Halcyon: 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.
Halcyon
Largest movements
- Tangible fixed assets +€193,376
up €193,376 (+2579.5%), from €7,497 to €200,873
of which Land and buildings: +€176,864
- Cash -€127,203
down €127,203 (-78.1%), from €162,961 to €35,758
mainly Investment in fixed assets (net) (-€200,458) and Contributions, distributions and other (-€120,833)
- Current investments +€34,969
up €34,969 (+151.1%), from €23,146 to €58,115
- Receivables within one year +€20,046
up €20,046, from €0 to €20,046
of which Trade receivables: +€17,417
- Debts after one year +€171,511
new in 2025: €171,511
- Reserves -€118,916
down €118,916 (-87.7%), from €135,553 to €16,637
- Provisions +€65,622
new in 2025: €65,622
- Current portion of long-term debt +€6,488
new in 2025: €6,488
- Other debts -€3,347
down €3,347 (-20.2%), from €16,555 to €13,208
- Provisions +€65,622
new in 2025: €65,622
- Gross operating margin +€35,611
up €35,611 (+39.9%), from €89,234 to €124,846
- Other operating charges +€22,695
up €22,695 (+13606.2%), from €167 to €22,862
- Financial charges +€4,512
up €4,512 (+2745.7%), from €164 to €4,676
- Depreciation +€4,413
up €4,413 (+165.3%), from €2,669 to €7,082
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 | €193,604 | €316,010 | +€122,406 | +63.2% |
| Fixed assets | 21/28 | €7,497 | €200,873 | +€193,376 | +2579.5% |
| Tangible fixed assets | 22/27 | €7,497 | €200,873 | +€193,376 | +2579.5% |
| Land and buildings | 22 | - | €176,864 | +€176,864 | |
| Plant, machinery and equipment | 23 | €7,497 | €7,671 | +€174 | +2.3% |
| Furniture and vehicles | 24 | - | €16,338 | +€16,338 | |
| Current assets | 29/58 | €186,107 | €115,137 | -€70,970 | -38.1% |
| Amounts receivable within one year | 40/41 | €0 | €20,046 | +€20,046 | |
| Trade receivables | 40 | €0 | €17,417 | +€17,417 | |
| Other amounts receivable | 41 | - | €2,629 | +€2,629 | |
| Current investments | 50/53 | €23,146 | €58,115 | +€34,969 | +151.1% |
| Cash at bank and in hand | 54/58 | €162,961 | €35,758 | -€127,203 | -78.1% |
| Deferred charges and accrued income | 490/1 | - | €1,217 | +€1,217 | |
| Total equity and liabilities | 10/49 | €193,604 | €316,010 | +€122,406 | +63.2% |
| Equity | 10/15 | €140,553 | €21,637 | -€118,916 | -84.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €135,553 | €16,637 | -€118,916 | -87.7% |
| Distributable reserves | 133 | €135,553 | €16,637 | -€118,916 | -87.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | - | €65,622 | +€65,622 | |
| Provisions for liabilities and charges | 160/5 | - | €65,622 | +€65,622 | |
| Other liabilities and charges | 164/5 | - | €65,622 | +€65,622 | |
| Amounts payable | 17/49 | €53,051 | €228,751 | +€175,700 | +331.2% |
| Amounts payable after more than one year | 17 | - | €171,511 | +€171,511 | |
| Financial debts | 170/4 | - | €171,511 | +€171,511 | |
| Amounts payable within one year | 42/48 | €38,585 | €45,667 | +€7,082 | +18.4% |
| Current portion of amounts payable after more than one year | 42 | - | €6,488 | +€6,488 | |
| Trade debts | 44 | €28 | €895 | +€867 | +3096.1% |
| Suppliers | 440/4 | €28 | €895 | +€867 | +3096.1% |
| Taxes, remuneration and social security | 45 | €22,001 | €25,076 | +€3,075 | +14.0% |
| Taxes | 450/3 | €22,001 | €25,076 | +€3,075 | +14.0% |
| Other amounts payable | 47/48 | €16,555 | €13,208 | -€3,347 | -20.2% |
| Accrued charges and deferred income | 492/3 | €14,466 | €11,573 | -€2,893 | -20.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,669 | €7,082 | +€4,413 | +165.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €65,622 | +€65,622 | |
| Other operating charges | 640/8 | €167 | €22,862 | +€22,695 | +13606.2% |
| Gross operating margin | 9900 | €89,234 | €124,846 | +€35,611 | +39.9% |
| Operating profit (loss) | 9901 | €86,399 | €29,280 | -€57,119 | -66.1% |
| Financial income | 75/76B | €759 | €155 | -€604 | -79.6% |
| Recurring financial income | 75 | €759 | €155 | -€604 | -79.6% |
| Financial charges | 65/66B | €164 | €4,676 | +€4,512 | +2745.7% |
| Recurring financial charges | 65 | €164 | €4,676 | +€4,512 | +2745.7% |
| Profit (loss) for the period before taxes | 9903 | €86,994 | €24,759 | -€62,234 | -71.5% |
| Income taxes | 67/77 | €18,529 | €22,842 | +€4,313 | +23.3% |
| Profit (loss) for the period | 9904 | €68,465 | €1,917 | -€66,547 | -97.2% |
| Profit (loss) for the period to be appropriated | 9905 | €68,465 | €1,917 | -€66,547 | -97.2% |
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 2 October 2026 via checked.be.