THE HIVE: 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 HIVE
Largest movements
- Tangible fixed assets +€82,123
up €82,123 (+150%), from €54,858 to €136,980
of which Land and buildings: +€78,727
- Cash +€26,940
up €26,940 (+109%), from €24,790 to €51,730
mainly Net result for the year (+€54,713) and Debts after one year (+€46,943)
- Receivables within one year +€18,010
up €18,010 (+731%), from €2,465 to €20,475
of which Other amounts receivable: +€19,341
- Reserves +€54,713
up €54,713 (+52.3%), from €104,519 to €159,232
- Debts after one year +€46,943
up €46,943 (+210%), from €22,333 to €69,276
- Current portion of long-term debt +€10,913
up €10,913 (+33.6%), from €32,484 to €43,397
- Tax, wage and social debts +€8,264
up €8,264 (+49.3%), from €16,772 to €25,037
of which Taxes: +€4,864
- Other debts +€5,886
up €5,886 (+622%), from €946 to €6,832
- Staff costs +€22,621
new in 2026: €22,621
- Other operating charges -€9,991
down €9,991 (-70.4%), from €14,191 to €4,201
- Gross operating margin -€9,436
down €9,436 (-7.5%), from €125,441 to €116,005
- Taxes -€6,625
down €6,625 (-30.3%), from €21,858 to €15,233
- Depreciation +€4,824
up €4,824 (+72.9%), from €6,617 to €11,441
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €190,090 | €318,604 | +€128,514 | +67.6% |
| Formation expenses | 20 | €1,195 | €756 | -€439 | -36.7% |
| Fixed assets | 21/28 | €57,108 | €139,230 | +€82,123 | +144% |
| Tangible fixed assets | 22/27 | €54,858 | €136,980 | +€82,123 | +150% |
| Land and buildings | 22 | - | €78,727 | +€78,727 | |
| Plant, machinery and equipment | 23 | €5,992 | €6,053 | +€61 | +1.0% |
| Furniture and vehicles | 24 | - | €5,787 | +€5,787 | |
| Other tangible fixed assets | 26 | €48,865 | €46,414 | -€2,451 | -5.0% |
| Financial fixed assets | 28 | €2,250 | €2,250 | = | 0.0% |
| Current assets | 29/58 | €131,788 | €178,617 | +€46,829 | +35.5% |
| Stocks and contracts in progress | 3 | €100,140 | €99,850 | -€291 | -0.3% |
| Stocks | 30/36 | €100,140 | €99,850 | -€291 | -0.3% |
| Amounts receivable within one year | 40/41 | €2,465 | €20,475 | +€18,010 | +731% |
| Trade receivables | 40 | €1,331 | - | -€1,331 | |
| Other amounts receivable | 41 | €1,134 | €20,475 | +€19,341 | +1,706% |
| Cash at bank and in hand | 54/58 | €24,790 | €51,730 | +€26,940 | +109% |
| Deferred charges and accrued income | 490/1 | €4,393 | €6,563 | +€2,170 | +49.4% |
| Total equity and liabilities | 10/49 | €190,090 | €318,604 | +€128,514 | +67.6% |
| Equity | 10/15 | €107,019 | €161,732 | +€54,713 | +51.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €104,519 | €159,232 | +€54,713 | +52.3% |
| Distributable reserves | 133 | €104,519 | €159,232 | +€54,713 | +52.3% |
| Amounts payable | 17/49 | €83,071 | €156,871 | +€73,800 | +88.8% |
| Amounts payable after more than one year | 17 | €22,333 | €69,276 | +€46,943 | +210% |
| Financial debts | 170/4 | €22,333 | €69,276 | +€46,943 | +210% |
| Amounts payable within one year | 42/48 | €60,738 | €87,010 | +€26,272 | +43.3% |
| Current portion of amounts payable after more than one year | 42 | €32,484 | €43,397 | +€10,913 | +33.6% |
| Trade debts | 44 | €10,535 | €11,745 | +€1,209 | +11.5% |
| Suppliers | 440/4 | €10,535 | €11,745 | +€1,209 | +11.5% |
| Taxes, remuneration and social security | 45 | €16,772 | €25,037 | +€8,264 | +49.3% |
| Taxes | 450/3 | €16,772 | €21,636 | +€4,864 | +29.0% |
| Remuneration and social security | 454/9 | - | €3,400 | +€3,400 | |
| Other amounts payable | 47/48 | €946 | €6,832 | +€5,886 | +622% |
| Accrued charges and deferred income | 492/3 | - | €586 | +€586 | |
| Remuneration, social security and pensions | 62 | - | €22,621 | +€22,621 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,617 | €11,441 | +€4,824 | +72.9% |
| Other operating charges | 640/8 | €14,191 | €4,201 | -€9,991 | -70.4% |
| Gross operating margin | 9900 | €125,441 | €116,005 | -€9,436 | -7.5% |
| Operating profit (loss) | 9901 | €104,633 | €77,743 | -€26,891 | -25.7% |
| Financial income | 75/76B | €1 | €575 | +€573 | +41,859% |
| Recurring financial income | 75 | €1 | €575 | +€573 | +41,859% |
| Financial charges | 65/66B | €7,118 | €8,371 | +€1,253 | +17.6% |
| Recurring financial charges | 65 | €7,118 | €8,371 | +€1,253 | +17.6% |
| Profit (loss) for the period before taxes | 9903 | €97,517 | €69,947 | -€27,570 | -28.3% |
| Income taxes | 67/77 | €21,858 | €15,233 | -€6,625 | -30.3% |
| Profit (loss) for the period | 9904 | €75,659 | €54,713 | -€20,946 | -27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €75,659 | €54,713 | -€20,946 | -27.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.