HDCP: 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.
HDCP
Largest movements
- Cash +€107,600
up €107,600 (+149.7%), from €71,880 to €179,480
mainly Net result for the year (+€125,807) and Depreciation (+€47,300)
- Tangible fixed assets -€42,955
down €42,955 (-7.6%), from €563,071 to €520,116
of which Land and buildings: -€27,743
- Receivables within one year +€21,254
up €21,254 (+71.9%), from €29,580 to €50,834
of which Other amounts receivable: +€18,788
- Reserves +€125,818
up €125,818 (+114.4%), from €110,000 to €235,818
- Debts after one year -€38,062
down €38,062 (-8.2%), from €461,774 to €423,712
of which Financial debts: -€38,062
- Profit (loss) carried forward -€11,011
down €11,011 (-100.0%), from €11,011 to €0
- Other debts +€11,000
up €11,000 (+3482.1%), from €316 to €11,316
- Gross operating margin +€27,486
up €27,486 (+12.8%), from €214,084 to €241,570
- Taxes +€9,056
up €9,056 (+17.5%), from €51,710 to €60,766
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 | €665,941 | €751,889 | +€85,948 | +12.9% |
| Fixed assets | 21/28 | €563,071 | €520,116 | -€42,955 | -7.6% |
| Tangible fixed assets | 22/27 | €563,071 | €520,116 | -€42,955 | -7.6% |
| Land and buildings | 22 | €487,660 | €459,917 | -€27,743 | -5.7% |
| Furniture and vehicles | 24 | €72,044 | €57,567 | -€14,477 | -20.1% |
| Other tangible fixed assets | 26 | €3,368 | €2,632 | -€736 | -21.8% |
| Current assets | 29/58 | €102,870 | €231,773 | +€128,903 | +125.3% |
| Amounts receivable within one year | 40/41 | €29,580 | €50,834 | +€21,254 | +71.9% |
| Trade receivables | 40 | €17,721 | €20,187 | +€2,467 | +13.9% |
| Other amounts receivable | 41 | €11,859 | €30,647 | +€18,788 | +158.4% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €71,880 | €179,480 | +€107,600 | +149.7% |
| Deferred charges and accrued income | 490/1 | €1,411 | €1,459 | +€48 | +3.4% |
| Total equity and liabilities | 10/49 | €665,941 | €751,889 | +€85,948 | +12.9% |
| Equity | 10/15 | €131,011 | €245,818 | +€114,807 | +87.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €110,000 | €235,818 | +€125,818 | +114.4% |
| Distributable reserves | 133 | €110,000 | €235,818 | +€125,818 | +114.4% |
| Profit (loss) carried forward | 14 | €11,011 | €0 | -€11,011 | -100.0% |
| Amounts payable | 17/49 | €534,930 | €506,071 | -€28,859 | -5.4% |
| Amounts payable after more than one year | 17 | €461,774 | €423,712 | -€38,062 | -8.2% |
| Financial debts | 170/4 | €436,274 | €398,212 | -€38,062 | -8.7% |
| Other amounts payable | 178/9 | €25,500 | €25,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €73,156 | €82,359 | +€9,203 | +12.6% |
| Current portion of amounts payable after more than one year | 42 | €37,693 | €38,062 | +€369 | +1.0% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €35,147 | €32,981 | -€2,166 | -6.2% |
| Taxes | 450/3 | €35,147 | €32,981 | -€2,166 | -6.2% |
| Other amounts payable | 47/48 | €316 | €11,316 | +€11,000 | +3482.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,822 | €47,300 | +€1,477 | +3.2% |
| Other operating charges | 640/8 | €4,731 | €4,779 | +€48 | +1.0% |
| Gross operating margin | 9900 | €214,084 | €241,570 | +€27,486 | +12.8% |
| Operating profit (loss) | 9901 | €163,531 | €189,491 | +€25,960 | +15.9% |
| Financial income | 75/76B | €3,233 | €1,593 | -€1,641 | -50.7% |
| Recurring financial income | 75 | €3,233 | €1,593 | -€1,641 | -50.7% |
| Financial charges | 65/66B | €4,876 | €4,510 | -€366 | -7.5% |
| Recurring financial charges | 65 | €4,876 | €4,510 | -€366 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €161,888 | €186,573 | +€24,685 | +15.2% |
| Income taxes | 67/77 | €51,710 | €60,766 | +€9,056 | +17.5% |
| Profit (loss) for the period | 9904 | €110,178 | €125,807 | +€15,629 | +14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €110,178 | €125,807 | +€15,629 | +14.2% |
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 9 October 2026 via checked.be.