HC MANAGEMENT: 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.
HC MANAGEMENT
Largest movements
- Tangible fixed assets +€127,314
up €127,314 (+28.9%), from €440,536 to €567,850
of which Assets under construction and advance payments: +€166,426
- Cash -€66,992
down €66,992 (-98.6%), from €67,977 to €985
mainly Investment in fixed assets (net) (-€166,426) and Trade debts (-€78,038)
- Receivables within one year -€19,019
down €19,019 (-7.4%), from €257,486 to €238,468
of which Other amounts receivable: -€81,626
- Reserves +€143,000
up €143,000 (+57.0%), from €251,000 to €394,000
- Trade debts -€78,038
down €78,038 (-64.2%), from €121,634 to €43,596
- Advances received -€50,000
down €50,000 (-100.0%), from €50,000 to €0
- Debts after one year +€31,882
up €31,882 (+16.5%), from €193,672 to €225,553
- Short-term financial debts -€30,000
down €30,000 (-54.5%), from €55,000 to €25,000
- Gross operating margin +€121,416
up €121,416 (+54.1%), from €224,242 to €345,657
- Financial charges +€85,181
up €85,181 (+999.1%), from €8,526 to €93,706
- Depreciation +€26,998
up €26,998 (+222.9%), from €12,114 to €39,112
- Other operating charges +€10,958
up €10,958 (+703.5%), from €1,558 to €12,516
- Taxes +€6,925
up €6,925 (+13.2%), from €52,379 to €59,304
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 | €766,130 | €808,598 | +€42,469 | +5.5% |
| Fixed assets | 21/28 | €440,536 | €567,850 | +€127,314 | +28.9% |
| Tangible fixed assets | 22/27 | €440,536 | €567,850 | +€127,314 | +28.9% |
| Land and buildings | 22 | €116,160 | €113,891 | -€2,269 | -2.0% |
| Furniture and vehicles | 24 | €101,823 | €64,980 | -€36,843 | -36.2% |
| Assets under construction and advance payments | 27 | €222,553 | €388,979 | +€166,426 | +74.8% |
| Current assets | 29/58 | €325,594 | €240,749 | -€84,845 | -26.1% |
| Amounts receivable within one year | 40/41 | €257,486 | €238,468 | -€19,019 | -7.4% |
| Trade receivables | 40 | €139,030 | €201,637 | +€62,607 | +45.0% |
| Other amounts receivable | 41 | €118,456 | €36,830 | -€81,626 | -68.9% |
| Cash at bank and in hand | 54/58 | €67,977 | €985 | -€66,992 | -98.6% |
| Deferred charges and accrued income | 490/1 | €130 | €1,296 | +€1,166 | +894.2% |
| Total equity and liabilities | 10/49 | €766,130 | €808,598 | +€42,469 | +5.5% |
| Equity | 10/15 | €254,849 | €397,610 | +€142,760 | +56.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €251,000 | €394,000 | +€143,000 | +57.0% |
| Distributable reserves | 133 | €251,000 | €394,000 | +€143,000 | +57.0% |
| Profit (loss) carried forward | 14 | €849 | €610 | -€240 | -28.2% |
| Amounts payable | 17/49 | €511,280 | €410,989 | -€100,291 | -19.6% |
| Amounts payable after more than one year | 17 | €193,672 | €225,553 | +€31,882 | +16.5% |
| Financial debts | 170/4 | €193,672 | €225,553 | +€31,882 | +16.5% |
| Amounts payable within one year | 42/48 | €316,785 | €185,436 | -€131,349 | -41.5% |
| Current portion of amounts payable after more than one year | 42 | €53,219 | €34,309 | -€18,910 | -35.5% |
| Financial debts | 43 | €55,000 | €25,000 | -€30,000 | -54.5% |
| Credit institutions | 430/8 | €55,000 | €25,000 | -€30,000 | -54.5% |
| Trade debts | 44 | €121,634 | €43,596 | -€78,038 | -64.2% |
| Suppliers | 440/4 | €121,634 | €43,596 | -€78,038 | -64.2% |
| Advances received on contracts in progress | 46 | €50,000 | €0 | -€50,000 | -100.0% |
| Taxes, remuneration and social security | 45 | €30,561 | €60,531 | +€29,970 | +98.1% |
| Taxes | 450/3 | €30,561 | €56,214 | +€25,653 | +83.9% |
| Remuneration and social security | 454/9 | €0 | €4,317 | +€4,317 | |
| Other amounts payable | 47/48 | €6,371 | €22,000 | +€15,629 | +245.3% |
| Accrued charges and deferred income | 492/3 | €824 | €0 | -€824 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,114 | €39,112 | +€26,998 | +222.9% |
| Other operating charges | 640/8 | €1,558 | €12,516 | +€10,958 | +703.5% |
| Gross operating margin | 9900 | €224,242 | €345,657 | +€121,416 | +54.1% |
| Operating profit (loss) | 9901 | €210,570 | €294,029 | +€83,459 | +39.6% |
| Financial income | 75/76B | €3,478 | €1,741 | -€1,737 | -49.9% |
| Recurring financial income | 75 | €3,478 | €1,741 | -€1,737 | -49.9% |
| Financial charges | 65/66B | €8,526 | €93,706 | +€85,181 | +999.1% |
| Recurring financial charges | 65 | €8,526 | €93,706 | +€85,181 | +999.1% |
| Profit (loss) for the period before taxes | 9903 | €205,522 | €202,064 | -€3,458 | -1.7% |
| Income taxes | 67/77 | €52,379 | €59,304 | +€6,925 | +13.2% |
| Profit (loss) for the period | 9904 | €153,144 | €142,760 | -€10,384 | -6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €153,144 | €142,760 | -€10,384 | -6.8% |
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 7 October 2026 via checked.be.