HEC Liège Advisory: what changed
HEC Liège Advisory
Largest movements
- Cash +€6,031
up €6,031 (+299%), from €2,016 to €8,047
mainly Receivables within one year (+€5,871) and Net result for the year (+€610)
- Receivables within one year -€5,871
down €5,871 (-87.6%), from €6,700 to €829
- Profit (loss) carried forward +€610
up €610 (+10.4%), from -€5,893 to -€5,283
- Debts within one year -€451
down €451 (-49.8%), from €906 to €455
- Depreciation -€611
no longer reported in 2019 (was €611)
- Gross operating margin +€401
up €401 (+31.1%), from €1,288 to €1,690
- Taxes +€35
new in 2019: €35
Change in the result, 2018 to 2019
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2018 and 2019 balance sheets and the 2019 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2018 | 2019 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,717 | €8,876 | +€159 | +1.8% |
| Current assets | 29/58 | €8,717 | €8,876 | +€159 | +1.8% |
| Amounts receivable within one year | 40/41 | €6,700 | €829 | -€5,871 | -87.6% |
| Cash at bank and in hand | 54/58 | €2,016 | €8,047 | +€6,031 | +299% |
| Total equity and liabilities | 10/49 | €8,717 | €8,876 | +€159 | +1.8% |
| Equity | 10/15 | €7,811 | €8,421 | +€610 | +7.8% |
| Contributions | 10/11 | €11,647 | €11,647 | = | 0.0% |
| Reserves | 13 | €2,057 | €2,057 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,893 | -€5,283 | +€610 | +10.4% |
| Amounts payable | 17/49 | €906 | €455 | -€451 | -49.8% |
| Amounts payable within one year | 42/48 | €906 | €455 | -€451 | -49.8% |
| Trade debts | 44 | €799 | €360 | -€440 | -55.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €611 | - | -€611 | |
| Gross operating margin | 9900 | €1,288 | €1,690 | +€401 | +31.1% |
| Operating profit (loss) | 9901 | -€145 | €899 | +€1,044 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Recurring financial charges | 65 | €21 | €254 | +€232 | +1,099% |
| Profit (loss) for the period before taxes | 9903 | -€165 | €646 | +€810 | |
| Income taxes | 67/77 | - | €35 | +€35 | |
| Profit (loss) for the period | 9904 | -€165 | €610 | +€775 | |
| Profit (loss) for the period to be appropriated | 9905 | -€165 | €610 | +€775 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2018 and 31 December 2019. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.