H.C.S.: 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.
What changed
H.C.S.
NACE 68.121, Development of residential building projects
financial year 2023 compared with 2022filed annual accounts (NBB)
Net result for the year
-€457,653
2022 · -€131,545-€326,108
Equity
€721,563
2022 · €1.2m-€457,653
Cash
€4,067
2022 · €20,379-€16,312
Balance sheet total
€10.2m
2022 · €10.6m-€369,122
Largest movements
Assets
- Stocks and contracts -€2.2m
down €2.2m (-82.1%), from €2.7m to €485,430
- Tangible fixed assets +€1.6m
up €1.6m (+33.4%), from €4.7m to €6.3m
- Receivables within one year +€297,094
up €297,094 (+32.9%), from €902,971 to €1.2m
of which Trade receivables: +€229,798
Equity and liabilities
- Debts after one year -€893,231
down €893,231 (-16.3%), from €5.5m to €4.6m
of which Financial debts: -€851,336
- Advances received -€715,515
no longer reported in 2023 (was €715,515)
- Other debts +€524,099
up €524,099 (+22.4%), from €2.3m to €2.9m
- Short-term financial debts +€468,000
new in 2023: €468,000
- Profit (loss) carried forward -€441,991
new in 2023: -€441,991
Income statement
- Other operating charges +€116,984
up €116,984 (+210%), from €55,671 to €172,655
- Financial charges +€69,066
up €69,066 (+38.4%), from €179,846 to €248,912
- Gross operating margin -€64,073
down €64,073 (-21.1%), from €303,812 to €239,740
- Taxes +€47,121
up €47,121 (+126,431%), from €37 to €47,158
- Depreciation +€45,412
up €45,412 (+20.5%), from €221,606 to €267,018
From the 2022 result to the 2023 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.
Result 2022
-€131,545
Gross operating margin
-€64,073
Staff costs
+€2,837
Depreciation
-€45,412
Write-downs
+€15,000
Other operating charges
-€116,984
Financial income
-€643
Financial charges
-€69,066
Taxes
-€47,121
Deferred taxes and other
-€646
Result 2023
-€457,653
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2022 and 2023 balance sheets and the 2023 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€2.2m
Investment
-€1.8m
Financing
-€344,212
Cash 2022
€20,379
From operations (derived)
+€2.2m
Net result for the year
-€457,653
Depreciation
+€267,018
Receivables after one year
-€13,200
Stocks and contracts
+€2.2m
Receivables within one year
-€297,094
Smaller working-capital items
-€5,371
Trade debts
+€189,737
Tax, wage and social debts
+€439,792
Advances received
-€715,515
Other debts
+€524,099
Investment (derived)
-€1.8m
Investment in fixed assets (net)
-€1.8m
Financing
-€344,212
Debts after one year
-€893,231
Current portion of long-term debt
+€81,020
Short-term financial debts
+€468,000
Cash 2023
€4,067
brings cash intakes cash out
Every line side by side
| Line | Code | 2022 | 2023 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,617,490 | €10,248,368 | -€369,122 | -3.5% |
| Fixed assets | 21/28 | €5,148,487 | €6,715,304 | +€1.6m | +30.4% |
| Intangible fixed assets | 21 | €412,350 | €395,856 | -€16,494 | -4.0% |
| Tangible fixed assets | 22/27 | €4,735,923 | €6,319,234 | +€1.6m | +33.4% |
| Land and buildings | 22 | €4,735,923 | €6,319,234 | +€1.6m | +33.4% |
| Financial fixed assets | 28 | €214 | €214 | = | 0.0% |
| Current assets | 29/58 | €5,469,003 | €3,533,064 | -€1.9m | -35.4% |
| Amounts receivable after more than one year | 29 | €1,430,301 | €1,443,501 | +€13,200 | +0.9% |
| Trade receivables | 290 | €1,430,301 | €1,443,501 | +€13,200 | +0.9% |
| Stocks and contracts in progress | 3 | €2,715,351 | €485,430 | -€2.2m | -82.1% |
| Stocks | 30/36 | €2,715,351 | €485,430 | -€2.2m | -82.1% |
| Amounts receivable within one year | 40/41 | €902,971 | €1,200,065 | +€297,094 | +32.9% |
| Trade receivables | 40 | €727,544 | €957,341 | +€229,798 | +31.6% |
| Other amounts receivable | 41 | €175,427 | €242,724 | +€67,297 | +38.4% |
