HSC: 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.
HSC
Largest movements
- Cash -€11,738
down €11,738 (-94.2%), from €12,464 to €727
mainly Net result for the year (-€9,248) and Investment in fixed assets (net) (-€3,500)
- Receivables within one year -€2,825
down €2,825 (-52.7%), from €5,361 to €2,536
of which Trade receivables: -€4,669
- Tangible fixed assets +€1,241
up €1,241 (+55.1%), from €2,253 to €3,494
- Profit (loss) carried forward -€9,248
down €9,248, from €2,153 to -€7,094
- Trade debts -€2,139
down €2,139 (-50.8%), from €4,214 to €2,075
- Tax, wage and social debts -€2,029
down €2,029 (-68.0%), from €2,986 to €957
- Gross operating margin -€10,737
down €10,737, from €4,747 to -€5,990
- Depreciation +€1,312
up €1,312 (+138.6%), from €947 to €2,259
- Taxes -€956
no longer reported in 2025 (was €956)
- Other operating charges +€380
up €380 (+316.4%), from €120 to €500
- Staff costs -€331
down €331 (-64.5%), from €513 to €182
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 | €20,295 | €6,773 | -€13,522 | -66.6% |
| Fixed assets | 21/28 | €2,253 | €3,494 | +€1,241 | +55.1% |
| Tangible fixed assets | 22/27 | €2,253 | €3,494 | +€1,241 | +55.1% |
| Furniture and vehicles | 24 | €2,253 | €3,494 | +€1,241 | +55.1% |
| Current assets | 29/58 | €18,042 | €3,279 | -€14,762 | -81.8% |
| Amounts receivable within one year | 40/41 | €5,361 | €2,536 | -€2,825 | -52.7% |
| Trade receivables | 40 | €5,361 | €692 | -€4,669 | -87.1% |
| Other amounts receivable | 41 | - | €1,844 | +€1,844 | |
| Cash at bank and in hand | 54/58 | €12,464 | €727 | -€11,738 | -94.2% |
| Deferred charges and accrued income | 490/1 | €216 | €17 | -€199 | -92.1% |
| Total equity and liabilities | 10/49 | €20,295 | €6,773 | -€13,522 | -66.6% |
| Equity | 10/15 | €12,153 | €2,906 | -€9,248 | -76.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,153 | -€7,094 | -€9,248 | |
| Amounts payable | 17/49 | €8,142 | €3,868 | -€4,274 | -52.5% |
| Amounts payable within one year | 42/48 | €8,142 | €3,868 | -€4,274 | -52.5% |
| Trade debts | 44 | €4,214 | €2,075 | -€2,139 | -50.8% |
| Suppliers | 440/4 | €4,214 | €2,075 | -€2,139 | -50.8% |
| Taxes, remuneration and social security | 45 | €2,986 | €957 | -€2,029 | -68.0% |
| Taxes | 450/3 | €2,986 | €957 | -€2,029 | -68.0% |
| Other amounts payable | 47/48 | €942 | €836 | -€106 | -11.2% |
| Remuneration, social security and pensions | 62 | €513 | €182 | -€331 | -64.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €947 | €2,259 | +€1,312 | +138.6% |
| Other operating charges | 640/8 | €120 | €500 | +€380 | +316.4% |
| Gross operating margin | 9900 | €4,747 | -€5,990 | -€10,737 | |
| Operating profit (loss) | 9901 | €3,168 | -€8,931 | -€12,098 | |
| Financial income | 75/76B | €0 | €1 | +€1 | +3100.0% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +3100.0% |
| Financial charges | 65/66B | €59 | €317 | +€259 | +442.1% |
| Recurring financial charges | 65 | €59 | €317 | +€259 | +442.1% |
| Profit (loss) for the period before taxes | 9903 | €3,109 | -€9,248 | -€12,357 | |
| Income taxes | 67/77 | €956 | - | -€956 | |
| Profit (loss) for the period | 9904 | €2,153 | -€9,248 | -€11,401 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,153 | -€9,248 | -€11,401 |
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 4 October 2026 via checked.be.