HZ: 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.
HZ
Largest movements
- Receivables within one year +€21,192
up €21,192 (+61.6%), from €34,386 to €55,578
of which Other amounts receivable: +€16,563
- Tangible fixed assets +€11,301
up €11,301 (+4.7%), from €242,380 to €253,681
of which Plant, machinery and equipment: +€9,714
- Cash -€9,989
down €9,989 (-71.1%), from €14,041 to €4,052
mainly Investment in fixed assets (net) (-€43,198) and Debts after one year (-€27,098)
- Debts after one year -€27,098
down €27,098 (-23.5%), from €115,138 to €88,040
- Trade debts +€23,626
up €23,626 (+22.9%), from €103,265 to €126,891
- Other debts +€22,520
new in 2024: €22,520
- Profit (loss) carried forward -€21,527
down €21,527 (-60.9%), from €35,374 to €13,847
- Short-term financial debts +€15,820
new in 2024: €15,820
- Gross operating margin +€150,290
up €150,290 (+112.2%), from €133,902 to €284,192
- Staff costs +€30,685
up €30,685 (+12.8%), from €238,966 to €269,651
- Depreciation +€14,226
up €14,226 (+80.5%), from €17,671 to €31,896
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €299,067 | €323,272 | +€24,204 | +8.1% |
| Fixed assets | 21/28 | €243,340 | €254,641 | +€11,301 | +4.6% |
| Tangible fixed assets | 22/27 | €242,380 | €253,681 | +€11,301 | +4.7% |
| Plant, machinery and equipment | 23 | €236,579 | €246,294 | +€9,714 | +4.1% |
| Furniture and vehicles | 24 | €5,801 | €7,388 | +€1,587 | +27.4% |
| Financial fixed assets | 28 | €960 | €960 | = | 0.0% |
| Current assets | 29/58 | €55,727 | €68,630 | +€12,903 | +23.2% |
| Stocks and contracts in progress | 3 | €7,300 | €9,000 | +€1,700 | +23.3% |
| Stocks | 30/36 | €7,300 | €9,000 | +€1,700 | +23.3% |
| Amounts receivable within one year | 40/41 | €34,386 | €55,578 | +€21,192 | +61.6% |
| Trade receivables | 40 | €3,496 | €8,125 | +€4,629 | +132.4% |
| Other amounts receivable | 41 | €30,890 | €47,453 | +€16,563 | +53.6% |
| Cash at bank and in hand | 54/58 | €14,041 | €4,052 | -€9,989 | -71.1% |
| Total equity and liabilities | 10/49 | €299,067 | €323,272 | +€24,204 | +8.1% |
| Equity | 10/15 | €51,434 | €29,907 | -€21,527 | -41.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €3,660 | €3,660 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €1,800 | €3,660 | +€1,860 | +103.3% |
| Profit (loss) carried forward | 14 | €35,374 | €13,847 | -€21,527 | -60.9% |
| Amounts payable | 17/49 | €247,634 | €293,365 | +€45,731 | +18.5% |
| Amounts payable after more than one year | 17 | €115,138 | €88,040 | -€27,098 | -23.5% |
| Financial debts | 170/4 | €115,138 | €88,040 | -€27,098 | -23.5% |
| Amounts payable within one year | 42/48 | €132,495 | €205,324 | +€72,829 | +55.0% |
| Financial debts | 43 | - | €15,820 | +€15,820 | |
| Credit institutions | 430/8 | - | €15,820 | +€15,820 | |
| Trade debts | 44 | €103,265 | €126,891 | +€23,626 | +22.9% |
| Suppliers | 440/4 | €103,265 | €126,891 | +€23,626 | +22.9% |
| Taxes, remuneration and social security | 45 | €29,230 | €40,094 | +€10,864 | +37.2% |
| Taxes | 450/3 | €5,839 | €10,461 | +€4,622 | +79.1% |
| Remuneration and social security | 454/9 | €23,391 | €29,633 | +€6,242 | +26.7% |
| Other amounts payable | 47/48 | - | €22,520 | +€22,520 | |
| Remuneration, social security and pensions | 62 | €238,966 | €269,651 | +€30,685 | +12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,671 | €31,896 | +€14,226 | +80.5% |
| Other operating charges | 640/8 | €3,048 | €519 | -€2,530 | -83.0% |
| Gross operating margin | 9900 | €133,902 | €284,192 | +€150,290 | +112.2% |
| Operating profit (loss) | 9901 | -€125,783 | -€17,874 | +€107,909 | +85.8% |
| Financial charges | 65/66B | €3,806 | €3,624 | -€182 | -4.8% |
| Recurring financial charges | 65 | €3,806 | €3,624 | -€182 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | -€129,590 | -€21,498 | +€108,091 | +83.4% |
| Income taxes | 67/77 | - | €28 | +€28 | |
| Profit (loss) for the period | 9904 | -€129,590 | -€21,527 | +€108,063 | +83.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€129,590 | -€21,527 | +€108,063 | +83.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.