HOC: 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.
HOC
Largest movements
- Tangible fixed assets +€567,966
up €567,966 (+2884.0%), from €19,694 to €587,660
of which Land and buildings: +€558,422
- Deferred charges and accrued income -€200,906
down €200,906 (-98.6%), from €203,716 to €2,810
- Cash -€180,947
down €180,947 (-85.7%), from €211,181 to €30,234
mainly Investment in fixed assets (net) (-€600,389) and Other debts (-€312,010)
- Debts after one year +€461,243
up €461,243 (+1460.6%), from €31,580 to €492,823
of which Financial debts: +€485,243
- Other debts -€312,010
down €312,010 (-63.5%), from €491,195 to €179,185
- Trade debts -€112,334
down €112,334 (-81.4%), from €138,031 to €25,697
- Accrued charges and deferred income +€80,000
new in 2025: €80,000
- Profit (loss) carried forward +€52,036
up €52,036 (+85.5%), from €60,872 to €112,908
- Gross operating margin +€32,887
up €32,887 (+23.5%), from €140,046 to €172,933
- Depreciation +€18,949
up €18,949 (+140.6%), from €13,474 to €32,423
- Other operating charges +€12,749
up €12,749 (+3071.1%), from €415 to €13,164
- Staff costs +€9,033
up €9,033 (+19.5%), from €46,375 to €55,408
- Financial charges +€8,251
up €8,251 (+615.0%), from €1,342 to €9,593
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.
Cash bridge derived
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 | €814,499 | €1,010,908 | +€196,409 | +24.1% |
| Fixed assets | 21/28 | €23,154 | €591,120 | +€567,966 | +2453.0% |
| Tangible fixed assets | 22/27 | €19,694 | €587,660 | +€567,966 | +2884.0% |
| Land and buildings | 22 | - | €558,422 | +€558,422 | |
| Plant, machinery and equipment | 23 | €10,534 | €6,978 | -€3,556 | -33.8% |
| Furniture and vehicles | 24 | €9,160 | €22,261 | +€13,101 | +143.0% |
| Financial fixed assets | 28 | €3,460 | €3,460 | = | 0.0% |
| Current assets | 29/58 | €791,345 | €419,788 | -€371,558 | -47.0% |
| Stocks and contracts in progress | 3 | €7,975 | €12,420 | +€4,446 | +55.8% |
| Stocks | 30/36 | €7,975 | €12,420 | +€4,446 | +55.8% |
| Amounts receivable within one year | 40/41 | €368,474 | €374,323 | +€5,849 | +1.6% |
| Trade receivables | 40 | €355,778 | €371,964 | +€16,187 | +4.5% |
| Other amounts receivable | 41 | €12,696 | €2,358 | -€10,338 | -81.4% |
| Current investments | 50/53 | - | €0 | +€0 | |
| Cash at bank and in hand | 54/58 | €211,181 | €30,234 | -€180,947 | -85.7% |
| Deferred charges and accrued income | 490/1 | €203,716 | €2,810 | -€200,906 | -98.6% |
| Total equity and liabilities | 10/49 | €814,499 | €1,010,908 | +€196,409 | +24.1% |
| Equity | 10/15 | €117,072 | €169,108 | +€52,036 | +44.4% |
| Contributions | 10/11 | €56,200 | €56,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €60,872 | €112,908 | +€52,036 | +85.5% |
| Amounts payable | 17/49 | €697,426 | €841,799 | +€144,373 | +20.7% |
| Amounts payable after more than one year | 17 | €31,580 | €492,823 | +€461,243 | +1460.6% |
| Financial debts | 170/4 | €7,580 | €492,823 | +€485,243 | +6401.6% |
| Trade debts | 175 | €24,000 | - | -€24,000 | |
| Amounts payable within one year | 42/48 | €665,846 | €268,976 | -€396,870 | -59.6% |
| Current portion of amounts payable after more than one year | 42 | - | €9,741 | +€9,741 | |
| Financial debts | 43 | - | €15,126 | +€15,126 | |
| Credit institutions | 430/8 | - | €15,126 | +€15,126 | |
| Trade debts | 44 | €138,031 | €25,697 | -€112,334 | -81.4% |
| Suppliers | 440/4 | €138,031 | €25,697 | -€112,334 | -81.4% |
| Taxes, remuneration and social security | 45 | €36,620 | €39,226 | +€2,607 | +7.1% |
| Taxes | 450/3 | €15,974 | €33,620 | +€17,646 | +110.5% |
| Remuneration and social security | 454/9 | €20,646 | €5,607 | -€15,039 | -72.8% |
| Other amounts payable | 47/48 | €491,195 | €179,185 | -€312,010 | -63.5% |
| Accrued charges and deferred income | 492/3 | - | €80,000 | +€80,000 | |
| Remuneration, social security and pensions | 62 | €46,375 | €55,408 | +€9,033 | +19.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,474 | €32,423 | +€18,949 | +140.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€4,241 | -€4,241 | |
| Other operating charges | 640/8 | €415 | €13,164 | +€12,749 | +3071.1% |
| Non-recurring operating charges | 66A | €7,358 | - | -€7,358 | |
| Gross operating margin | 9900 | €140,046 | €172,933 | +€32,887 | +23.5% |
| Operating profit (loss) | 9901 | €72,424 | €76,180 | +€3,756 | +5.2% |
| Financial income | 75/76B | €33 | €944 | +€911 | +2745.3% |
| Recurring financial income | 75 | €33 | €944 | +€911 | +2745.3% |
| Financial charges | 65/66B | €1,342 | €9,593 | +€8,251 | +615.0% |
| Recurring financial charges | 65 | €1,342 | €9,593 | +€8,251 | +615.0% |
| Profit (loss) for the period before taxes | 9903 | €71,116 | €67,531 | -€3,584 | -5.0% |
| Income taxes | 67/77 | €15,974 | €14,745 | -€1,229 | -7.7% |
| Profit (loss) for the period | 9904 | €55,141 | €52,786 | -€2,356 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €55,141 | €52,786 | -€2,356 | -4.3% |
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 10 October 2026 via checked.be.