H.S.C.: what changed
H.S.C.
Largest movements
- Cash -€18,839
down €18,839 (-91.2%), from €20,661 to €1,822
mainly Trade debts (-€26,563) and Short-term financial debts (-€15,210)
- Stocks and contracts -€16,270
down €16,270 (-12.9%), from €126,317 to €110,047
of which Stocks: -€16,198
- Trade debts -€26,563
down €26,563 (-37.7%), from €70,435 to €43,872
- Other debts +€21,970
up €21,970 (+72.2%), from €30,433 to €52,403
- Short-term financial debts -€15,210
down €15,210 (-19.0%), from €80,000 to €64,790
- Tax, wage and social debts -€14,978
down €14,978 (-81.3%), from €18,415 to €3,437
of which Taxes: -€14,380
- Gross operating margin -€10,800
down €10,800 (-48.6%), from €22,201 to €11,401
- Staff costs -€6,801
down €6,801 (-96.5%), from €7,046 to €245
- Financial charges +€1,913
up €1,913 (+26.0%), from €7,348 to €9,261
- Taxes -€944
down €944 (-87.1%), from €1,084 to €140
- Financial income -€782
down €782 (-99.9%), from €783 to €1
of which Non-recurring financial income: -€765
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €178,246 | €143,339 | -€34,907 | -19.6% |
| Fixed assets | 21/28 | €100 | €100 | = | 0.0% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €178,146 | €143,239 | -€34,907 | -19.6% |
| Stocks and contracts in progress | 3 | €126,317 | €110,047 | -€16,270 | -12.9% |
| Stocks | 30/36 | €110,273 | €94,075 | -€16,198 | -14.7% |
| Contracts in progress | 37 | €16,044 | €15,972 | -€72 | -0.4% |
| Amounts receivable within one year | 40/41 | €30,648 | €30,943 | +€295 | +1.0% |
| Trade receivables | 40 | €30,648 | €30,943 | +€295 | +1.0% |
| Cash at bank and in hand | 54/58 | €20,661 | €1,822 | -€18,839 | -91.2% |
| Deferred charges and accrued income | 490/1 | €520 | €427 | -€93 | -17.9% |
| Total equity and liabilities | 10/49 | €178,246 | €143,339 | -€34,907 | -19.6% |
| Equity | 10/15 | -€21,037 | -€21,163 | -€126 | -0.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €10,859 | €10,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €9,000 | €9,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,488 | -€50,614 | -€126 | -0.2% |
| Amounts payable | 17/49 | €199,283 | €164,502 | -€34,781 | -17.5% |
| Amounts payable within one year | 42/48 | €199,283 | €164,502 | -€34,781 | -17.5% |
| Financial debts | 43 | €80,000 | €64,790 | -€15,210 | -19.0% |
| Credit institutions | 430/8 | €80,000 | €64,790 | -€15,210 | -19.0% |
| Trade debts | 44 | €70,435 | €43,872 | -€26,563 | -37.7% |
| Suppliers | 440/4 | €70,435 | €43,872 | -€26,563 | -37.7% |
| Taxes, remuneration and social security | 45 | €18,415 | €3,437 | -€14,978 | -81.3% |
| Taxes | 450/3 | €17,817 | €3,437 | -€14,380 | -80.7% |
| Remuneration and social security | 454/9 | €598 | - | -€598 | |
| Other amounts payable | 47/48 | €30,433 | €52,403 | +€21,970 | +72.2% |
| Remuneration, social security and pensions | 62 | €7,046 | €245 | -€6,801 | -96.5% |
| Other operating charges | 640/8 | €1,443 | €1,882 | +€439 | +30.4% |
| Gross operating margin | 9900 | €22,201 | €11,401 | -€10,800 | -48.6% |
| Operating profit (loss) | 9901 | €13,712 | €9,274 | -€4,438 | -32.4% |
| Financial income | 75/76B | €783 | €1 | -€782 | -99.9% |
| Recurring financial income | 75 | €18 | €1 | -€17 | -94.4% |
| Non-recurring financial income | 76B | €765 | - | -€765 | |
| Financial charges | 65/66B | €7,348 | €9,261 | +€1,913 | +26.0% |
| Recurring financial charges | 65 | €7,348 | €9,261 | +€1,913 | +26.0% |
| Profit (loss) for the period before taxes | 9903 | €7,147 | €14 | -€7,133 | -99.8% |
| Income taxes | 67/77 | €1,084 | €140 | -€944 | -87.1% |
| Profit (loss) for the period | 9904 | €6,063 | -€126 | -€6,189 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,063 | -€126 | -€6,189 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.