HINCO: 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.
HINCO
Largest movements
- Cash -€148,617
down €148,617 (-70.7%), from €210,107 to €61,490
mainly Other debts (-€1.1m) and Tax, wage and social debts (-€43,708)
- Receivables after one year -€130,000
no longer reported in 2025 (was €130,000)
- Current investments -€100,000
down €100,000 (-33.3%), from €300,000 to €200,000
- Receivables within one year +€42,642
up €42,642 (+316%), from €13,482 to €56,125
of which Trade receivables: +€41,573
- Other debts -€1.1m
no longer reported in 2025 (was €1.1m)
- Debts after one year +€727,585
new in 2025: €727,585
- Reserves +€102,425
up €102,425 (+11.5%), from €893,561 to €995,986
of which Distributable reserves: +€102,425
- Tax, wage and social debts -€43,708
down €43,708 (-68.2%), from €64,093 to €20,385
of which Taxes: -€41,923
- Gross operating margin -€175,307
down €175,307 (-45.9%), from €382,177 to €206,870
- Taxes -€47,138
down €47,138 (-60.8%), from €77,490 to €30,351
- Financial charges -€16,976
down €16,976 (-18.9%), from €89,904 to €72,927
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 | €3,042,775 | €2,715,676 | -€327,099 | -10.8% |
| Fixed assets | 21/28 | €2,368,974 | €2,378,256 | +€9,282 | +0.4% |
| Tangible fixed assets | 22/27 | €30,891 | €40,173 | +€9,282 | +30.0% |
| Furniture and vehicles | 24 | €30,891 | €40,173 | +€9,282 | +30.0% |
| Financial fixed assets | 28 | €2,338,083 | €2,338,083 | = | 0.0% |
| Current assets | 29/58 | €673,801 | €337,420 | -€336,381 | -49.9% |
| Amounts receivable after more than one year | 29 | €130,000 | - | -€130,000 | |
| Other amounts receivable | 291 | €130,000 | - | -€130,000 | |
| Amounts receivable within one year | 40/41 | €13,482 | €56,125 | +€42,642 | +316% |
| Trade receivables | 40 | €13,482 | €55,055 | +€41,573 | +308% |
| Other amounts receivable | 41 | - | €1,070 | +€1,070 | |
| Current investments | 50/53 | €300,000 | €200,000 | -€100,000 | -33.3% |
| Cash at bank and in hand | 54/58 | €210,107 | €61,490 | -€148,617 | -70.7% |
| Deferred charges and accrued income | 490/1 | €20,212 | €19,805 | -€407 | -2.0% |
| Total equity and liabilities | 10/49 | €3,042,775 | €2,715,676 | -€327,099 | -10.8% |
| Equity | 10/15 | €1,854,561 | €1,956,986 | +€102,425 | +5.5% |
| Contributions | 10/11 | €961,000 | €961,000 | = | 0.0% |
| Reserves | 13 | €893,561 | €995,986 | +€102,425 | +11.5% |
| Tax-exempt reserves | 132 | €63,150 | €63,150 | = | 0.0% |
| Distributable reserves | 133 | €830,411 | €932,836 | +€102,425 | +12.3% |
| Amounts payable | 17/49 | €1,188,214 | €758,690 | -€429,524 | -36.1% |
| Amounts payable after more than one year | 17 | - | €727,585 | +€727,585 | |
| Other amounts payable | 178/9 | - | €727,585 | +€727,585 | |
| Amounts payable within one year | 42/48 | €1,188,123 | €31,006 | -€1.2m | -97.4% |
| Trade debts | 44 | €6,468 | €10,621 | +€4,153 | +64.2% |
| Suppliers | 440/4 | €6,468 | €10,621 | +€4,153 | +64.2% |
| Taxes, remuneration and social security | 45 | €64,093 | €20,385 | -€43,708 | -68.2% |
| Taxes | 450/3 | €62,308 | €20,385 | -€41,923 | -67.3% |
| Remuneration and social security | 454/9 | €1,785 | - | -€1,785 | |
| Other amounts payable | 47/48 | €1,117,561 | - | -€1.1m | |
| Accrued charges and deferred income | 492/3 | €91 | €99 | +€8 | +8.3% |
| Non-recurring operating income | 76A | - | €6,078 | +€6,078 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,677 | €5,665 | +€2,988 | +112% |
| Other operating charges | 640/8 | €781 | €804 | +€23 | +2.9% |
| Gross operating margin | 9900 | €382,177 | €206,870 | -€175,307 | -45.9% |
| Operating profit (loss) | 9901 | €378,718 | €200,401 | -€178,317 | -47.1% |
| Financial income | 75/76B | €8,679 | €5,303 | -€3,376 | -38.9% |
| Recurring financial income | 75 | €8,679 | €5,303 | -€3,376 | -38.9% |
| Financial charges | 65/66B | €89,904 | €72,927 | -€16,976 | -18.9% |
| Recurring financial charges | 65 | €89,904 | €72,927 | -€16,976 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | €297,493 | €132,777 | -€164,717 | -55.4% |
| Income taxes | 67/77 | €77,490 | €30,351 | -€47,138 | -60.8% |
| Profit (loss) for the period | 9904 | €220,004 | €102,425 | -€117,578 | -53.4% |
| Transfer from tax-exempt reserves | 789 | €63,150 | €33,680 | -€29,470 | -46.7% |
| Transfer to tax-exempt reserves | 689 | €29,470 | €33,680 | +€4,210 | +14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €253,684 | €102,425 | -€151,258 | -59.6% |
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 20 October 2026 via checked.be.