HADECOUP: 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.
HADECOUP
Largest movements
- Receivables within one year -€6.3m
down €6.3m (-84.2%), from €7.4m to €1.2m
of which Other amounts receivable: -€6.2m
- Financial fixed assets +€5.8m
up €5.8m (+22,763%), from €25,500 to €5.8m
- Tangible fixed assets +€3.9m
up €3.9m (+2,917%), from €133,948 to €4.0m
of which Land and buildings: +€3.8m
- Deferred charges and accrued income -€421,175
down €421,175 (-97.5%), from €431,967 to €10,792
- Debts after one year +€4.0m
new in 2025: €4.0m
- Reserves -€924,900
down €924,900 (-11.2%), from €8.2m to €7.3m
- Financial income -€203,869
down €203,869 (-77.9%), from €261,677 to €57,808
of which Financial income: -€203,869
- Gross operating margin -€111,033
down €111,033 (-5.7%), from €2.0m to €1.8m
- Taxes -€100,848
down €100,848 (-21.8%), from €462,039 to €361,192
- Staff costs +€45,542
up €45,542 (+14.2%), from €321,663 to €367,205
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 | €8,572,450 | €11,535,535 | +€3.0m | +34.6% |
| Fixed assets | 21/28 | €159,448 | €9,871,387 | +€9.7m | +6,091% |
| Tangible fixed assets | 22/27 | €133,948 | €4,041,398 | +€3.9m | +2,917% |
| Land and buildings | 22 | - | €3,750,004 | +€3.8m | |
| Plant, machinery and equipment | 23 | €1,892 | €1,945 | +€54 | +2.8% |
| Furniture and vehicles | 24 | €116,819 | €88,595 | -€28,224 | -24.2% |
| Other tangible fixed assets | 26 | €15,238 | €200,855 | +€185,617 | +1,218% |
| Financial fixed assets | 28 | €25,500 | €5,829,988 | +€5.8m | +22,763% |
| Current assets | 29/58 | €8,413,002 | €1,664,149 | -€6.7m | -80.2% |
| Stocks and contracts in progress | 3 | €524,812 | €459,276 | -€65,536 | -12.5% |
| Stocks | 30/36 | €524,812 | €459,276 | -€65,536 | -12.5% |
| Amounts receivable within one year | 40/41 | €7,437,574 | €1,173,836 | -€6.3m | -84.2% |
| Trade receivables | 40 | €209,666 | €170,035 | -€39,632 | -18.9% |
| Other amounts receivable | 41 | €7,227,908 | €1,003,802 | -€6.2m | -86.1% |
| Cash at bank and in hand | 54/58 | €18,649 | €20,245 | +€1,595 | +8.6% |
| Deferred charges and accrued income | 490/1 | €431,967 | €10,792 | -€421,175 | -97.5% |
| Total equity and liabilities | 10/49 | €8,572,450 | €11,535,535 | +€3.0m | +34.6% |
| Equity | 10/15 | €8,304,639 | €7,379,739 | -€924,900 | -11.1% |
| Contributions | 10/11 | €55,776 | €55,776 | = | 0.0% |
| Reserves | 13 | €8,248,863 | €7,323,963 | -€924,900 | -11.2% |
| Distributable reserves | 133 | €8,248,863 | €7,323,963 | -€924,900 | -11.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €267,811 | €4,155,796 | +€3.9m | +1,452% |
| Amounts payable after more than one year | 17 | - | €4,003,605 | +€4.0m | |
| Financial debts | 170/4 | - | €4,003,605 | +€4.0m | |
| Amounts payable within one year | 42/48 | €225,261 | €133,404 | -€91,857 | -40.8% |
| Trade debts | 44 | €102,573 | €106,524 | +€3,952 | +3.9% |
| Suppliers | 440/4 | €102,573 | €106,524 | +€3,952 | +3.9% |
| Advances received on contracts in progress | 46 | €5,500 | €0 | -€5,500 | -100% |
| Taxes, remuneration and social security | 45 | €117,188 | €26,880 | -€90,309 | -77.1% |
| Taxes | 450/3 | €81,392 | €0 | -€81,392 | -100% |
| Remuneration and social security | 454/9 | €35,796 | €26,880 | -€8,917 | -24.9% |
| Accrued charges and deferred income | 492/3 | €42,550 | €18,788 | -€23,762 | -55.8% |
| Non-recurring operating income | 76A | €505 | €25,088 | +€24,583 | +4,869% |
| Remuneration, social security and pensions | 62 | €321,663 | €367,205 | +€45,542 | +14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,171 | €54,657 | +€19,486 | +55.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,600 | €11,249 | +€9,649 | +603% |
| Other operating charges | 640/8 | €14,142 | €30,466 | +€16,324 | +115% |
| Gross operating margin | 9900 | €1,957,650 | €1,846,617 | -€111,033 | -5.7% |
| Operating profit (loss) | 9901 | €1,585,074 | €1,383,040 | -€202,035 | -12.7% |
| Financial income | 75/76B | €261,677 | €57,808 | -€203,869 | -77.9% |
| Recurring financial income | 75 | €261,677 | €57,808 | -€203,869 | -77.9% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €3,463 | €4,556 | +€1,093 | +31.6% |
| Recurring financial charges | 65 | €3,463 | €4,556 | +€1,093 | +31.6% |
| Profit (loss) for the period before taxes | 9903 | €1,843,289 | €1,436,292 | -€406,997 | -22.1% |
| Income taxes | 67/77 | €462,039 | €361,192 | -€100,848 | -21.8% |
| Profit (loss) for the period | 9904 | €1,381,249 | €1,075,100 | -€306,149 | -22.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,381,249 | €1,075,100 | -€306,149 | -22.2% |
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.