HCNC: 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.
HCNC
Largest movements
- Cash +€162,071
up €162,071 (+212.9%), from €76,111 to €238,182
mainly Net result for the year (+€150,766) and Debts after one year (+€46,803)
- Tangible fixed assets +€72,866
up €72,866 (+584.8%), from €12,461 to €85,327
of which Furniture and vehicles: +€70,214
- Receivables within one year -€16,192
down €16,192 (-28.4%), from €57,009 to €40,817
of which Trade receivables: -€13,202
- Deferred charges and accrued income +€5,000
up €5,000, from €0 to €5,000
- Reserves +€150,766
up €150,766 (+138.1%), from €109,136 to €259,902
- Debts after one year +€46,803
new in 2025: €46,803
- Tax, wage and social debts +€19,030
up €19,030 (+62.2%), from €30,586 to €49,616
- Current portion of long-term debt +€13,845
new in 2025: €13,845
- Gross operating margin +€92,791
up €92,791 (+74.6%), from €124,352 to €217,143
- Taxes +€19,079
up €19,079 (+69.5%), from €27,436 to €46,516
- Depreciation +€16,749
up €16,749 (+1693.3%), from €989 to €17,739
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 | €145,581 | €373,020 | +€227,439 | +156.2% |
| Fixed assets | 21/28 | €12,461 | €85,327 | +€72,866 | +584.8% |
| Tangible fixed assets | 22/27 | €12,461 | €85,327 | +€72,866 | +584.8% |
| Plant, machinery and equipment | 23 | - | €1,801 | +€1,801 | |
| Furniture and vehicles | 24 | €6,543 | €76,757 | +€70,214 | +1073.1% |
| Other tangible fixed assets | 26 | €5,918 | €6,769 | +€851 | +14.4% |
| Current assets | 29/58 | €133,120 | €287,694 | +€154,573 | +116.1% |
| Amounts receivable within one year | 40/41 | €57,009 | €40,817 | -€16,192 | -28.4% |
| Trade receivables | 40 | €17,648 | €4,445 | -€13,202 | -74.8% |
| Other amounts receivable | 41 | €39,362 | €36,372 | -€2,990 | -7.6% |
| Current investments | 50/53 | - | €3,694 | +€3,694 | |
| Cash at bank and in hand | 54/58 | €76,111 | €238,182 | +€162,071 | +212.9% |
| Deferred charges and accrued income | 490/1 | €0 | €5,000 | +€5,000 | |
| Total equity and liabilities | 10/49 | €145,581 | €373,020 | +€227,439 | +156.2% |
| Equity | 10/15 | €109,137 | €259,903 | +€150,766 | +138.1% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €109,136 | €259,902 | +€150,766 | +138.1% |
| Distributable reserves | 133 | €109,136 | €259,902 | +€150,766 | +138.1% |
| Amounts payable | 17/49 | €36,444 | €113,117 | +€76,673 | +210.4% |
| Amounts payable after more than one year | 17 | - | €46,803 | +€46,803 | |
| Financial debts | 170/4 | - | €46,803 | +€46,803 | |
| Amounts payable within one year | 42/48 | €36,444 | €66,230 | +€29,786 | +81.7% |
| Current portion of amounts payable after more than one year | 42 | - | €13,845 | +€13,845 | |
| Trade debts | 44 | €4,834 | €2,769 | -€2,065 | -42.7% |
| Suppliers | 440/4 | €4,834 | €2,769 | -€2,065 | -42.7% |
| Taxes, remuneration and social security | 45 | €30,586 | €49,616 | +€19,030 | +62.2% |
| Taxes | 450/3 | €30,586 | €49,616 | +€19,030 | +62.2% |
| Other amounts payable | 47/48 | €1,024 | €0 | -€1,024 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €84 | +€84 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €989 | €17,739 | +€16,749 | +1693.3% |
| Other operating charges | 640/8 | €406 | €392 | -€14 | -3.5% |
| Gross operating margin | 9900 | €124,352 | €217,143 | +€92,791 | +74.6% |
| Operating profit (loss) | 9901 | €122,957 | €199,013 | +€76,056 | +61.9% |
| Financial income | 75/76B | €0 | €203 | +€203 | |
| Recurring financial income | 75 | €0 | €203 | +€203 | |
| Financial charges | 65/66B | €44 | €1,933 | +€1,890 | +4336.8% |
| Recurring financial charges | 65 | €44 | €1,933 | +€1,890 | +4336.8% |
| Profit (loss) for the period before taxes | 9903 | €122,913 | €197,282 | +€74,369 | +60.5% |
| Income taxes | 67/77 | €27,436 | €46,516 | +€19,079 | +69.5% |
| Profit (loss) for the period | 9904 | €95,477 | €150,766 | +€55,289 | +57.9% |
| Profit (loss) for the period to be appropriated | 9905 | €95,477 | €150,766 | +€55,289 | +57.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.