Hussard: 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.
Hussard
Largest movements
- Cash -€65,455
down €65,455 (-61.5%), from €106,399 to €40,944
mainly Trade debts (-€96,733) and Net result for the year (-€48,427)
- Receivables within one year -€18,353
down €18,353 (-7.5%), from €246,108 to €227,754
of which Trade receivables: -€58,222
- Tangible fixed assets +€14,374
up €14,374 (+2.9%), from €491,505 to €505,879
of which Furniture and vehicles: +€22,660
- Trade debts -€96,733
down €96,733 (-62.3%), from €155,318 to €58,585
- Debts after one year +€67,633
up €67,633 (+12.1%), from €559,588 to €627,221
- Profit (loss) carried forward -€48,427
down €48,427, from €41,667 to -€6,760
- Current portion of long-term debt +€9,399
up €9,399 (+44.3%), from €21,195 to €30,594
- Gross operating margin -€153,512
down €153,512 (-97.6%), from €157,300 to €3,788
- Taxes -€30,045
down €30,045 (-97.6%), from €30,774 to €729
- Depreciation -€17,101
down €17,101 (-43.7%), from €39,139 to €22,039
- Financial charges +€8,914
up €8,914 (+48.4%), from €18,399 to €27,313
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 | €890,944 | €821,730 | -€69,214 | -7.8% |
| Fixed assets | 21/28 | €534,555 | €548,929 | +€14,374 | +2.7% |
| Tangible fixed assets | 22/27 | €491,505 | €505,879 | +€14,374 | +2.9% |
| Land and buildings | 22 | €480,329 | €472,043 | -€8,286 | -1.7% |
| Furniture and vehicles | 24 | €11,176 | €33,836 | +€22,660 | +203% |
| Financial fixed assets | 28 | €43,050 | €43,050 | = | 0.0% |
| Current assets | 29/58 | €356,389 | €272,801 | -€83,588 | -23.5% |
| Amounts receivable within one year | 40/41 | €246,108 | €227,754 | -€18,353 | -7.5% |
| Trade receivables | 40 | €109,185 | €50,963 | -€58,222 | -53.3% |
| Other amounts receivable | 41 | €136,923 | €176,791 | +€39,869 | +29.1% |
| Cash at bank and in hand | 54/58 | €106,399 | €40,944 | -€65,455 | -61.5% |
| Deferred charges and accrued income | 490/1 | €3,883 | €4,103 | +€221 | +5.7% |
| Total equity and liabilities | 10/49 | €890,944 | €821,730 | -€69,214 | -7.8% |
| Equity | 10/15 | €152,127 | €103,700 | -€48,427 | -31.8% |
| Contributions | 10/11 | €36,200 | €36,200 | = | 0.0% |
| Reserves | 13 | €74,260 | €74,260 | = | 0.0% |
| Distributable reserves | 133 | €74,260 | €74,260 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,667 | -€6,760 | -€48,427 | |
| Amounts payable | 17/49 | €738,818 | €718,031 | -€20,787 | -2.8% |
| Amounts payable after more than one year | 17 | €559,588 | €627,221 | +€67,633 | +12.1% |
| Financial debts | 170/4 | €559,588 | €627,221 | +€67,633 | +12.1% |
| Amounts payable within one year | 42/48 | €179,230 | €90,810 | -€88,420 | -49.3% |
| Current portion of amounts payable after more than one year | 42 | €21,195 | €30,594 | +€9,399 | +44.3% |
| Financial debts | 43 | €1,938 | €1,630 | -€308 | -15.9% |
| Other loans | 439 | €1,938 | €1,630 | -€308 | -15.9% |
| Trade debts | 44 | €155,318 | €58,585 | -€96,733 | -62.3% |
| Suppliers | 440/4 | €155,318 | €58,585 | -€96,733 | -62.3% |
| Taxes, remuneration and social security | 45 | €779 | - | -€779 | |
| Taxes | 450/3 | €779 | - | -€779 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,139 | €22,039 | -€17,101 | -43.7% |
| Other operating charges | 640/8 | €5,394 | €6,237 | +€843 | +15.6% |
| Gross operating margin | 9900 | €157,300 | €3,788 | -€153,512 | -97.6% |
| Operating profit (loss) | 9901 | €112,766 | -€24,488 | -€137,254 | |
| Financial income | 75/76B | €3,883 | €4,103 | +€221 | +5.7% |
| Recurring financial income | 75 | €3,883 | €4,103 | +€221 | +5.7% |
| Financial charges | 65/66B | €18,399 | €27,313 | +€8,914 | +48.4% |
| Recurring financial charges | 65 | €18,399 | €27,313 | +€8,914 | +48.4% |
| Profit (loss) for the period before taxes | 9903 | €98,249 | -€47,698 | -€145,947 | |
| Income taxes | 67/77 | €30,774 | €729 | -€30,045 | -97.6% |
| Profit (loss) for the period | 9904 | €67,476 | -€48,427 | -€115,903 | |
| Profit (loss) for the period to be appropriated | 9905 | €67,476 | -€48,427 | -€115,903 |
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 18 October 2026 via checked.be.