Hustings Projects: 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
Hustings Projects
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€86,335
2024 · -€15,826+€102,161
Equity
€1.3m
2024 · €1.2m+€86,335
Cash
€51,580
2024 · €38,848+€12,732
Balance sheet total
€4.1m
2024 · €4.4m-€257,995
Largest movements
Assets
- Tangible fixed assets -€260,137
down €260,137 (-6.5%), from €4.0m to €3.7m
of which Land and buildings: -€259,914
Equity and liabilities
- Other debts -€214,737
down €214,737 (-20.6%), from €1.0m to €829,700
- Debts after one year -€184,230
down €184,230 (-12.9%), from €1.4m to €1.2m
- Reserves +€86,335
up €86,335 (+7.4%), from €1.2m to €1.3m
of which Distributable reserves: +€112,338
- Short-term financial debts +€45,000
up €45,000 (+15.0%), from €300,000 to €345,000
Income statement
- Gross operating margin +€117,577
up €117,577 (+40.7%), from €289,136 to €406,713
- Taxes +€32,054
up €32,054 (+516%), from €6,214 to €38,268
- Other operating charges -€8,181
down €8,181 (-23.3%), from €35,143 to €26,961
- Financial charges -€6,172
down €6,172 (-9.9%), from €62,414 to €56,243
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
-€15,826
Gross operating margin
+€117,577
Depreciation
+€2,246
Other operating charges
+€8,181
Financial income
+€40
Financial charges
+€6,172
Taxes
-€32,054
Result 2025
€86,335
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
+€102,263
Investment
+€52,524
Financing
-€142,056
Cash 2024
€38,848
From operations (derived)
+€102,263
Net result for the year
+€86,335
Depreciation
+€207,613
Receivables within one year
+€14,609
Deferred charges and accrued income
-€4,019
Provisions
-€8,668
Trade debts
+€18,783
Tax, wage and social debts
-€12,064
Other debts
-€214,737
Accrued charges and deferred income
+€14,411
Investment (derived)
+€52,524
Investment in fixed assets (net)
+€52,524
Financing
-€142,056
Debts after one year
-€184,230
Current portion of long-term debt
-€2,825
Short-term financial debts
+€45,000
Cash 2025
€51,580
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,366,267 | €4,108,272 | -€257,995 | -5.9% |
| Fixed assets | 21/28 | €3,999,562 | €3,739,424 | -€260,137 | -6.5% |
| Tangible fixed assets | 22/27 | €3,999,562 | €3,739,424 | -€260,137 | -6.5% |
| Land and buildings | 22 | €3,998,902 | €3,738,988 | -€259,914 | -6.5% |
| Furniture and vehicles | 24 | €659 | €437 | -€223 | -33.8% |
| Current assets | 29/58 | €366,706 | €368,848 | +€2,142 | +0.6% |
| Stocks and contracts in progress | 3 | €118,000 | €118,000 | = | 0.0% |
| Stocks | 30/36 | €118,000 | €118,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €209,512 | €194,903 | -€14,609 | -7.0% |
| Trade receivables | 40 | €34,704 | €17,243 | -€17,461 | -50.3% |
| Other amounts receivable | 41 | €174,808 | €177,661 | +€2,853 | +1.6% |
| Cash at bank and in hand | 54/58 | €38,848 | €51,580 | +€12,732 | +32.8% |
| Deferred charges and accrued income | 490/1 | €346 | €4,365 | +€4,019 | +1,162% |
| Total equity and liabilities | 10/49 | €4,366,267 | €4,108,272 | -€257,995 | -5.9% |
| Equity | 10/15 | €1,236,118 | €1,322,453 | +€86,335 | +7.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,174,118 | €1,260,453 | +€86,335 | +7.4% |
| Tax-exempt reserves | 132 | €395,476 | €369,473 | -€26,003 | -6.6% |
| Distributable reserves | 133 | €778,641 | €890,979 | +€112,338 | +14.4% |
| Provisions and deferred taxes | 16 | €123,665 | €114,997 | -€8,668 | -7.0% |
| Deferred taxes | 168 | €123,665 | €114,997 | -€8,668 | -7.0% |
| Amounts payable | 17/49 | €3,006,485 | €2,670,822 | -€335,663 | -11.2% |
| Amounts payable after more than one year | 17 | €1,431,953 | €1,247,723 | -€184,230 | -12.9% |
| Financial debts | 170/4 | €1,431,953 | €1,247,723 | -€184,230 | -12.9% |
| Amounts payable within one year | 42/48 | €1,572,602 | €1,406,759 | -€165,843 | -10.5% |
| Current portion of amounts payable after more than one year | 42 | €190,251 | €187,426 | -€2,825 | -1.5% |
| Financial debts | 43 | €300,000 | €345,000 | +€45,000 | +15.0% |
| Credit institutions | 430/8 | €300,000 | €345,000 | +€45,000 | +15.0% |
| Trade debts | 44 | €625 | €19,408 | +€18,783 | +3,006% |
| Suppliers | 440/4 | €625 | €19,408 | +€18,783 | +3,006% |
| Taxes, remuneration and social security | 45 | €37,289 | €25,225 | -€12,064 | -32.4% |
| Taxes | 450/3 | €37,289 | €25,225 | -€12,064 | -32.4% |
| Other amounts payable | 47/48 | €1,044,437 | €829,700 | -€214,737 | -20.6% |
| Accrued charges and deferred income | 492/3 | €1,930 | €16,341 | +€14,411 | +747% |
| Non-recurring operating income | 76A | - | €170,777 | +€170,777 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €209,859 | €207,613 | -€2,246 | -1.1% |
| Other operating charges | 640/8 | €35,143 | €26,961 | -€8,181 | -23.3% |
| Gross operating margin | 9900 | €289,136 | €406,713 | +€117,577 | +40.7% |
| Operating profit (loss) | 9901 | €44,135 | €172,138 | +€128,004 | +290% |
| Financial income | 75/76B | €0 | €40 | +€40 | |
| Recurring financial income | 75 | €0 | €40 | +€40 | |
| Financial charges | 65/66B | €62,414 | €56,243 | -€6,172 | -9.9% |
| Recurring financial charges | 65 | €62,414 | €56,243 | -€6,172 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | -€18,280 | €115,935 | +€134,215 | |
| Transfer from deferred taxes | 780 | €8,668 | €8,668 | = | 0.0% |
| Income taxes | 67/77 | €6,214 | €38,268 | +€32,054 | +516% |
| Profit (loss) for the period | 9904 | -€15,826 | €86,335 | +€102,161 | |
| Transfer from tax-exempt reserves | 789 | €26,003 | €26,003 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,177 | €112,338 | +€102,161 | +1,004% |
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 15 October 2026 via checked.be.