Hurae: what changed
Hurae
Largest movements
- Receivables within one year +€86,429
up €86,429 (+23.2%), from €372,515 to €458,944
of which Trade receivables: +€55,461
- Cash -€55,662
down €55,662 (-61.2%), from €90,973 to €35,311
mainly Receivables within one year (-€86,429) and Short-term financial debts (-€44,343)
- Tangible fixed assets -€33,027
down €33,027 (-35.5%), from €93,150 to €60,123
of which Plant, machinery and equipment: -€35,046
- Trade debts +€132,933
up €132,933 (+50.4%), from €263,720 to €396,654
- Short-term financial debts -€44,343
down €44,343 (-42.5%), from €104,423 to €60,079
of which Credit institutions: -€65,921
- Accrued charges and deferred income -€36,951
down €36,951 (-69.0%), from €53,552 to €16,601
- Profit (loss) carried forward -€19,706
new in 2025: -€19,706
- Tax, wage and social debts -€17,901
down €17,901 (-21.6%), from €83,014 to €65,113
of which Taxes: -€35,069
- Write-downs -€87,929
new in 2025: -€87,929
- Other operating charges +€85,530
up €85,530 (+3,530%), from €2,423 to €87,953
- Financial charges +€18,742
up €18,742 (+354%), from €5,289 to €24,030
- Financial income -€17,010
down €17,010 (-87.7%), from €19,394 to €2,384
- Gross operating margin -€12,482
down €12,482 (-3.2%), from €391,229 to €378,748
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €569,016 | €561,443 | -€7,573 | -1.3% |
| Fixed assets | 21/28 | €93,150 | €60,123 | -€33,027 | -35.5% |
| Tangible fixed assets | 22/27 | €93,150 | €60,123 | -€33,027 | -35.5% |
| Plant, machinery and equipment | 23 | €63,548 | €28,502 | -€35,046 | -55.1% |
| Furniture and vehicles | 24 | €18,231 | €31,622 | +€13,390 | +73.4% |
| Leasing and similar rights | 25 | €11,371 | - | -€11,371 | |
| Current assets | 29/58 | €475,866 | €501,320 | +€25,454 | +5.3% |
| Amounts receivable within one year | 40/41 | €372,515 | €458,944 | +€86,429 | +23.2% |
| Trade receivables | 40 | €365,704 | €421,164 | +€55,461 | +15.2% |
| Other amounts receivable | 41 | €6,811 | €37,779 | +€30,968 | +455% |
| Cash at bank and in hand | 54/58 | €90,973 | €35,311 | -€55,662 | -61.2% |
| Deferred charges and accrued income | 490/1 | €12,378 | €7,065 | -€5,313 | -42.9% |
| Total equity and liabilities | 10/49 | €569,016 | €561,443 | -€7,573 | -1.3% |
| Equity | 10/15 | €30,145 | €10,439 | -€19,706 | -65.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €11,545 | €11,545 | = | 0.0% |
| Distributable reserves | 133 | €11,545 | €11,545 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€19,706 | -€19,706 | |
| Amounts payable | 17/49 | €538,871 | €551,004 | +€12,133 | +2.3% |
| Amounts payable after more than one year | 17 | €14,037 | - | -€14,037 | |
| Financial debts | 170/4 | €14,037 | - | -€14,037 | |
| Amounts payable within one year | 42/48 | €471,281 | €534,403 | +€63,122 | +13.4% |
| Current portion of amounts payable after more than one year | 42 | €16,667 | €12,557 | -€4,109 | -24.7% |
| Financial debts | 43 | €104,423 | €60,079 | -€44,343 | -42.5% |
| Credit institutions | 430/8 | €100,000 | €34,079 | -€65,921 | -65.9% |
| Other loans | 439 | €4,423 | €26,000 | +€21,577 | +488% |
| Trade debts | 44 | €263,720 | €396,654 | +€132,933 | +50.4% |
| Suppliers | 440/4 | €263,720 | €396,654 | +€132,933 | +50.4% |
| Taxes, remuneration and social security | 45 | €83,014 | €65,113 | -€17,901 | -21.6% |
| Taxes | 450/3 | €67,116 | €32,047 | -€35,069 | -52.3% |
| Remuneration and social security | 454/9 | €15,898 | €33,066 | +€17,168 | +108% |
| Other amounts payable | 47/48 | €3,458 | - | -€3,458 | |
| Accrued charges and deferred income | 492/3 | €53,552 | €16,601 | -€36,951 | -69.0% |
| Non-recurring operating income | 76A | - | €2,815 | +€2,815 | |
| Remuneration, social security and pensions | 62 | €361,823 | €353,392 | -€8,431 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,730 | €23,391 | -€6,338 | -21.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€87,929 | -€87,929 | |
| Other operating charges | 640/8 | €2,423 | €87,953 | +€85,530 | +3,530% |
| Non-recurring operating charges | 66A | €35,000 | - | -€35,000 | |
| Gross operating margin | 9900 | €391,229 | €378,748 | -€12,482 | -3.2% |
| Operating profit (loss) | 9901 | -€37,746 | €1,940 | +€39,687 | |
| Financial income | 75/76B | €19,394 | €2,384 | -€17,010 | -87.7% |
| Recurring financial income | 75 | €19,394 | €2,384 | -€17,010 | -87.7% |
| Financial charges | 65/66B | €5,289 | €24,030 | +€18,742 | +354% |
| Recurring financial charges | 65 | €5,289 | €24,030 | +€18,742 | +354% |
| Profit (loss) for the period before taxes | 9903 | -€23,641 | -€19,706 | +€3,934 | +16.6% |
| Income taxes | 67/77 | €0 | - | -€0 | |
| Profit (loss) for the period | 9904 | -€23,641 | -€19,706 | +€3,934 | +16.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,641 | -€19,706 | +€3,934 | +16.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.