H.NCD: 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.
What changed
H.NCD
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€84,755
2024 · €75,646+€9,109
Equity
€3.3m
2024 · €3.2m+€84,755
Cash
€29,429
2024 · €15,375+€14,054
Balance sheet total
€5.6m
2024 · €5.5m+€193,551
Largest movements
Assets
- Financial fixed assets +€232,500
up €232,500 (+4.5%), from €5.2m to €5.4m
- Receivables within one year -€83,966
down €83,966 (-48.0%), from €175,049 to €91,083
of which Other amounts receivable: -€149,917
Equity and liabilities
- Other debts +€692,000
up €692,000 (+640.7%), from €108,000 to €800,000
- Debts after one year -€677,071
down €677,071 (-37.4%), from €1.8m to €1.1m
of which Other amounts payable: -€555,000
- Reserves +€84,755
up €84,755 (+2.8%), from €3.0m to €3.1m
of which Distributable reserves: +€84,755
- Current portion of long-term debt +€82,835
up €82,835 (+30.4%), from €272,592 to €355,427
Income statement
- Turnover +€224,850
up €224,850 (+81.0%), from €277,650 to €502,500
- Staff costs +€120,146
up €120,146 (+61.2%), from €196,195 to €316,341
- Financial charges +€73,318
up €73,318 (+99.0%), from €74,055 to €147,373
of which Non-recurring financial charges: +€57,500
- Services and other goods +€19,173
up €19,173 (+18.4%), from €104,327 to €123,500
- Depreciation +€15,219
up €15,219 (+65.5%), from €23,234 to €38,454
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.
Result 2024
€75,646
Turnover
+€224,850
Other operating income
+€883
Services and other goods
-€19,173
Staff costs
-€120,146
Depreciation
-€15,219
Other operating charges
+€646
Financial income
+€10,926
Financial charges
-€73,318
Taxes
-€340
Result 2025
€84,755
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.
From operations
+€902,716
Investment
-€300,381
Financing
-€588,281
Cash 2024
€15,375
From operations (derived)
+€902,716
Net result for the year
+€84,755
Depreciation
+€38,454
Receivables within one year
+€83,966
Smaller working-capital items
-€1,117
Trade debts
-€3,378
Tax, wage and social debts
+€8,036
Other debts
+€692,000
Investment (derived)
-€300,381
Investment in fixed assets (net)
-€300,381
Financing
-€588,281
Debts after one year
-€677,071
Current portion of long-term debt
+€82,835
Short-term financial debts
+€5,955
Cash 2025
€29,429
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,452,993 | €5,646,544 | +€193,551 | +3.5% |
| Fixed assets | 21/28 | €5,248,556 | €5,510,482 | +€261,927 | +5.0% |
| Intangible fixed assets | 21 | €14,103 | €5,889 | -€8,214 | -58.2% |
| Tangible fixed assets | 22/27 | €69,715 | €107,355 | +€37,641 | +54.0% |
| Furniture and vehicles | 24 | €40,163 | €83,856 | +€43,693 | +108.8% |
| Leasing and similar rights | 25 | €29,552 | €23,500 | -€6,052 | -20.5% |
| Financial fixed assets | 28 | €5,164,738 | €5,397,238 | +€232,500 | +4.5% |
| Affiliated companies | 280/1 | €5,164,738 | €5,397,238 | +€232,500 | +4.5% |
| Participating interests | 280 | €5,164,738 | €5,397,238 | +€232,500 | +4.5% |
| Current assets | 29/58 | €204,438 | €136,062 | -€68,376 | -33.4% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €175,049 | €91,083 | -€83,966 | -48.0% |
| Trade receivables | 40 | €49 | €66,000 | +€65,951 | +134319.6% |
| Other amounts receivable | 41 | €175,000 | €25,083 | -€149,917 | -85.7% |
| Cash at bank and in hand | 54/58 | €15,375 | €29,429 | +€14,054 | +91.4% |
| Deferred charges and accrued income | 490/1 | €14,014 | €15,550 | +€1,536 | +11.0% |
| Total equity and liabilities | 10/49 | €5,452,993 | €5,646,544 | +€193,551 | +3.5% |
