HOCREA: 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.
HOCREA
Largest movements
- Tangible fixed assets +€330,729
up €330,729 (+194.3%), from €170,245 to €500,974
of which Land and buildings: +€361,140
- Cash -€214,132
down €214,132 (-43.5%), from €491,849 to €277,717
mainly Investment in fixed assets (net) (-€435,405) and Advances received (-€79,318)
- Receivables within one year +€43,471
up €43,471 (+79.0%), from €55,016 to €98,488
of which Trade receivables: +€45,325
- Reserves +€281,382
up €281,382 (+80.4%), from €350,178 to €631,561
- Advances received -€79,318
no longer reported in 2025 (was €79,318)
- Tax, wage and social debts -€78,238
down €78,238 (-54.0%), from €144,946 to €66,709
of which Taxes: -€77,782
- Trade debts +€67,727
up €67,727 (+215.0%), from €31,499 to €99,226
- Debts after one year -€11,250
down €11,250 (-87.1%), from €12,917 to €1,667
- Gross operating margin +€87,758
up €87,758 (+13.0%), from €673,364 to €761,122
- Staff costs -€57,719
down €57,719 (-19.8%), from €291,479 to €233,760
- Depreciation +€49,723
up €49,723 (+90.2%), from €55,108 to €104,832
- Taxes +€12,146
up €12,146 (+15.0%), from €81,166 to €93,312
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 | €762,811 | €928,485 | +€165,674 | +21.7% |
| Fixed assets | 21/28 | €172,931 | €503,504 | +€330,573 | +191.2% |
| Intangible fixed assets | 21 | €2,356 | - | -€2,356 | |
| Tangible fixed assets | 22/27 | €170,245 | €500,974 | +€330,729 | +194.3% |
| Land and buildings | 22 | €18,278 | €379,418 | +€361,140 | +1975.8% |
| Plant, machinery and equipment | 23 | €52,804 | €49,913 | -€2,892 | -5.5% |
| Furniture and vehicles | 24 | €33,786 | €25,482 | -€8,304 | -24.6% |
| Other tangible fixed assets | 26 | €65,378 | €46,162 | -€19,216 | -29.4% |
| Financial fixed assets | 28 | €330 | €2,530 | +€2,200 | +666.7% |
| Current assets | 29/58 | €589,880 | €424,981 | -€164,899 | -28.0% |
| Stocks and contracts in progress | 3 | €39,948 | €46,796 | +€6,848 | +17.1% |
| Stocks | 30/36 | €39,948 | €46,796 | +€6,848 | +17.1% |
| Amounts receivable within one year | 40/41 | €55,016 | €98,488 | +€43,471 | +79.0% |
| Trade receivables | 40 | €53,027 | €98,352 | +€45,325 | +85.5% |
| Other amounts receivable | 41 | €1,990 | €136 | -€1,854 | -93.2% |
| Cash at bank and in hand | 54/58 | €491,849 | €277,717 | -€214,132 | -43.5% |
| Deferred charges and accrued income | 490/1 | €3,067 | €1,980 | -€1,087 | -35.4% |
| Total equity and liabilities | 10/49 | €762,811 | €928,485 | +€165,674 | +21.7% |
| Equity | 10/15 | €450,178 | €731,561 | +€281,382 | +62.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €350,178 | €631,561 | +€281,382 | +80.4% |
| Distributable reserves | 133 | €350,178 | €631,561 | +€281,382 | +80.4% |
| Amounts payable | 17/49 | €312,633 | €196,925 | -€115,709 | -37.0% |
| Amounts payable after more than one year | 17 | €12,917 | €1,667 | -€11,250 | -87.1% |
| Financial debts | 170/4 | €12,917 | €1,667 | -€11,250 | -87.1% |
| Amounts payable within one year | 42/48 | €276,196 | €177,617 | -€98,579 | -35.7% |
| Current portion of amounts payable after more than one year | 42 | €20,000 | €11,250 | -€8,750 | -43.8% |
| Trade debts | 44 | €31,499 | €99,226 | +€67,727 | +215.0% |
| Suppliers | 440/4 | €31,499 | €99,226 | +€67,727 | +215.0% |
| Advances received on contracts in progress | 46 | €79,318 | - | -€79,318 | |
| Taxes, remuneration and social security | 45 | €144,946 | €66,709 | -€78,238 | -54.0% |
| Taxes | 450/3 | €107,006 | €29,223 | -€77,782 | -72.7% |
| Remuneration and social security | 454/9 | €37,941 | €37,485 | -€455 | -1.2% |
| Other amounts payable | 47/48 | €433 | €433 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €23,520 | €17,640 | -€5,880 | -25.0% |
| Remuneration, social security and pensions | 62 | €291,479 | €233,760 | -€57,719 | -19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,108 | €104,832 | +€49,723 | +90.2% |
| Other operating charges | 640/8 | €14,123 | €17,598 | +€3,475 | +24.6% |
| Non-recurring operating charges | 66A | - | €29,682 | +€29,682 | |
| Gross operating margin | 9900 | €673,364 | €761,122 | +€87,758 | +13.0% |
| Operating profit (loss) | 9901 | €312,653 | €375,250 | +€62,597 | +20.0% |
| Financial income | 75/76B | €1,908 | €999 | -€909 | -47.7% |
| Recurring financial income | 75 | €1,908 | €999 | -€909 | -47.7% |
| Financial charges | 65/66B | €1,173 | €1,555 | +€382 | +32.6% |
| Recurring financial charges | 65 | €1,173 | €1,555 | +€382 | +32.6% |
| Profit (loss) for the period before taxes | 9903 | €313,389 | €374,694 | +€61,306 | +19.6% |
| Income taxes | 67/77 | €81,166 | €93,312 | +€12,146 | +15.0% |
| Profit (loss) for the period | 9904 | €232,223 | €281,382 | +€49,160 | +21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €232,223 | €281,382 | +€49,160 | +21.2% |
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 11 October 2026 via checked.be.