HSI: 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.
HSI
Largest movements
- Cash -€1.7m
down €1.7m (-98.9%), from €1.7m to €19,633
mainly Investment in fixed assets (net) (-€1.1m) and Short-term financial debts (-€1.0m)
- Financial fixed assets +€1.1m
up €1.1m (+22.9%), from €4.8m to €5.9m
- Receivables within one year -€605,343
down €605,343 (-43.2%), from €1.4m to €795,546
of which Trade receivables: -€650,750
- Short-term financial debts -€1.0m
down €1.0m (-100%), from €1.0m to €0
- Profit (loss) carried forward -€171,775
down €171,775 (-17.6%), from -€977,522 to -€1.1m
- Gross operating margin +€408,315
up €408,315 (+79.6%), from -€513,232 to -€104,917
- Financial charges -€112,994
down €112,994 (-62.5%), from €180,721 to €67,727
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 | €7,914,965 | €6,716,249 | -€1.2m | -15.1% |
| Fixed assets | 21/28 | €4,800,000 | €5,900,000 | +€1.1m | +22.9% |
| Financial fixed assets | 28 | €4,800,000 | €5,900,000 | +€1.1m | +22.9% |
| Current assets | 29/58 | €3,114,965 | €816,249 | -€2.3m | -73.8% |
| Amounts receivable within one year | 40/41 | €1,400,889 | €795,546 | -€605,343 | -43.2% |
| Trade receivables | 40 | €650,750 | €0 | -€650,750 | -100% |
| Other amounts receivable | 41 | €750,138 | €795,546 | +€45,407 | +6.1% |
| Cash at bank and in hand | 54/58 | €1,713,099 | €19,633 | -€1.7m | -98.9% |
| Deferred charges and accrued income | 490/1 | €977 | €1,070 | +€93 | +9.5% |
| Total equity and liabilities | 10/49 | €7,914,965 | €6,716,249 | -€1.2m | -15.1% |
| Equity | 10/15 | €6,756,846 | €6,585,071 | -€171,775 | -2.5% |
| Contributions | 10/11 | €7,734,368 | €7,734,368 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€977,522 | -€1,149,297 | -€171,775 | -17.6% |
| Amounts payable | 17/49 | €1,158,119 | €131,178 | -€1.0m | -88.7% |
| Amounts payable within one year | 42/48 | €1,145,674 | €131,178 | -€1.0m | -88.6% |
| Financial debts | 43 | €1,000,000 | €0 | -€1.0m | -100% |
| Credit institutions | 430/8 | €1,000,000 | €0 | -€1.0m | -100% |
| Trade debts | 44 | €145,674 | €131,178 | -€14,497 | -10.0% |
| Suppliers | 440/4 | €145,674 | €131,178 | -€14,497 | -10.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €12,444 | €0 | -€12,444 | -100% |
| Other operating charges | 640/8 | €1,118 | €195 | -€923 | -82.6% |
| Gross operating margin | 9900 | -€513,232 | -€104,917 | +€408,315 | +79.6% |
| Operating profit (loss) | 9901 | -€514,349 | -€105,112 | +€409,237 | +79.6% |
| Financial income | 75/76B | €977 | €2,041 | +€1,064 | +109% |
| Recurring financial income | 75 | €977 | €2,041 | +€1,064 | +109% |
| Financial charges | 65/66B | €180,721 | €67,727 | -€112,994 | -62.5% |
| Recurring financial charges | 65 | €180,721 | €67,727 | -€112,994 | -62.5% |
| Profit (loss) for the period before taxes | 9903 | -€694,094 | -€170,798 | +€523,295 | +75.4% |
| Profit (loss) for the period | 9904 | -€694,094 | -€170,798 | +€523,295 | +75.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€694,094 | -€170,798 | +€523,295 | +75.4% |
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 26 October 2026 via checked.be.