Hybrid systems are heterogeneous systems characterised by the interaction of discrete and continuous dynamics. We present a trajectory-based algebraic model for describing hybrid systems; the trajectories used are closely related to streams. The algebra is based on left quantales and left semirings and provides a new application for these algebraic structures. We show that hybrid automata, which are probably the standard tool for describing hybrid systems, can conveniently be embedded into our algebra. Moreover we point out some important advantages of the algebraic approach. In particular, we show how to handle Zeno effects, which are excluded by most other authors. The development of the theory is illustrated by a running example and a la...