Hicham: 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.
Hicham
Largest movements
- Current investments +€400,000
new in 2025: €400,000
- Cash -€386,804
down €386,804 (-83.0%), from €466,244 to €79,440
mainly Current investments (-€400,000) and Contributions, distributions and other (-€40,909)
- Tangible fixed assets -€63,289
down €63,289 (-8.8%), from €721,832 to €658,543
of which Land and buildings: -€41,236
- Receivables within one year -€55,158
down €55,158 (-62.3%), from €88,519 to €33,361
of which Trade receivables: -€64,194
- Stocks and contracts +€20,079
up €20,079 (+334%), from €6,013 to €26,092
- Reserves -€40,909
down €40,909 (-12.6%), from €325,650 to €284,741
of which Distributable reserves: -€40,909
- Tax, wage and social debts -€37,329
down €37,329 (-85.5%), from €43,644 to €6,315
of which Taxes: -€36,944
- Other debts +€14,529
up €14,529 (+61.2%), from €23,721 to €38,250
- Debts after one year -€13,810
down €13,810 (-56.6%), from €24,398 to €10,588
- Gross operating margin -€372,920
down €372,920 (-73.1%), from €510,084 to €137,164
- Taxes -€25,318
down €25,318 (-71.7%), from €35,288 to €9,970
- Other operating charges -€7,111
down €7,111 (-30.7%), from €23,140 to €16,029
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 | €1,287,940 | €1,204,458 | -€83,482 | -6.5% |
| Fixed assets | 21/28 | €721,832 | €658,543 | -€63,289 | -8.8% |
| Tangible fixed assets | 22/27 | €721,832 | €658,543 | -€63,289 | -8.8% |
| Land and buildings | 22 | €667,408 | €626,172 | -€41,236 | -6.2% |
| Plant, machinery and equipment | 23 | €56 | - | -€56 | |
| Furniture and vehicles | 24 | €11,755 | €2,043 | -€9,712 | -82.6% |
| Leasing and similar rights | 25 | €42,613 | €30,327 | -€12,286 | -28.8% |
| Current assets | 29/58 | €566,108 | €545,915 | -€20,193 | -3.6% |
| Stocks and contracts in progress | 3 | €6,013 | €26,092 | +€20,079 | +334% |
| Stocks | 30/36 | €6,013 | €26,092 | +€20,079 | +334% |
| Amounts receivable within one year | 40/41 | €88,519 | €33,361 | -€55,158 | -62.3% |
| Trade receivables | 40 | €84,578 | €20,384 | -€64,194 | -75.9% |
| Other amounts receivable | 41 | €3,941 | €12,977 | +€9,036 | +229% |
| Current investments | 50/53 | - | €400,000 | +€400,000 | |
| Cash at bank and in hand | 54/58 | €466,244 | €79,440 | -€386,804 | -83.0% |
| Deferred charges and accrued income | 490/1 | €5,332 | €7,022 | +€1,690 | +31.7% |
| Total equity and liabilities | 10/49 | €1,287,940 | €1,204,458 | -€83,482 | -6.5% |
| Equity | 10/15 | €1,104,573 | €1,053,212 | -€51,361 | -4.6% |
| Contributions | 10/11 | €99,500 | €99,500 | = | 0.0% |
| Capital | 10 | €99,500 | €99,500 | = | 0.0% |
| Issued capital | 100 | €99,500 | €99,500 | = | 0.0% |
| Revaluation surpluses | 12 | €669,836 | €669,836 | -€0 | 0.0% |
| Reserves | 13 | €325,650 | €284,741 | -€40,909 | -12.6% |
| Non-distributable reserves | 130/1 | €9,950 | €9,950 | = | 0.0% |
| Legal reserve | 130 | €9,950 | €9,950 | = | 0.0% |
| Tax-exempt reserves | 132 | €211,318 | €211,318 | +€0 | 0.0% |
| Distributable reserves | 133 | €104,382 | €63,473 | -€40,909 | -39.2% |
| Profit (loss) carried forward | 14 | €9,587 | -€865 | -€10,452 | |
| Provisions and deferred taxes | 16 | €70,439 | €70,439 | +€0 | 0.0% |
| Deferred taxes | 168 | €70,439 | €70,439 | +€0 | 0.0% |
| Amounts payable | 17/49 | €112,928 | €80,807 | -€32,121 | -28.4% |
| Amounts payable after more than one year | 17 | €24,398 | €10,588 | -€13,810 | -56.6% |
| Financial debts | 170/4 | €24,398 | €10,588 | -€13,810 | -56.6% |
| Amounts payable within one year | 42/48 | €88,530 | €67,849 | -€20,681 | -23.4% |
| Financial debts | 43 | €18,348 | €19,788 | +€1,440 | +7.8% |
| Credit institutions | 430/8 | €18,348 | €19,788 | +€1,440 | +7.8% |
| Trade debts | 44 | €2,817 | €3,496 | +€679 | +24.1% |
| Suppliers | 440/4 | €2,817 | €3,496 | +€679 | +24.1% |
| Taxes, remuneration and social security | 45 | €43,644 | €6,315 | -€37,329 | -85.5% |
| Taxes | 450/3 | €39,603 | €2,659 | -€36,944 | -93.3% |
| Remuneration and social security | 454/9 | €4,041 | €3,656 | -€385 | -9.5% |
| Other amounts payable | 47/48 | €23,721 | €38,250 | +€14,529 | +61.2% |
| Accrued charges and deferred income | 492/3 | - | €2,370 | +€2,370 | |
| Remuneration, social security and pensions | 62 | €51,651 | €56,520 | +€4,869 | +9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,972 | €66,346 | -€2,626 | -3.8% |
| Other operating charges | 640/8 | €23,140 | €16,029 | -€7,111 | -30.7% |
| Gross operating margin | 9900 | €510,084 | €137,164 | -€372,920 | -73.1% |
| Operating profit (loss) | 9901 | €366,321 | -€1,730 | -€368,051 | |
| Financial income | 75/76B | €3,706 | €3,726 | +€20 | +0.5% |
| Recurring financial income | 75 | €3,706 | €3,726 | +€20 | +0.5% |
| Financial charges | 65/66B | €3,064 | €2,478 | -€586 | -19.1% |
| Recurring financial charges | 65 | €3,064 | €2,478 | -€586 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | €366,963 | -€482 | -€367,445 | |
| Transfer to deferred taxes | 680 | €281,758 | - | -€281,758 | |
| Income taxes | 67/77 | €35,288 | €9,970 | -€25,318 | -71.7% |
| Profit (loss) for the period | 9904 | €49,917 | -€10,452 | -€60,369 | |
| Profit (loss) for the period to be appropriated | 9905 | €49,917 | -€10,452 | -€60,369 |
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 14 October 2026 via checked.be.