HAC: 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.
HAC
Largest movements
- Deferred charges and accrued income -€118,067
no longer reported in 2025 (was €118,067)
- Cash +€87,650
up €87,650 (+39.8%), from €220,375 to €308,025
mainly Deferred charges and accrued income (+€118,067) and Other debts (+€62,897)
- Receivables within one year -€9,135
down €9,135 (-58.2%), from €15,705 to €6,570
- Trade debts -€114,297
down €114,297 (-97.2%), from €117,613 to €3,316
- Other debts +€62,897
up €62,897 (+32.3%), from €195,025 to €257,921
- Reserves +€13,749
up €13,749 (+12.1%), from €113,335 to €127,084
of which Distributable reserves: +€13,749
- Financial charges -€54,062
down €54,062 (-50.4%), from €107,330 to €53,268
- Gross operating margin -€34,319
down €34,319 (-18.4%), from €186,322 to €152,003
- Staff costs +€4,363
up €4,363 (+5.8%), from €75,729 to €80,093
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 | €450,437 | €408,708 | -€41,729 | -9.3% |
| Fixed assets | 21/28 | €96,290 | €94,113 | -€2,178 | -2.3% |
| Tangible fixed assets | 22/27 | €2,790 | €613 | -€2,178 | -78.0% |
| Plant, machinery and equipment | 23 | €1,997 | - | -€1,997 | |
| Other tangible fixed assets | 26 | €794 | €613 | -€181 | -22.8% |
| Financial fixed assets | 28 | €93,500 | €93,500 | = | 0.0% |
| Current assets | 29/58 | €354,147 | €314,595 | -€39,552 | -11.2% |
| Amounts receivable within one year | 40/41 | €15,705 | €6,570 | -€9,135 | -58.2% |
| Other amounts receivable | 41 | €15,705 | €6,570 | -€9,135 | -58.2% |
| Cash at bank and in hand | 54/58 | €220,375 | €308,025 | +€87,650 | +39.8% |
| Deferred charges and accrued income | 490/1 | €118,067 | - | -€118,067 | |
| Total equity and liabilities | 10/49 | €450,437 | €408,708 | -€41,729 | -9.3% |
| Equity | 10/15 | €132,335 | €146,084 | +€13,749 | +10.4% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €113,335 | €127,084 | +€13,749 | +12.1% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €111,435 | €125,184 | +€13,749 | +12.3% |
| Amounts payable | 17/49 | €318,102 | €262,624 | -€55,478 | -17.4% |
| Amounts payable within one year | 42/48 | €318,102 | €262,624 | -€55,478 | -17.4% |
| Trade debts | 44 | €117,613 | €3,316 | -€114,297 | -97.2% |
| Suppliers | 440/4 | €117,613 | €3,316 | -€114,297 | -97.2% |
| Taxes, remuneration and social security | 45 | €5,465 | €1,387 | -€4,078 | -74.6% |
| Taxes | 450/3 | €1,387 | €1,387 | = | 0.0% |
| Remuneration and social security | 454/9 | €4,078 | - | -€4,078 | |
| Other amounts payable | 47/48 | €195,025 | €257,921 | +€62,897 | +32.3% |
| Remuneration, social security and pensions | 62 | €75,729 | €80,093 | +€4,363 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,108 | €2,178 | +€70 | +3.3% |
| Other operating charges | 640/8 | €1,783 | €1,596 | -€188 | -10.5% |
| Gross operating margin | 9900 | €186,322 | €152,003 | -€34,319 | -18.4% |
| Operating profit (loss) | 9901 | €106,702 | €68,137 | -€38,565 | -36.1% |
| Financial income | 75/76B | €546 | €254 | -€292 | -53.4% |
| Recurring financial income | 75 | €546 | €254 | -€292 | -53.4% |
| Financial charges | 65/66B | €107,330 | €53,268 | -€54,062 | -50.4% |
| Recurring financial charges | 65 | €107,330 | €53,268 | -€54,062 | -50.4% |
| Profit (loss) for the period before taxes | 9903 | -€82 | €15,124 | +€15,206 | |
| Income taxes | 67/77 | - | €1,375 | +€1,375 | |
| Profit (loss) for the period | 9904 | -€82 | €13,749 | +€13,831 | |
| Profit (loss) for the period to be appropriated | 9905 | -€82 | €13,749 | +€13,831 |
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 15 October 2026 via checked.be.