SI-HBeL: 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
SI-HBeL
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€7.5m
2024 · €4.2m+€3.3m
Equity
€20.8m
2024 · €14.3m+€6.5m
Cash
€563,276
2024 · €1.1m-€554,778
Balance sheet total
€40.6m
2024 · €23.2m+€17.5m
Largest movements
Assets
- Tangible fixed assets +€9.2m
up €9.2m (+130%), from €7.1m to €16.3m
of which Land and buildings: +€9.2m
- Financial fixed assets +€8.0m
up €8.0m (+210%), from €3.8m to €11.9m
of which Affiliated companies: +€8.2m
- Receivables within one year +€727,597
up €727,597 (+14.9%), from €4.9m to €5.6m
of which Other amounts receivable: +€607,397
- Cash -€554,778
down €554,778 (-49.6%), from €1.1m to €563,276
mainly Investment in fixed assets (net) (-€18.8m) and Contributions, distributions and other (-€1.0m)
Equity and liabilities
- Profit (loss) carried forward +€6.5m
up €6.5m (+53.5%), from €12.1m to €18.5m
- Other debts +€5.1m
up €5.1m (+119%), from €4.3m to €9.4m
- Debts after one year +€4.9m
up €4.9m (+172%), from €2.8m to €7.7m
- Current portion of long-term debt +€1.1m
up €1.1m (+156%), from €699,171 to €1.8m
Income statement
- Financial income +€4.2m
up €4.2m (+107%), from €3.9m to €8.1m
of which Financial income: +€4.2m
- Depreciation +€866,873
up €866,873 (+124%), from €698,287 to €1.6m
- Services and other goods +€230,680
up €230,680 (+13.5%), from €1.7m to €1.9m
- Other operating income +€159,439
up €159,439 (+21.8%), from €729,699 to €889,138
- Other operating charges +€92,104
up €92,104 (+85.6%), from €107,647 to €199,751
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
€4.2m
Turnover
+€81,664
Other operating income
+€159,439
Goods and materials
+€437
Services and other goods
-€230,680
Staff costs
-€17,135
Depreciation
-€866,873
Provisions
+€23,714
Other operating charges
-€92,104
Financial income
+€4.2m
Financial charges
+€70,910
Taxes
-€10,799
Result 2025
€7.5m
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
+€13.5m
Investment
-€18.8m
Financing
+€4.8m
Cash 2024
€1.1m
From operations (derived)
+€13.5m
Net result for the year
+€7.5m
Depreciation
+€1.6m
Receivables within one year
-€727,597
Smaller working-capital items
-€2,390
Tax, wage and social debts
-€91,972
Other debts
+€5.1m
Accrued charges and deferred income
+€92,137
Investment (derived)
-€18.8m
Investment in fixed assets (net)
-€18.8m
Current investments
+€25,515
Financing
+€4.8m
Debts after one year
+€4.9m
Current portion of long-term debt
+€1.1m
Short-term financial debts
-€115,500
Contributions, distributions and other
-€1.0m
Cash 2025
€563,276
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,178,782 | €40,646,953 | +€17.5m | +75.4% |
| Fixed assets | 21/28 | €11,114,098 | €28,394,844 | +€17.3m | +155% |
| Intangible fixed assets | 21 | €195,190 | €197,113 | +€1,923 | +1.0% |
| Tangible fixed assets | 22/27 | €7,096,770 | €16,332,095 | +€9.2m | +130% |
| Land and buildings | 22 | €6,330,970 | €15,495,014 | +€9.2m | +145% |
| Plant, machinery and equipment | 23 | €496,472 | €477,973 | -€18,499 | -3.7% |
| Furniture and vehicles | 24 | €192,145 | €260,037 | +€67,892 | +35.3% |
