The Hills: 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 Hills
Largest movements
- Receivables within one year +€15,473
up €15,473 (+45.5%), from €34,039 to €49,512
of which Trade receivables: +€15,474
- Stocks and contracts +€10,500
up €10,500 (+39.0%), from €26,915 to €37,415
- Tangible fixed assets -€10,488
down €10,488 (-6.6%), from €159,522 to €149,034
of which Land and buildings: -€5,667
- Reserves +€25,569
up €25,569 (+146%), from €17,536 to €43,105
- Debts after one year -€15,985
down €15,985 (-13.1%), from €122,088 to €106,103
- Tax, wage and social debts +€9,542
up €9,542 (+226%), from €4,228 to €13,770
of which Remuneration and social security: +€13,770
- Short-term financial debts -€3,774
down €3,774 (-48.7%), from €7,745 to €3,971
- Trade debts +€2,793
up €2,793 (+27.7%), from €10,091 to €12,884
- Gross operating margin +€24,097
up €24,097 (+64.4%), from €37,431 to €61,528
- Taxes +€8,651
up €8,651 (+169%), from €5,119 to €13,770
- Other operating charges +€3,023
up €3,023 (+95.0%), from €3,183 to €6,206
- Depreciation -€2,406
down €2,406 (-17.3%), from €13,928 to €11,522
- Financial charges -€1,593
down €1,593 (-21.0%), from €7,571 to €5,978
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 | €221,185 | €236,665 | +€15,480 | +7.0% |
| Fixed assets | 21/28 | €159,777 | €149,289 | -€10,488 | -6.6% |
| Tangible fixed assets | 22/27 | €159,522 | €149,034 | -€10,488 | -6.6% |
| Land and buildings | 22 | €151,667 | €146,000 | -€5,667 | -3.7% |
| Furniture and vehicles | 24 | €5,333 | €786 | -€4,547 | -85.3% |
| Other tangible fixed assets | 26 | €2,522 | €2,248 | -€274 | -10.9% |
| Financial fixed assets | 28 | €255 | €255 | = | 0.0% |
| Current assets | 29/58 | €61,408 | €87,376 | +€25,968 | +42.3% |
| Stocks and contracts in progress | 3 | €26,915 | €37,415 | +€10,500 | +39.0% |
| Stocks | 30/36 | €26,915 | €37,415 | +€10,500 | +39.0% |
| Amounts receivable within one year | 40/41 | €34,039 | €49,512 | +€15,473 | +45.5% |
| Trade receivables | 40 | - | €15,474 | +€15,474 | |
| Other amounts receivable | 41 | €34,039 | €34,038 | -€1 | 0.0% |
| Cash at bank and in hand | 54/58 | €454 | €449 | -€5 | -1.1% |
| Total equity and liabilities | 10/49 | €221,185 | €236,665 | +€15,480 | +7.0% |
| Equity | 10/15 | €58,384 | €83,953 | +€25,569 | +43.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €17,536 | €43,105 | +€25,569 | +146% |
| Distributable reserves | 133 | €17,536 | €43,105 | +€25,569 | +146% |
| Profit (loss) carried forward | 14 | €22,248 | €22,248 | = | 0.0% |
| Amounts payable | 17/49 | €162,801 | €152,712 | -€10,089 | -6.2% |
| Amounts payable after more than one year | 17 | €122,088 | €106,103 | -€15,985 | -13.1% |
| Financial debts | 170/4 | €122,088 | €106,103 | -€15,985 | -13.1% |
| Amounts payable within one year | 42/48 | €40,713 | €46,609 | +€5,896 | +14.5% |
| Current portion of amounts payable after more than one year | 42 | €18,649 | €15,984 | -€2,665 | -14.3% |
| Financial debts | 43 | €7,745 | €3,971 | -€3,774 | -48.7% |
| Credit institutions | 430/8 | €7,745 | €3,971 | -€3,774 | -48.7% |
| Trade debts | 44 | €10,091 | €12,884 | +€2,793 | +27.7% |
| Suppliers | 440/4 | €10,091 | €12,884 | +€2,793 | +27.7% |
| Taxes, remuneration and social security | 45 | €4,228 | €13,770 | +€9,542 | +226% |
| Taxes | 450/3 | €4,228 | - | -€4,228 | |
| Remuneration and social security | 454/9 | - | €13,770 | +€13,770 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,928 | €11,522 | -€2,406 | -17.3% |
| Other operating charges | 640/8 | €3,183 | €6,206 | +€3,023 | +95.0% |
| Gross operating margin | 9900 | €37,431 | €61,528 | +€24,097 | +64.4% |
| Operating profit (loss) | 9901 | €20,320 | €43,800 | +€23,480 | +116% |
| Financial income | 75/76B | €1,202 | €1,517 | +€315 | +26.2% |
| Recurring financial income | 75 | €1,202 | €1,517 | +€315 | +26.2% |
| Financial charges | 65/66B | €7,571 | €5,978 | -€1,593 | -21.0% |
| Recurring financial charges | 65 | €7,571 | €5,978 | -€1,593 | -21.0% |
| Profit (loss) for the period before taxes | 9903 | €13,951 | €39,339 | +€25,388 | +182% |
| Income taxes | 67/77 | €5,119 | €13,770 | +€8,651 | +169% |
| Profit (loss) for the period | 9904 | €8,832 | €25,569 | +€16,737 | +190% |
| Profit (loss) for the period to be appropriated | 9905 | €8,832 | €25,569 | +€16,737 | +190% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.