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
- Cash +€84,626
up €84,626 (+33.7%), from €251,170 to €335,796
mainly Other debts (+€55,788) and Receivables within one year (+€41,357)
- Receivables within one year -€41,357
down €41,357 (-77.9%), from €53,092 to €11,735
of which Trade receivables: -€46,444
- Tangible fixed assets -€31,514
down €31,514 (-6.8%), from €463,503 to €431,990
of which Land and buildings: -€23,014
- Other debts +€55,788
up €55,788 (+150.1%), from €37,177 to €92,966
- Trade debts -€39,249
down €39,249 (-96.3%), from €40,747 to €1,498
- Debts after one year -€38,075
down €38,075 (-14.2%), from €268,110 to €230,035
of which Financial debts: -€39,071
- Reserves +€32,850
up €32,850 (+9.4%), from €348,813 to €381,663
of which Distributable reserves: +€32,850
- Taxes +€6,285
up €6,285 (+96.8%), from €6,494 to €12,779
- Gross operating margin -€6,280
down €6,280 (-6.5%), from €97,264 to €90,984
- Depreciation +€2,576
up €2,576 (+8.0%), from €32,105 to €34,681
- Financial income +€2,494
up €2,494 (+123.3%), from €2,023 to €4,517
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 | €767,944 | €780,039 | +€12,096 | +1.6% |
| Fixed assets | 21/28 | €463,528 | €432,015 | -€31,514 | -6.8% |
| Tangible fixed assets | 22/27 | €463,503 | €431,990 | -€31,514 | -6.8% |
| Land and buildings | 22 | €441,196 | €418,181 | -€23,014 | -5.2% |
| Plant, machinery and equipment | 23 | €4,248 | €3,632 | -€616 | -14.5% |
| Furniture and vehicles | 24 | €18,059 | €10,176 | -€7,883 | -43.7% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €304,416 | €348,025 | +€43,609 | +14.3% |
| Amounts receivable within one year | 40/41 | €53,092 | €11,735 | -€41,357 | -77.9% |
| Trade receivables | 40 | €46,444 | €0 | -€46,444 | -100.0% |
| Other amounts receivable | 41 | €6,647 | €11,735 | +€5,087 | +76.5% |
| Cash at bank and in hand | 54/58 | €251,170 | €335,796 | +€84,626 | +33.7% |
| Deferred charges and accrued income | 490/1 | €154 | €495 | +€340 | +220.9% |
| Total equity and liabilities | 10/49 | €767,944 | €780,039 | +€12,096 | +1.6% |
| Equity | 10/15 | €384,119 | €415,920 | +€31,801 | +8.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €348,813 | €381,663 | +€32,850 | +9.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €346,953 | €379,803 | +€32,850 | +9.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €16,706 | €15,656 | -€1,049 | -6.3% |
| Amounts payable | 17/49 | €383,825 | €364,120 | -€19,705 | -5.1% |
| Amounts payable after more than one year | 17 | €268,110 | €230,035 | -€38,075 | -14.2% |
| Financial debts | 170/4 | €268,110 | €229,039 | -€39,071 | -14.6% |
| Other amounts payable | 178/9 | €0 | €996 | +€996 | |
| Amounts payable within one year | 42/48 | €115,715 | €133,534 | +€17,819 | +15.4% |
| Current portion of amounts payable after more than one year | 42 | €37,791 | €39,071 | +€1,280 | +3.4% |
| Trade debts | 44 | €40,747 | €1,498 | -€39,249 | -96.3% |
| Suppliers | 440/4 | €40,747 | €1,498 | -€39,249 | -96.3% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €37,177 | €92,966 | +€55,788 | +150.1% |
| Accrued charges and deferred income | 492/3 | - | €550 | +€550 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,105 | €34,681 | +€2,576 | +8.0% |
| Other operating charges | 640/8 | €4,743 | €4,255 | -€488 | -10.3% |
| Non-recurring operating charges | 66A | €11,500 | €0 | -€11,500 | -100.0% |
| Gross operating margin | 9900 | €97,264 | €90,984 | -€6,280 | -6.5% |
| Operating profit (loss) | 9901 | €48,916 | €52,049 | +€3,133 | +6.4% |
| Financial income | 75/76B | €2,023 | €4,517 | +€2,494 | +123.3% |
| Recurring financial income | 75 | €2,023 | €4,517 | +€2,494 | +123.3% |
| Financial charges | 65/66B | €11,796 | €10,937 | -€859 | -7.3% |
| Recurring financial charges | 65 | €11,796 | €10,937 | -€859 | -7.3% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €39,143 | €45,630 | +€6,486 | +16.6% |
| Income taxes | 67/77 | €6,494 | €12,779 | +€6,285 | +96.8% |
| Profit (loss) for the period | 9904 | €32,649 | €32,850 | +€201 | +0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €32,649 | €32,850 | +€201 | +0.6% |
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.