THE HILL: 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.
THE HILL
Largest movements
- Cash +€48,738
up €48,738 (+30.0%), from €162,560 to €211,298
mainly Net result for the year (+€51,551) and Other debts (+€9,025)
- Receivables within one year +€14,641
up €14,641 (+571%), from €2,564 to €17,205
of which Trade receivables: +€12,208
- Profit (loss) carried forward +€51,551
up €51,551 (+39.7%), from €129,726 to €181,277
- Other debts +€9,025
up €9,025 (+4,128%), from €219 to €9,244
- Tax, wage and social debts +€4,603
up €4,603 (+47.1%), from €9,772 to €14,375
of which Remuneration and social security: +€2,834
- Trade debts -€3,716
down €3,716 (-29.9%), from €12,426 to €8,711
- Gross operating margin +€19,822
up €19,822 (+22.9%), from €86,442 to €106,264
- Depreciation -€14,567
down €14,567 (-78.2%), from €18,624 to €4,057
- Taxes +€8,824
up €8,824 (+97.1%), from €9,091 to €17,914
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 | €283,857 | €343,717 | +€59,860 | +21.1% |
| Fixed assets | 21/28 | €16,842 | €16,436 | -€406 | -2.4% |
| Tangible fixed assets | 22/27 | €16,842 | €16,436 | -€406 | -2.4% |
| Plant, machinery and equipment | 23 | €3,484 | €5,013 | +€1,529 | +43.9% |
| Furniture and vehicles | 24 | €11,120 | €9,733 | -€1,388 | -12.5% |
| Other tangible fixed assets | 26 | €2,238 | €1,690 | -€548 | -24.5% |
| Current assets | 29/58 | €267,015 | €327,281 | +€60,266 | +22.6% |
| Stocks and contracts in progress | 3 | €99,366 | €96,312 | -€3,054 | -3.1% |
| Stocks | 30/36 | €99,366 | €96,312 | -€3,054 | -3.1% |
| Amounts receivable within one year | 40/41 | €2,564 | €17,205 | +€14,641 | +571% |
| Trade receivables | 40 | €2,564 | €14,772 | +€12,208 | +476% |
| Other amounts receivable | 41 | - | €2,433 | +€2,433 | |
| Cash at bank and in hand | 54/58 | €162,560 | €211,298 | +€48,738 | +30.0% |
| Deferred charges and accrued income | 490/1 | €2,525 | €2,467 | -€58 | -2.3% |
| Total equity and liabilities | 10/49 | €283,857 | €343,717 | +€59,860 | +21.1% |
| Equity | 10/15 | €257,829 | €309,380 | +€51,551 | +20.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €109,503 | €109,503 | = | 0.0% |
| Distributable reserves | 133 | €109,503 | €109,503 | = | 0.0% |
| Profit (loss) carried forward | 14 | €129,726 | €181,277 | +€51,551 | +39.7% |
| Amounts payable | 17/49 | €26,028 | €34,338 | +€8,309 | +31.9% |
| Amounts payable within one year | 42/48 | €22,417 | €32,330 | +€9,913 | +44.2% |
| Trade debts | 44 | €12,426 | €8,711 | -€3,716 | -29.9% |
| Suppliers | 440/4 | €12,426 | €8,711 | -€3,716 | -29.9% |
| Taxes, remuneration and social security | 45 | €9,772 | €14,375 | +€4,603 | +47.1% |
| Taxes | 450/3 | €5,333 | €7,102 | +€1,769 | +33.2% |
| Remuneration and social security | 454/9 | €4,439 | €7,273 | +€2,834 | +63.8% |
| Other amounts payable | 47/48 | €219 | €9,244 | +€9,025 | +4,128% |
| Accrued charges and deferred income | 492/3 | €3,611 | €2,008 | -€1,603 | -44.4% |
| Remuneration, social security and pensions | 62 | €30,098 | €30,367 | +€269 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,624 | €4,057 | -€14,567 | -78.2% |
| Other operating charges | 640/8 | €1,380 | €1,200 | -€180 | -13.1% |
| Gross operating margin | 9900 | €86,442 | €106,264 | +€19,822 | +22.9% |
| Operating profit (loss) | 9901 | €36,339 | €70,640 | +€34,301 | +94.4% |
| Financial income | 75/76B | €105 | €1 | -€104 | -99.4% |
| Recurring financial income | 75 | €105 | €1 | -€104 | -99.4% |
| Financial charges | 65/66B | €1,837 | €1,176 | -€661 | -36.0% |
| Recurring financial charges | 65 | €1,587 | €1,176 | -€411 | -25.9% |
| Non-recurring financial charges | 66B | €250 | - | -€250 | |
| Profit (loss) for the period before taxes | 9903 | €34,607 | €69,465 | +€34,857 | +101% |
| Income taxes | 67/77 | €9,091 | €17,914 | +€8,824 | +97.1% |
| Profit (loss) for the period | 9904 | €25,517 | €51,551 | +€26,034 | +102% |
| Profit (loss) for the period to be appropriated | 9905 | €25,517 | €51,551 | +€26,034 | +102% |
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 13 October 2026 via checked.be.