HFC WORKS: 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.
HFC WORKS
Largest movements
- Deferred charges and accrued income +€45,000
new in 2025: €45,000
- Cash -€23,117
down €23,117 (-52.4%), from €44,120 to €21,003
mainly Deferred charges and accrued income (-€45,000) and Tax, wage and social debts (-€14,864)
- Stocks and contracts -€15,679
down €15,679 (-17.6%), from €89,176 to €73,497
- Receivables within one year -€14,794
down €14,794 (-12.6%), from €117,124 to €102,330
of which Trade receivables: -€16,488
- Tangible fixed assets -€12,764
down €12,764 (-5.4%), from €235,215 to €222,451
of which Furniture and vehicles: -€6,875
- Tax, wage and social debts -€14,864
down €14,864 (-32.9%), from €45,247 to €30,383
of which Taxes: -€9,473
- Profit (loss) carried forward +€13,783
up €13,783 (+260%), from €5,297 to €19,080
- Other debts -€9,930
down €9,930 (-4.1%), from €239,908 to €229,978
- Debts after one year -€5,639
down €5,639 (-28.1%), from €20,061 to €14,422
- Gross operating margin +€12,049
up €12,049 (+37.8%), from €31,867 to €43,916
- Taxes +€3,858
up €3,858 (+116%), from €3,323 to €7,181
- Depreciation +€766
up €766 (+3.8%), from €20,148 to €20,914
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 | €485,635 | €464,281 | -€21,354 | -4.4% |
| Fixed assets | 21/28 | €235,215 | €222,451 | -€12,764 | -5.4% |
| Tangible fixed assets | 22/27 | €235,215 | €222,451 | -€12,764 | -5.4% |
| Land and buildings | 22 | €222,500 | €218,611 | -€3,889 | -1.7% |
| Plant, machinery and equipment | 23 | €4,164 | €2,164 | -€2,000 | -48.0% |
| Furniture and vehicles | 24 | €8,551 | €1,676 | -€6,875 | -80.4% |
| Current assets | 29/58 | €250,420 | €241,830 | -€8,590 | -3.4% |
| Stocks and contracts in progress | 3 | €89,176 | €73,497 | -€15,679 | -17.6% |
| Stocks | 30/36 | €89,176 | €73,497 | -€15,679 | -17.6% |
| Amounts receivable within one year | 40/41 | €117,124 | €102,330 | -€14,794 | -12.6% |
| Trade receivables | 40 | €117,124 | €100,636 | -€16,488 | -14.1% |
| Other amounts receivable | 41 | - | €1,694 | +€1,694 | |
| Cash at bank and in hand | 54/58 | €44,120 | €21,003 | -€23,117 | -52.4% |
| Deferred charges and accrued income | 490/1 | - | €45,000 | +€45,000 | |
| Total equity and liabilities | 10/49 | €485,635 | €464,281 | -€21,354 | -4.4% |
| Equity | 10/15 | €135,538 | €149,321 | +€13,783 | +10.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €124,041 | €124,041 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €122,181 | €122,181 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,297 | €19,080 | +€13,783 | +260% |
| Amounts payable | 17/49 | €350,097 | €314,960 | -€35,137 | -10.0% |
| Amounts payable after more than one year | 17 | €20,061 | €14,422 | -€5,639 | -28.1% |
| Financial debts | 170/4 | €20,061 | €14,422 | -€5,639 | -28.1% |
| Amounts payable within one year | 42/48 | €330,036 | €300,538 | -€29,498 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €5,568 | €5,640 | +€72 | +1.3% |
| Trade debts | 44 | €39,313 | €34,537 | -€4,776 | -12.1% |
| Suppliers | 440/4 | €39,313 | €34,537 | -€4,776 | -12.1% |
| Taxes, remuneration and social security | 45 | €45,247 | €30,383 | -€14,864 | -32.9% |
| Taxes | 450/3 | €24,053 | €14,580 | -€9,473 | -39.4% |
| Remuneration and social security | 454/9 | €21,194 | €15,803 | -€5,391 | -25.4% |
| Other amounts payable | 47/48 | €239,908 | €229,978 | -€9,930 | -4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,148 | €20,914 | +€766 | +3.8% |
| Other operating charges | 640/8 | €1,611 | €1,659 | +€48 | +3.0% |
| Gross operating margin | 9900 | €31,867 | €43,916 | +€12,049 | +37.8% |
| Operating profit (loss) | 9901 | €10,108 | €21,343 | +€11,235 | +111% |
| Financial income | 75/76B | €104 | €30 | -€74 | -71.2% |
| Recurring financial income | 75 | €104 | €30 | -€74 | -71.2% |
| Financial charges | 65/66B | €485 | €409 | -€76 | -15.7% |
| Recurring financial charges | 65 | €485 | €409 | -€76 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €9,727 | €20,964 | +€11,237 | +116% |
| Income taxes | 67/77 | €3,323 | €7,181 | +€3,858 | +116% |
| Profit (loss) for the period | 9904 | €6,404 | €13,783 | +€7,379 | +115% |
| Profit (loss) for the period to be appropriated | 9905 | €6,404 | €13,783 | +€7,379 | +115% |
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 20 October 2026 via checked.be.