Hia: 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.
What changed
Hia
NACE 64.210, Activities of holding companies
financial year 31-12-2025 compared with 31-12-2024filed annual accounts (NBB)
Net result for the year
€19.1m
31-12-2024 · €40.0m-€20.9m
Equity
€89.2m
31-12-2024 · €97.2m-€8.1m
Cash
€3.8m
31-12-2024 · €989,783+€2.8m
Balance sheet total
€144.1m
31-12-2024 · €166.2m-€22.1m
Largest movements
Assets
- Current investments -€25.1m
down €25.1m (-76.6%), from €32.8m to €7.7m
- Cash +€2.8m
up €2.8m (+280%), from €989,783 to €3.8m
mainly Current investments (+€25.1m) and Net result for the year (+€19.1m)
Equity and liabilities
- Debts after one year -€23.1m
down €23.1m (-33.6%), from €68.6m to €45.5m
- Other debts +€7.2m
up €7.2m (+26,324%), from €27,238 to €7.2m
- Contributions -€6.2m
down €6.2m (-26.5%), from €23.3m to €17.1m
- Profit (loss) carried forward -€1.9m
down €1.9m (-3.7%), from €52.3m to €50.4m
Income statement
- Financial income -€24.2m
down €24.2m (-55.3%), from €43.7m to €19.5m
of which Financial income: -€24.2m
- Financial charges -€3.8m
down €3.8m, from €3.7m to -€96,405
- Taxes +€590,816
up €590,816 (+11,101%), from €5,322 to €596,138
of which Taxes: +€535,849
- Services and other goods -€72,408
down €72,408 (-7.6%), from €957,290 to €884,882
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024
€40.0m
Turnover
+€2,369
Services and other goods
+€72,408
Depreciation
+€0
Other operating charges
+€2,356
Financial income
-€24.2m
Financial charges
+€3.8m
Taxes
-€590,816
Result 31-12-2025
€19.1m
raises the resultlowers the result
Derived cash bridge
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€28.3m
Investment
+€24.7m
Financing
-€50.2m
Cash 31-12-2024
€989,783
From operations (derived)
+€28.3m
Net result for the year
+€19.1m
Depreciation
+€24,049
Smaller working-capital items
+€11,462
Deferred charges and accrued income
+€95,520
Tax, wage and social debts
+€380,059
Other debts
+€7.2m
Accrued charges and deferred income
+€1.6m
Investment (derived)
+€24.7m
Investment in fixed assets (net)
-€456,002
Current investments
+€25.1m
Financing
-€50.2m
Debts after one year
-€23.1m
Short-term financial debts
+€818
Contributions, distributions and other
-€27.1m
Cash 31-12-2025
€3.8m
brings cash intakes cash out
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €166,198,041 | €144,129,054 | -€22.1m | -13.3% |
| Fixed assets | 21/28 | €131,635,942 | €132,067,894 | +€431,952 | +0.3% |
| Tangible fixed assets | 22/27 | €87,434 | €63,385 | -€24,049 | -27.5% |
| Furniture and vehicles | 24 | €87,434 | €63,385 | -€24,049 | -27.5% |
| Financial fixed assets | 28 | €131,548,507 | €132,004,509 | +€456,002 | +0.3% |
| Affiliated companies | 280/1 | €130,209,348 | €130,482,652 | +€273,304 | +0.2% |
| Participating interests | 280 | €123,700,427 | €123,700,427 | = | 0.0% |
| Amounts receivable | 281 | €6,508,921 | €6,782,225 | +€273,304 | +4.2% |
| Companies linked by participating interests | 282/3 | €1,339,159 | €1,339,159 | = | 0.0% |
| Participating interests | 282 | €1,339,159 | €1,339,159 | = | 0.0% |
| Other financial fixed assets | 284/8 | - | €182,698 | +€182,698 | |
| Shares | 284 | - | €182,698 | +€182,698 | |
| Current assets | 29/58 | €34,562,099 | €12,061,160 | -€22.5m | -65.1% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €337,464 | €306,863 | -€30,601 | -9.1% |
| Trade receivables | 40 | €125,600 | €0 | -€125,600 | -100% |
| Other amounts receivable | 41 | €211,863 | €306,863 | +€95,000 | +44.8% |
| Current investments | 50/53 | €32,812,688 | €7,668,312 | -€25.1m | -76.6% |
| Other investments | 51/53 | €32,812,688 | €7,668,312 | -€25.1m | -76.6% |
