HANNECARD: 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.
What changed
HANNECARD
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€510,347
2024 · €951,030-€440,683
Equity
€36.3m
2024 · €33.3m+€3.0m
Cash
€142,990
2024 · €27,909+€115,081
Balance sheet total
€42.4m
2024 · €42.8m-€389,547
Largest movements
Assets
- Financial fixed assets +€2.2m
up €2.2m (+8.7%), from €25.4m to €27.6m
of which Affiliated companies: +€2.7m
- Receivables within one year -€2.2m
down €2.2m (-34.8%), from €6.3m to €4.1m
of which Other amounts receivable: -€1.3m
Equity and liabilities
- Current portion of long-term debt -€2.6m
down €2.6m (-79.6%), from €3.2m to €655,908
- Contributions +€2.5m
up €2.5m (+15.8%), from €15.9m to €18.4m
of which Capital: +€2.5m
- Debts after one year -€655,908
down €655,908 (-16.9%), from €3.9m to €3.2m
- Accrued charges and deferred income +€541,684
up €541,684 (+772%), from €70,171 to €611,855
- Reserves +€510,347
up €510,347 (+3.3%), from €15.4m to €15.9m
of which Distributable reserves: +€544,734
Income statement
- Services and other goods +€1.1m
up €1.1m (+43.8%), from €2.5m to €3.6m
- Financial income +€683,232
up €683,232 (+64.3%), from €1.1m to €1.7m
of which Financial income: +€694,900
- Other operating income -€97,650
down €97,650 (-71.0%), from €137,601 to €39,951
- Depreciation +€90,209
up €90,209 (+8.8%), from €1.0m to €1.1m
- Financial charges -€51,801
down €51,801 (-16.5%), from €314,802 to €263,001
of which Financial charges: -€51,801
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.
Result 2024
€951,030
Turnover
+€48,414
Other operating income
-€97,650
Goods and materials
-€6,945
Services and other goods
-€1.1m
Staff costs
+€32,833
Depreciation
-€90,209
Write-downs
-€5,069
Other operating charges
-€4,753
Other operating items
+€26,291
Financial income
+€683,232
Financial charges
+€51,801
Taxes
-€1,573
Deferred taxes and other
+€4,594
Result 2025
€510,347
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€4.1m
Investment
-€2.9m
Financing
-€1.0m
Cash 2024
€27,909
From operations (derived)
+€4.1m
Net result for the year
+€510,347
Depreciation
+€1.1m
Smaller working-capital items
-€7,998
Receivables within one year
+€2.2m
Deferred charges and accrued income
+€145,989
Provisions
-€9,861
Trade debts
-€310,924
Other debts
-€104,500
Accrued charges and deferred income
+€541,684
Investment (derived)
-€2.9m
Investment in fixed assets (net)
-€3.0m
Current investments
+€52,387
Financing
-€1.0m
Debts after one year
-€655,908
Current portion of long-term debt
-€2.6m
Short-term financial debts
-€300,000
Contributions, distributions and other
+€2.5m
Cash 2025
€142,990
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €42,822,378 | €42,432,831 | -€389,547 | -0.9% |
| Formation expenses | 20 | €2,413 | €1,248 | -€1,165 | -48.3% |
| Fixed assets | 21/28 | €33,083,527 | €34,965,337 | +€1.9m | +5.7% |
| Intangible fixed assets | 21 | €2,626,907 | €2,359,990 | -€266,917 | -10.2% |
| Tangible fixed assets | 22/27 | €5,072,987 | €5,021,957 | -€51,030 | -1.0% |
| Land and buildings | 22 | €4,877,306 | €4,837,846 | -€39,460 | -0.8% |
| Furniture and vehicles | 24 | €5,356 | €3,158 | -€2,197 | -41.0% |
| Other tangible fixed assets | 26 | €190,325 | €180,953 | -€9,372 | -4.9% |
