HCS: 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.
HCS
Largest movements
- Cash +€55,975
up €55,975 (+58.2%), from €96,206 to €152,181
mainly Net result for the year (+€59,121) and Deferred charges and accrued income (+€20,304)
- Deferred charges and accrued income -€20,304
no longer reported in 2025 (was €20,304)
- Receivables within one year +€12,536
up €12,536 (+12.7%), from €98,405 to €110,941
of which Trade receivables: +€8,448
- Reserves +€59,121
up €59,121 (+44.9%), from €131,741 to €190,861
of which Distributable reserves: +€59,121
- Provisions -€10,000
no longer reported in 2025 (was €10,000)
- Tax, wage and social debts -€2,716
down €2,716 (-5.5%), from €49,544 to €46,829
- Taxes +€21,360
up €21,360 (+68.6%), from €31,149 to €52,509
- Gross operating margin -€15,012
down €15,012 (-12.7%), from €118,023 to €103,011
- Financial income +€10,001
up €10,001 (+100012900.0%), from €0 to €10,001
of which Non-recurring financial income: +€10,000
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 | €215,873 | €263,550 | +€47,677 | +22.1% |
| Fixed assets | 21/28 | €959 | €429 | -€530 | -55.3% |
| Tangible fixed assets | 22/27 | €959 | €429 | -€530 | -55.3% |
| Plant, machinery and equipment | 23 | €959 | €429 | -€530 | -55.3% |
| Current assets | 29/58 | €214,914 | €263,122 | +€48,208 | +22.4% |
| Amounts receivable within one year | 40/41 | €98,405 | €110,941 | +€12,536 | +12.7% |
| Trade receivables | 40 | €98,405 | €106,853 | +€8,448 | +8.6% |
| Other amounts receivable | 41 | - | €4,088 | +€4,088 | |
| Cash at bank and in hand | 54/58 | €96,206 | €152,181 | +€55,975 | +58.2% |
| Deferred charges and accrued income | 490/1 | €20,304 | - | -€20,304 | |
| Total equity and liabilities | 10/49 | €215,873 | €263,550 | +€47,677 | +22.1% |
| Equity | 10/15 | €155,287 | €214,408 | +€59,121 | +38.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €131,741 | €190,861 | +€59,121 | +44.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,300 | €1,300 | = | 0.0% |
| Distributable reserves | 133 | €128,581 | €187,701 | +€59,121 | +46.0% |
| Profit (loss) carried forward | 14 | €4,947 | €4,947 | = | 0.0% |
| Provisions and deferred taxes | 16 | €10,000 | - | -€10,000 | |
| Provisions for liabilities and charges | 160/5 | €10,000 | - | -€10,000 | |
| Major repairs and maintenance | 162 | €10,000 | - | -€10,000 | |
| Amounts payable | 17/49 | €50,585 | €49,142 | -€1,443 | -2.9% |
| Amounts payable within one year | 42/48 | €50,585 | €49,142 | -€1,443 | -2.9% |
| Trade debts | 44 | €1,041 | €769 | -€272 | -26.1% |
| Suppliers | 440/4 | €1,041 | €769 | -€272 | -26.1% |
| Taxes, remuneration and social security | 45 | €49,544 | €46,829 | -€2,716 | -5.5% |
| Taxes | 450/3 | €49,544 | €46,829 | -€2,716 | -5.5% |
| Other amounts payable | 47/48 | - | €1,545 | +€1,545 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €592 | €530 | -€62 | -10.5% |
| Other operating charges | 640/8 | €118 | €520 | +€402 | +340.4% |
| Gross operating margin | 9900 | €118,023 | €103,011 | -€15,012 | -12.7% |
| Operating profit (loss) | 9901 | €117,313 | €101,962 | -€15,351 | -13.1% |
| Financial income | 75/76B | €0 | €10,001 | +€10,001 | +100012900.0% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +12900.0% |
| Non-recurring financial income | 76B | - | €10,000 | +€10,000 | |
| Financial charges | 65/66B | €68 | €333 | +€265 | +391.0% |
| Recurring financial charges | 65 | €68 | €333 | +€265 | +391.0% |
| Profit (loss) for the period before taxes | 9903 | €117,245 | €111,630 | -€5,615 | -4.8% |
| Income taxes | 67/77 | €31,149 | €52,509 | +€21,360 | +68.6% |
| Profit (loss) for the period | 9904 | €86,096 | €59,121 | -€26,976 | -31.3% |
| Profit (loss) for the period to be appropriated | 9905 | €86,096 | €59,121 | -€26,976 | -31.3% |
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 1 October 2026 via checked.be.