HaCeCO: 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.
HaCeCO
Largest movements
- Cash +€152,294
up €152,294 (+29.7%), from €513,120 to €665,414
mainly Net result for the year (+€160,135) and Receivables within one year (+€57,690)
- Receivables within one year -€57,690
down €57,690 (-49.6%), from €116,413 to €58,723
of which Trade receivables: -€45,187
- Reserves +€110,135
up €110,135 (+20.8%), from €530,088 to €640,223
- Trade debts -€16,442
down €16,442 (-67.7%), from €24,298 to €7,856
- Tax, wage and social debts -€12,488
down €12,488 (-28.7%), from €43,587 to €31,099
of which Taxes: -€16,830
- Gross operating margin +€64,807
up €64,807 (+27.8%), from €233,445 to €298,252
- Staff costs +€33,805
new in 2025: €33,805
- Taxes +€12,078
up €12,078 (+18.9%), from €63,850 to €75,928
- Financial income +€10,248
up €10,248 (+557%), from €1,840 to €12,088
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 | €778,378 | €866,391 | +€88,013 | +11.3% |
| Fixed assets | 21/28 | €72,765 | €66,174 | -€6,591 | -9.1% |
| Tangible fixed assets | 22/27 | €72,765 | €66,174 | -€6,591 | -9.1% |
| Land and buildings | 22 | €12,871 | €11,399 | -€1,472 | -11.4% |
| Plant, machinery and equipment | 23 | €2,387 | €15,631 | +€13,244 | +555% |
| Furniture and vehicles | 24 | €57,507 | €39,144 | -€18,363 | -31.9% |
| Current assets | 29/58 | €705,613 | €800,217 | +€94,604 | +13.4% |
| Amounts receivable within one year | 40/41 | €116,413 | €58,723 | -€57,690 | -49.6% |
| Trade receivables | 40 | €76,211 | €31,024 | -€45,187 | -59.3% |
| Other amounts receivable | 41 | €40,201 | €27,698 | -€12,503 | -31.1% |
| Current investments | 50/53 | €76,080 | €76,080 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €513,120 | €665,414 | +€152,294 | +29.7% |
| Total equity and liabilities | 10/49 | €778,378 | €866,391 | +€88,013 | +11.3% |
| Equity | 10/15 | €548,688 | €658,823 | +€110,135 | +20.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €530,088 | €640,223 | +€110,135 | +20.8% |
| Distributable reserves | 133 | €530,088 | €640,223 | +€110,135 | +20.8% |
| Amounts payable | 17/49 | €229,690 | €207,568 | -€22,122 | -9.6% |
| Amounts payable within one year | 42/48 | €229,690 | €207,568 | -€22,122 | -9.6% |
| Trade debts | 44 | €24,298 | €7,856 | -€16,442 | -67.7% |
| Suppliers | 440/4 | €24,298 | €7,856 | -€16,442 | -67.7% |
| Taxes, remuneration and social security | 45 | €43,587 | €31,099 | -€12,488 | -28.7% |
| Taxes | 450/3 | €43,587 | €26,757 | -€16,830 | -38.6% |
| Remuneration and social security | 454/9 | - | €4,342 | +€4,342 | |
| Other amounts payable | 47/48 | €161,805 | €168,613 | +€6,808 | +4.2% |
| Non-recurring operating income | 76A | - | €1,165 | +€1,165 | |
| Remuneration, social security and pensions | 62 | - | €33,805 | +€33,805 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,353 | €26,937 | +€1,584 | +6.2% |
| Other operating charges | 640/8 | €816 | €1,599 | +€783 | +95.9% |
| Gross operating margin | 9900 | €233,445 | €298,252 | +€64,807 | +27.8% |
| Operating profit (loss) | 9901 | €207,276 | €235,911 | +€28,634 | +13.8% |
| Financial income | 75/76B | €1,840 | €12,088 | +€10,248 | +557% |
| Recurring financial income | 75 | €1,840 | €12,088 | +€10,248 | +557% |
| Financial charges | 65/66B | €9,125 | €11,936 | +€2,810 | +30.8% |
| Recurring financial charges | 65 | €9,125 | €11,936 | +€2,810 | +30.8% |
| Profit (loss) for the period before taxes | 9903 | €199,991 | €236,063 | +€36,072 | +18.0% |
| Income taxes | 67/77 | €63,850 | €75,928 | +€12,078 | +18.9% |
| Profit (loss) for the period | 9904 | €136,141 | €160,135 | +€23,995 | +17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €136,141 | €160,135 | +€23,995 | +17.6% |
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 15 October 2026 via checked.be.