HCO: what changed
What changed
HCO
NACE 38.210, Materials recovery from waste
filed annual accounts (NBB)
Net result for the year
€549,103
2024 · €323,478+€225,625
Equity
€870,444
2024 · €321,341+€549,103
Cash
€1.3m
2024 · €764,329+€514,730
Balance sheet total
€2.1m
2024 · €2.1m+€91,370
Largest movements
Assets
- Cash +€514,730
up €514,730 (+67.3%), from €764,329 to €1.3m
mainly Net result for the year (+€549,103) and Receivables within one year (+€302,317)
- Receivables within one year -€302,317
down €302,317 (-37.3%), from €810,917 to €508,600
of which Trade receivables: -€307,363
- Tangible fixed assets -€121,133
down €121,133 (-25.3%), from €479,254 to €358,121
of which Land and buildings: -€116,182
Equity and liabilities
- Reserves +€549,103
up €549,103 (+453%), from €121,341 to €670,444
of which Distributable reserves: +€549,103
- Other debts -€320,675
down €320,675 (-99.5%), from €322,250 to €1,575
- Trade debts -€196,134
down €196,134 (-46.5%), from €421,786 to €225,652
- Tax, wage and social debts +€175,118
up €175,118 (+33.0%), from €530,479 to €705,597
of which Taxes: +€183,041
- Debts after one year -€121,403
down €121,403 (-42.2%), from €287,838 to €166,435
Income statement
- Turnover +€335,754
up €335,754 (+6.6%), from €5.1m to €5.4m
- Staff costs +€168,050
up €168,050 (+5.7%), from €3.0m to €3.1m
- Services and other goods -€92,552
down €92,552 (-6.6%), from €1.4m to €1.3m
- Taxes +€87,886
up €87,886 (+66.5%), from €132,201 to €220,088
of which Taxes: +€87,321
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
€323,478
Turnover
+€335,754
Other operating income
-€13,559
Goods and materials
+€15,877
Services and other goods
+€92,552
Staff costs
-€168,050
Depreciation
+€30,920
Other operating charges
+€4,409
Financial income
+€5,299
Financial charges
+€10,310
Taxes
-€87,886
Result 2025
€549,103
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
+€697,487
Investment
-€64,933
Financing
-€117,825
Cash 2024
€764,329
From operations (derived)
+€697,487
Net result for the year
+€549,103
Depreciation
+€185,978
Receivables within one year
+€302,317
Deferred charges and accrued income
-€3
Trade debts
-€196,134
Tax, wage and social debts
+€175,118
Other debts
-€320,675
Accrued charges and deferred income
+€1,782
Investment (derived)
-€64,933
Investment in fixed assets (net)
-€64,933
Financing
-€117,825
Debts after one year
-€121,403
Current portion of long-term debt
+€3,578
Cash 2025
€1.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,055,094 | €2,146,464 | +€91,370 | +4.4% |
| Fixed assets | 21/28 | €479,723 | €358,678 | -€121,045 | -25.2% |
| Tangible fixed assets | 22/27 | €479,254 | €358,121 | -€121,133 | -25.3% |
| Land and buildings | 22 | €348,547 | €232,365 | -€116,182 | -33.3% |
| Plant, machinery and equipment | 23 | €1,633 | €1,261 | -€372 | -22.8% |
| Furniture and vehicles | 24 | €29,148 | €13,503 | -€15,645 | -53.7% |
| Leasing and similar rights | 25 | €99,926 | €110,992 | +€11,066 | +11.1% |
| Financial fixed assets | 28 | €469 | €557 | +€88 | +18.8% |
| Other financial fixed assets | 284/8 | €469 | €557 | +€88 | +18.8% |
| Amounts receivable and cash guarantees | 285/8 | €469 | €557 | +€88 | +18.8% |
| Current assets | 29/58 | €1,575,371 | €1,787,787 | +€212,415 | +13.5% |
| Amounts receivable within one year | 40/41 | €810,917 | €508,600 | -€302,317 | -37.3% |
| Trade receivables | 40 | €804,043 | €496,680 | -€307,363 | -38.2% |
| Other amounts receivable | 41 | €6,874 | €11,920 | +€5,045 | +73.4% |
| Cash at bank and in hand | 54/58 | €764,329 | €1,279,059 | +€514,730 | +67.3% |
