HICEWA: 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
HICEWA
NACE 93.110, Operation of sports facilities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€614,996
2024 · -€128,736+€743,731
Equity
€7.1m
2024 · €10.0m-€2.9m
Cash
€161,443
2024 · €177,356-€15,913
Balance sheet total
€7.3m
2024 · €11.4m-€4.1m
Largest movements
Assets
- Tangible fixed assets -€4.6m
down €4.6m (-45.5%), from €10.0m to €5.5m
of which Land and buildings: -€4.0m
- Current investments +€500,000
new in 2025: €500,000
Equity and liabilities
- Contributions -€3.5m
down €3.5m (-35.0%), from €10.0m to €6.5m
- Debts after one year -€1.3m
down €1.3m (-100%), from €1.3m to €0
- Profit (loss) carried forward +€592,242
up €592,242, from -€159,925 to €432,317
Income statement
- Gross operating margin +€784,517
up €784,517 (+150%), from €522,376 to €1.3m
- Staff costs -€117,315
down €117,315 (-35.5%), from €330,370 to €213,055
- Depreciation -€112,430
down €112,430 (-45.2%), from €248,782 to €136,352
- Taxes +€62,222
new in 2025: €62,222
- Financial income +€51,372
up €51,372 (+352,348%), from €15 to €51,387
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
-€128,736
Gross operating margin
+€784,517
Staff costs
+€117,315
Depreciation
+€112,430
Other operating charges
-€17,278
Other operating items
-€251,536
Financial income
+€51,372
Financial charges
+€9,133
Taxes
-€62,222
Result 2025
€614,996
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€815,210
Investment
+€3.9m
Financing
-€4.8m
Cash 2024
€177,356
From operations (derived)
+€815,210
Net result for the year
+€614,996
Depreciation
+€136,352
Stocks and contracts
+€11,821
Smaller working-capital items
+€6,937
Deferred charges and accrued income
+€13,371
Tax, wage and social debts
+€31,732
Investment (derived)
+€3.9m
Investment in fixed assets (net)
+€4.4m
Current investments
-€500,000
Financing
-€4.8m
Debts after one year
-€1.3m
Contributions, distributions and other
-€3.5m
Cash 2025
€161,443
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,379,522 | €7,282,955 | -€4.1m | -36.0% |
| Fixed assets | 21/28 | €10,146,203 | €5,590,974 | -€4.6m | -44.9% |
| Tangible fixed assets | 22/27 | €10,021,052 | €5,465,823 | -€4.6m | -45.5% |
| Land and buildings | 22 | €7,628,332 | €3,650,136 | -€4.0m | -52.2% |
| Plant, machinery and equipment | 23 | €2,351,482 | €1,793,041 | -€558,441 | -23.7% |
| Furniture and vehicles | 24 | €41,238 | €22,645 | -€18,593 | -45.1% |
| Financial fixed assets | 28 | €125,151 | €125,151 | = | 0.0% |
| Current assets | 29/58 | €1,233,319 | €1,691,981 | +€458,662 | +37.2% |
| Stocks and contracts in progress | 3 | €923,891 | €912,070 | -€11,821 | -1.3% |
| Stocks | 30/36 | €923,891 | €912,070 | -€11,821 | -1.3% |
| Amounts receivable within one year | 40/41 | €85,652 | €85,420 | -€233 | -0.3% |
| Trade receivables | 40 | €51,490 | €35,339 | -€16,151 | -31.4% |
| Other amounts receivable | 41 | €34,163 | €50,081 | +€15,918 | +46.6% |
| Current investments | 50/53 | - | €500,000 | +€500,000 | |
| Cash at bank and in hand | 54/58 | €177,356 | €161,443 | -€15,913 | -9.0% |
| Deferred charges and accrued income | 490/1 | €46,420 | €33,049 | -€13,371 | -28.8% |
| Total equity and liabilities | 10/49 | €11,379,522 | €7,282,955 | -€4.1m | -36.0% |
| Equity | 10/15 | €10,023,889 | €7,138,885 | -€2.9m | -28.8% |
| Contributions | 10/11 | €10,000,000 | €6,500,000 | -€3.5m | -35.0% |
| Capital | 10 | €10,000,000 | €6,500,000 | -€3.5m | -35.0% |
| Issued capital | 100 | €10,000,000 | €6,500,000 | -€3.5m | -35.0% |
| Revaluation surpluses | 12 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €58,815 | €81,568 | +€22,754 | +38.7% |
| Non-distributable reserves | 130/1 | €58,815 | €81,568 | +€22,754 | +38.7% |
| Legal reserve | 130 | €58,815 | €81,568 | +€22,754 | +38.7% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€159,925 | €432,317 | +€592,242 | |
| Amounts payable | 17/49 | €1,355,633 | €144,070 | -€1.2m | -89.4% |
| Amounts payable after more than one year | 17 | €1,250,000 | €0 | -€1.3m | -100% |
| Financial debts | 170/4 | €1,250,000 | €0 | -€1.3m | -100% |
| Amounts payable within one year | 42/48 | €100,633 | €139,070 | +€38,437 | +38.2% |
| Trade debts | 44 | €69,653 | €76,357 | +€6,705 | +9.6% |
| Suppliers | 440/4 | €69,653 | €76,357 | +€6,705 | +9.6% |
| Taxes, remuneration and social security | 45 | €28,253 | €59,985 | +€31,732 | +112% |
| Taxes | 450/3 | €7,780 | €47,000 | +€39,220 | +504% |
| Remuneration and social security | 454/9 | €20,473 | €12,985 | -€7,488 | -36.6% |
| Other amounts payable | 47/48 | €2,727 | €2,727 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €5,000 | €5,000 | = | 0.0% |
| Non-recurring operating income | 76A | €101,000 | €1,311,677 | +€1.2m | +1,199% |
| Remuneration, social security and pensions | 62 | €330,370 | €213,055 | -€117,315 | -35.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €248,782 | €136,352 | -€112,430 | -45.2% |
| Other operating charges | 640/8 | €37,874 | €55,152 | +€17,278 | +45.6% |
| Non-recurring operating charges | 66A | €21,500 | €273,036 | +€251,536 | +1,170% |
| Gross operating margin | 9900 | €522,376 | €1,306,894 | +€784,517 | +150% |
| Operating profit (loss) | 9901 | -€116,150 | €629,298 | +€745,448 | |
| Financial income | 75/76B | €15 | €51,387 | +€51,372 | +352,348% |
| Recurring financial income | 75 | €15 | €51,387 | +€51,372 | +352,348% |
| Financial charges | 65/66B | €12,600 | €3,467 | -€9,133 | -72.5% |
| Recurring financial charges | 65 | €12,600 | €3,467 | -€9,133 | -72.5% |
| Profit (loss) for the period before taxes | 9903 | -€128,736 | €677,218 | +€805,954 | |
| Income taxes | 67/77 | - | €62,222 | +€62,222 | |
| Profit (loss) for the period | 9904 | -€128,736 | €614,996 | +€743,731 | |
| Profit (loss) for the period to be appropriated | 9905 | -€128,736 | €614,996 | +€743,731 |
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 17 October 2026 via checked.be.