HILLCREST: 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.
HILLCREST
Largest movements
- Receivables within one year +€679,169
up €679,169 (+3233.9%), from €21,002 to €700,170
of which Other amounts receivable: +€646,810
- Cash -€407,477
down €407,477 (-94.0%), from €433,267 to €25,790
mainly Receivables within one year (-€679,169) and Deferred charges and accrued income (-€13,478)
- Tangible fixed assets -€44,454
down €44,454 (-23.7%), from €187,693 to €143,239
of which Land and buildings: -€22,816
- Deferred charges and accrued income +€13,478
up €13,478 (+252.0%), from €5,348 to €18,826
- Reserves +€166,929
up €166,929 (+29.0%), from €576,080 to €743,009
- Debts after one year +€40,709
new in 2025: €40,709
- Current portion of long-term debt +€39,291
new in 2025: €39,291
- Gross operating margin +€216,085
up €216,085 (+236.7%), from €91,303 to €307,388
- Taxes +€49,613
up €49,613 (+162.6%), from €30,508 to €80,121
- Financial charges +€22,901
up €22,901 (+6232.8%), from €367 to €23,269
- Depreciation +€21,614
up €21,614 (+94.6%), from €22,840 to €44,454
- Other operating charges -€5,120
down €5,120 (-75.4%), from €6,787 to €1,668
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.
Cash bridge derived
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.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €648,434 | €889,150 | +€240,716 | +37.1% |
| Fixed assets | 21/28 | €188,818 | €144,364 | -€44,454 | -23.5% |
| Tangible fixed assets | 22/27 | €187,693 | €143,239 | -€44,454 | -23.7% |
| Land and buildings | 22 | €132,023 | €109,207 | -€22,816 | -17.3% |
| Furniture and vehicles | 24 | €55,670 | €34,032 | -€21,638 | -38.9% |
| Financial fixed assets | 28 | €1,125 | €1,125 | = | 0.0% |
| Current assets | 29/58 | €459,616 | €744,786 | +€285,170 | +62.0% |
| Amounts receivable within one year | 40/41 | €21,002 | €700,170 | +€679,169 | +3233.9% |
| Trade receivables | 40 | €1,040 | €33,400 | +€32,359 | +3110.2% |
| Other amounts receivable | 41 | €19,961 | €666,771 | +€646,810 | +3240.3% |
| Cash at bank and in hand | 54/58 | €433,267 | €25,790 | -€407,477 | -94.0% |
| Deferred charges and accrued income | 490/1 | €5,348 | €18,826 | +€13,478 | +252.0% |
| Total equity and liabilities | 10/49 | €648,434 | €889,150 | +€240,716 | +37.1% |
| Equity | 10/15 | €596,980 | €763,909 | +€166,929 | +28.0% |
| Contributions | 10/11 | €20,900 | €20,900 | = | 0.0% |
| Reserves | 13 | €576,080 | €743,009 | +€166,929 | +29.0% |
| Distributable reserves | 133 | €576,080 | €743,009 | +€166,929 | +29.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €51,453 | €125,241 | +€73,787 | +143.4% |
| Amounts payable after more than one year | 17 | - | €40,709 | +€40,709 | |
| Financial debts | 170/4 | - | €40,709 | +€40,709 | |
| Amounts payable within one year | 42/48 | €51,453 | €84,532 | +€33,079 | +64.3% |
| Current portion of amounts payable after more than one year | 42 | - | €39,291 | +€39,291 | |
| Financial debts | 43 | - | €683 | +€683 | |
| Credit institutions | 430/8 | - | €683 | +€683 | |
| Trade debts | 44 | €1,343 | €1,768 | +€425 | +31.7% |
| Suppliers | 440/4 | €1,343 | €1,768 | +€425 | +31.7% |
| Taxes, remuneration and social security | 45 | €48,343 | €42,790 | -€5,553 | -11.5% |
| Taxes | 450/3 | €48,343 | €42,790 | -€5,553 | -11.5% |
| Other amounts payable | 47/48 | €1,768 | €0 | -€1,768 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €2,000 | +€2,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,840 | €44,454 | +€21,614 | +94.6% |
| Other operating charges | 640/8 | €6,787 | €1,668 | -€5,120 | -75.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €91,303 | €307,388 | +€216,085 | +236.7% |
| Operating profit (loss) | 9901 | €61,676 | €261,266 | +€199,590 | +323.6% |
| Financial income | 75/76B | €4,780 | €9,052 | +€4,272 | +89.4% |
| Recurring financial income | 75 | €4,780 | €9,052 | +€4,272 | +89.4% |
| Financial charges | 65/66B | €367 | €23,269 | +€22,901 | +6232.8% |
| Recurring financial charges | 65 | €367 | €23,269 | +€22,901 | +6232.8% |
| Profit (loss) for the period before taxes | 9903 | €66,089 | €247,049 | +€180,961 | +273.8% |
| Income taxes | 67/77 | €30,508 | €80,121 | +€49,613 | +162.6% |
| Profit (loss) for the period | 9904 | €35,581 | €166,929 | +€131,348 | +369.2% |
| Profit (loss) for the period to be appropriated | 9905 | €35,581 | €166,929 | +€131,348 | +369.2% |
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 8 October 2026 via checked.be.