| Deferred charges and accrued income | 490/1 | €125 | €128 | +€3 | +2.4% |
| Total equity and liabilities | 10/49 | €2,055,094 | €2,146,464 | +€91,370 | +4.4% |
| Equity | 10/15 | €321,341 | €870,444 | +€549,103 | +171% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €121,341 | €670,444 | +€549,103 | +453% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €101,341 | €650,444 | +€549,103 | +542% |
| Amounts payable | 17/49 | €1,733,754 | €1,276,021 | -€457,733 | -26.4% |
| Amounts payable after more than one year | 17 | €287,838 | €166,435 | -€121,403 | -42.2% |
| Financial debts | 170/4 | €287,838 | €166,435 | -€121,403 | -42.2% |
| Leasing and similar obligations | 172 | €40,372 | €46,990 | +€6,619 | +16.4% |
| Credit institutions | 173 | €247,466 | €119,445 | -€128,021 | -51.7% |
| Amounts payable within one year | 42/48 | €1,444,016 | €1,105,904 | -€338,113 | -23.4% |
| Current portion of amounts payable after more than one year | 42 | €169,501 | €173,079 | +€3,578 | +2.1% |
| Trade debts | 44 | €421,786 | €225,652 | -€196,134 | -46.5% |
| Suppliers | 440/4 | €421,786 | €225,652 | -€196,134 | -46.5% |
| Taxes, remuneration and social security | 45 | €530,479 | €705,597 | +€175,118 | +33.0% |
| Taxes | 450/3 | €107,311 | €290,353 | +€183,041 | +171% |
| Remuneration and social security | 454/9 | €423,168 | €415,245 | -€7,923 | -1.9% |
| Other amounts payable | 47/48 | €322,250 | €1,575 | -€320,675 | -99.5% |
| Accrued charges and deferred income | 492/3 | €1,900 | €3,682 | +€1,782 | +93.8% |
| Operating income | 70/76A | €5,379,295 | €5,701,489 | +€322,195 | +6.0% |
| Turnover | 70 | €5,085,900 | €5,421,654 | +€335,754 | +6.6% |
| Other operating income | 74 | €293,394 | €279,835 | -€13,559 | -4.6% |
| Operating charges | 60/66A | €4,911,401 | €4,935,693 | +€24,292 | +0.5% |
| Goods for resale, raw materials and consumables | 60 | €309,623 | €293,746 | -€15,877 | -5.1% |
| Purchases | 600/8 | €309,623 | €293,746 | -€15,877 | -5.1% |
| Services and other goods | 61 | €1,393,336 | €1,300,784 | -€92,552 | -6.6% |
| Remuneration, social security and pensions | 62 | €2,968,091 | €3,136,141 | +€168,050 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €216,898 | €185,978 | -€30,920 | -14.3% |
| Other operating charges | 640/8 | €23,453 | €19,043 | -€4,409 | -18.8% |
| Operating profit (loss) | 9901 | €467,893 | €765,796 | +€297,903 | +63.7% |
| Financial income | 75/76B | €9,610 | €14,909 | +€5,299 | +55.1% |
| Recurring financial income | 75 | €9,610 | €14,909 | +€5,299 | +55.1% |
| Income from current assets | 751 | €9,610 | €14,909 | +€5,299 | +55.1% |
| Other financial income | 752/9 | €0 | €0 | -€0 | -86.7% |
| Financial charges | 65/66B | €21,824 | €11,514 | -€10,310 | -47.2% |
| Recurring financial charges | 65 | €21,746 | €11,514 | -€10,231 | -47.1% |
| Debt charges | 650 | €16,876 | €10,419 | -€6,457 | -38.3% |
| Other financial charges | 652/9 | €4,869 | €1,095 | -€3,774 | -77.5% |
| Non-recurring financial charges | 66B | €78 | - | -€78 | |
| Profit (loss) for the period before taxes | 9903 | €455,680 | €769,191 | +€313,511 | +68.8% |
| Income taxes | 67/77 | €132,201 | €220,088 | +€87,886 | +66.5% |
| Taxes | 670/3 | €132,767 | €220,088 | +€87,321 | +65.8% |
| Tax adjustments and reversals of tax provisions | 77 | €566 | - | -€566 | |
| Profit (loss) for the period | 9904 | €323,478 | €549,103 | +€225,625 | +69.7% |
| Profit (loss) for the period to be appropriated | 9905 | €323,478 | €549,103 | +€225,625 | +69.7% |
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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.