HCGI: 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.
HCGI
Largest movements
- Deferred charges and accrued income -€137,036
down €137,036 (-56.8%), from €241,439 to €104,403
- Tangible fixed assets +€75,401
up €75,401 (+3.5%), from €2.2m to €2.2m
of which Land and buildings: +€77,343
- Profit (loss) carried forward -€103,089
down €103,089, from €14,051 to -€89,038
- Trade debts +€58,222
up €58,222 (+160.7%), from €36,233 to €94,455
- Debts after one year -€53,125
down €53,125 (-4.9%), from €1.1m to €1.0m
- Current portion of long-term debt +€30,416
up €30,416 (+170.1%), from €17,878 to €48,294
- Gross operating margin -€46,043
down €46,043 (-57.3%), from €80,358 to €34,315
- Financial charges +€33,836
up €33,836 (+202.4%), from €16,714 to €50,550
of which Financial charges: +€21,855
- Depreciation +€19,665
up €19,665 (+31.6%), from €62,139 to €81,804
- Other operating charges +€1,791
up €1,791 (+53.8%), from €3,329 to €5,120
- Taxes -€891
down €891 (-97.6%), from €913 to €22
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 | €2,486,274 | €2,411,934 | -€74,340 | -3.0% |
| Fixed assets | 21/28 | €2,154,567 | €2,229,908 | +€75,341 | +3.5% |
| Tangible fixed assets | 22/27 | €2,154,457 | €2,229,858 | +€75,401 | +3.5% |
| Land and buildings | 22 | €2,114,742 | €2,192,085 | +€77,343 | +3.7% |
| Plant, machinery and equipment | 23 | €23,131 | €35,761 | +€12,630 | +54.6% |
| Furniture and vehicles | 24 | €16,584 | €2,012 | -€14,572 | -87.9% |
| Financial fixed assets | 28 | €110 | €50 | -€60 | -54.5% |
| Current assets | 29/58 | €331,707 | €182,026 | -€149,681 | -45.1% |
| Amounts receivable within one year | 40/41 | €20,861 | €11,804 | -€9,057 | -43.4% |
| Trade receivables | 40 | €19,942 | €5,130 | -€14,812 | -74.3% |
| Other amounts receivable | 41 | €919 | €6,674 | +€5,755 | +626.2% |
| Cash at bank and in hand | 54/58 | €69,407 | €65,819 | -€3,588 | -5.2% |
| Deferred charges and accrued income | 490/1 | €241,439 | €104,403 | -€137,036 | -56.8% |
| Total equity and liabilities | 10/49 | €2,486,274 | €2,411,934 | -€74,340 | -3.0% |
| Equity | 10/15 | €1,344,061 | €1,240,972 | -€103,089 | -7.7% |
| Contributions | 10/11 | €1,330,010 | €1,330,010 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,051 | -€89,038 | -€103,089 | |
| Amounts payable | 17/49 | €1,142,213 | €1,170,962 | +€28,749 | +2.5% |
| Amounts payable after more than one year | 17 | €1,079,824 | €1,026,699 | -€53,125 | -4.9% |
| Financial debts | 170/4 | €1,079,824 | €1,026,699 | -€53,125 | -4.9% |
| Amounts payable within one year | 42/48 | €62,389 | €143,714 | +€81,325 | +130.4% |
| Current portion of amounts payable after more than one year | 42 | €17,878 | €48,294 | +€30,416 | +170.1% |
| Trade debts | 44 | €36,233 | €94,455 | +€58,222 | +160.7% |
| Suppliers | 440/4 | €36,233 | €94,455 | +€58,222 | +160.7% |
| Taxes, remuneration and social security | 45 | €6,613 | €965 | -€5,648 | -85.4% |
| Taxes | 450/3 | €6,613 | €965 | -€5,648 | -85.4% |
| Other amounts payable | 47/48 | €1,665 | - | -€1,665 | |
| Accrued charges and deferred income | 492/3 | - | €549 | +€549 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,139 | €81,804 | +€19,665 | +31.6% |
| Other operating charges | 640/8 | €3,329 | €5,120 | +€1,791 | +53.8% |
| Gross operating margin | 9900 | €80,358 | €34,315 | -€46,043 | -57.3% |
| Operating profit (loss) | 9901 | €14,890 | -€52,609 | -€67,499 | |
| Financial income | 75/76B | - | €92 | +€92 | |
| Recurring financial income | 75 | - | €92 | +€92 | |
| Financial charges | 65/66B | €16,714 | €50,550 | +€33,836 | +202.4% |
| Recurring financial charges | 65 | €16,714 | €38,569 | +€21,855 | +130.8% |
| Non-recurring financial charges | 66B | - | €11,981 | +€11,981 | |
| Profit (loss) for the period before taxes | 9903 | -€1,824 | -€103,067 | -€101,243 | -5550.6% |
| Income taxes | 67/77 | €913 | €22 | -€891 | -97.6% |
| Profit (loss) for the period | 9904 | -€2,737 | -€103,089 | -€100,352 | -3666.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,737 | -€103,089 | -€100,352 | -3666.5% |
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 11 October 2026 via checked.be.