HIC: 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.
HIC
Largest movements
- Financial fixed assets +€2.9m
new in 2025: €2.9m
- Tangible fixed assets +€274,882
up €274,882 (+20.6%), from €1.3m to €1.6m
of which Assets under construction and advance payments: +€292,195
- Cash -€121,249
down €121,249 (-77.1%), from €157,205 to €35,956
mainly Investment in fixed assets (net) (-€3.1m) and Net result for the year (-€141,511)
- Debts after one year +€2.6m
up €2.6m (+159%), from €1.6m to €4.2m
of which Financial debts: +€2.0m
- Current portion of long-term debt +€413,471
up €413,471 (+1,950%), from €21,205 to €434,676
- Trade debts +€225,941
up €225,941 (+1,504%), from €15,025 to €240,966
- Profit (loss) carried forward -€141,511
down €141,511 (-33.3%), from -€425,545 to -€567,056
- Depreciation -€158,225
down €158,225 (-88.5%), from €178,854 to €20,629
- Financial charges +€90,409
up €90,409 (+4,090%), from €2,210 to €92,620
- Gross operating margin +€69,763
up €69,763 (+75.1%), from -€92,869 to -€23,107
- Other operating charges +€1,258
up €1,258 (+34.8%), from €3,611 to €4,869
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 | €1,546,112 | €4,579,068 | +€3.0m | +196% |
| Fixed assets | 21/28 | €1,332,469 | €4,457,351 | +€3.1m | +235% |
| Tangible fixed assets | 22/27 | €1,332,469 | €1,607,351 | +€274,882 | +20.6% |
| Land and buildings | 22 | €1,272,920 | €1,272,920 | = | 0.0% |
| Furniture and vehicles | 24 | €27 | €2,329 | +€2,302 | +8,543% |
| Leasing and similar rights | 25 | €57,570 | €38,320 | -€19,250 | -33.4% |
| Other tangible fixed assets | 26 | €1,953 | €1,587 | -€366 | -18.7% |
| Assets under construction and advance payments | 27 | - | €292,195 | +€292,195 | |
| Financial fixed assets | 28 | - | €2,850,000 | +€2.9m | |
| Current assets | 29/58 | €213,642 | €121,717 | -€91,925 | -43.0% |
| Amounts receivable within one year | 40/41 | €48,247 | €84,019 | +€35,772 | +74.1% |
| Trade receivables | 40 | €11,170 | €17,613 | +€6,443 | +57.7% |
| Other amounts receivable | 41 | €37,077 | €66,406 | +€29,329 | +79.1% |
| Cash at bank and in hand | 54/58 | €157,205 | €35,956 | -€121,249 | -77.1% |
| Deferred charges and accrued income | 490/1 | €8,190 | €1,742 | -€6,449 | -78.7% |
| Total equity and liabilities | 10/49 | €1,546,112 | €4,579,068 | +€3.0m | +196% |
| Equity | 10/15 | -€129,582 | -€271,093 | -€141,511 | -109% |
| Contributions | 10/11 | €268,600 | €268,600 | = | 0.0% |
| Reserves | 13 | €27,363 | €27,363 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €27,363 | €27,363 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€425,545 | -€567,056 | -€141,511 | -33.3% |
| Amounts payable | 17/49 | €1,675,693 | €4,850,162 | +€3.2m | +189% |
| Amounts payable after more than one year | 17 | €1,607,286 | €4,163,326 | +€2.6m | +159% |
| Financial debts | 170/4 | €18,578 | €1,973,709 | +€2.0m | +10,524% |
| Other amounts payable | 178/9 | €1,588,708 | €2,189,617 | +€600,909 | +37.8% |
| Amounts payable within one year | 42/48 | €68,407 | €676,432 | +€608,025 | +889% |
| Current portion of amounts payable after more than one year | 42 | €21,205 | €434,676 | +€413,471 | +1,950% |
| Trade debts | 44 | €15,025 | €240,966 | +€225,941 | +1,504% |
| Suppliers | 440/4 | €15,025 | €240,966 | +€225,941 | +1,504% |
| Taxes, remuneration and social security | 45 | €8,702 | €790 | -€7,912 | -90.9% |
| Taxes | 450/3 | €8,702 | €790 | -€7,912 | -90.9% |
| Other amounts payable | 47/48 | €23,476 | €0 | -€23,476 | -100% |
| Accrued charges and deferred income | 492/3 | - | €10,404 | +€10,404 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €178,854 | €20,629 | -€158,225 | -88.5% |
| Other operating charges | 640/8 | €3,611 | €4,869 | +€1,258 | +34.8% |
| Gross operating margin | 9900 | -€92,869 | -€23,107 | +€69,763 | +75.1% |
| Operating profit (loss) | 9901 | -€275,335 | -€48,605 | +€226,730 | +82.3% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €2,210 | €92,620 | +€90,409 | +4,090% |
| Recurring financial charges | 65 | €2,210 | €92,620 | +€90,409 | +4,090% |
| Profit (loss) for the period before taxes | 9903 | -€277,545 | -€141,224 | +€136,321 | +49.1% |
| Income taxes | 67/77 | €313 | €287 | -€26 | -8.4% |
| Profit (loss) for the period | 9904 | -€277,858 | -€141,511 | +€136,347 | +49.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€277,858 | -€141,511 | +€136,347 | +49.1% |
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 16 October 2026 via checked.be.