| Leasing and similar rights | 25 | €59,270 | €81,158 | +€21,889 | +36.9% |
| Other tangible fixed assets | 26 | €17,913 | €17,913 | = | 0.0% |
| Financial fixed assets | 28 | €3,822,138 | €11,865,636 | +€8.0m | +210% |
| Affiliated companies | 280/1 | €3,227,339 | €11,393,164 | +€8.2m | +253% |
| Participating interests | 280 | €3,227,339 | €11,393,164 | +€8.2m | +253% |
| Companies linked by participating interests | 282/3 | €141,515 | €141,515 | = | 0.0% |
| Participating interests | 282 | €141,515 | €141,515 | = | 0.0% |
| Other financial fixed assets | 284/8 | €453,284 | €330,957 | -€122,327 | -27.0% |
| Amounts receivable and cash guarantees | 285/8 | €453,284 | €330,957 | -€122,327 | -27.0% |
| Current assets | 29/58 | €12,064,684 | €12,252,108 | +€187,424 | +1.6% |
| Amounts receivable after more than one year | 29 | €3,151,500 | €3,151,500 | = | 0.0% |
| Other amounts receivable | 291 | €3,151,500 | €3,151,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €4,867,156 | €5,594,753 | +€727,597 | +14.9% |
| Trade receivables | 40 | €165,742 | €285,942 | +€120,200 | +72.5% |
| Other amounts receivable | 41 | €4,701,414 | €5,308,810 | +€607,397 | +12.9% |
| Current investments | 50/53 | €2,732,295 | €2,706,780 | -€25,515 | -0.9% |
| Other investments | 51/53 | €2,732,295 | €2,706,780 | -€25,515 | -0.9% |
| Cash at bank and in hand | 54/58 | €1,118,054 | €563,276 | -€554,778 | -49.6% |
| Deferred charges and accrued income | 490/1 | €195,680 | €235,799 | +€40,120 | +20.5% |
| Total equity and liabilities | 10/49 | €23,178,782 | €40,646,953 | +€17.5m | +75.4% |
| Equity | 10/15 | €14,317,100 | €20,822,634 | +€6.5m | +45.4% |
| Contributions | 10/11 | €1,303,336 | €1,303,336 | = | 0.0% |
| Capital | 10 | €1,303,336 | €1,303,336 | = | 0.0% |
| Issued capital | 100 | €1,303,336 | €1,303,336 | = | 0.0% |
| Reserves | 13 | €593,755 | €677,955 | +€84,200 | +14.2% |
| Non-distributable reserves | 130/1 | €130,334 | €130,762 | +€428 | +0.3% |
| Legal reserve | 130 | €130,334 | €130,334 | = | 0.0% |
| Own shares acquired | 1312 | €0 | €428 | +€428 | |
| Tax-exempt reserves | 132 | €13,421 | €97,193 | +€83,772 | +624% |
| Distributable reserves | 133 | €450,000 | €450,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,056,325 | €18,508,723 | +€6.5m | +53.5% |
| Investment grants | 15 | €363,685 | €332,620 | -€31,065 | -8.5% |
| Provisions and deferred taxes | 16 | €51,711 | €51,711 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €51,711 | €51,711 | = | 0.0% |
| Other liabilities and charges | 164/5 | €51,711 | €51,711 | = | 0.0% |
| Amounts payable | 17/49 | €8,809,971 | €19,772,608 | +€11.0m | +124% |
| Amounts payable after more than one year | 17 | €2,821,715 | €7,676,332 | +€4.9m | +172% |
| Financial debts | 170/4 | €2,821,715 | €7,676,332 | +€4.9m | +172% |
| Leasing and similar obligations | 172 | €48,942 | €62,981 | +€14,039 | +28.7% |
| Credit institutions | 173 | €2,772,773 | €7,113,351 | +€4.3m | +157% |
| Other loans | 174 | - | €500,000 | +€500,000 | |
| Amounts payable within one year | 42/48 | €5,971,460 | €11,987,343 | +€6.0m | +101% |
| Current portion of amounts payable after more than one year | 42 | €699,171 | €1,789,660 | +€1.1m | +156% |
