HCServices Belgium: 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.
HCServices Belgium
Largest movements
- Cash -€407,710
no longer reported in 2025 (was €407,710)
mainly Debts after one year (-€618,813) and Other debts (-€102,901)
- Debts after one year -€618,813
down €618,813 (-35.0%), from €1.8m to €1.1m
of which Financial debts: -€618,967
- Short-term financial debts +€334,030
up €334,030 (+134%), from €249,015 to €583,045
of which Credit institutions: +€328,529
- Reserves +€112,304
up €112,304 (+1,092%), from €10,287 to €122,591
of which Distributable reserves: +€90,000
- Accrued charges and deferred income +€111,456
new in 2025: €111,456
- Other debts -€102,901
down €102,901 (-3.0%), from €3.4m to €3.3m
- Gross operating margin +€82,706
up €82,706 (+52.9%), from €156,324 to €239,030
- Taxes -€76,935
down €76,935, from €63,961 to -€12,975
- Financial charges +€75,801
up €75,801 (+57.8%), from €131,220 to €207,021
- Depreciation +€27,412
up €27,412 (+284%), from €9,647 to €37,059
- Staff costs -€13,041
down €13,041, from €11,829 to -€1,212
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 | €6,702,879 | €6,330,867 | -€372,013 | -5.6% |
| Formation expenses | 20 | €240,995 | €206,369 | -€34,625 | -14.4% |
| Fixed assets | 21/28 | €5,647,604 | €5,646,576 | -€1,027 | 0.0% |
| Intangible fixed assets | 21 | €2,031 | - | -€2,031 | |
| Tangible fixed assets | 22/27 | €1,125 | €723 | -€403 | -35.8% |
| Plant, machinery and equipment | 23 | €1,125 | €723 | -€403 | -35.8% |
| Financial fixed assets | 28 | €5,644,447 | €5,645,853 | +€1,406 | 0.0% |
| Current assets | 29/58 | €814,281 | €477,922 | -€336,360 | -41.3% |
| Amounts receivable within one year | 40/41 | €405,531 | €472,443 | +€66,912 | +16.5% |
| Trade receivables | 40 | - | €180,118 | +€180,118 | |
| Other amounts receivable | 41 | €405,531 | €292,325 | -€113,205 | -27.9% |
| Cash at bank and in hand | 54/58 | €407,710 | - | -€407,710 | |
| Deferred charges and accrued income | 490/1 | €1,040 | €5,479 | +€4,438 | +427% |
| Total equity and liabilities | 10/49 | €6,702,879 | €6,330,867 | -€372,013 | -5.6% |
| Equity | 10/15 | €444,480 | €458,414 | +€13,935 | +3.1% |
| Contributions | 10/11 | €325,908 | €325,908 | = | 0.0% |
| Capital | 10 | €325,908 | €325,908 | = | 0.0% |
| Issued capital | 100 | €325,908 | €325,908 | = | 0.0% |
| Reserves | 13 | €10,287 | €122,591 | +€112,304 | +1,092% |
| Non-distributable reserves | 130/1 | €10,287 | €32,591 | +€22,304 | +217% |
| Legal reserve | 130 | €10,287 | €32,591 | +€22,304 | +217% |
| Distributable reserves | 133 | - | €90,000 | +€90,000 | |
| Profit (loss) carried forward | 14 | €108,284 | €9,915 | -€98,369 | -90.8% |
| Amounts payable | 17/49 | €6,258,400 | €5,872,452 | -€385,947 | -6.2% |
| Amounts payable after more than one year | 17 | €1,768,806 | €1,149,993 | -€618,813 | -35.0% |
| Financial debts | 170/4 | €1,348,960 | €729,993 | -€618,967 | -45.9% |
| Other amounts payable | 178/9 | €419,846 | €420,000 | +€154 | 0.0% |
| Amounts payable within one year | 42/48 | €4,489,593 | €4,611,003 | +€121,410 | +2.7% |
| Current portion of amounts payable after more than one year | 42 | €703,656 | €613,465 | -€90,191 | -12.8% |
| Financial debts | 43 | €249,015 | €583,045 | +€334,030 | +134% |
| Credit institutions | 430/8 | €249,015 | €577,543 | +€328,529 | +132% |
| Other loans | 439 | - | €5,502 | +€5,502 | |
| Trade debts | 44 | €123,380 | €122,285 | -€1,095 | -0.9% |
| Suppliers | 440/4 | €123,380 | €122,285 | -€1,095 | -0.9% |
| Taxes, remuneration and social security | 45 | €18,694 | €260 | -€18,434 | -98.6% |
| Taxes | 450/3 | €15,950 | €260 | -€15,690 | -98.4% |
| Remuneration and social security | 454/9 | €2,744 | - | -€2,744 | |
| Other amounts payable | 47/48 | €3,394,849 | €3,291,948 | -€102,901 | -3.0% |
| Accrued charges and deferred income | 492/3 | - | €111,456 | +€111,456 | |
| Non-recurring operating income | 76A | €1,000 | - | -€1,000 | |
| Remuneration, social security and pensions | 62 | €11,829 | -€1,212 | -€13,041 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,647 | €37,059 | +€27,412 | +284% |
| Other operating charges | 640/8 | €866 | €681 | -€185 | -21.4% |
| Non-recurring operating charges | 66A | €249 | - | -€249 | |
| Gross operating margin | 9900 | €156,324 | €239,030 | +€82,706 | +52.9% |
| Operating profit (loss) | 9901 | €133,733 | €202,503 | +€68,770 | +51.4% |
| Financial income | 75/76B | €151 | €5,479 | +€5,328 | +3,540% |
| Recurring financial income | 75 | €151 | €5,479 | +€5,328 | +3,540% |
| Financial charges | 65/66B | €131,220 | €207,021 | +€75,801 | +57.8% |
| Recurring financial charges | 65 | €131,220 | €207,021 | +€75,801 | +57.8% |
| Profit (loss) for the period before taxes | 9903 | €2,663 | €960 | -€1,703 | -63.9% |
| Income taxes | 67/77 | €63,961 | -€12,975 | -€76,935 | |
| Profit (loss) for the period | 9904 | -€61,297 | €13,935 | +€75,232 | |
| Profit (loss) for the period to be appropriated | 9905 | -€61,297 | €13,935 | +€75,232 |
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 21 October 2026 via checked.be.