HF HOLDING: 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.
What changed
HF HOLDING
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€9.7m
2024 · €5.4m+€4.3m
Equity
€29.7m
2024 · €32.1m-€2.4m
Cash
€785,741
2024 · €478,770+€306,971
Balance sheet total
€38.1m
2024 · €40.1m-€2.0m
Largest movements
Assets
- Receivables within one year -€1.7m
down €1.7m (-38.1%), from €4.4m to €2.8m
of which Other amounts receivable: -€1.7m
- Financial fixed assets -€707,875
down €707,875 (-2.3%), from €31.2m to €30.5m
Equity and liabilities
- Profit (loss) carried forward -€2.3m
down €2.3m (-7.8%), from €29.9m to €27.6m
- Other debts +€1.8m
new in 2025: €1.8m
- Debts after one year -€1.4m
down €1.4m (-31.4%), from €4.4m to €3.0m
Income statement
- Financial income +€3.0m
up €3.0m (+51.6%), from €5.8m to €8.7m
- Services and other goods -€482,880
down €482,880 (-10.1%), from €4.8m to €4.3m
- Taxes -€291,652
down €291,652 (-59.8%), from €487,805 to €196,153
- Depreciation -€241,037
down €241,037 (-25.2%), from €956,460 to €715,424
- Other operating income +€195,433
up €195,433 (+10.2%), from €1.9m to €2.1m
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.
Result 2024
€5.4m
Turnover
+€127,986
Other operating income
+€195,433
Services and other goods
+€482,880
Staff costs
-€67,729
Depreciation
+€241,037
Other operating charges
-€299
Other operating items
-€25,942
Financial income
+€3.0m
Financial charges
+€28,916
Taxes
+€291,652
Deferred taxes and other
+€8,993
Result 2025
€9.7m
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.
From operations
+€13.9m
Investment
-€133,464
Financing
-€13.4m
Cash 2024
€478,770
From operations (derived)
+€13.9m
Net result for the year
+€9.7m
Depreciation
+€715,424
Receivables within one year
+€1.7m
Deferred charges and accrued income
+€54,874
Smaller working-capital items
-€24,883
Trade debts
-€225,626
Tax, wage and social debts
+€235,235
Other debts
+€1.8m
Investment (derived)
-€133,464
Investment in fixed assets (net)
-€133,464
Financing
-€13.4m
Debts after one year
-€1.4m
Current portion of long-term debt
-€0
Contributions, distributions and other
-€12.1m
Cash 2025
€785,741
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €40,076,558 | €38,052,197 | -€2.0m | -5.1% |
| Fixed assets | 21/28 | €34,881,196 | €34,299,237 | -€581,960 | -1.7% |
| Intangible fixed assets | 21 | €3,474,569 | €3,617,731 | +€143,161 | +4.1% |
| Tangible fixed assets | 22/27 | €171,875 | €154,629 | -€17,246 | -10.0% |
| Plant, machinery and equipment | 23 | €117,681 | €86,974 | -€30,708 | -26.1% |
| Furniture and vehicles | 24 | €54,193 | €67,655 | +€13,462 | +24.8% |
| Financial fixed assets | 28 | €31,234,752 | €30,526,877 | -€707,875 | -2.3% |
| Affiliated companies | 280/1 | €31,234,752 | €30,526,877 | -€707,875 | -2.3% |
| Participating interests | 280 | €23,882,674 | €25,961,593 | +€2.1m | +8.7% |
| Amounts receivable | 281 | €7,352,078 | €4,565,284 | -€2.8m | -37.9% |
| Current assets | 29/58 | €5,195,361 | €3,752,960 | -€1.4m | -27.8% |
| Amounts receivable within one year | 40/41 | €4,448,914 | €2,754,416 | -€1.7m | -38.1% |
| Trade receivables | 40 | €2,646,495 | €2,693,694 | +€47,199 | +1.8% |
| Other amounts receivable | 41 | €1,802,419 | €60,722 | -€1.7m | -96.6% |
| Cash at bank and in hand | 54/58 | €478,770 | €785,741 | +€306,971 | +64.1% |
| Deferred charges and accrued income | 490/1 | €267,677 | €212,803 | -€54,874 | -20.5% |
| Total equity and liabilities | 10/49 | €40,076,558 | €38,052,197 | -€2.0m | -5.1% |
| Equity | 10/15 | €32,112,582 | €29,732,453 | -€2.4m | -7.4% |
| Contributions | 10/11 | €1,739,635 | €1,739,635 | = | 0.0% |
| Capital | 10 | €1,739,635 | €1,739,635 | = | 0.0% |
| Issued capital | 100 | €1,739,635 | €1,739,635 | = | 0.0% |