| Cash at bank and in hand | 54/58 | €989,783 | €3,759,340 | +€2.8m | +280% |
| Deferred charges and accrued income | 490/1 | €422,165 | €326,644 | -€95,520 | -22.6% |
| Total equity and liabilities | 10/49 | €166,198,041 | €144,129,054 | -€22.1m | -13.3% |
| Equity | 10/15 | €97,226,443 | €89,150,545 | -€8.1m | -8.3% |
| Contributions | 10/11 | €23,290,935 | €17,127,528 | -€6.2m | -26.5% |
| Reserves | 13 | €21,648,324 | €21,648,324 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,648,324 | €21,648,324 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,287,184 | €50,374,693 | -€1.9m | -3.7% |
| Amounts payable | 17/49 | €68,971,598 | €54,978,509 | -€14.0m | -20.3% |
| Amounts payable after more than one year | 17 | €68,582,800 | €45,505,604 | -€23.1m | -33.6% |
| Financial debts | 170/4 | €68,582,800 | €45,505,604 | -€23.1m | -33.6% |
| Unsubordinated bonds | 171 | €68,582,800 | €0 | -€68.6m | -100% |
| Other loans | 174 | - | €45,505,604 | +€45.5m | |
| Amounts payable within one year | 42/48 | €267,524 | €7,799,610 | +€7.5m | +2,815% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | - | €818 | +€818 | |
| Credit institutions | 430/8 | - | €818 | +€818 | |
| Trade debts | 44 | €210,587 | €191,448 | -€19,139 | -9.1% |
| Suppliers | 440/4 | €210,587 | €191,448 | -€19,139 | -9.1% |
| Taxes, remuneration and social security | 45 | €29,699 | €409,758 | +€380,059 | +1,280% |
| Taxes | 450/3 | €29,699 | €409,758 | +€380,059 | +1,280% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €27,238 | €7,197,586 | +€7.2m | +26,324% |
| Accrued charges and deferred income | 492/3 | €121,274 | €1,673,295 | +€1.6m | +1,280% |
| Operating income | 70/76A | €941,771 | €944,140 | +€2,369 | +0.3% |
| Turnover | 70 | €941,771 | €944,140 | +€2,369 | +0.3% |
| Other operating income | 74 | €0 | - | = | |
| Operating charges | 60/66A | €985,328 | €910,565 | -€74,764 | -7.6% |
| Services and other goods | 61 | €957,290 | €884,882 | -€72,408 | -7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,049 | €24,049 | -€0 | 0.0% |
| Other operating charges | 640/8 | €3,989 | €1,634 | -€2,356 | -59.0% |
| Operating profit (loss) | 9901 | -€43,557 | €33,575 | +€77,133 | |
| Financial income | 75/76B | €43,704,607 | €19,533,117 | -€24.2m | -55.3% |
| Recurring financial income | 75 | €43,704,607 | €19,533,117 | -€24.2m | -55.3% |
| Income from financial fixed assets | 750 | €40,237,100 | €17,544,404 | -€22.7m | -56.4% |
| Income from current assets | 751 | €1,439,002 | €730,050 | -€708,953 | -49.3% |
| Other financial income | 752/9 | €2,028,504 | €1,258,663 | -€769,841 | -38.0% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €3,671,379 | -€96,405 | -€3.8m | |
| Recurring financial charges | 65 | €3,671,379 | -€96,405 | -€3.8m | |
| Debt charges | 650 | €714,296 | €141,213 | -€573,083 | -80.2% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €543,600 | -€270,892 | -€814,492 | |
| Other financial charges | 652/9 | €2,413,483 | €33,274 | -€2.4m | -98.6% |
| Profit (loss) for the period before taxes | 9903 | €39,989,670 | €19,663,097 | -€20.3m | -50.8% |
| Income taxes | 67/77 | €5,322 | €596,138 | +€590,816 | +11,101% |
| Taxes | 670/3 | €60,289 | €596,138 | +€535,849 | +889% |
| Tax adjustments and reversals of tax provisions | 77 | €54,967 | €0 | -€54,967 | -100% |
| Profit (loss) for the period | 9904 | €39,984,348 | €19,066,959 | -€20.9m | -52.3% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €39,984,348 | €19,066,959 | -€20.9m | -52.3% |
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 24 October 2026 via checked.be.