HC PROJECT: 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 PROJECT
Largest movements
- Tangible fixed assets -€53,925
down €53,925 (-9.2%), from €588,484 to €534,559
of which Leasing and similar rights: -€30,240
- Receivables after one year +€30,000
new in 2025: €30,000
- Cash +€24,378
up €24,378 (+42.4%), from €57,429 to €81,807
mainly Tax, wage and social debts (+€81,329) and Depreciation (+€60,475)
- Deferred charges and accrued income -€11,609
down €11,609 (-72.1%), from €16,100 to €4,491
- Tax, wage and social debts +€81,329
up €81,329 (+1635.6%), from €4,973 to €86,301
of which Remuneration and social security: +€65,876
- Debts after one year -€62,629
down €62,629 (-13.0%), from €480,264 to €417,635
- Profit (loss) carried forward -€36,192
down €36,192 (-29.3%), from €123,538 to €87,346
- Staff costs +€69,740
up €69,740 (+39.5%), from €176,453 to €246,192
- Gross operating margin +€30,453
up €30,453 (+11.5%), from €264,447 to €294,900
- Depreciation +€4,157
up €4,157 (+7.4%), from €56,318 to €60,475
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 | €929,285 | €922,059 | -€7,225 | -0.8% |
| Fixed assets | 21/28 | €588,484 | €534,559 | -€53,925 | -9.2% |
| Tangible fixed assets | 22/27 | €588,484 | €534,559 | -€53,925 | -9.2% |
| Land and buildings | 22 | €456,425 | €436,779 | -€19,647 | -4.3% |
| Plant, machinery and equipment | 23 | €2,336 | €1,706 | -€630 | -27.0% |
| Furniture and vehicles | 24 | €10,488 | €7,079 | -€3,409 | -32.5% |
| Leasing and similar rights | 25 | €119,234 | €88,994 | -€30,240 | -25.4% |
| Current assets | 29/58 | €340,801 | €387,501 | +€46,700 | +13.7% |
| Amounts receivable after more than one year | 29 | - | €30,000 | +€30,000 | |
| Trade receivables | 290 | - | €30,000 | +€30,000 | |
| Stocks and contracts in progress | 3 | €63,663 | €68,225 | +€4,562 | +7.2% |
| Stocks | 30/36 | €28,000 | €40,225 | +€12,225 | +43.7% |
| Contracts in progress | 37 | €35,663 | €28,000 | -€7,663 | -21.5% |
| Amounts receivable within one year | 40/41 | €203,609 | €202,978 | -€631 | -0.3% |
| Trade receivables | 40 | €130,435 | €175,416 | +€44,981 | +34.5% |
| Other amounts receivable | 41 | €73,174 | €27,563 | -€45,612 | -62.3% |
| Cash at bank and in hand | 54/58 | €57,429 | €81,807 | +€24,378 | +42.4% |
| Deferred charges and accrued income | 490/1 | €16,100 | €4,491 | -€11,609 | -72.1% |
| Total equity and liabilities | 10/49 | €929,285 | €922,059 | -€7,225 | -0.8% |
| Equity | 10/15 | €203,500 | €161,906 | -€41,594 | -20.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €73,762 | €68,360 | -€5,402 | -7.3% |
| 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 | €71,902 | €66,500 | -€5,402 | -7.5% |
| Profit (loss) carried forward | 14 | €123,538 | €87,346 | -€36,192 | -29.3% |
| Amounts payable | 17/49 | €725,784 | €760,153 | +€34,369 | +4.7% |
| Amounts payable after more than one year | 17 | €480,264 | €417,635 | -€62,629 | -13.0% |
| Financial debts | 170/4 | €480,264 | €417,635 | -€62,629 | -13.0% |
| Amounts payable within one year | 42/48 | €245,520 | €342,518 | +€96,998 | +39.5% |
| Current portion of amounts payable after more than one year | 42 | €60,036 | €62,629 | +€2,593 | +4.3% |
| Trade debts | 44 | €180,512 | €188,186 | +€7,674 | +4.3% |
| Suppliers | 440/4 | €180,512 | €188,186 | +€7,674 | +4.3% |
| Taxes, remuneration and social security | 45 | €4,973 | €86,301 | +€81,329 | +1635.6% |
| Taxes | 450/3 | €1,711 | €17,164 | +€15,452 | +903.0% |
| Remuneration and social security | 454/9 | €3,261 | €69,137 | +€65,876 | +2020.0% |
| Other amounts payable | 47/48 | - | €5,402 | +€5,402 | |
| Remuneration, social security and pensions | 62 | €176,453 | €246,192 | +€69,740 | +39.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,318 | €60,475 | +€4,157 | +7.4% |
| Other operating charges | 640/8 | €8,266 | €7,040 | -€1,226 | -14.8% |
| Gross operating margin | 9900 | €264,447 | €294,900 | +€30,453 | +11.5% |
| Operating profit (loss) | 9901 | €23,411 | -€18,807 | -€42,218 | |
| Financial income | 75/76B | €1,919 | €1,662 | -€258 | -13.4% |
| Recurring financial income | 75 | €1,919 | €1,662 | -€258 | -13.4% |
| Financial charges | 65/66B | €20,354 | €18,808 | -€1,546 | -7.6% |
| Recurring financial charges | 65 | €20,354 | €18,007 | -€2,347 | -11.5% |
| Non-recurring financial charges | 66B | - | €801 | +€801 | |
| Profit (loss) for the period before taxes | 9903 | €4,976 | -€35,953 | -€40,930 | |
| Income taxes | 67/77 | €1,923 | €239 | -€1,684 | -87.6% |
| Profit (loss) for the period | 9904 | €3,053 | -€36,192 | -€39,245 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,053 | -€36,192 | -€39,245 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.