What is the difference between a Dutch University (Academic/Scientific Education) and a Dutch ‘Hogeschool HBO’ (Applied higher education)?

The Dutch higher education system can be slightly confusing to people from foreign countries. There are two main types of higher education, HBO and WO. Both may be referred to as ‘university’. Technical University Eindhoven TU/e  is a WO academic or science and research oriented educational institute, offering 3-year Bachelor of Science and 2-year Master of Science programs.  HBO or Hogeschool institutes are focused on applied higher education and usually offer 4-year Bachelor programs geared more towards the practical labor market. The academic universities (WO) are the highest possible level of education in the Netherlands.