| Financial fixed assets | 28 | €25,383,633 | €27,583,389 | +€2.2m | +8.7% |
| Affiliated companies | 280/1 | €23,185,746 | €25,884,345 | +€2.7m | +11.6% |
| Participating interests | 280 | €22,511,936 | €25,269,294 | +€2.8m | +12.2% |
| Amounts receivable | 281 | €673,810 | €615,051 | -€58,759 | -8.7% |
| Companies linked by participating interests | 282/3 | €2,197,887 | €1,699,044 | -€498,843 | -22.7% |
| Participating interests | 282 | €2,083,887 | €1,699,044 | -€384,843 | -18.5% |
| Amounts receivable | 283 | €114,000 | €0 | -€114,000 | -100% |
| Current assets | 29/58 | €9,736,439 | €7,466,247 | -€2.3m | -23.3% |
| Stocks and contracts in progress | 3 | €49,087 | €55,800 | +€6,713 | +13.7% |
| Stocks | 30/36 | €49,087 | €55,800 | +€6,713 | +13.7% |
| Raw materials and consumables | 30/31 | €49,087 | €52,101 | +€3,013 | +6.1% |
| Goods purchased for resale | 34 | - | €3,700 | +€3,700 | |
| Amounts receivable within one year | 40/41 | €6,302,004 | €4,108,393 | -€2.2m | -34.8% |
| Trade receivables | 40 | €1,787,122 | €926,137 | -€860,984 | -48.2% |
| Other amounts receivable | 41 | €4,514,882 | €3,182,256 | -€1.3m | -29.5% |
| Current investments | 50/53 | €2,962,976 | €2,910,589 | -€52,387 | -1.8% |
| Own shares | 50 | €2,962,976 | €2,910,589 | -€52,387 | -1.8% |
| Cash at bank and in hand | 54/58 | €27,909 | €142,990 | +€115,081 | +412% |
| Deferred charges and accrued income | 490/1 | €394,463 | €248,474 | -€145,989 | -37.0% |
| Total equity and liabilities | 10/49 | €42,822,378 | €42,432,831 | -€389,547 | -0.9% |
| Equity | 10/15 | €33,331,230 | €36,341,578 | +€3.0m | +9.0% |
| Contributions | 10/11 | €15,864,000 | €18,364,000 | +€2.5m | +15.8% |
| Capital | 10 | €14,690,194 | €17,190,194 | +€2.5m | +17.0% |
| Issued capital | 100 | €18,418,778 | €18,418,778 | = | 0.0% |
| Uncalled capital | 101 | €3,728,583 | €1,228,583 | -€2.5m | -67.0% |
| Contributions outside capital | 11 | €1,173,806 | €1,173,806 | = | 0.0% |
| Share premium | 1100/10 | €1,173,806 | €1,173,806 | = | 0.0% |
| Revaluation surpluses | 12 | €2,049,945 | €2,049,945 | = | 0.0% |
| Reserves | 13 | €15,417,285 | €15,927,633 | +€510,347 | +3.3% |
| Non-distributable reserves | 130/1 | €3,865,006 | €3,838,532 | -€26,474 | -0.7% |
| Legal reserve | 130 | €902,029 | €927,942 | +€25,913 | +2.9% |
| Own shares acquired | 1312 | €2,962,976 | €2,910,589 | -€52,387 | -1.8% |
| Tax-exempt reserves | 132 | €340,584 | €332,671 | -€7,913 | -2.3% |
| Distributable reserves | 133 | €11,211,696 | €11,756,430 | +€544,734 | +4.9% |
| Provisions and deferred taxes | 16 | €50,933 | €41,071 | -€9,861 | -19.4% |
| Deferred taxes | 168 | €50,933 | €41,071 | -€9,861 | -19.4% |
| Amounts payable | 17/49 | €9,440,216 | €6,050,182 | -€3.4m | -35.9% |
| Amounts payable after more than one year | 17 | €3,871,722 | €3,215,814 | -€655,908 | -16.9% |
| Financial debts | 170/4 | €3,871,722 | €3,215,814 | -€655,908 | -16.9% |
| Credit institutions | 173 | €3,871,722 | €3,215,814 | -€655,908 | -16.9% |
| Other loans | 174 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €5,498,322 | €2,222,513 | -€3.3m | -59.6% |
| Current portion of amounts payable after more than one year | 42 | €3,215,008 | €655,908 | -€2.6m | -79.6% |
