H.P.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.P.S.
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€684,020
2024 · €930,046-€246,026
Equity
€3.8m
2024 · €3.2m+€504,020
Cash
€477,203
2024 · €345,028+€132,175
Balance sheet total
€6.4m
2024 · €6.5m-€63,218
Largest movements
Assets
- Receivables within one year -€419,357
down €419,357 (-60.4%), from €694,707 to €275,351
of which Other amounts receivable: -€412,857
- Receivables after one year +€250,000
up €250,000 (+25.0%), from €1.0m to €1.3m
- Cash +€132,175
up €132,175 (+38.3%), from €345,028 to €477,203
mainly Net result for the year (+€684,020) and Receivables within one year (+€419,357)
Equity and liabilities
- Reserves +€504,020
up €504,020 (+16.9%), from €3.0m to €3.5m
of which Tax-exempt reserves: +€267,016
- Debts after one year -€269,502
down €269,502 (-11.5%), from €2.3m to €2.1m
of which Financial debts: -€269,502
- Other debts -€159,798
down €159,798 (-49.7%), from €321,496 to €161,698
- Tax, wage and social debts -€143,581
down €143,581 (-76.4%), from €188,012 to €44,431
of which Taxes: -€139,330
Income statement
- Financial income -€184,331
down €184,331 (-97.7%), from €188,700 to €4,369
- Gross operating margin -€165,920
down €165,920 (-10.9%), from €1.5m to €1.4m
- Taxes -€90,502
down €90,502 (-34.5%), from €262,355 to €171,853
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
€930,046
Gross operating margin
-€165,920
Staff costs
-€4,503
Depreciation
+€4,993
Other operating charges
+€6,604
Financial income
-€184,331
Financial charges
+€6,627
Taxes
+€90,502
Result 2025
€684,020
raises the resultlowers the result
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.
From operations
+€803,917
Investment
-€212,979
Financing
-€458,763
Cash 2024
€345,028
From operations (derived)
+€803,917
Net result for the year
+€684,020
Depreciation
+€235,046
Receivables after one year
-€250,000
Receivables within one year
+€419,357
Deferred charges and accrued income
+€3,970
Provisions
-€1,171
Trade debts
+€18,253
Tax, wage and social debts
-€143,581
Other debts
-€159,798
Accrued charges and deferred income
-€2,178
Investment (derived)
-€212,979
Investment in fixed assets (net)
-€212,979
Financing
-€458,763
Debts after one year
-€269,502
Current portion of long-term debt
-€9,261
Contributions, distributions and other
-€180,000
Cash 2025
€477,203
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,482,770 | €6,419,552 | -€63,218 | -1.0% |
| Fixed assets | 21/28 | €4,421,223 | €4,399,155 | -€22,067 | -0.5% |
| Tangible fixed assets | 22/27 | €3,902,823 | €3,880,755 | -€22,067 | -0.6% |
| Land and buildings | 22 | €3,577,758 | €3,511,491 | -€66,268 | -1.9% |
| Plant, machinery and equipment | 23 | €31,783 | €28,823 | -€2,960 | -9.3% |
| Furniture and vehicles | 24 | €166,968 | €138,240 | -€28,729 | -17.2% |
| Other tangible fixed assets | 26 | €126,313 | €202,203 | +€75,889 | +60.1% |
| Financial fixed assets | 28 | €518,400 | €518,400 | = | 0.0% |
| Current assets | 29/58 | €2,061,547 | €2,020,396 | -€41,151 | -2.0% |
| Amounts receivable after more than one year | 29 | €1,000,000 | €1,250,000 | +€250,000 | +25.0% |
| Other amounts receivable | 291 | €1,000,000 | €1,250,000 | +€250,000 | +25.0% |
| Amounts receivable within one year | 40/41 | €694,707 | €275,351 | -€419,357 | -60.4% |
| Trade receivables | 40 | €111,500 | €105,000 | -€6,500 | -5.8% |
| Other amounts receivable | 41 | €583,207 | €170,351 | -€412,857 | -70.8% |
| Cash at bank and in hand | 54/58 | €345,028 | €477,203 | +€132,175 | +38.3% |
