H.P.C.: 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.P.C.
Largest movements
- Receivables within one year -€40,487
down €40,487 (-43.4%), from €93,278 to €52,791
of which Trade receivables: -€38,578
- Cash +€17,038
up €17,038 (+77.9%), from €21,885 to €38,923
mainly Net result for the year (+€130,006) and Depreciation (+€54,793)
- Tangible fixed assets -€16,367
down €16,367 (-2.2%), from €747,414 to €731,047
of which Furniture and vehicles: -€9,094
- Intangible fixed assets +€10,476
up €10,476 (+84.8%), from €12,352 to €22,828
- Receivables after one year -€10,311
down €10,311 (-8.4%), from €123,358 to €113,048
- Current portion of long-term debt -€187,767
down €187,767 (-81.9%), from €229,181 to €41,414
- Other debts +€42,256
up €42,256 (+222.4%), from €19,000 to €61,256
- Trade debts -€41,603
down €41,603 (-44.8%), from €92,830 to €51,227
- Profit (loss) carried forward +€38,308
up €38,308, from -€38,304 to €4
- Reserves +€33,598
up €33,598 (+26.7%), from €125,750 to €159,348
of which Tax-exempt reserves: +€36,818
- Gross operating margin +€238,027
up €238,027 (+137.2%), from €173,498 to €411,525
- Taxes +€17,847
up €17,847 (+3850.5%), from €464 to €18,310
- Staff costs +€15,570
up €15,570 (+10.0%), from €156,223 to €171,793
- Depreciation +€12,733
up €12,733 (+30.3%), from €42,060 to €54,793
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 | €1,000,269 | €958,636 | -€41,633 | -4.2% |
| Fixed assets | 21/28 | €759,766 | €753,874 | -€5,891 | -0.8% |
| Intangible fixed assets | 21 | €12,352 | €22,828 | +€10,476 | +84.8% |
| Tangible fixed assets | 22/27 | €747,414 | €731,047 | -€16,367 | -2.2% |
| Land and buildings | 22 | €693,844 | €686,571 | -€7,273 | -1.0% |
| Furniture and vehicles | 24 | €53,569 | €44,475 | -€9,094 | -17.0% |
| Current assets | 29/58 | €240,503 | €204,761 | -€35,742 | -14.9% |
| Amounts receivable after more than one year | 29 | €123,358 | €113,048 | -€10,311 | -8.4% |
| Other amounts receivable | 291 | €123,358 | €113,048 | -€10,311 | -8.4% |
| Amounts receivable within one year | 40/41 | €93,278 | €52,791 | -€40,487 | -43.4% |
| Trade receivables | 40 | €85,869 | €47,292 | -€38,578 | -44.9% |
| Other amounts receivable | 41 | €7,408 | €5,499 | -€1,910 | -25.8% |
| Cash at bank and in hand | 54/58 | €21,885 | €38,923 | +€17,038 | +77.9% |
| Deferred charges and accrued income | 490/1 | €1,982 | €0 | -€1,982 | -100.0% |
| Total equity and liabilities | 10/49 | €1,000,269 | €958,636 | -€41,633 | -4.2% |
| Equity | 10/15 | €223,946 | €295,852 | +€71,906 | +32.1% |
| Contributions | 10/11 | €136,500 | €136,500 | = | 0.0% |
| Capital | 10 | €136,500 | €136,500 | = | 0.0% |
| Issued capital | 100 | €136,500 | €136,500 | = | 0.0% |
| Reserves | 13 | €125,750 | €159,348 | +€33,598 | +26.7% |
| Non-distributable reserves | 130/1 | €13,650 | €13,650 | = | 0.0% |
| Legal reserve | 130 | €13,650 | €13,650 | = | 0.0% |
| Tax-exempt reserves | 132 | €54,000 | €90,818 | +€36,818 | +68.2% |
| Distributable reserves | 133 | €58,100 | €54,880 | -€3,220 | -5.5% |
| Profit (loss) carried forward | 14 | -€38,304 | €4 | +€38,308 | |
| Provisions and deferred taxes | 16 | - | €12,273 | +€12,273 | |
| Deferred taxes | 168 | - | €12,273 | +€12,273 | |
| Amounts payable | 17/49 | €776,323 | €650,511 | -€125,812 | -16.2% |
| Amounts payable after more than one year | 17 | €419,299 | €449,418 | +€30,119 | +7.2% |
| Financial debts | 170/4 | €419,299 | €449,418 | +€30,119 | +7.2% |
| Amounts payable within one year | 42/48 | €357,023 | €201,092 | -€155,931 | -43.7% |
| Current portion of amounts payable after more than one year | 42 | €229,181 | €41,414 | -€187,767 | -81.9% |
| Trade debts | 44 | €92,830 | €51,227 | -€41,603 | -44.8% |
| Suppliers | 440/4 | €92,830 | €51,227 | -€41,603 | -44.8% |
| Taxes, remuneration and social security | 45 | €16,012 | €47,195 | +€31,183 | +194.8% |
| Taxes | 450/3 | €999 | €21,206 | +€20,207 | +2023.6% |
| Remuneration and social security | 454/9 | €15,013 | €25,989 | +€10,976 | +73.1% |
| Other amounts payable | 47/48 | €19,000 | €61,256 | +€42,256 | +222.4% |
| Remuneration, social security and pensions | 62 | €156,223 | €171,793 | +€15,570 | +10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,060 | €54,793 | +€12,733 | +30.3% |
| Other operating charges | 640/8 | €5,810 | €5,685 | -€125 | -2.1% |
| Gross operating margin | 9900 | €173,498 | €411,525 | +€238,027 | +137.2% |
| Operating profit (loss) | 9901 | -€30,595 | €179,253 | +€209,849 | |
| Financial income | 75/76B | €9,806 | €7,041 | -€2,765 | -28.2% |
| Recurring financial income | 75 | €9,806 | €7,041 | -€2,765 | -28.2% |
| Financial charges | 65/66B | €22,143 | €25,705 | +€3,562 | +16.1% |
| Recurring financial charges | 65 | €22,143 | €25,705 | +€3,562 | +16.1% |
| Profit (loss) for the period before taxes | 9903 | -€42,932 | €160,589 | +€203,521 | |
| Transfer from deferred taxes | 780 | - | €35,238 | +€35,238 | |
| Transfer to deferred taxes | 680 | - | €47,511 | +€47,511 | |
| Income taxes | 67/77 | €464 | €18,310 | +€17,847 | +3850.5% |
| Profit (loss) for the period | 9904 | -€43,395 | €130,006 | +€173,402 | |
| Transfer from tax-exempt reserves | 789 | - | €105,713 | +€105,713 | |
| Transfer to tax-exempt reserves | 689 | - | €142,532 | +€142,532 | |
| Profit (loss) for the period to be appropriated | 9905 | -€43,395 | €93,188 | +€136,583 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.