HFHC: 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.
HFHC
Largest movements
- Tangible fixed assets -€181,265
down €181,265 (-18.7%), from €971,597 to €790,331
of which Plant, machinery and equipment: -€180,120
- Stocks and contracts +€48,455
up €48,455 (+174.6%), from €27,758 to €76,212
- Cash -€24,652
down €24,652 (-18.4%), from €133,629 to €108,977
mainly Trade debts (-€368,581) and Investment in fixed assets (net) (-€222,322)
- Trade debts -€368,581
down €368,581 (-37.5%), from €983,460 to €614,879
- Debts after one year +€221,789
up €221,789 (+682.4%), from €32,500 to €254,289
- Current portion of long-term debt -€117,762
down €117,762 (-52.8%), from €222,916 to €105,154
- Profit (loss) carried forward +€51,116
up €51,116 (+32.3%), from €158,414 to €209,530
- Accrued charges and deferred income +€41,788
up €41,788 (+8.4%), from €498,762 to €540,550
- Gross operating margin +€85,085
up €85,085 (+20.9%), from €407,504 to €492,589
- Other operating charges +€26,041
up €26,041 (+2691.5%), from €968 to €27,009
- Depreciation +€19,317
up €19,317 (+5.0%), from €385,036 to €404,353
- Financial charges +€6,435
up €6,435 (+83.7%), from €7,685 to €14,120
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 | €1,970,990 | €1,799,310 | -€171,680 | -8.7% |
| Fixed assets | 21/28 | €1,047,982 | €865,951 | -€182,031 | -17.4% |
| Intangible fixed assets | 21 | €72,636 | €71,870 | -€766 | -1.1% |
| Tangible fixed assets | 22/27 | €971,597 | €790,331 | -€181,265 | -18.7% |
| Plant, machinery and equipment | 23 | €969,026 | €788,906 | -€180,120 | -18.6% |
| Furniture and vehicles | 24 | €2,571 | €1,425 | -€1,146 | -44.6% |
| Financial fixed assets | 28 | €3,750 | €3,750 | = | 0.0% |
| Current assets | 29/58 | €923,008 | €933,359 | +€10,352 | +1.1% |
| Stocks and contracts in progress | 3 | €27,758 | €76,212 | +€48,455 | +174.6% |
| Stocks | 30/36 | €27,758 | €76,212 | +€48,455 | +174.6% |
| Amounts receivable within one year | 40/41 | €742,161 | €744,637 | +€2,477 | +0.3% |
| Trade receivables | 40 | €616,250 | €621,457 | +€5,207 | +0.8% |
| Other amounts receivable | 41 | €125,911 | €123,180 | -€2,731 | -2.2% |
| Cash at bank and in hand | 54/58 | €133,629 | €108,977 | -€24,652 | -18.4% |
| Deferred charges and accrued income | 490/1 | €19,460 | €3,532 | -€15,928 | -81.8% |
| Total equity and liabilities | 10/49 | €1,970,990 | €1,799,310 | -€171,680 | -8.7% |
| Equity | 10/15 | €226,064 | €277,180 | +€51,116 | +22.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €158,414 | €209,530 | +€51,116 | +32.3% |
| Amounts payable | 17/49 | €1,744,926 | €1,522,131 | -€222,795 | -12.8% |
| Amounts payable after more than one year | 17 | €32,500 | €254,289 | +€221,789 | +682.4% |
| Financial debts | 170/4 | €32,500 | €254,289 | +€221,789 | +682.4% |
| Amounts payable within one year | 42/48 | €1,213,664 | €727,292 | -€486,372 | -40.1% |
| Current portion of amounts payable after more than one year | 42 | €222,916 | €105,154 | -€117,762 | -52.8% |
| Trade debts | 44 | €983,460 | €614,879 | -€368,581 | -37.5% |
| Suppliers | 440/4 | €983,460 | €614,879 | -€368,581 | -37.5% |
| Taxes, remuneration and social security | 45 | €7,288 | €7,259 | -€29 | -0.4% |
| Taxes | 450/3 | €7,288 | €7,259 | -€29 | -0.4% |
| Accrued charges and deferred income | 492/3 | €498,762 | €540,550 | +€41,788 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €385,036 | €404,353 | +€19,317 | +5.0% |
| Other operating charges | 640/8 | €968 | €27,009 | +€26,041 | +2691.5% |
| Gross operating margin | 9900 | €407,504 | €492,589 | +€85,085 | +20.9% |
| Operating profit (loss) | 9901 | €21,500 | €61,227 | +€39,727 | +184.8% |
| Financial income | 75/76B | €3,226 | €4,008 | +€783 | +24.3% |
| Recurring financial income | 75 | €3,226 | €4,008 | +€783 | +24.3% |
| Financial charges | 65/66B | €7,685 | €14,120 | +€6,435 | +83.7% |
| Recurring financial charges | 65 | €7,685 | €14,120 | +€6,435 | +83.7% |
| Profit (loss) for the period before taxes | 9903 | €17,041 | €51,116 | +€34,074 | +200.0% |
| Profit (loss) for the period | 9904 | €17,041 | €51,116 | +€34,074 | +200.0% |
| Profit (loss) for the period to be appropriated | 9905 | €17,041 | €51,116 | +€34,074 | +200.0% |
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 3 October 2026 via checked.be.