HCSD: 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.
HCSD
Largest movements
- Tangible fixed assets +€45,966
up €45,966 (+205%), from €22,473 to €68,439
- Receivables within one year -€6,371
down €6,371 (-27.4%), from €23,267 to €16,896
of which Trade receivables: -€7,695
- Reserves +€55,400
up €55,400 (+18.3%), from €302,282 to €357,682
- Other debts -€12,041
down €12,041 (-11.0%), from €109,049 to €97,008
- Gross operating margin +€14,328
up €14,328 (+18.4%), from €77,680 to €92,007
- Financial charges +€1,747
up €1,747 (+56.2%), from €3,110 to €4,857
- Depreciation -€1,157
down €1,157 (-16.4%), from €7,066 to €5,910
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.
Derived cash bridge
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 | €464,952 | €504,925 | +€39,973 | +8.6% |
| Fixed assets | 21/28 | €22,523 | €68,489 | +€45,966 | +204% |
| Tangible fixed assets | 22/27 | €22,473 | €68,439 | +€45,966 | +205% |
| Furniture and vehicles | 24 | €22,473 | €68,439 | +€45,966 | +205% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €442,429 | €436,436 | -€5,993 | -1.4% |
| Amounts receivable within one year | 40/41 | €23,267 | €16,896 | -€6,371 | -27.4% |
| Trade receivables | 40 | €22,528 | €14,832 | -€7,695 | -34.2% |
| Other amounts receivable | 41 | €739 | €2,064 | +€1,325 | +179% |
| Current investments | 50/53 | €180,273 | €180,273 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €238,617 | €238,975 | +€358 | +0.2% |
| Deferred charges and accrued income | 490/1 | €272 | €292 | +€19 | +7.1% |
| Total equity and liabilities | 10/49 | €464,952 | €504,925 | +€39,973 | +8.6% |
| Equity | 10/15 | €320,882 | €376,282 | +€55,400 | +17.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €302,282 | €357,682 | +€55,400 | +18.3% |
| Distributable reserves | 133 | €302,282 | €357,682 | +€55,400 | +18.3% |
| Amounts payable | 17/49 | €144,070 | €128,643 | -€15,427 | -10.7% |
| Amounts payable within one year | 42/48 | €144,070 | €128,643 | -€15,427 | -10.7% |
| Trade debts | 44 | €1,221 | €1,666 | +€445 | +36.4% |
| Suppliers | 440/4 | €1,221 | €1,666 | +€445 | +36.4% |
| Taxes, remuneration and social security | 45 | €33,799 | €29,969 | -€3,831 | -11.3% |
| Taxes | 450/3 | €30,288 | €26,609 | -€3,679 | -12.1% |
| Remuneration and social security | 454/9 | €3,512 | €3,360 | -€152 | -4.3% |
| Other amounts payable | 47/48 | €109,049 | €97,008 | -€12,041 | -11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,066 | €5,910 | -€1,157 | -16.4% |
| Other operating charges | 640/8 | €1,139 | €1,303 | +€164 | +14.4% |
| Gross operating margin | 9900 | €77,680 | €92,007 | +€14,328 | +18.4% |
| Operating profit (loss) | 9901 | €69,474 | €84,795 | +€15,321 | +22.1% |
| Financial income | 75/76B | €8 | - | -€8 | |
| Recurring financial income | 75 | €8 | - | -€8 | |
| Financial charges | 65/66B | €3,110 | €4,857 | +€1,747 | +56.2% |
| Recurring financial charges | 65 | €3,110 | €4,857 | +€1,747 | +56.2% |
| Profit (loss) for the period before taxes | 9903 | €66,373 | €79,938 | +€13,566 | +20.4% |
| Income taxes | 67/77 | €23,230 | €23,505 | +€275 | +1.2% |
| Profit (loss) for the period | 9904 | €43,142 | €56,433 | +€13,291 | +30.8% |
| Profit (loss) for the period to be appropriated | 9905 | €43,142 | €56,433 | +€13,291 | +30.8% |
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 26 October 2026 via checked.be.