Hacoeur: what changed
Two fiscal 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.
Hacoeur
Largest movements
- Cash +€60,871
up €60,871 (+414.6%), from €14,681 to €75,552
mainly Net result for the year (+€57,795) and Debts after one year (+€21,107)
- Tangible fixed assets +€30,860
up €30,860 (+1650.5%), from €1,870 to €32,730
of which Leasing and similar rights: +€30,036
- Receivables within one year +€3,145
new in 2025: €3,145
- Reserves +€57,795
up €57,795 (+738.5%), from €7,826 to €65,621
- Debts after one year +€21,107
new in 2025: €21,107
- Tax, wage and social debts +€11,027
up €11,027 (+275.8%), from €3,998 to €15,024
of which Taxes: +€13,027
- Current portion of long-term debt +€7,665
new in 2025: €7,665
- Trade debts -€1,977
down €1,977 (-100.0%), from €1,977 to €0
- Gross operating margin +€71,973
up €71,973 (+701.2%), from €10,264 to €82,237
- Taxes +€13,027
up €13,027 (+652.1%), from €1,998 to €15,024
- Depreciation +€6,117
up €6,117 (+7295.5%), from €84 to €6,201
- Other operating charges +€1,507
up €1,507 (+468.0%), from €322 to €1,828
- Financial charges +€1,354
up €1,354 (+3924.8%), from €35 to €1,389
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.
Cash bridge derived
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 | €16,551 | €112,154 | +€95,603 | +577.6% |
| Fixed assets | 21/28 | €1,870 | €32,730 | +€30,860 | +1650.5% |
| Tangible fixed assets | 22/27 | €1,870 | €32,730 | +€30,860 | +1650.5% |
| Plant, machinery and equipment | 23 | - | €1,476 | +€1,476 | |
| Furniture and vehicles | 24 | €1,870 | €1,219 | -€651 | -34.8% |
| Leasing and similar rights | 25 | - | €30,036 | +€30,036 | |
| Current assets | 29/58 | €14,681 | €79,423 | +€64,742 | +441.0% |
| Amounts receivable within one year | 40/41 | - | €3,145 | +€3,145 | |
| Trade receivables | 40 | - | €3,145 | +€3,145 | |
| Cash at bank and in hand | 54/58 | €14,681 | €75,552 | +€60,871 | +414.6% |
| Deferred charges and accrued income | 490/1 | - | €726 | +€726 | |
| Total equity and liabilities | 10/49 | €16,551 | €112,154 | +€95,603 | +577.6% |
| Equity | 10/15 | €10,326 | €68,121 | +€57,795 | +559.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €7,826 | €65,621 | +€57,795 | +738.5% |
| Distributable reserves | 133 | €7,826 | €65,621 | +€57,795 | +738.5% |
| Amounts payable | 17/49 | €6,225 | €44,033 | +€37,808 | +607.4% |
| Amounts payable after more than one year | 17 | - | €21,107 | +€21,107 | |
| Financial debts | 170/4 | - | €21,107 | +€21,107 | |
| Amounts payable within one year | 42/48 | €6,225 | €22,925 | +€16,701 | +268.3% |
| Current portion of amounts payable after more than one year | 42 | - | €7,665 | +€7,665 | |
| Trade debts | 44 | €1,977 | €0 | -€1,977 | -100.0% |
| Suppliers | 440/4 | €1,977 | €0 | -€1,977 | -100.0% |
| Taxes, remuneration and social security | 45 | €3,998 | €15,024 | +€11,027 | +275.8% |
| Taxes | 450/3 | €1,998 | €15,024 | +€13,027 | +652.1% |
| Remuneration and social security | 454/9 | €2,000 | €0 | -€2,000 | -100.0% |
| Other amounts payable | 47/48 | €249 | €236 | -€14 | -5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84 | €6,201 | +€6,117 | +7295.5% |
| Other operating charges | 640/8 | €322 | €1,828 | +€1,507 | +468.0% |
| Gross operating margin | 9900 | €10,264 | €82,237 | +€71,973 | +701.2% |
| Operating profit (loss) | 9901 | €9,858 | €74,208 | +€64,349 | +652.7% |
| Financial charges | 65/66B | €35 | €1,389 | +€1,354 | +3924.8% |
| Recurring financial charges | 65 | €35 | €1,389 | +€1,354 | +3924.8% |
| Profit (loss) for the period before taxes | 9903 | €9,824 | €72,819 | +€62,995 | +641.2% |
| Income taxes | 67/77 | €1,998 | €15,024 | +€13,027 | +652.1% |
| Profit (loss) for the period | 9904 | €7,826 | €57,795 | +€49,969 | +638.5% |
| Profit (loss) for the period to be appropriated | 9905 | €7,826 | €57,795 | +€49,969 | +638.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.