H.P.S.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.S.C.
Largest movements
- Tangible fixed assets +€793,796
up €793,796 (+67.5%), from €1.2m to €2.0m
of which Land and buildings: +€856,170
- Receivables within one year +€304,660
up €304,660 (+101%), from €301,695 to €606,354
of which Other amounts receivable: +€233,501
- Cash +€50,311
up €50,311 (+14.3%), from €350,614 to €400,925
mainly Debts after one year (+€575,706) and Net result for the year (+€393,255)
- Debts after one year +€575,706
up €575,706 (+191%), from €300,948 to €876,654
- Reserves +€393,255
up €393,255 (+20.6%), from €1.9m to €2.3m
- Trade debts +€111,253
up €111,253 (+1,750%), from €6,359 to €117,612
- Current portion of long-term debt +€107,019
up €107,019 (+201%), from €53,230 to €160,249
- Financial income -€67,291
down €67,291 (-22.4%), from €300,275 to €232,984
- Taxes -€47,052
down €47,052 (-48.9%), from €96,157 to €49,105
- Other operating charges +€21,191
up €21,191 (+350%), from €6,062 to €27,252
- Gross operating margin +€19,993
up €19,993 (+7.2%), from €276,209 to €296,202
- Financial charges +€12,969
up €12,969 (+200%), from €6,487 to €19,456
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 | €2,830,417 | €3,979,346 | +€1.1m | +40.6% |
| Fixed assets | 21/28 | €2,176,768 | €2,970,564 | +€793,796 | +36.5% |
| Tangible fixed assets | 22/27 | €1,176,768 | €1,970,564 | +€793,796 | +67.5% |
| Land and buildings | 22 | €864,700 | €1,720,870 | +€856,170 | +99.0% |
| Assets under construction and advance payments | 27 | €312,068 | €249,694 | -€62,374 | -20.0% |
| Financial fixed assets | 28 | €1,000,000 | €1,000,000 | = | 0.0% |
| Current assets | 29/58 | €653,649 | €1,008,782 | +€355,133 | +54.3% |
| Amounts receivable within one year | 40/41 | €301,695 | €606,354 | +€304,660 | +101% |
| Trade receivables | 40 | €275,069 | €346,228 | +€71,159 | +25.9% |
| Other amounts receivable | 41 | €26,625 | €260,126 | +€233,501 | +877% |
| Cash at bank and in hand | 54/58 | €350,614 | €400,925 | +€50,311 | +14.3% |
| Deferred charges and accrued income | 490/1 | €1,341 | €1,503 | +€162 | +12.1% |
| Total equity and liabilities | 10/49 | €2,830,417 | €3,979,346 | +€1.1m | +40.6% |
| Equity | 10/15 | €2,425,931 | €2,819,186 | +€393,255 | +16.2% |
| Contributions | 10/11 | €518,600 | €518,600 | = | 0.0% |
| Reserves | 13 | €1,907,331 | €2,300,586 | +€393,255 | +20.6% |
| Distributable reserves | 133 | €1,907,331 | €2,300,586 | +€393,255 | +20.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €404,486 | €1,160,160 | +€755,674 | +187% |
| Amounts payable after more than one year | 17 | €300,948 | €876,654 | +€575,706 | +191% |
| Financial debts | 170/4 | €300,948 | €876,654 | +€575,706 | +191% |
| Amounts payable within one year | 42/48 | €103,538 | €283,506 | +€179,968 | +174% |
| Current portion of amounts payable after more than one year | 42 | €53,230 | €160,249 | +€107,019 | +201% |
| Trade debts | 44 | €6,359 | €117,612 | +€111,253 | +1,750% |
| Suppliers | 440/4 | €6,359 | €117,612 | +€111,253 | +1,750% |
| Taxes, remuneration and social security | 45 | €38,999 | €5,646 | -€33,353 | -85.5% |
| Taxes | 450/3 | €38,999 | €0 | -€38,999 | -100% |
| Remuneration and social security | 454/9 | - | €5,646 | +€5,646 | |
| Other amounts payable | 47/48 | €4,950 | €0 | -€4,950 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,789 | €40,118 | +€6,329 | +18.7% |
| Other operating charges | 640/8 | €6,062 | €27,252 | +€21,191 | +350% |
| Gross operating margin | 9900 | €276,209 | €296,202 | +€19,993 | +7.2% |
| Operating profit (loss) | 9901 | €236,359 | €228,831 | -€7,527 | -3.2% |
| Financial income | 75/76B | €300,275 | €232,984 | -€67,291 | -22.4% |
| Recurring financial income | 75 | €300,275 | €232,984 | -€67,291 | -22.4% |
| Financial charges | 65/66B | €6,487 | €19,456 | +€12,969 | +200% |
| Recurring financial charges | 65 | €6,487 | €19,456 | +€12,969 | +200% |
| Profit (loss) for the period before taxes | 9903 | €530,147 | €442,360 | -€87,787 | -16.6% |
| Income taxes | 67/77 | €96,157 | €49,105 | -€47,052 | -48.9% |
| Profit (loss) for the period | 9904 | €433,990 | €393,255 | -€40,735 | -9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €433,990 | €393,255 | -€40,735 | -9.4% |
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 29 October 2026 via checked.be.