HPC: 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.
HPC
Largest movements
- Tangible fixed assets +€3.5m
up €3.5m (+374.9%), from €920,444 to €4.4m
of which Land and buildings: +€3.5m
- Cash +€401,602
up €401,602 (+95.3%), from €421,618 to €823,220
mainly Debts after one year (+€2.3m) and Contributions, distributions and other (+€1.1m)
- Debts after one year +€2.3m
new in 2025: €2.3m
of which Financial debts: +€1.8m
- Contributions +€620,000
up €620,000 (+3100.0%), from €20,000 to €640,000
- Reserves +€617,183
up €617,183 (+35.3%), from €1.7m to €2.4m
of which Distributable reserves: +€617,183
- Other debts +€250,000
up €250,000 (+46057.5%), from €543 to €250,543
- Current portion of long-term debt +€67,748
new in 2025: €67,748
- Depreciation +€466,804
up €466,804 (+449.7%), from €103,792 to €570,596
- Gross operating margin +€342,765
up €342,765 (+79.1%), from €433,434 to €776,199
- Taxes -€58,272
down €58,272 (-64.1%), from €90,847 to €32,575
- Financial income -€35,087
down €35,087 (-95.6%), from €36,688 to €1,600
- Other operating charges +€23,993
up €23,993 (+250.2%), from €9,589 to €33,582
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 | €1,800,517 | €5,673,349 | +€3.9m | +215.1% |
| Fixed assets | 21/28 | €1,230,884 | €4,681,188 | +€3.5m | +280.3% |
| Tangible fixed assets | 22/27 | €920,444 | €4,370,748 | +€3.5m | +374.9% |
| Land and buildings | 22 | €149,548 | €3,654,476 | +€3.5m | +2343.7% |
| Plant, machinery and equipment | 23 | €752,254 | €704,632 | -€47,623 | -6.3% |
| Furniture and vehicles | 24 | €18,641 | €11,641 | -€7,000 | -37.6% |
| Financial fixed assets | 28 | €310,440 | €310,440 | = | 0.0% |
| Current assets | 29/58 | €569,634 | €992,161 | +€422,527 | +74.2% |
| Amounts receivable within one year | 40/41 | €98,016 | €66,826 | -€31,190 | -31.8% |
| Trade receivables | 40 | €29,168 | €47,268 | +€18,099 | +62.1% |
| Other amounts receivable | 41 | €68,848 | €19,558 | -€49,290 | -71.6% |
| Current investments | 50/53 | €50,000 | €102,115 | +€52,116 | +104.2% |
| Cash at bank and in hand | 54/58 | €421,618 | €823,220 | +€401,602 | +95.3% |
| Total equity and liabilities | 10/49 | €1,800,517 | €5,673,349 | +€3.9m | +215.1% |
| Equity | 10/15 | €1,768,009 | €3,005,192 | +€1.2m | +70.0% |
| Contributions | 10/11 | €20,000 | €640,000 | +€620,000 | +3100.0% |
| Reserves | 13 | €1,748,009 | €2,365,192 | +€617,183 | +35.3% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €1,729,259 | €2,346,442 | +€617,183 | +35.7% |
| Amounts payable | 17/49 | €32,508 | €2,668,157 | +€2.6m | +8107.6% |
| Amounts payable after more than one year | 17 | - | €2,297,496 | +€2.3m | |
| Financial debts | 170/4 | - | €1,826,636 | +€1.8m | |
| Other amounts payable | 178/9 | - | €470,860 | +€470,860 | |
| Amounts payable within one year | 42/48 | €32,508 | €360,089 | +€327,581 | +1007.7% |
| Current portion of amounts payable after more than one year | 42 | - | €67,748 | +€67,748 | |
| Trade debts | 44 | €3,382 | €38,015 | +€34,633 | +1024.1% |
| Suppliers | 440/4 | €3,382 | €38,015 | +€34,633 | +1024.1% |
| Taxes, remuneration and social security | 45 | €28,584 | €3,784 | -€24,800 | -86.8% |
| Taxes | 450/3 | €25,570 | €751 | -€24,818 | -97.1% |
| Remuneration and social security | 454/9 | €3,014 | €3,032 | +€18 | +0.6% |
| Other amounts payable | 47/48 | €543 | €250,543 | +€250,000 | +46057.5% |
| Accrued charges and deferred income | 492/3 | - | €10,572 | +€10,572 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,792 | €570,596 | +€466,804 | +449.7% |
| Other operating charges | 640/8 | €9,589 | €33,582 | +€23,993 | +250.2% |
| Gross operating margin | 9900 | €433,434 | €776,199 | +€342,765 | +79.1% |
| Operating profit (loss) | 9901 | €320,053 | €172,021 | -€148,032 | -46.3% |
| Financial income | 75/76B | €36,688 | €1,600 | -€35,087 | -95.6% |
| Recurring financial income | 75 | €36,688 | €1,600 | -€35,087 | -95.6% |
| Financial charges | 65/66B | €1,890 | €20,322 | +€18,432 | +975.2% |
| Recurring financial charges | 65 | €1,890 | €20,322 | +€18,432 | +975.2% |
| Profit (loss) for the period before taxes | 9903 | €354,850 | €153,299 | -€201,551 | -56.8% |
| Income taxes | 67/77 | €90,847 | €32,575 | -€58,272 | -64.1% |
| Profit (loss) for the period | 9904 | €264,003 | €120,723 | -€143,280 | -54.3% |
| Profit (loss) for the period to be appropriated | 9905 | €264,003 | €120,723 | -€143,280 | -54.3% |
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 29 September 2026 via checked.be.