HCJA: what changed
What changed
HCJA
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€44,666
2024 · €161,777-€117,111
Equity
€466,621
2024 · €421,955+€44,666
Cash
€21,806
2024 · €33,729-€11,924
Balance sheet total
€1.3m
2024 · €1.2m+€137,313
Largest movements
Assets
- Financial fixed assets +€177,870
up €177,870 (+20.4%), from €872,660 to €1.1m
- Receivables within one year -€28,634
down €28,634 (-10.5%), from €272,950 to €244,317
of which Trade receivables: -€40,992
Equity and liabilities
- Other debts +€152,423
up €152,423 (+27.0%), from €563,588 to €716,012
- Reserves +€44,666
new in 2025: €44,666
- Current portion of long-term debt -€29,402
down €29,402 (-47.2%), from €62,280 to €32,878
- Debts after one year -€24,545
down €24,545 (-27.9%), from €88,099 to €63,553
Income statement
- Financial income -€109,000
no longer reported in 2025 (was €109,000)
- Gross operating margin -€15,866
down €15,866 (-14.7%), from €107,934 to €92,068
- Taxes -€9,230
down €9,230 (-29.0%), from €31,871 to €22,642
- Financial charges +€1,444
up €1,444 (+6.5%), from €22,318 to €23,762
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€161,777
Gross operating margin
-€15,866
Other operating charges
-€31
Financial income
-€109,000
Financial charges
-€1,444
Taxes
+€9,230
Result 2025
€44,666
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€219,893
Investment
-€177,870
Financing
-€53,947
Cash 2024
€33,729
From operations (derived)
+€219,893
Net result for the year
+€44,666
Receivables within one year
+€28,634
Trade debts
+€1,055
Tax, wage and social debts
-€12,614
Other debts
+€152,423
Accrued charges and deferred income
+€5,729
Investment (derived)
-€177,870
Investment in fixed assets (net)
-€177,870
Financing
-€53,947
Debts after one year
-€24,545
Current portion of long-term debt
-€29,402
Cash 2025
€21,806
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,179,340 | €1,316,652 | +€137,313 | +11.6% |
| Fixed assets | 21/28 | €872,660 | €1,050,530 | +€177,870 | +20.4% |
| Financial fixed assets | 28 | €872,660 | €1,050,530 | +€177,870 | +20.4% |
| Current assets | 29/58 | €306,680 | €266,122 | -€40,557 | -13.2% |
| Amounts receivable within one year | 40/41 | €272,950 | €244,317 | -€28,634 | -10.5% |
| Trade receivables | 40 | €48,736 | €7,744 | -€40,992 | -84.1% |
| Other amounts receivable | 41 | €224,214 | €236,573 | +€12,358 | +5.5% |
| Cash at bank and in hand | 54/58 | €33,729 | €21,806 | -€11,924 | -35.4% |
| Total equity and liabilities | 10/49 | €1,179,340 | €1,316,652 | +€137,313 | +11.6% |
| Equity | 10/15 | €421,955 | €466,621 | +€44,666 | +10.6% |
| Contributions | 10/11 | €9,000 | €9,000 | = | 0.0% |
| Reserves | 13 | - | €44,666 | +€44,666 | |
| Distributable reserves | 133 | - | €44,666 | +€44,666 | |
| Profit (loss) carried forward | 14 | €412,955 | €412,955 | = | 0.0% |
| Amounts payable | 17/49 | €757,384 | €850,031 | +€92,647 | +12.2% |
| Amounts payable after more than one year | 17 | €88,099 | €63,553 | -€24,545 | -27.9% |
| Financial debts | 170/4 | €88,099 | €63,553 | -€24,545 | -27.9% |
| Amounts payable within one year | 42/48 | €650,721 | €762,185 | +€111,463 | +17.1% |
| Current portion of amounts payable after more than one year | 42 | €62,280 | €32,878 | -€29,402 | -47.2% |
| Trade debts | 44 | €1,199 | €2,254 | +€1,055 | +88.0% |
| Suppliers | 440/4 | €1,199 | €2,254 | +€1,055 | +88.0% |
| Taxes, remuneration and social security | 45 | €23,654 | €11,041 | -€12,614 | -53.3% |
| Taxes | 450/3 | €23,654 | €11,041 | -€12,614 | -53.3% |
| Other amounts payable | 47/48 | €563,588 | €716,012 | +€152,423 | +27.0% |
| Accrued charges and deferred income | 492/3 | €18,564 | €24,293 | +€5,729 | +30.9% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | €107,934 | €92,068 | -€15,866 | -14.7% |
| Operating profit (loss) | 9901 | €106,967 | €91,070 | -€15,897 | -14.9% |
| Financial income | 75/76B | €109,000 | - | -€109,000 | |
| Recurring financial income | 75 | €109,000 | - | -€109,000 | |
| Financial charges | 65/66B | €22,318 | €23,762 | +€1,444 | +6.5% |
| Recurring financial charges | 65 | €22,318 | €23,762 | +€1,444 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | €193,648 | €67,308 | -€126,341 | -65.2% |
| Income taxes | 67/77 | €31,871 | €22,642 | -€9,230 | -29.0% |
| Profit (loss) for the period | 9904 | €161,777 | €44,666 | -€117,111 | -72.4% |
| Profit (loss) for the period to be appropriated | 9905 | €161,777 | €44,666 | -€117,111 | -72.4% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.