| Cash at bank and in hand | 54/58 | €20,379 | €4,067 | -€16,312 | -80.0% |
| Deferred charges and accrued income | 490/1 | €400,000 | €400,000 | = | 0.0% |
| Total equity and liabilities | 10/49 | €10,617,490 | €10,248,368 | -€369,122 | -3.5% |
| Equity | 10/15 | €1,179,216 | €721,563 | -€457,653 | -38.8% |
| Contributions | 10/11 | €188,448 | €188,448 | = | 0.0% |
| Capital | 10 | €188,448 | €188,448 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Uncalled capital | 101 | €111,552 | €111,552 | = | 0.0% |
| Revaluation surpluses | 12 | €511,907 | €511,907 | = | 0.0% |
| Reserves | 13 | €478,861 | €463,199 | -€15,662 | -3.3% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Legal reserve | 130 | €30,000 | €30,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €242,367 | €226,705 | -€15,662 | -6.5% |
| Distributable reserves | 133 | €206,494 | €206,494 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€441,991 | -€441,991 | |
| Provisions and deferred taxes | 16 | €80,789 | €75,568 | -€5,221 | -6.5% |
| Deferred taxes | 168 | €80,789 | €75,568 | -€5,221 | -6.5% |
| Amounts payable | 17/49 | €9,357,484 | €9,451,236 | +€93,752 | +1.0% |
| Amounts payable after more than one year | 17 | €5,465,803 | €4,572,572 | -€893,231 | -16.3% |
| Financial debts | 170/4 | €5,326,153 | €4,474,817 | -€851,336 | -16.0% |
| Other amounts payable | 178/9 | €139,650 | €97,755 | -€41,895 | -30.0% |
| Amounts payable within one year | 42/48 | €3,891,531 | €4,878,664 | +€987,133 | +25.4% |
| Current portion of amounts payable after more than one year | 42 | €407,420 | €488,440 | +€81,020 | +19.9% |
| Financial debts | 43 | - | €468,000 | +€468,000 | |
| Credit institutions | 430/8 | - | €468,000 | +€468,000 | |
| Trade debts | 44 | €236,881 | €426,618 | +€189,737 | +80.1% |
| Suppliers | 440/4 | €236,881 | €426,618 | +€189,737 | +80.1% |
| Advances received on contracts in progress | 46 | €715,515 | - | -€715,515 | |
| Taxes, remuneration and social security | 45 | €194,639 | €634,432 | +€439,792 | +226% |
| Taxes | 450/3 | €194,639 | €634,432 | +€439,792 | +226% |
| Other amounts payable | 47/48 | €2,337,076 | €2,861,175 | +€524,099 | +22.4% |
| Accrued charges and deferred income | 492/3 | €150 | - | -€150 | |
| Non-recurring operating income | 76A | €4,130 | €34,159 | +€30,029 | +727% |
| Remuneration, social security and pensions | 62 | €2,837 | - | -€2,837 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €221,606 | €267,018 | +€45,412 | +20.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€15,000 | -€15,000 | |
| Other operating charges | 640/8 | €55,671 | €172,655 | +€116,984 | +210% |
| Gross operating margin | 9900 | €303,812 | €239,740 | -€64,073 | -21.1% |
| Operating profit (loss) | 9901 | €23,699 | -€184,933 | -€208,632 | |
| Financial income | 75/76B | €18,772 | €18,129 | -€643 | -3.4% |
| Recurring financial income | 75 | €18,772 | €18,129 | -€643 | -3.4% |
| Financial charges | 65/66B | €179,846 | €248,912 | +€69,066 | +38.4% |
| Recurring financial charges | 65 | €179,846 | €248,912 | +€69,066 | +38.4% |
| Profit (loss) for the period before taxes | 9903 | -€137,375 | -€415,716 | -€278,341 | -203% |
| Transfer from deferred taxes | 780 | €5,867 | €5,221 | -€646 | -11.0% |
| Income taxes | 67/77 | €37 | €47,158 | +€47,121 | +126,431% |
| Profit (loss) for the period | 9904 | -€131,545 | -€457,653 | -€326,108 | -248% |
| Transfer from tax-exempt reserves | 789 | €17,602 | €15,662 | -€1,939 | -11.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€113,944 | -€441,991 | -€328,047 | -288% |
Source: filed annual accounts (NBB), financial years ended 31 December 2022 and 31 December 2023. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.