H.C.E.: what changed
Two fiscal 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.C.E.
Largest movements
- Cash +€62,904
up €62,904 (+6.2%), from €1.0m to €1.1m
mainly Depreciation (+€95,901) and Net result for the year (+€19,081)
- Tangible fixed assets -€40,398
down €40,398 (-3.5%), from €1.2m to €1.1m
of which Land and buildings: -€35,377
No liability line moved by more than 1% of the balance sheet total.
- Purchases and services -€27,850
down €27,850 (-17.7%), from €157,702 to €129,852
- Gross operating margin +€27,803
up €27,803 (+18.8%), from €147,833 to €175,636
- Depreciation +€17,591
up €17,591 (+22.5%), from €78,310 to €95,901
- Turnover +€11,134
up €11,134 (+4.2%), from €267,292 to €278,426
- Other operating charges -€5,115
down €5,115 (-7.5%), from €68,190 to €63,075
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 | €2,237,313 | €2,260,111 | +€22,798 | +1.0% |
| Fixed assets | 21/28 | €1,151,340 | €1,110,942 | -€40,398 | -3.5% |
| Tangible fixed assets | 22/27 | €1,151,340 | €1,110,942 | -€40,398 | -3.5% |
| Land and buildings | 22 | €1,121,432 | €1,086,054 | -€35,377 | -3.2% |
| Plant, machinery and equipment | 23 | €29,344 | €24,517 | -€4,827 | -16.5% |
| Furniture and vehicles | 24 | €565 | €371 | -€193 | -34.2% |
| Current assets | 29/58 | €1,085,973 | €1,149,169 | +€63,196 | +5.8% |
| Amounts receivable within one year | 40/41 | €65,355 | €62,183 | -€3,172 | -4.9% |
| Trade receivables | 40 | €64,397 | €54,739 | -€9,659 | -15.0% |
| Other amounts receivable | 41 | €958 | €7,444 | +€6,487 | +677.4% |
| Cash at bank and in hand | 54/58 | €1,015,398 | €1,078,302 | +€62,904 | +6.2% |
| Deferred charges and accrued income | 490/1 | €5,220 | €8,684 | +€3,464 | +66.4% |
| Total equity and liabilities | 10/49 | €2,237,313 | €2,260,111 | +€22,798 | +1.0% |
| Equity | 10/15 | €2,180,992 | €2,200,073 | +€19,081 | +0.9% |
| Contributions | 10/11 | €775,000 | €775,000 | = | 0.0% |
| Capital | 10 | €775,000 | €775,000 | = | 0.0% |
| Issued capital | 100 | €775,000 | €775,000 | = | 0.0% |
| Reserves | 13 | €201,500 | €201,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €77,500 | €77,500 | = | 0.0% |
| Legal reserve | 130 | €77,500 | €77,500 | = | 0.0% |
| Distributable reserves | 133 | €124,000 | €124,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,204,492 | €1,223,573 | +€19,081 | +1.6% |
| Amounts payable | 17/49 | €56,321 | €60,038 | +€3,717 | +6.6% |
| Amounts payable after more than one year | 17 | €7,993 | €7,993 | = | 0.0% |
| Other amounts payable | 178/9 | €7,993 | €7,993 | = | 0.0% |
| Amounts payable within one year | 42/48 | €48,328 | €52,045 | +€3,717 | +7.7% |
| Trade debts | 44 | €48,328 | €52,045 | +€3,717 | +7.7% |
| Suppliers | 440/4 | €48,328 | €52,045 | +€3,717 | +7.7% |
| Turnover | 70 | €267,292 | €278,426 | +€11,134 | +4.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €157,702 | €129,852 | -€27,850 | -17.7% |
| Remuneration, social security and pensions | 62 | €27 | - | -€27 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,310 | €95,901 | +€17,591 | +22.5% |
| Other operating charges | 640/8 | €68,190 | €63,075 | -€5,115 | -7.5% |
| Gross operating margin | 9900 | €147,833 | €175,636 | +€27,803 | +18.8% |
| Operating profit (loss) | 9901 | €1,305 | €16,659 | +€15,354 | +1176.1% |
| Financial income | 75/76B | €3,192 | €4,555 | +€1,364 | +42.7% |
| Recurring financial income | 75 | €3,192 | €4,555 | +€1,364 | +42.7% |
| Financial charges | 65/66B | €215 | €211 | -€4 | -1.7% |
| Recurring financial charges | 65 | €215 | €211 | -€4 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | €4,282 | €21,003 | +€16,721 | +390.4% |
| Income taxes | 67/77 | - | €1,922 | +€1,922 | |
| Profit (loss) for the period | 9904 | €4,282 | €19,081 | +€14,799 | +345.6% |
| Profit (loss) for the period to be appropriated | 9905 | €4,282 | €19,081 | +€14,799 | +345.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.