HC MGT: 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.
HC MGT
Largest movements
- Cash +€59,849
up €59,849 (+112%), from €53,402 to €113,251
mainly Net result for the year (+€61,058) and Receivables within one year (+€9,004)
- Receivables within one year -€9,004
down €9,004 (-20.1%), from €44,699 to €35,695
of which Trade receivables: -€8,946
- Reserves +€61,058
up €61,058 (+88.6%), from €68,883 to €129,941
- Tax, wage and social debts -€14,008
down €14,008 (-53.1%), from €26,378 to €12,370
of which Taxes: -€7,508
- Other debts +€2,466
new in 2025: €2,466
- Gross operating margin -€8,601
down €8,601 (-9.9%), from €86,872 to €78,271
- Taxes -€1,269
down €1,269 (-7.2%), from €17,718 to €16,449
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 | €101,452 | €151,344 | +€49,892 | +49.2% |
| Fixed assets | 21/28 | €2,883 | €2,262 | -€621 | -21.5% |
| Tangible fixed assets | 22/27 | €2,883 | €2,262 | -€621 | -21.5% |
| Furniture and vehicles | 24 | €2,883 | €2,262 | -€621 | -21.5% |
| Current assets | 29/58 | €98,570 | €149,082 | +€50,513 | +51.2% |
| Amounts receivable within one year | 40/41 | €44,699 | €35,695 | -€9,004 | -20.1% |
| Trade receivables | 40 | €44,641 | €35,695 | -€8,946 | -20.0% |
| Other amounts receivable | 41 | €58 | - | -€58 | |
| Cash at bank and in hand | 54/58 | €53,402 | €113,251 | +€59,849 | +112% |
| Deferred charges and accrued income | 490/1 | €469 | €136 | -€332 | -70.9% |
| Total equity and liabilities | 10/49 | €101,452 | €151,344 | +€49,892 | +49.2% |
| Equity | 10/15 | €74,883 | €135,941 | +€61,058 | +81.5% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €68,883 | €129,941 | +€61,058 | +88.6% |
| Distributable reserves | 133 | €68,883 | €129,941 | +€61,058 | +88.6% |
| Amounts payable | 17/49 | €26,569 | €15,403 | -€11,166 | -42.0% |
| Amounts payable within one year | 42/48 | €26,569 | €15,403 | -€11,166 | -42.0% |
| Trade debts | 44 | €191 | €567 | +€377 | +198% |
| Suppliers | 440/4 | €191 | €567 | +€377 | +198% |
| Taxes, remuneration and social security | 45 | €26,378 | €12,370 | -€14,008 | -53.1% |
| Taxes | 450/3 | €19,878 | €12,370 | -€7,508 | -37.8% |
| Remuneration and social security | 454/9 | €6,500 | - | -€6,500 | |
| Other amounts payable | 47/48 | - | €2,466 | +€2,466 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €221 | €621 | +€399 | +180% |
| Gross operating margin | 9900 | €86,872 | €78,271 | -€8,601 | -9.9% |
| Operating profit (loss) | 9901 | €86,651 | €77,651 | -€9,000 | -10.4% |
| Financial charges | 65/66B | €50 | €144 | +€94 | +187% |
| Recurring financial charges | 65 | €50 | €144 | +€94 | +187% |
| Profit (loss) for the period before taxes | 9903 | €86,601 | €77,507 | -€9,094 | -10.5% |
| Income taxes | 67/77 | €17,718 | €16,449 | -€1,269 | -7.2% |
| Profit (loss) for the period | 9904 | €68,883 | €61,058 | -€7,825 | -11.4% |
| Profit (loss) for the period to be appropriated | 9905 | €68,883 | €61,058 | -€7,825 | -11.4% |
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 30 October 2026 via checked.be.