| Financial debts | 43 | €115,500 | €0 | -€115,500 | -100% |
| Credit institutions | 430/8 | €115,500 | €0 | -€115,500 | -100% |
| Trade debts | 44 | €316,131 | €353,861 | +€37,730 | +11.9% |
| Suppliers | 440/4 | €316,131 | €353,861 | +€37,730 | +11.9% |
| Taxes, remuneration and social security | 45 | €568,381 | €476,409 | -€91,972 | -16.2% |
| Taxes | 450/3 | €477,204 | €391,024 | -€86,181 | -18.1% |
| Remuneration and social security | 454/9 | €91,177 | €85,385 | -€5,792 | -6.4% |
| Other amounts payable | 47/48 | €4,272,277 | €9,367,414 | +€5.1m | +119% |
| Accrued charges and deferred income | 492/3 | €16,796 | €108,933 | +€92,137 | +549% |
| Operating income | 70/76A | €3,858,217 | €4,099,320 | +€241,103 | +6.2% |
| Turnover | 70 | €3,128,518 | €3,210,182 | +€81,664 | +2.6% |
| Other operating income | 74 | €729,699 | €889,138 | +€159,439 | +21.8% |
| Operating charges | 60/66A | €3,155,166 | €4,337,807 | +€1.2m | +37.5% |
| Goods for resale, raw materials and consumables | 60 | €10,460 | €10,023 | -€437 | -4.2% |
| Purchases | 600/8 | €10,460 | €10,023 | -€437 | -4.2% |
| Services and other goods | 61 | €1,709,699 | €1,940,379 | +€230,680 | +13.5% |
| Remuneration, social security and pensions | 62 | €605,359 | €622,493 | +€17,135 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €698,287 | €1,565,160 | +€866,873 | +124% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €23,714 | - | -€23,714 | |
| Other operating charges | 640/8 | €107,647 | €199,751 | +€92,104 | +85.6% |
| Operating profit (loss) | 9901 | €703,051 | -€238,486 | -€941,537 | |
| Financial income | 75/76B | €3,920,618 | €8,115,077 | +€4.2m | +107% |
| Recurring financial income | 75 | €3,920,018 | €8,115,077 | +€4.2m | +107% |
| Income from financial fixed assets | 750 | €3,182,501 | €7,633,535 | +€4.5m | +140% |
| Income from current assets | 751 | €476,579 | €400,061 | -€76,519 | -16.1% |
| Other financial income | 752/9 | €260,937 | €81,481 | -€179,456 | -68.8% |
| Non-recurring financial income | 76B | €600 | - | -€600 | |
| Financial charges | 65/66B | €390,440 | €319,530 | -€70,910 | -18.2% |
| Recurring financial charges | 65 | €390,170 | €319,530 | -€70,640 | -18.1% |
| Debt charges | 650 | €276,833 | €318,088 | +€41,255 | +14.9% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €34,141 | -€54,023 | -€88,164 | |
| Other financial charges | 652/9 | €79,196 | €55,465 | -€23,731 | -30.0% |
| Non-recurring financial charges | 66B | €270 | - | -€270 | |
| Profit (loss) for the period before taxes | 9903 | €4,233,229 | €7,557,060 | +€3.3m | +78.5% |
| Income taxes | 67/77 | €9,663 | €20,462 | +€10,799 | +112% |
| Taxes | 670/3 | €9,883 | €20,462 | +€10,579 | +107% |
| Tax adjustments and reversals of tax provisions | 77 | €219 | - | -€219 | |
| Profit (loss) for the period | 9904 | €4,223,565 | €7,536,598 | +€3.3m | +78.4% |
| Transfer to tax-exempt reserves | 689 | - | €84,200 | +€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,223,565 | €7,452,398 | +€3.2m | +76.4% |
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 29 October 2026 via checked.be.