H-CORE Management: 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-CORE Management
Largest movements
- Tangible fixed assets -€12,786
down €12,786 (-27.2%), from €47,080 to €34,294
of which Furniture and vehicles: -€11,855
- Receivables within one year +€9,082
up €9,082 (+100%), from €9,075 to €18,157
of which Other amounts receivable: +€9,082
- Cash -€6,385
down €6,385 (-9.4%), from €68,110 to €61,725
mainly Contributions, distributions and other (-€42,969) and Receivables within one year (-€9,082)
- Profit (loss) carried forward -€21,901
no longer reported in 2025 (was €21,901)
- Other debts +€18,606
up €18,606 (+579%), from €3,216 to €21,822
- Tax, wage and social debts -€8,029
down €8,029 (-64.3%), from €12,493 to €4,463
- Trade debts +€1,399
up €1,399 (+121%), from €1,160 to €2,559
- Gross operating margin -€1,000
down €1,000 (-2.4%), from €41,218 to €40,218
- Depreciation +€887
up €887 (+7.5%), from €11,899 to €12,786
- Taxes -€521
down €521 (-8.0%), from €6,511 to €5,990
- Other operating charges +€481
up €481 (+756%), from €64 to €544
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 | €126,026 | €116,101 | -€9,925 | -7.9% |
| Fixed assets | 21/28 | €47,080 | €34,294 | -€12,786 | -27.2% |
| Tangible fixed assets | 22/27 | €47,080 | €34,294 | -€12,786 | -27.2% |
| Plant, machinery and equipment | 23 | €2,618 | €1,687 | -€931 | -35.5% |
| Furniture and vehicles | 24 | €44,462 | €32,607 | -€11,855 | -26.7% |
| Current assets | 29/58 | €78,946 | €81,807 | +€2,861 | +3.6% |
| Amounts receivable within one year | 40/41 | €9,075 | €18,157 | +€9,082 | +100% |
| Trade receivables | 40 | €9,075 | €9,075 | = | 0.0% |
| Other amounts receivable | 41 | - | €9,082 | +€9,082 | |
| Cash at bank and in hand | 54/58 | €68,110 | €61,725 | -€6,385 | -9.4% |
| Deferred charges and accrued income | 490/1 | €1,761 | €1,925 | +€164 | +9.3% |
| Total equity and liabilities | 10/49 | €126,026 | €116,101 | -€9,925 | -7.9% |
| Equity | 10/15 | €109,158 | €87,257 | -€21,901 | -20.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €86,257 | €86,257 | = | 0.0% |
| Distributable reserves | 133 | €86,257 | €86,257 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,901 | - | -€21,901 | |
| Amounts payable | 17/49 | €16,869 | €28,844 | +€11,976 | +71.0% |
| Amounts payable within one year | 42/48 | €16,869 | €28,844 | +€11,976 | +71.0% |
| Trade debts | 44 | €1,160 | €2,559 | +€1,399 | +121% |
| Suppliers | 440/4 | €1,160 | €2,559 | +€1,399 | +121% |
| Taxes, remuneration and social security | 45 | €12,493 | €4,463 | -€8,029 | -64.3% |
| Taxes | 450/3 | €12,493 | €4,463 | -€8,029 | -64.3% |
| Other amounts payable | 47/48 | €3,216 | €21,822 | +€18,606 | +579% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,899 | €12,786 | +€887 | +7.5% |
| Other operating charges | 640/8 | €64 | €544 | +€481 | +756% |
| Gross operating margin | 9900 | €41,218 | €40,218 | -€1,000 | -2.4% |
| Operating profit (loss) | 9901 | €29,256 | €26,888 | -€2,367 | -8.1% |
| Financial income | 75/76B | €29 | €240 | +€211 | +734% |
| Recurring financial income | 75 | €29 | €240 | +€211 | +734% |
| Financial charges | 65/66B | €39 | €70 | +€31 | +79.2% |
| Recurring financial charges | 65 | €39 | €70 | +€31 | +79.2% |
| Profit (loss) for the period before taxes | 9903 | €29,245 | €27,058 | -€2,187 | -7.5% |
| Income taxes | 67/77 | €6,511 | €5,990 | -€521 | -8.0% |
| Profit (loss) for the period | 9904 | €22,734 | €21,068 | -€1,666 | -7.3% |
| Profit (loss) for the period to be appropriated | 9905 | €22,734 | €21,068 | -€1,666 | -7.3% |
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 16 October 2026 via checked.be.