H.A.C.: 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.
H.A.C.
Largest movements
- Cash -€414,607
down €414,607 (-58.6%), from €707,804 to €293,197
mainly Receivables after one year (-€400,000) and Contributions, distributions and other (-€45,000)
- Receivables after one year +€400,000
new in 2025: €400,000
- Tangible fixed assets -€31,829
down €31,829 (-25.0%), from €127,458 to €95,630
of which Land and buildings: -€27,639
- Profit (loss) carried forward -€18,025
down €18,025 (-1.7%), from €1.1m to €1.1m
- Financial income +€3,499
up €3,499 (+147.5%), from €2,372 to €5,870
of which Non-recurring financial income: +€2,000
- Taxes -€1,082
down €1,082 (-10.1%), from €10,731 to €9,649
- Gross operating margin -€947
down €947 (-1.4%), from €67,823 to €66,875
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.
Cash bridge derived
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 | €1,750,500 | €1,717,278 | -€33,221 | -1.9% |
| Fixed assets | 21/28 | €1,005,948 | €974,120 | -€31,829 | -3.2% |
| Tangible fixed assets | 22/27 | €127,458 | €95,630 | -€31,829 | -25.0% |
| Land and buildings | 22 | €117,281 | €89,642 | -€27,639 | -23.6% |
| Plant, machinery and equipment | 23 | €1,927 | €1,383 | -€544 | -28.2% |
| Furniture and vehicles | 24 | €8,250 | €4,604 | -€3,646 | -44.2% |
| Financial fixed assets | 28 | €878,490 | €878,490 | = | 0.0% |
| Current assets | 29/58 | €744,551 | €743,159 | -€1,392 | -0.2% |
| Amounts receivable after more than one year | 29 | - | €400,000 | +€400,000 | |
| Trade receivables | 290 | - | €400,000 | +€400,000 | |
| Amounts receivable within one year | 40/41 | €36,747 | €49,961 | +€13,214 | +36.0% |
| Trade receivables | 40 | €36,747 | €49,961 | +€13,214 | +36.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €707,804 | €293,197 | -€414,607 | -58.6% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,750,500 | €1,717,278 | -€33,221 | -1.9% |
| Equity | 10/15 | €1,711,258 | €1,693,232 | -€18,025 | -1.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €624,280 | €624,280 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €622,420 | €622,420 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,074,577 | €1,056,552 | -€18,025 | -1.7% |
| Amounts payable | 17/49 | €39,242 | €24,046 | -€15,196 | -38.7% |
| Amounts payable within one year | 42/48 | €32,571 | €23,001 | -€9,570 | -29.4% |
| Trade debts | 44 | €2,179 | €4,513 | +€2,334 | +107.1% |
| Suppliers | 440/4 | €2,179 | €4,513 | +€2,334 | +107.1% |
| Taxes, remuneration and social security | 45 | €25,166 | €17,752 | -€7,414 | -29.5% |
| Taxes | 450/3 | €17,816 | €17,752 | -€64 | -0.4% |
| Remuneration and social security | 454/9 | €7,350 | €0 | -€7,350 | -100.0% |
| Other amounts payable | 47/48 | €5,226 | €736 | -€4,489 | -85.9% |
| Accrued charges and deferred income | 492/3 | €6,671 | €1,045 | -€5,626 | -84.3% |
| Remuneration, social security and pensions | 62 | €67 | €0 | -€67 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,887 | €31,829 | -€58 | -0.2% |
| Other operating charges | 640/8 | €2,365 | €1,872 | -€493 | -20.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €67,823 | €66,875 | -€947 | -1.4% |
| Operating profit (loss) | 9901 | €33,503 | €33,175 | -€328 | -1.0% |
| Financial income | 75/76B | €2,372 | €5,870 | +€3,499 | +147.5% |
| Recurring financial income | 75 | €2,372 | €3,870 | +€1,499 | +63.2% |
| Non-recurring financial income | 76B | - | €2,000 | +€2,000 | |
| Financial charges | 65/66B | €2,666 | €2,421 | -€245 | -9.2% |
| Recurring financial charges | 65 | €2,666 | €2,421 | -€245 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €33,209 | €36,624 | +€3,415 | +10.3% |
| Income taxes | 67/77 | €10,731 | €9,649 | -€1,082 | -10.1% |
| Profit (loss) for the period | 9904 | €22,478 | €26,975 | +€4,496 | +20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €22,478 | €26,975 | +€4,496 | +20.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.