| Equity | 10/15 | €3,176,049 | €3,260,804 | +€84,755 | +2.7% |
| Contributions | 10/11 | €164,000 | €164,000 | = | 0.0% |
| Reserves | 13 | €3,012,049 | €3,096,804 | +€84,755 | +2.8% |
| Tax-exempt reserves | 132 | €81,000 | €81,000 | = | 0.0% |
| Distributable reserves | 133 | €2,931,049 | €3,015,804 | +€84,755 | +2.9% |
| Amounts payable | 17/49 | €2,276,945 | €2,385,740 | +€108,796 | +4.8% |
| Amounts payable after more than one year | 17 | €1,809,597 | €1,132,526 | -€677,071 | -37.4% |
| Financial debts | 170/4 | €1,254,597 | €1,132,526 | -€122,071 | -9.7% |
| Leasing and similar obligations | 172 | €23,746 | €17,906 | -€5,839 | -24.6% |
| Credit institutions | 173 | €1,230,852 | €1,114,620 | -€116,232 | -9.4% |
| Other amounts payable | 178/9 | €555,000 | €0 | -€555,000 | -100.0% |
| Amounts payable within one year | 42/48 | €467,347 | €1,252,795 | +€785,448 | +168.1% |
| Current portion of amounts payable after more than one year | 42 | €272,592 | €355,427 | +€82,835 | +30.4% |
| Financial debts | 43 | €8,368 | €14,323 | +€5,955 | +71.2% |
| Credit institutions | 430/8 | €8,368 | €14,323 | +€5,955 | +71.2% |
| Trade debts | 44 | €12,868 | €9,490 | -€3,378 | -26.3% |
| Suppliers | 440/4 | €12,868 | €9,490 | -€3,378 | -26.3% |
| Taxes, remuneration and social security | 45 | €65,519 | €73,555 | +€8,036 | +12.3% |
| Taxes | 450/3 | €20,830 | €23,457 | +€2,628 | +12.6% |
| Remuneration and social security | 454/9 | €44,689 | €50,098 | +€5,408 | +12.1% |
| Other amounts payable | 47/48 | €108,000 | €800,000 | +€692,000 | +640.7% |
| Accrued charges and deferred income | 492/3 | - | €419 | +€419 | |
| Operating income | 70/76A | €284,432 | €510,166 | +€225,733 | +79.4% |
| Turnover | 70 | €277,650 | €502,500 | +€224,850 | +81.0% |
| Other operating income | 74 | €6,782 | €7,666 | +€883 | +13.0% |
| Operating charges | 60/66A | €326,812 | €480,704 | +€153,893 | +47.1% |
| Services and other goods | 61 | €104,327 | €123,500 | +€19,173 | +18.4% |
| Remuneration, social security and pensions | 62 | €196,195 | €316,341 | +€120,146 | +61.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,234 | €38,454 | +€15,219 | +65.5% |
| Other operating charges | 640/8 | €3,056 | €2,410 | -€646 | -21.1% |
| Operating profit (loss) | 9901 | -€42,379 | €29,462 | +€71,841 | |
| Financial income | 75/76B | €192,674 | €203,600 | +€10,926 | +5.7% |
| Recurring financial income | 75 | €192,674 | €103,600 | -€89,074 | -46.2% |
| Income from financial fixed assets | 750 | €187,600 | €103,600 | -€84,000 | -44.8% |
| Income from current assets | 751 | €5,050 | €0 | -€5,050 | -100.0% |
| Other financial income | 752/9 | €24 | €0 | -€24 | -99.9% |
| Non-recurring financial income | 76B | - | €100,000 | +€100,000 | |
| Financial charges | 65/66B | €74,055 | €147,373 | +€73,318 | +99.0% |
| Recurring financial charges | 65 | €74,055 | €89,873 | +€15,818 | +21.4% |
| Debt charges | 650 | €71,467 | €88,140 | +€16,673 | +23.3% |
| Other financial charges | 652/9 | €2,588 | €1,733 | -€855 | -33.1% |
| Non-recurring financial charges | 66B | - | €57,500 | +€57,500 | |
| Profit (loss) for the period before taxes | 9903 | €76,240 | €85,689 | +€9,449 | +12.4% |
| Income taxes | 67/77 | €594 | €934 | +€340 | +57.3% |
| Taxes | 670/3 | €594 | €934 | +€340 | +57.3% |
| Profit (loss) for the period | 9904 | €75,646 | €84,755 | +€9,109 | +12.0% |
| Profit (loss) for the period to be appropriated | 9905 | €75,646 | €84,755 | +€9,109 | +12.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.