| Financial debts | 43 | €1,200,000 | €900,000 | -€300,000 | -25.0% |
| Credit institutions | 430/8 | €1,200,000 | €900,000 | -€300,000 | -25.0% |
| Trade debts | 44 | €812,593 | €501,669 | -€310,924 | -38.3% |
| Suppliers | 440/4 | €812,593 | €501,669 | -€310,924 | -38.3% |
| Taxes, remuneration and social security | 45 | €150,605 | €149,320 | -€1,285 | -0.9% |
| Taxes | 450/3 | €43,332 | €45,169 | +€1,838 | +4.2% |
| Remuneration and social security | 454/9 | €107,273 | €104,151 | -€3,122 | -2.9% |
| Other amounts payable | 47/48 | €120,116 | €15,616 | -€104,500 | -87.0% |
| Accrued charges and deferred income | 492/3 | €70,171 | €611,855 | +€541,684 | +772% |
| Operating income | 70/76A | €4,643,083 | €4,605,367 | -€37,716 | -0.8% |
| Turnover | 70 | €4,505,482 | €4,553,897 | +€48,414 | +1.1% |
| Other operating income | 74 | €137,601 | €39,951 | -€97,650 | -71.0% |
| Non-recurring operating income | 76A | €0 | €11,519 | +€11,519 | |
| Operating charges | 60/66A | €4,432,726 | €5,573,746 | +€1.1m | +25.7% |
| Goods for resale, raw materials and consumables | 60 | €116,902 | €123,847 | +€6,945 | +5.9% |
| Purchases | 600/8 | €95,990 | €130,560 | +€34,571 | +36.0% |
| Change in stocks: decrease (increase) | 609 | €20,913 | -€6,713 | -€27,626 | |
| Services and other goods | 61 | €2,472,147 | €3,553,796 | +€1.1m | +43.8% |
| Remuneration, social security and pensions | 62 | €707,767 | €674,934 | -€32,833 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,028,446 | €1,118,654 | +€90,209 | +8.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€5,446 | -€377 | +€5,069 | +93.1% |
| Other operating charges | 640/8 | €73,139 | €77,892 | +€4,753 | +6.5% |
| Non-recurring operating charges | 66A | €39,771 | €25,000 | -€14,771 | -37.1% |
| Operating profit (loss) | 9901 | €210,357 | -€968,379 | -€1.2m | |
| Financial income | 75/76B | €1,061,770 | €1,745,002 | +€683,232 | +64.3% |
| Recurring financial income | 75 | €1,049,958 | €1,744,858 | +€694,900 | +66.2% |
| Income from financial fixed assets | 750 | €756,301 | €1,497,160 | +€740,859 | +98.0% |
| Income from current assets | 751 | €283,027 | €246,734 | -€36,292 | -12.8% |
| Other financial income | 752/9 | €10,631 | €964 | -€9,667 | -90.9% |
| Non-recurring financial income | 76B | €11,812 | €144 | -€11,668 | -98.8% |
| Financial charges | 65/66B | €314,802 | €263,001 | -€51,801 | -16.5% |
| Recurring financial charges | 65 | €314,802 | €263,001 | -€51,801 | -16.5% |
| Debt charges | 650 | €302,951 | €257,117 | -€45,833 | -15.1% |
| Other financial charges | 652/9 | €11,851 | €5,884 | -€5,968 | -50.4% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €957,326 | €513,622 | -€443,704 | -46.3% |
| Transfer from deferred taxes | 780 | €5,267 | €9,861 | +€4,594 | +87.2% |
| Income taxes | 67/77 | €11,563 | €13,136 | +€1,573 | +13.6% |
| Taxes | 670/3 | €11,563 | €13,136 | +€1,573 | +13.6% |
| Profit (loss) for the period | 9904 | €951,030 | €510,347 | -€440,683 | -46.3% |
| Transfer from tax-exempt reserves | 789 | €12,464 | €7,913 | -€4,551 | -36.5% |
| Profit (loss) for the period to be appropriated | 9905 | €963,494 | €518,260 | -€445,234 | -46.2% |
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 19 October 2026 via checked.be.