets | 22/27 | €26,545 | €27,734 | +€1,190 | +4.5% |
| Plant, machinery and equipment | 23 | €17,145 | €18,334 | +€1,190 | +6.9% |
| Furniture and vehicles | 24 | €9,400 | €9,400 | = | 0.0% |
| Current assets | 29/58 | €28,643 | €87,763 | +€59,120 | +206.4% |
| Amounts receivable within one year | 40/41 | €26,496 | €85,404 | +€58,908 | +222.3% |
| Trade receivables | 40 | €26,173 | €84,672 | +€58,499 | +223.5% |
| Other amounts receivable | 41 | €324 | €733 | +€409 | +126.4% |
| Current investments | 50/53 | - | €2,349 | +€2,349 | |
| Cash at bank and in hand | 54/58 | €820 | €10 | -€810 | -98.8% |
| Deferred charges and accrued income | 490/1 | €1,326 | - | -€1,326 | |
| Total equity and liabilities | 10/49 | €55,188 | €115,497 | +€60,310 | +109.3% |
| Equity | 10/15 | €11,835 | €53,752 | +€41,917 | +354.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | - | €41,917 | +€41,917 | |
| Distributable reserves | 133 | - | €41,917 | +€41,917 | |
| Profit (loss) carried forward | 14 | €9,335 | €9,335 | = | 0.0% |
| Amounts payable | 17/49 | €43,353 | €61,745 | +€18,392 | +42.4% |
| Amounts payable within one year | 42/48 | €43,353 | €61,745 | +€18,392 | +42.4% |
| Current portion of amounts payable after more than one year | 42 | €5,176 | - | -€5,176 | |
| Trade debts | 44 | €8,644 | - | -€8,644 | |
| Suppliers | 440/4 | €8,644 | - | -€8,644 | |
| Taxes, remuneration and social security | 45 | €9,565 | €22,250 | +€12,685 | +132.6% |
| Taxes | 450/3 | €2,222 | €19,969 | +€17,747 | +798.8% |
| Remuneration and social security | 454/9 | €7,343 | €2,281 | -€5,062 | -68.9% |
| Other amounts payable | 47/48 | €19,968 | €39,495 | +€19,527 | +97.8% |
| Remuneration, social security and pensions | 62 | €42,285 | - | -€42,285 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,260 | €448 | -€5,812 | -92.9% |
| Other operating charges | 640/8 | €508 | €1,101 | +€593 | +116.8% |
| Gross operating margin | 9900 | €40,751 | €60,288 | +€19,537 | +47.9% |
| Operating profit (loss) | 9901 | -€8,302 | €58,739 | +€67,041 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €4,767 | €985 | -€3,782 | -79.3% |
| Recurring financial charges | 65 | €4,767 | €985 | -€3,782 | -79.3% |
| Profit (loss) for the period before taxes | 9903 | -€13,068 | €57,754 | +€70,823 | |
| Income taxes | 67/77 | - | €15,837 | +€15,837 | |
| Profit (loss) for the period | 9904 | -€13,068 | €41,917 | +€54,985 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,068 | €41,917 | +€54,985 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.