| Deferred charges and accrued income | 490/1 | €21,812 | €17,842 | -€3,970 | -18.2% |
| Total equity and liabilities | 10/49 | €6,482,770 | €6,419,552 | -€63,218 | -1.0% |
| Equity | 10/15 | €3,246,780 | €3,750,800 | +€504,020 | +15.5% |
| Contributions | 10/11 | €270,000 | €270,000 | = | 0.0% |
| Capital | 10 | €270,000 | €270,000 | = | 0.0% |
| Issued capital | 100 | €270,000 | €270,000 | = | 0.0% |
| Contributions outside capital | 11 | €0 | - | = | |
| Other | 1109/19 | €0 | - | = | |
| Reserves | 13 | €2,976,780 | €3,480,800 | +€504,020 | +16.9% |
| Non-distributable reserves | 130/1 | €33,720 | €33,720 | = | 0.0% |
| Legal reserve | 130 | €33,720 | €33,720 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €106,425 | €373,441 | +€267,016 | +251% |
| Distributable reserves | 133 | €2,836,635 | €3,073,639 | +€237,004 | +8.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €9,435 | €8,264 | -€1,171 | -12.4% |
| Deferred taxes | 168 | €9,435 | €8,264 | -€1,171 | -12.4% |
| Amounts payable | 17/49 | €3,226,555 | €2,660,488 | -€566,068 | -17.5% |
| Amounts payable after more than one year | 17 | €2,346,511 | €2,077,009 | -€269,502 | -11.5% |
| Financial debts | 170/4 | €2,344,411 | €2,074,909 | -€269,502 | -11.5% |
| Other amounts payable | 178/9 | €2,100 | €2,100 | = | 0.0% |
| Amounts payable within one year | 42/48 | €862,953 | €568,566 | -€294,387 | -34.1% |
| Current portion of amounts payable after more than one year | 42 | €281,103 | €271,842 | -€9,261 | -3.3% |
| Financial debts | 43 | €60,000 | €60,000 | = | 0.0% |
| Credit institutions | 430/8 | €60,000 | €60,000 | = | 0.0% |
| Trade debts | 44 | €12,342 | €30,595 | +€18,253 | +148% |
| Suppliers | 440/4 | €12,342 | €30,595 | +€18,253 | +148% |
| Taxes, remuneration and social security | 45 | €188,012 | €44,431 | -€143,581 | -76.4% |
| Taxes | 450/3 | €149,042 | €9,711 | -€139,330 | -93.5% |
| Remuneration and social security | 454/9 | €38,970 | €34,720 | -€4,251 | -10.9% |
| Other amounts payable | 47/48 | €321,496 | €161,698 | -€159,798 | -49.7% |
| Accrued charges and deferred income | 492/3 | €17,091 | €14,913 | -€2,178 | -12.7% |
| Remuneration, social security and pensions | 62 | €182,226 | €186,728 | +€4,503 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €240,040 | €235,046 | -€4,993 | -2.1% |
| Other operating charges | 640/8 | €28,743 | €22,139 | -€6,604 | -23.0% |
| Gross operating margin | 9900 | €1,520,503 | €1,354,584 | -€165,920 | -10.9% |
| Operating profit (loss) | 9901 | €1,069,495 | €910,670 | -€158,825 | -14.9% |
| Financial income | 75/76B | €188,700 | €4,369 | -€184,331 | -97.7% |
| Recurring financial income | 75 | €188,700 | €4,369 | -€184,331 | -97.7% |
| Financial charges | 65/66B | €66,964 | €60,337 | -€6,627 | -9.9% |
| Recurring financial charges | 65 | €66,964 | €60,337 | -€6,627 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €1,191,230 | €854,702 | -€336,528 | -28.3% |
| Transfer from deferred taxes | 780 | €1,171 | €1,171 | = | 0.0% |
| Income taxes | 67/77 | €262,355 | €171,853 | -€90,502 | -34.5% |
| Profit (loss) for the period | 9904 | €930,046 | €684,020 | -€246,026 | -26.5% |
| Transfer from tax-exempt reserves | 789 | €6,634 | €6,634 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €273,650 | +€273,650 | |
| Profit (loss) for the period to be appropriated | 9905 | €936,680 | €417,004 | -€519,676 | -55.5% |
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 31 October 2026 via checked.be.