| Reserves | 13 | €185,815 | €185,815 | = | 0.0% |
| Non-distributable reserves | 130/1 | €185,815 | €185,815 | = | 0.0% |
| Legal reserve | 130 | €185,815 | €185,815 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,944,322 | €27,618,150 | -€2.3m | -7.8% |
| Investment grants | 15 | €242,810 | €188,853 | -€53,957 | -22.2% |
| Provisions and deferred taxes | 16 | €95,286 | €77,300 | -€17,986 | -18.9% |
| Provisions for liabilities and charges | 160/5 | €14,349 | €14,349 | = | 0.0% |
| Pensions and similar obligations | 160 | €14,349 | €14,349 | = | 0.0% |
| Deferred taxes | 168 | €80,937 | €62,951 | -€17,986 | -22.2% |
| Amounts payable | 17/49 | €7,868,690 | €8,242,444 | +€373,754 | +4.7% |
| Amounts payable after more than one year | 17 | €4,403,333 | €3,022,222 | -€1.4m | -31.4% |
| Financial debts | 170/4 | €4,403,333 | €3,022,222 | -€1.4m | -31.4% |
| Credit institutions | 173 | €4,403,333 | €3,022,222 | -€1.4m | -31.4% |
| Amounts payable within one year | 42/48 | €3,443,116 | €5,204,878 | +€1.8m | +51.2% |
| Current portion of amounts payable after more than one year | 42 | €1,381,111 | €1,381,111 | -€0 | 0.0% |
| Trade debts | 44 | €933,941 | €708,315 | -€225,626 | -24.2% |
| Suppliers | 440/4 | €933,941 | €708,315 | -€225,626 | -24.2% |
| Taxes, remuneration and social security | 45 | €1,128,063 | €1,363,298 | +€235,235 | +20.9% |
| Taxes | 450/3 | - | €167,040 | +€167,040 | |
| Remuneration and social security | 454/9 | €1,128,063 | €1,196,258 | +€68,195 | +6.0% |
| Other amounts payable | 47/48 | - | €1,752,154 | +€1.8m | |
| Accrued charges and deferred income | 492/3 | €22,241 | €15,343 | -€6,897 | -31.0% |
| Operating income | 70/76A | €8,828,732 | €9,126,209 | +€297,477 | +3.4% |
| Turnover | 70 | €6,471,089 | €6,599,075 | +€127,986 | +2.0% |
| Own construction capitalised | 72 | €441,678 | €415,736 | -€25,942 | -5.9% |
| Other operating income | 74 | €1,915,964 | €2,111,398 | +€195,433 | +10.2% |
| Operating charges | 60/66A | €8,206,800 | €7,550,911 | -€655,889 | -8.0% |
| Services and other goods | 61 | €4,777,009 | €4,294,129 | -€482,880 | -10.1% |
| Remuneration, social security and pensions | 62 | €2,462,804 | €2,530,532 | +€67,729 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €956,460 | €715,424 | -€241,037 | -25.2% |
| Other operating charges | 640/8 | €10,526 | €10,825 | +€299 | +2.8% |
| Operating profit (loss) | 9901 | €621,932 | €1,575,298 | +€953,366 | +153.3% |
| Financial income | 75/76B | €5,770,814 | €8,748,107 | +€3.0m | +51.6% |
| Recurring financial income | 75 | €5,770,814 | €8,748,107 | +€3.0m | +51.6% |
| Income from financial fixed assets | 750 | €5,558,835 | €8,667,339 | +€3.1m | +55.9% |
| Income from current assets | 751 | €63,000 | - | -€63,000 | |
| Other financial income | 752/9 | €148,979 | €80,768 | -€68,211 | -45.8% |
| Financial charges | 65/66B | €500,326 | €471,410 | -€28,916 | -5.8% |
| Recurring financial charges | 65 | €500,326 | €471,410 | -€28,916 | -5.8% |
| Debt charges | 650 | €401,061 | €212,155 | -€188,906 | -47.1% |
| Other financial charges | 652/9 | €99,265 | €259,256 | +€159,990 | +161.2% |
| Profit (loss) for the period before taxes | 9903 | €5,892,420 | €9,851,995 | +€4.0m | +67.2% |
| Transfer from deferred taxes | 780 | €8,993 | €17,986 | +€8,993 | +100.0% |
| Income taxes | 67/77 | €487,805 | €196,153 | -€291,652 | -59.8% |
| Taxes | 670/3 | €487,805 | €196,153 | -€291,652 | -59.8% |
| Profit (loss) for the period | 9904 | €5,413,608 | €9,673,828 | +€4.3m | +78.7% |
| Profit (loss) for the period to be appropriated | 9905 | €5,413,608 | €9,673,828 | +€4.3m | +78.7% |
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 30 September 2026 via checked.be.