H.NCD BEHEER: 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.NCD BEHEER
Largest movements
- Formation expenses -€164,265
down €164,265 (-100%), from €164,265 to €0
- Receivables within one year +€123,863
up €123,863 (+2,150%), from €5,762 to €129,626
of which Trade receivables: +€129,626
- Cash +€98,741
up €98,741 (+317%), from €31,167 to €129,908
mainly Investment in fixed assets (net) (+€158,459) and Other debts (+€120,000)
- Tangible fixed assets +€5,041
new in 2025: €5,041
- Other debts +€120,000
new in 2025: €120,000
- Reserves -€75,087
down €75,087 (-51.7%), from €145,351 to €70,265
of which Distributable reserves: -€73,227
- Tax, wage and social debts +€35,695
up €35,695 (+257%), from €13,863 to €49,557
- Trade debts -€17,427
down €17,427 (-56.3%), from €30,981 to €13,554
- Gross operating margin +€52,941
up €52,941 (+234%), from €22,666 to €75,607
- Taxes +€6,454
up €6,454 (+37.1%), from €17,412 to €23,865
- Financial charges +€3,245
up €3,245 (+116%), from €2,791 to €6,036
- Financial income +€2,280
up €2,280 (+430,245%), from €1 to €2,281
- Depreciation +€765
new in 2025: €765
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 | €202,595 | €265,776 | +€63,181 | +31.2% |
| Formation expenses | 20 | €164,265 | €0 | -€164,265 | -100% |
| Fixed assets | 21/28 | - | €5,041 | +€5,041 | |
| Tangible fixed assets | 22/27 | - | €5,041 | +€5,041 | |
| Other tangible fixed assets | 26 | - | €5,041 | +€5,041 | |
| Current assets | 29/58 | €38,331 | €260,735 | +€222,404 | +580% |
| Amounts receivable within one year | 40/41 | €5,762 | €129,626 | +€123,863 | +2,150% |
| Trade receivables | 40 | €0 | €129,626 | +€129,626 | |
| Other amounts receivable | 41 | €5,762 | €0 | -€5,762 | -100% |
| Cash at bank and in hand | 54/58 | €31,167 | €129,908 | +€98,741 | +317% |
| Deferred charges and accrued income | 490/1 | €1,402 | €1,202 | -€200 | -14.3% |
| Total equity and liabilities | 10/49 | €202,595 | €265,776 | +€63,181 | +31.2% |
| Equity | 10/15 | €157,751 | €82,665 | -€75,087 | -47.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €145,351 | €70,265 | -€75,087 | -51.7% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | €143,491 | €70,265 | -€73,227 | -51.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €44,844 | €183,111 | +€138,267 | +308% |
| Amounts payable within one year | 42/48 | €44,844 | €183,111 | +€138,267 | +308% |
| Trade debts | 44 | €30,981 | €13,554 | -€17,427 | -56.3% |
| Suppliers | 440/4 | €30,981 | €13,554 | -€17,427 | -56.3% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €13,863 | €49,557 | +€35,695 | +257% |
| Taxes | 450/3 | €13,863 | €49,557 | +€35,695 | +257% |
| Other amounts payable | 47/48 | - | €120,000 | +€120,000 | |
| Non-recurring operating income | 76A | €0 | €3,719 | +€3,719 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €765 | +€765 | |
| Other operating charges | 640/8 | €1,981 | €2,308 | +€327 | +16.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €22,666 | €75,607 | +€52,941 | +234% |
| Operating profit (loss) | 9901 | €20,685 | €72,534 | +€51,849 | +251% |
| Financial income | 75/76B | €1 | €2,281 | +€2,280 | +430,245% |
| Recurring financial income | 75 | €1 | €2,281 | +€2,280 | +430,245% |
| Financial charges | 65/66B | €2,791 | €6,036 | +€3,245 | +116% |
| Recurring financial charges | 65 | €2,791 | €6,036 | +€3,245 | +116% |
| Profit (loss) for the period before taxes | 9903 | €17,894 | €68,779 | +€50,885 | +284% |
| Income taxes | 67/77 | €17,412 | €23,865 | +€6,454 | +37.1% |
| Profit (loss) for the period | 9904 | €483 | €44,913 | +€44,431 | +9,203% |
| Profit (loss) for the period to be appropriated | 9905 | €483 | €44,913 | +€44,431 | +9,203% |
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 24 October 2026 via checked.be.