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
- Tangible fixed assets +€126,484
new in 2025: €126,484
of which Plant, machinery and equipment: +€81,721
- Receivables within one year -€37,376
down €37,376 (-97.9%), from €38,166 to €791
- Cash +€21,111
up €21,111 (+270%), from €7,823 to €28,934
mainly Receivables within one year (+€37,376) and Other debts (+€34,156)
- Deferred charges and accrued income +€3,911
new in 2025: €3,911
- Other debts +€34,156
up €34,156 (+25,327%), from €135 to €34,290
- Debts after one year +€29,051
up €29,051 (+118%), from €24,646 to €53,697
- Profit (loss) carried forward +€21,348
up €21,348 (+351%), from €6,080 to €27,427
- Current portion of long-term debt +€15,750
new in 2025: €15,750
- Tax, wage and social debts +€7,952
up €7,952 (+210%), from €3,792 to €11,744
of which Taxes: +€5,300
- Gross operating margin +€26,845
up €26,845 (+303%), from €8,849 to €35,695
- Financial income +€19,222
new in 2025: €19,222
- Staff costs +€17,314
new in 2025: €17,314
- Depreciation +€10,822
new in 2025: €10,822
- Financial charges +€2,244
up €2,244 (+261%), from €860 to €3,104
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 | €45,989 | €161,213 | +€115,224 | +251% |
| Fixed assets | 21/28 | - | €126,484 | +€126,484 | |
| Tangible fixed assets | 22/27 | - | €126,484 | +€126,484 | |
| Plant, machinery and equipment | 23 | - | €81,721 | +€81,721 | |
| Furniture and vehicles | 24 | - | €1,503 | +€1,503 | |
| Other tangible fixed assets | 26 | - | €43,260 | +€43,260 | |
| Current assets | 29/58 | €45,989 | €34,729 | -€11,260 | -24.5% |
| Stocks and contracts in progress | 3 | - | €1,094 | +€1,094 | |
| Stocks | 30/36 | - | €1,094 | +€1,094 | |
| Amounts receivable within one year | 40/41 | €38,166 | €791 | -€37,376 | -97.9% |
| Trade receivables | 40 | €38,166 | €791 | -€37,376 | -97.9% |
| Cash at bank and in hand | 54/58 | €7,823 | €28,934 | +€21,111 | +270% |
| Deferred charges and accrued income | 490/1 | - | €3,911 | +€3,911 | |
| Total equity and liabilities | 10/49 | €45,989 | €161,213 | +€115,224 | +251% |
| Equity | 10/15 | €16,080 | €37,427 | +€21,348 | +133% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,080 | €27,427 | +€21,348 | +351% |
| Amounts payable | 17/49 | €29,910 | €123,786 | +€93,876 | +314% |
| Amounts payable after more than one year | 17 | €24,646 | €53,697 | +€29,051 | +118% |
| Financial debts | 170/4 | €24,646 | €53,697 | +€29,051 | +118% |
| Amounts payable within one year | 42/48 | €5,263 | €70,089 | +€64,825 | +1,232% |
| Current portion of amounts payable after more than one year | 42 | - | €15,750 | +€15,750 | |
| Trade debts | 44 | €1,337 | €8,304 | +€6,968 | +521% |
| Suppliers | 440/4 | €1,337 | €8,304 | +€6,968 | +521% |
| Taxes, remuneration and social security | 45 | €3,792 | €11,744 | +€7,952 | +210% |
| Taxes | 450/3 | €3,792 | €9,092 | +€5,300 | +140% |
| Remuneration and social security | 454/9 | - | €2,652 | +€2,652 | |
| Other amounts payable | 47/48 | €135 | €34,290 | +€34,156 | +25,327% |
| Remuneration, social security and pensions | 62 | - | €17,314 | +€17,314 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €10,822 | +€10,822 | |
| Other operating charges | 640/8 | €390 | €325 | -€65 | -16.7% |
| Gross operating margin | 9900 | €8,849 | €35,695 | +€26,845 | +303% |
| Operating profit (loss) | 9901 | €8,459 | €7,234 | -€1,225 | -14.5% |
| Financial income | 75/76B | - | €19,222 | +€19,222 | |
| Recurring financial income | 75 | - | €19,222 | +€19,222 | |
| Financial charges | 65/66B | €860 | €3,104 | +€2,244 | +261% |
| Recurring financial charges | 65 | €860 | €3,104 | +€2,244 | +261% |
| Profit (loss) for the period before taxes | 9903 | €7,600 | €23,352 | +€15,753 | +207% |
| Income taxes | 67/77 | €1,520 | €2,005 | +€485 | +31.9% |
| Profit (loss) for the period | 9904 | €6,080 | €21,348 | +€15,268 | +251% |
| Profit (loss) for the period to be appropriated | 9905 | €6,080 | €21,348 | +€15,268 | +251% |
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 16 October 2026 via checked.be.