HUSSELMAN: 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.
HUSSELMAN
Largest movements
- Stocks and contracts +€112,017
up €112,017 (+62.2%), from €180,060 to €292,077
- Cash -€91,110
down €91,110 (-14.3%), from €635,160 to €544,050
mainly Contributions, distributions and other (-€462,594) and Investment in fixed assets (net) (-€142,433)
- Receivables within one year +€35,553
up €35,553 (+12.9%), from €276,257 to €311,810
of which Trade receivables: +€72,674
- Other debts +€407,844
up €407,844 (+1004.8%), from €40,590 to €448,434
- Reserves -€354,779
down €354,779 (-38.4%), from €922,745 to €567,966
of which Distributable reserves: -€354,779
- Trade debts -€78,648
down €78,648 (-56.4%), from €139,390 to €60,742
- Tax, wage and social debts +€75,463
up €75,463 (+66.7%), from €113,173 to €188,636
of which Remuneration and social security: +€56,820
- Debts after one year -€18,745
down €18,745 (-4.6%), from €410,363 to €391,618
- Gross operating margin +€228,732
up €228,732 (+21.3%), from €1.1m to €1.3m
- Staff costs +€85,136
up €85,136 (+9.6%), from €882,739 to €967,875
- Taxes +€40,569
up €40,569 (+328.2%), from €12,360 to €52,929
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 | €1,723,079 | €1,772,401 | +€49,322 | +2.9% |
| Fixed assets | 21/28 | €613,822 | €614,386 | +€564 | +0.1% |
| Tangible fixed assets | 22/27 | €613,822 | €614,386 | +€564 | +0.1% |
| Land and buildings | 22 | €425,075 | €375,309 | -€49,766 | -11.7% |
| Plant, machinery and equipment | 23 | €30,130 | €21,795 | -€8,335 | -27.7% |
| Furniture and vehicles | 24 | €158,617 | €217,282 | +€58,665 | +37.0% |
| Current assets | 29/58 | €1,109,257 | €1,158,015 | +€48,758 | +4.4% |
| Stocks and contracts in progress | 3 | €180,060 | €292,077 | +€112,017 | +62.2% |
| Stocks | 30/36 | €180,060 | €292,077 | +€112,017 | +62.2% |
| Amounts receivable within one year | 40/41 | €276,257 | €311,810 | +€35,553 | +12.9% |
| Trade receivables | 40 | €232,065 | €304,739 | +€72,674 | +31.3% |
| Other amounts receivable | 41 | €44,193 | €7,071 | -€37,121 | -84.0% |
| Cash at bank and in hand | 54/58 | €635,160 | €544,050 | -€91,110 | -14.3% |
| Deferred charges and accrued income | 490/1 | €17,780 | €10,078 | -€7,702 | -43.3% |
| Total equity and liabilities | 10/49 | €1,723,079 | €1,772,401 | +€49,322 | +2.9% |
| Equity | 10/15 | €941,345 | €586,566 | -€354,779 | -37.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €922,745 | €567,966 | -€354,779 | -38.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €920,885 | €566,106 | -€354,779 | -38.5% |
| Amounts payable | 17/49 | €781,733 | €1,185,835 | +€404,101 | +51.7% |
| Amounts payable after more than one year | 17 | €410,363 | €391,618 | -€18,745 | -4.6% |
| Financial debts | 170/4 | €410,363 | €391,618 | -€18,745 | -4.6% |
| Amounts payable within one year | 42/48 | €371,370 | €794,216 | +€422,846 | +113.9% |
| Current portion of amounts payable after more than one year | 42 | €78,217 | €96,403 | +€18,186 | +23.3% |
| Trade debts | 44 | €139,390 | €60,742 | -€78,648 | -56.4% |
| Suppliers | 440/4 | €139,390 | €60,742 | -€78,648 | -56.4% |
| Taxes, remuneration and social security | 45 | €113,173 | €188,636 | +€75,463 | +66.7% |
| Taxes | 450/3 | €33,028 | €51,671 | +€18,643 | +56.4% |
| Remuneration and social security | 454/9 | €80,145 | €136,966 | +€56,820 | +70.9% |
| Other amounts payable | 47/48 | €40,590 | €448,434 | +€407,844 | +1004.8% |
| Remuneration, social security and pensions | 62 | €882,739 | €967,875 | +€85,136 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130,346 | €141,868 | +€11,522 | +8.8% |
| Other operating charges | 640/8 | €18,181 | €14,582 | -€3,599 | -19.8% |
| Gross operating margin | 9900 | €1,073,897 | €1,302,629 | +€228,732 | +21.3% |
| Operating profit (loss) | 9901 | €42,631 | €178,304 | +€135,674 | +318.3% |
| Financial income | 75/76B | €1,389 | €262 | -€1,127 | -81.2% |
| Recurring financial income | 75 | €1,389 | €262 | -€1,127 | -81.2% |
| Financial charges | 65/66B | €17,698 | €17,822 | +€124 | +0.7% |
| Recurring financial charges | 65 | €17,698 | €17,822 | +€124 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €26,321 | €160,744 | +€134,423 | +510.7% |
| Income taxes | 67/77 | €12,360 | €52,929 | +€40,569 | +328.2% |
| Profit (loss) for the period | 9904 | €13,962 | €107,815 | +€93,853 | +672.2% |
| Profit (loss) for the period to be appropriated | 9905 | €13,962 | €107,815 | +€93,853 | +672.2% |
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 8 October 2026 via checked.be.