HC STABLES: 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 STABLES
Largest movements
- Tangible fixed assets +€930,595
up €930,595 (+89.5%), from €1.0m to €2.0m
of which Other tangible fixed assets: +€919,723
- Receivables within one year +€486,169
up €486,169 (+9039.1%), from €5,379 to €491,547
of which Trade receivables: +€467,681
- Cash +€227,034
up €227,034 (+207.8%), from €109,241 to €336,275
mainly Other debts (+€1.7m) and Depreciation (+€127,268)
- Other debts +€1.7m
up €1.7m (+61.2%), from €2.8m to €4.6m
- Profit (loss) carried forward -€255,420
down €255,420 (-12.2%), from -€2.1m to -€2.3m
- Accrued charges and deferred income +€92,981
new in 2025: €92,981
- Trade debts +€66,165
up €66,165 (+41.2%), from €160,436 to €226,601
- Gross operating margin -€91,195
down €91,195, from €38,514 to -€52,681
- Other operating charges -€73,961
down €73,961 (-94.8%), from €77,990 to €4,028
- Depreciation +€72,675
up €72,675 (+133.1%), from €54,593 to €127,268
- Staff costs -€46,365
down €46,365 (-39.8%), from €116,437 to €70,073
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 | €1,170,413 | €2,801,776 | +€1.6m | +139.4% |
| Fixed assets | 21/28 | €1,041,303 | €1,971,898 | +€930,595 | +89.4% |
| Intangible fixed assets | 21 | €1,373 | €1,373 | = | 0.0% |
| Tangible fixed assets | 22/27 | €1,039,930 | €1,970,526 | +€930,595 | +89.5% |
| Plant, machinery and equipment | 23 | €8,174 | €6,304 | -€1,870 | -22.9% |
| Furniture and vehicles | 24 | €58,720 | €71,463 | +€12,743 | +21.7% |
| Other tangible fixed assets | 26 | €973,036 | €1,892,759 | +€919,723 | +94.5% |
| Current assets | 29/58 | €129,110 | €829,878 | +€700,767 | +542.8% |
| Stocks and contracts in progress | 3 | €14,000 | - | -€14,000 | |
| Stocks | 30/36 | €14,000 | - | -€14,000 | |
| Amounts receivable within one year | 40/41 | €5,379 | €491,547 | +€486,169 | +9039.1% |
| Trade receivables | 40 | €5,379 | €473,059 | +€467,681 | +8695.3% |
| Other amounts receivable | 41 | - | €18,488 | +€18,488 | |
| Cash at bank and in hand | 54/58 | €109,241 | €336,275 | +€227,034 | +207.8% |
| Deferred charges and accrued income | 490/1 | €491 | €2,056 | +€1,565 | +318.6% |
| Total equity and liabilities | 10/49 | €1,170,413 | €2,801,776 | +€1.6m | +139.4% |
| Equity | 10/15 | -€1,842,755 | -€2,098,175 | -€255,420 | -13.9% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,092,755 | -€2,348,175 | -€255,420 | -12.2% |
| Amounts payable | 17/49 | €3,013,168 | €4,899,951 | +€1.9m | +62.6% |
| Amounts payable within one year | 42/48 | €3,013,168 | €4,806,969 | +€1.8m | +59.5% |
| Trade debts | 44 | €160,436 | €226,601 | +€66,165 | +41.2% |
| Suppliers | 440/4 | €160,436 | €226,601 | +€66,165 | +41.2% |
| Taxes, remuneration and social security | 45 | €14,965 | €5,818 | -€9,147 | -61.1% |
| Taxes | 450/3 | €4,104 | €960 | -€3,145 | -76.6% |
| Remuneration and social security | 454/9 | €10,860 | €4,858 | -€6,003 | -55.3% |
| Other amounts payable | 47/48 | €2,837,768 | €4,574,551 | +€1.7m | +61.2% |
| Accrued charges and deferred income | 492/3 | - | €92,981 | +€92,981 | |
| Remuneration, social security and pensions | 62 | €116,437 | €70,073 | -€46,365 | -39.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,593 | €127,268 | +€72,675 | +133.1% |
| Other operating charges | 640/8 | €77,990 | €4,028 | -€73,961 | -94.8% |
| Gross operating margin | 9900 | €38,514 | -€52,681 | -€91,195 | |
| Operating profit (loss) | 9901 | -€210,506 | -€254,050 | -€43,544 | -20.7% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €1,159 | €1,372 | +€213 | +18.4% |
| Recurring financial charges | 65 | €1,159 | €1,372 | +€213 | +18.4% |
| Profit (loss) for the period before taxes | 9903 | -€211,665 | -€255,420 | -€43,755 | -20.7% |
| Profit (loss) for the period | 9904 | -€211,665 | -€255,420 | -€43,755 | -20.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€211,665 | -€255,420 | -€43,755 | -20.7% |
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 10 October 2026 via checked.be.